Brookfield Reinsurance proclaims Q3 outcomes, makes board modifications
Brookfield Reinsurance’s Canadian pension risk transfer business successfully completed 11 transactions during the quarter, capturing more than 20% of the Canadian market. As of September 30, 2021, the company had over 9,000 PRT retirees on their wages – this corresponds to an increase of 35% compared to the previous year.
The company found that it had completed two more retirement risk transfer transactions after the quarter ended, generating annual revenues of more than CA $ 1 billion.
Brookfield Reinsurance has approximately $ 900 million of available corporate liquidity upon completion of its reinsurance deal with American Equity Investment Life Insurance Company, according to a press release. It added that it would use that liquidity to fund investments and working capital needs, which include $ 350 million in undrawn credit facilities.
The company posted operating funds of $ 3 million and $ 9 million for the third quarter of 2021 and the nine months ended September 30, 2021, respectively. Brookfield Reinsurance also announced that it had made net losses of $ 6 million and $ 1 million for the three and nine months ended September 30, 2021, respectively. This was primarily due to non-cash adjustments to the value of its investments and losses.
“We continue to make significant strides in evolving our priorities, focusing on executing our previously announced transactions. Since our last report, we have closed a number of reinsurance and pension risk transfer opportunities and increased our assets under management to $ 8 billion, ”said Sachin Shah, CEO of Brookfield Reinsurance. “Through our strategic partnership with Brookfield, we have successfully shifted a significant portion of these assets into our own alternative credit strategies.”
In addition to announcing its financial results, Brookfield Reinsurance also announced that it has made several new appointments to its board of directors, including Lars Rodert, Dr. Soon Young Chang, Barry Blattman and Jay Wintrob.
Rodert is the founder and CEO of ÖstVäst Capital Management. He has held a number of senior positions in the investment management industry including global investment manager for IKEA Treasury.
Chang is a Senior Advisor to the Investment Corporation of Dubai and has provided his expertise to the investment arm of the Dubai Government.
Blattman is Vice Chairman of Brookfield Asset Management and focuses on senior, strategic client and business relationships.
Wintrob is CEO of Oaktree Capital Management and, prior to joining Oaktree, was President and CEO of AIG Life and Retirement.
“We are very excited to welcome the new Directors to the Brookfield Reinsurance Board of Directors,” said Shah. “As accomplished leaders with decades of experience in the insurance, credit and investment management industries, we look forward to the deep knowledge and significant experience you will bring to the Brookfield Reinsurance board of directors.”