Brookfield Reinsurance has announced its upcoming annual general and special meeting of shareholders, which will be held on July 22, 2024.
One of the key topics that will be discussed in the annual meeting is the change of the company name – from Brookfield Reinsurance to Brookfield Wealth Solutions.
“We will also be seeking approval from shareholders to implement changes designed to simplify and enhance our capital structure, including a re-designation of our class A-1 exchangeable non-voting shares into class A exchangeable limited voting shares of our company (class A shares) and related changes to the terms of the class A shares that will result in no shareholder having the power to vote more than 9.9% of the class A shares, regardless of economic ownership,” the company said in a statement. “Shareholders will also be asked to approve the issuance of class A shares in one or more potential future transactions similar in nature to the exchange offer successfully completed by Brookfield Reinsurance in November 2023 and structured to be non-dilutive to our shareholders, or to Brookfield Corporation.”
Brookfield Re CEO Sachin Shah (pictured) said that the company’s change of name would reflect how far the company has grown.
“Our business has grown significantly since our inception in 2021, and today offers a diverse line of wealth and retirement solutions. The proposed changes are intended to better reflect the nature of our business and further enhance our capital structure as we position ourselves for future growth,” said Shah.
The company stated, a management information circular containing the details of the meeting and the matters to be presented and voted on will be mailed soon to all Brookfield Reinsurance shareholders of record as of market close on June 21, 2024, and will also be available shortly through the SEC’s website at http://www.sec.gov, on Brookfield Reinsurance’s SEDAR+ profile at www.sedarplus.ca and on Brookfield Reinsurance’s website at bnre.brookfield.com.
