The reinsurance arm of Brookfield Asset Management Inc. has agreed to buy American National Group, Inc. (NasdaqGS:ANAT) for about $5 billion, according to people familiar with the matter. As part of the deal, which is expected to be announced later August 09, 2021, American National stockholders will receive $190 a share in cash, the people said. That represents a roughly 10% premium to the company's closing price August 06, 2021 of $172.80.

Assuming the deal is completed, American National will be wholly owned by Brookfield Asset Management Reinsurance Partners Ltd. (NYSE:BAMR), which spun out of the Canadian investment giant in June to become a publicly traded entity. (It is still affiliated with Brookfield Asset Management.) Brookfield plans to keep American National's headquarters in Galveston, Texas, and maintain its operational hubs around the country, the people familiar with the matter said.