American National to exit life insurance

Texas-based insurance company American National will stop writing new life insurance policies in order to focus on other products. An American National spokesperson provided the following statement:

“American National has made the strategic decision to stop writing new life insurance business and will continue to focus on growing our Annuity, Pension Risk Transfer (PRT) and Property & Casualty lines. We have strong confidence in these businesses and expect them to be a big part of our long-term success. We remain committed to serving our current life insurance policyholders and will continue to service all in-force policies without interruption.”

In 2021, Brookfield Asset Management Reinsurance announced a $5.1 billion deal to acquire the carrier that was established in 1905. Founded in 2020, BAM Re – through its operating subsidiaries North End Re and Brookfield Annuity – provides annuity-based reinsurance products to insurance and reinsurance companies and acts as a direct issuer of pension risk transfer products for pension plan sponsors.

Last year, American National exited the home insurance market. Aside from annuities, the carrier offers additional products such as auto, renters, and business insurance.