American National Exits Life Insurance to Focus on Other Products
American National, a Texas-based insurance company, is moving away from the life insurance market to concentrate on different product lines.
“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,” a company spokesperson stated. “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 finalized a $5.1 billion deal to acquire the insurance carrier, originally established in 1905. BAM Re, founded in 2020, offers annuity-based reinsurance products to insurance and reinsurance companies and directly issues pension risk transfer products through its operating subsidiaries, North End Re and Brookfield Annuity.
American National’s shift follows a similar move last year when it exited the home insurance market. Besides annuities, the carrier also offers auto, renters, and business insurance.
