September 28, 2023

FDI Forum

Earn the right Invest

Antitrust probe released into American Equity’s trader

A well known shareholder of American Fairness Expenditure Life Holding Co. has stepped back again from its combat with the West Des Moines insurance provider amid a federal investigation.

In a regulatory submitting on Friday, Brookfield Asset Management disclosed that it will never appoint a new representative to American Equity’s board due to the fact Section of Justice investigators are wanting into no matter whether Brookfield violated an antitrust regulation.

Brookfield, a Canadian private equity organization, has owned about 19% of American Equity’s stock given that October 2020. An expense settlement involving the companies gave Brookfield a seat on American Equity’s board.

But in May, Brookfield also obtained American National, a firm that sells lifetime, well being and property and casualty insurance coverage and annuities. According to Friday’s submitting, the Division of Justice is investigating no matter if Brookfield violated a federal antitrust law that bans businesses from keeping board seats on specific competition.