TORONTO – Brookfield Asset Management says it is looking to grow its reinsurance business by creating a new entity, BAM Reinsurance
The company says it plans to pay a private dividend in the form of a small portion of BAM Reinsurance’s stake for a certain number of Class A shares in Brookfield
It says it will aim to replicate the structure used to create Brookfield Renewable Corp and Brookfield Infrastructure Corp. BAM Reinsurance will be a double stake of Brookfield Asset Management.
Brookfield says BAM Reinsurance will allow the company to grow its reinsurance business in the most efficient way, and provide flexibility for Brookfield shareholders
The announcement in the role of Brookfield, who keeps his books in US dollars, net income attributable to shareholders of $ 172 million or 10 cents per share for the quarter ended September 30, compared to earnings of $ 947 or 61 cents a share a year earlier. / p>
Total funds from operations, a key measure of Brookfield, were $ 1 04 billion, or 65 cents per share for the quarter, up from $ 826 million, or 54 cents per share, in the same quarter last year.
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Brookfield Asset Management, Investment Management, NYSE: BAM, Earnings, Reinsurance, New York Stock Exchange
World News – CA – Brookfield Asset Management looks to grow the reinsurance business with a new entity