Antitrust probe launched into American Equity’s investor

Antitrust probe launched into American Equity’s investor

American Equity Investment Life Insurance Company, proves that taking a people-first approach to company culture not only leads to success in the industry, but builds a dedicated team of employees.

A prominent shareholder of American Equity Investment Life Holding Co. has stepped back from its fight with the West Des Moines insurer amid a federal investigation.

In a regulatory filing on Friday, Brookfield Asset Management disclosed that it won’t appoint a new representative to American Equity’s board because Department of Justice investigators are looking into whether Brookfield violated an antitrust law.

Brookfield, a Canadian private equity firm, has owned about 19% of American Equity’s stock since October 2020. An investment agreement between the companies gave Brookfield a seat on American Equity’s board.

But in May, Brookfield also purchased American National, a company that sells life, health and property and casualty insurance and annuities. According to Friday’s filing, the Department of Justice is investigating whether Brookfield violated a federal antitrust law that bans companies from holding board seats on certain competitors.

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