On July 4, 2023, American Equity Investment Life Holding Company announced an agreement to merge with Brookfield Reinsurance Ltd., Arches Merger Sub, Inc., and Brookfield Asset Management Ltd. As part of the agreement, each existing common stock of American Equity will be converted into $38.85 per share in cash along with a number of shares of Brookfield Asset Management's class A voting shares. The merger is subject to customary closing conditions, including shareholder and regulatory approvals.