Connect with us

Hi, what are you looking for?

Loan And Finance

Brookfield Reinsurance announces Q3 results, makes board changes

Brookfield Reinsurance’s Canadian pension risk transfer business successfully closed on 11 transactions during the quarter, capturing more than 20% of the Canadian market. As of September 30, 2021, the company had over 9,000 in-pay PRT annuitants – this represents a 35% year-over-year increase.

The company noted that subsequent to quarter end, it had entered into an additional two pension risk transfer transactions, reaching year to date sales of more than CA$1 billion.

Brookfield Reinsurance has approximately US$900 million of available corporate liquidity following the close of its reinsurance transaction with American Equity Investment Life Insurance Company, it said in a release. It added that it would use this liquidity to fund investments and working capital needs, which includes US$350 million of undrawn credit facilities.

The firm posted $3 million and $9 million of funds from operations for Q3 2021 and for the nine months ended September 30, 2021, respectively. Brookfield Reinsurance also said that it saw a net loss of $6 million and $1 million for the three and nine months ended September 30, 2021, respectively. This was driven primarily by non-cash adjustments to the value of its investments and losses.

“We continue to make significant progress in advancing our priorities with a focus on executing our previously announced transactions. Since we last reported, we have closed on a number of reinsurance and pension risk transfer opportunities, increasing our assets under management to $8 billion,” said Brookfield Reinsurance CEO Sachin Shah. “Through our strategic partnership with Brookfield, we have successfully redeployed a significant portion of these assets into proprietary alternative credit strategies.”

In addition to revealing its financial results, Brookfield Reinsurance also announced that it has made several new appointments to its board of directors – selecting 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 roles across the investment management industry, such as serving as global investment manager for IKEA Treasury.

Advertisement. Scroll to continue reading.

Chang serves as the senior advisor to the Investment Corporation of Dubai, and has lent his expertise to the investment arm of the Dubai Government.

Blattman is vice chair of Brookfield Asset Management, focusing on senior, strategic client and business relationships.

Wintrob is the CEO of Oaktree Capital Management, and, prior to joining Oaktree, served as the president and CEO of AIG Life and Retirement.

“We are thrilled to welcome the new directors to the board of Brookfield Reinsurance,” commented Shah. “As accomplished business leaders with decades of experience across the insurance, credit, and investment management industries, we look forward to the vast knowledge and significant experience that they will bring to Brookfield Reinsurance’s board of directors.”


Source link

Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Loan And Finance

Brookfield Reinsurance’s Canadian pension risk transfer business successfully closed on 11 transactions during the quarter, capturing more than 20% of the Canadian market. As...

Top Stories

Bitcoin (BTC) and altcoin investment firm Grayscale now has more assets under management (AUM) than the world’s biggest gold fund. According to the latest...

Online Business Success

How can you practice kindness today? Unsplash-nathan-lemon By Dr. Susan Murphy— What if kindness were a muscle? How could you strengthen your kindness muscle?...

Top Stories

Canadian Bitcoin mining company Bitfarms is planning to build its first data center in the United States following the purchase of a land plot...


A hot potato: Graphics driver updates from GPU hardware manufacturers are typically met with healthy doses of excitement and skepticism. Some users look forward...

Top Stories

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...

Loan And Finance

Vanguard Digital Advisor is the brokerage’s new automated advisor service, combining their low-cost exchange traded funds (ETFs) with some of the services of a...

Online Business Success

By Gerri Detweiler It can be difficult to spot or completely prevent identity theft. getty As of August 2021, the Small Business Administration reported...


You May Also Like


In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...


Sonos is one of the most popular wireless speaker brands in the world, and for good reason – its range of portable Bluetooth speakers,...