Key Highlights
New Deal: American Equity Investment Life Holding Company (AEL)
On July 5, 2023, American Equity Investment Life Holding Co. accepted a $4.3 billion cash and stock takeover bid from an arm of Canadian investment giant Brookfield.
Incorporated in 1995 and based in West Des Moines, Iowa, AEL, along with its wholly-owned operating subsidiaries, specializes in selling fixed index and fixed rate annuities. The annuities industry has been benefiting from higher interest rates, which is boosting the profitability of newly issued policies. Before receiving the current offer, the stock experienced some volatility. Prosperity Group initially made an offer in December 2022, but withdrew it after AEL did not entertain their proposal.