BROOKFIELDNEW, December 09, 2022 (GLOBE NEWSWIRE) — Brookfield Reinsurance (NYSE, TSX: BAMR) (“Brookfield Reinsurance” or the “Company”) today announced that it has completed the previously announced special distribution (the “Special Distribution”) of shares of Brookfield Asset Management Ltd. (the “Manager Shares”) to holders of Class A Exchangeable Limited Voting Shares (“Class A Exchangeable Shares”) and Class B Limited Voting Shares of our company.
The special cast
The special distribution was realized through a return of capital, resulting in a reduction in the par value of the Class A exchangeable shares and Class B limited voting shares of our company by an amount of $5,481 per share.
The name change
Brookfield Reinsurance also announced today that it has changed its name to “Brookfield Reinsurance Ltd.” It is expected that the Company’s Class A Exchangeable Shares listed on each of the New York Stock Exchange and the Toronto Stock Exchange will begin trading under the Company’s new name and trading symbol “BNRE” at the opening of the market on or about Wednesday, December 14, 2022. Our Class A exchangeable shares will continue to be the economic equivalent of the Class A Limited Voting Shares of Brookfield Corporation (formerly Brookfield Asset Management Inc.) and will remain exchangeable on a one-for-one basis.
The corporate name changes to Brookfield Reinsurance Ltd. does not affect the rights of Brookfield Reinsurance shareholders and no action is required by shareholders with respect to the name change.
Notice to readers
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no distribution of securities in any jurisdiction in which such offer, solicitation or distribution would be unlawful prior to the registration or qualification. under the securities laws of such jurisdiction.
Information contained in this press release that is not historical fact is “forward-looking information”. This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of WE Securities Act of 1933, the WE Securities Exchange Act of 1934 and the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities regulations. Forward-looking statements are generally identified by words such as “expect”, “anticipate”, “believe”, “anticipate”, “could”, “estimate”, “objective”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on the company’s perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. . The Company’s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. The Company cannot guarantee that these estimates, beliefs and assumptions will prove to be correct. In particular, statements regarding name change and trade symbol change are forward-looking statements.
Other factors, risks and uncertainties not currently known to the Company or that the Company currently believes to be immaterial could also cause actual results or events to differ materially from those expressed or implied by the statements containing forward-looking information. Readers are cautioned not to place undue reliance on any statements containing forward-looking information included in this press release, which are made as of the date of this press release, and not to use such information for any purpose other than that for which they are destined. The Company disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Brookfield Reinsurance
Brookfield Reinsurance Ltd. (NYSE, TSX: BNRE) operates a leading financial services company providing capital-based solutions to the insurance industry. Each Exchangeable Class A Limited Voting Share of Brookfield Reinsurance is exchangeable for one share for one Class A Limited Voting Share of Brookfield Corporation (formerly Brookfield Asset Management Inc.) (NYSE, TSX: BN).
For more information, please visit our website at bnre.brookfield.com or contact:
