Brookfield Annuity announces its first group annuity deal
Brookfield Annuity Company (Brookfield Annuity), which opened for business in December 2016, today announced the signing of its first group annuity transaction. Structured as a group annuity buy-out with a globally recognized, brand-name company, the arrangement takes risk from the organization and transfers it to Brookfield Annuity.
“Naturally, we are delighted to have made our first group annuity transaction,” said Paul Forestell, President and Chief Executive Officer, Brookfield Annuity. “Completing the deal less than 10 weeks after our launch makes it even more satisfying. It also demonstrates the market’s growing appetite for annuity solutions, and the need for a responsive, specialist player, like Brookfield Annuity.”
Under a group annuity buy-out, the sponsors of a defined benefit plan are able to take the long-term risks and obligations associated with a specific group of pensioners, including on going pension administration, and transfer them wholesale to Brookfield Annuity. A buy-out is only one of the tailored de-risking solutions that Brookfield Annuity can offer clients.
Further details about the transaction will be forthcoming over the next several weeks.
About Brookfield Annuity
Brookfield Annuity, which is headquartered in Toronto, is a Canadian life insurance company that is primarily focused on providing group annuity solutions to defined benefit pension plans. Regulated by the federal Office of the Superintendent of Financial Institutions, Brookfield Annuity is a member of Assuris, a not-for-profit organization that protects Canadian policyholders if their life insurance company should fail. Brookfield Annuity is wholly owned by Brookfield Asset Management, a leading global alternative asset manager.