Steven Scruggs Comments on American National

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Nov 17, 2021

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American National Insurance (ANAT, Financial). Shares of thelife insurance and annuity company’sstock rallied onMay 11 when the company announced it had hired an advisor to pursue a sale of the company.⁶ On August 9, the company announced that Brookfield Asset Management Reinsurance had agreed to purchase the company in an all-cash deal for $190 per share, a 55% premium to the share price prior to the May 11 announcement.⁷ Interestingly, another portfolio holding, American Equity Life Insurance (AEL) announced an unrelated strategic partnership with Brookfield Asset Management (BAM) in October of 2020.⁸ In that deal, BAM took a 20% stake in American Equity Life, provided AEL $5 billion of reinsurance on existing liabilities and offered AEL access to BAM’s alternative asset class strategies.

From Steven Scruggs (Trades, Portfolio)' FPA Queens Road Small Cap Value Fund third-quarter 2021 letter.

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I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours. Click for the complete disclosure

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