Brookfield Asset Management Inc. (TSX:BAM.A) announced the spin-off of Brookfield Asset Management Reinsurance Partners Ltd. to its shareholders on November 12, 2020. One class A exchangeable share will be received for every 145 Brookfield class A shares and One class A exchangeable share will be received for every 145 Brookfield class B shares held by Brookfield shareholders as of record date of June 18, 2021. Brookfield Class A Shares holders will receive approximately 11.2 million class A exchangeable limited voting shares of Brookfield Asset Management Reinsurance Partners Ltd. As of May 18, 2021, Brookfield Asset Management intends to make a special dividend of approximately 10.9 million class A exchangeable shares to holders of Brookfield Class A Shares as of the record date. An additional approximate 1.1 million class A exchangeable shares will be distributed to holders of the Brookfield Class B Shares. Each Class A shares of BAM Reinsurance will be structured with the intention of being economically equivalent to the Class A shares of BAM. Each share of BAM Reinsurance will have the same dividend as a BAM share and shares of BAM Reinsurance will be exchangeable into shares of Brookfield at the shareholder's option. BAM Reinsurance is intended to provide Brookfield Asset Management's shareholders with a choice of holding either shares of Brookfield or the new shares of BAM Reinsurance. BAM Reinsurance also intends to apply to list its class A shares in the United States on the NYSE and in Canada on the TSX under the symbol “BAMR”.
Brookfield Asset Management Reinsurance Partners Ltd.'s Board will comprise of four Directors - William Cox, Gregory Morrison, Anne Schaumburg, and Sachin Shah. William Cox and Anne Schaumburg will be the directors identified for election by the holders of class A exchangeable shares and Gregory Morrison and Sachin Shah will be the directors identified for election by the holder of class B shares. The transaction is subject to regulatory approval. On June 16, 2021, registration statement was declared effective. The transaction is expected to be completed in the first half of 2021. As of March 23, 2021, the transaction is expected to be completed in second quarter of 2021. As of June 8, 2021, the transaction is expected to be closed on June 28, 2021. AST Trust Company acted as the transfer agent for exchangeable shares of Brookfield Asset Management Reinsurance Partners Ltd.

Brookfield Asset Management Inc. (TSX:BAM.A) completed the spin-off of Brookfield Asset Management Reinsurance Partners Ltd. to its shareholders on June 28, 2021.