0001104659-23-074983.txt : 20230627 0001104659-23-074983.hdr.sgml : 20230627 20230627070027 ACCESSION NUMBER: 0001104659-23-074983 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230627 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230627 DATE AS OF CHANGE: 20230627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN EQUITY INVESTMENT LIFE HOLDING CO CENTRAL INDEX KEY: 0001039828 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 421447959 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31911 FILM NUMBER: 231043958 BUSINESS ADDRESS: STREET 1: 6000 WESTOWN PARKWAY CITY: WEST DEMOINES STATE: IA ZIP: 50266 BUSINESS PHONE: 5152210002 MAIL ADDRESS: STREET 1: 6000 WESTOWN PARKWAY CITY: WEST DES MOINES STATE: IA ZIP: 50266 8-K 1 tm2319685d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 27, 2023

 

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

(Exact name of registrant as specified in its charter)

 

Iowa   001-31911   42-1447959
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

6000 Westown Parkway
West Des Moines, IA 50266
(Address of principal executive offices and zip code)

 

(515) 221-0002

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbol(s)
  Name of each exchange on
which registered
Common stock, par value $1   AEL   New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A   AELPRA   New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B   AELPRB   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 7.01  Regulation FD Disclosure.

 

On June 27, 2023, American Equity Investment Life Holding Company published a news release entitled, “AEL Confirms Receipt of Acquisition Proposal from Brookfield,” a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. This information, and the release, are furnished and not filed pursuant to instruction B.2 of Form 8-K.

 

Item 9.01  Financial Statements and Exhibits.

 

Exhibit
Number
  Description
99.1   American Equity Investment Life Holding Company News Release dated June 27, 2023, Confirming Receipt of Acquisition Proposal from Brookfield.
     
104   The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
     
     
     
Date: June 27, 2023 By: /s/ Axel Andre
    Axel Andre
    Executive Vice President and Chief Financial Officer

 

 

 

EX-99.1 2 tm2319685d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

For more information, contact:
 
Steven D. Schwartz, Vice President-Investor Relations

(515) 273-3763, sschwartz@american-equity.com

 

Jared Levy / Robin Weinberg, FGS Global
  AEL@FGSGlobal.com
   
FOR IMMEDIATE RELEASE  
June 27, 2023  

  

AEL Confirms Receipt of Acquisition Proposal from Brookfield Reinsurance

 

WEST DES MOINES, Iowa (June 27, 2023) – American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today issued the following statement regarding the acquisition proposal it received from Brookfield Reinsurance Ltd. (“Brookfield Reinsurance”):

 

“American Equity’s Board of Directors today confirmed that it has received a proposal from Brookfield Reinsurance to acquire all outstanding shares of American Equity that Brookfield Reinsurance does not already own for $55.00 per share comprised of $38.85 per share in cash and $16.15 per share in Brookfield Asset Management Ltd. (NYSE, TSX: BAM) (“BAM”) Class A limited voting shares (the “BAM Shares”), based on the unaffected 90-day volume-weighted average price as of June 23, 2023. The number of BAM Shares to be issued at closing is subject to adjustment, which will result in the aggregate value of the consideration as of the closing of the transaction being not less than $54.00 and not greater than $56.50 per share based on BAM’s stock price shortly preceding the closing. The American Equity Board has granted Brookfield Reinsurance a limited waiver of Brookfield Reinsurance’s standstill obligation under its existing investment agreement with American Equity to permit Brookfield Reinsurance to make this proposal.

 

“The Board will carefully review Brookfield Reinsurance’s proposal in accordance with its fiduciary duties and in consultation with its independent financial and legal advisors. American Equity will have no further comment on the proposal until the Board has completed its review. It is important to note that there is no guarantee that an agreement will be reached or on what terms.”

 

American Equity shareholders need not take any action at this time.

 

Ardea Partners and J.P. Morgan are serving as financial advisors to AEL and Sullivan & Cromwell LLP is serving as legal advisor.

 

 

 

 

American Equity Investment Life Holding Company

 

About American Equity

 

At American Equity Investment Life Holding Company, our policyholders work with over 40,000 independent agents and advisors affiliated with independent market organizations (IMOs), banks and broker-dealers through our wholly-owned operating subsidiaries. Advisors and agents choose one of our leading annuity products best suited for their clients' personal needs to create financial dignity in retirement. To deliver on its promises to policyholders, American Equity has re-framed its investment focus — building a stronger emphasis on insurance liability driven asset allocation and specializing in alternate, private asset management while partnering with world renowned, public fixed income asset managers. American Equity is headquartered in West Des Moines, Iowa with additional offices in Charlotte, NC and New York, NY. For more information, please visit www.american-equity.com.

 

Forward-Looking Statements

 

This press release may contain “forward-looking statements” within the meaning of the federal securities laws. Statements such as “will”, “anticipate”, “intends”, “build”, “create”, “believe”, “potential”, “expect”, “may”, “would”, “should”, “can”, “delivering”, “continuing”, or similar words, as well as specific projections of future events or results qualify as forward-looking statements. Forward-looking statements are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” the Company describes in its U.S. Securities and Exchange Commission filings. The Company’s future results could differ, and it has no obligation to correct or update any of these statements.

 

Investors:

 

Steven D. Schwartz, Vice President, Investor Relations

 

(515) 273-3763, sschwartz@american-equity.com

 

Media:

 

Jared Levy/Robin Weinberg

 

FGS Global

 

AEL@FGSGlobal.com

 

 

 

 

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Cover
Jun. 27, 2023
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 27, 2023
Entity File Number 001-31911
Entity Registrant Name AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
Entity Central Index Key 0001039828
Entity Tax Identification Number 42-1447959
Entity Incorporation, State or Country Code IA
Entity Address, Address Line One 6000 Westown Parkway
Entity Address, City or Town West Des Moines
Entity Address, State or Province IA
Entity Address, Postal Zip Code 50266
City Area Code 515
Local Phone Number 221-0002
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common stock, par value $1
Trading Symbol AEL
Security Exchange Name NYSE
Series A Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A
Trading Symbol AELPRA
Security Exchange Name NYSE
Series B Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
Trading Symbol AELPRB
Security Exchange Name NYSE
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