b'TABLE OF CONTENTSMERGERS & ACQUISITIONS will conduct its reinsurance and other relatedits acquisition of Security Life of Denver Insurance activities for the benefit of the shareholders of bothCo., Midwestern United Life Insurance Co. and Brookfield and Brookfield Reinsurance. Followingcertain other affiliates thereof from Voya Financial, the spin-off, Brookfield Reinsurance continued toInc. (Voya). As part of the transaction, expand its life and annuity business via its $5.1Resolution Life acquired substantially all of Voyas billion acquisition of American National Group, Inc.individual life in-force business and Voyas (American National) that was announced inremaining in-force non-retirement annuity August 2021. American National through itsbusiness for approximately $902 million in cash subsidiaries provides life insurance and annuities inand total proceeds of $1.7 billion, including a $225 addition to health, credit and property and casualtymillion stake in Resolution Life. The deal was (P&C) insurance lines.originally struck in December 2019, with the Perhaps the archetype of strategic partnershipsclosing delayed until January 2021, due in part to between life and annuity carriers and assetdelays obtaining required regulatory approvals.managers is the establishment and growth ofIn the last quarter of 2021, Exor NV (Exor) and Athene Holding Inc. (Athene) by Apollo GlobalSGAM Cova (Covea), a French mutual insurer, Management, Inc. (Apollo). Apollo formedannounced that the once-abandoned sale by Exor Athene in 2009, and took it public in 2016 at a $7.4of PartnerRe Ltd. (PartnerRe) to Cova had been billion valuation. The strategic partnershiprevived. After Exor and Cova agreed in March between Apollo and Athene continued after the2020, to a $9 billion purchase price, Cova withdrew initial public offering. In March 2021, Apollofrom the deal in May 2020, citing the uncertainty announced that it would acquire Athene, whosecaused by the pandemic and PartnerRes net losses assets totaled $202.8 billion at the end of 2020, viain the first quarter of 2020. Cova and Exor returned a $11 billion stock merger. Apollo heralded theto the negotiating table in 2021, signing a new merger as an optimization of its allocation ofMemorandum of Understanding in October 2021, capital and growth strategy best achieved by theand announcing a definitive agreement in complete alignment of Athene and Apollo.December 2021. Following the anticipated closing Following consummation of the merger in Januaryof the transaction in mid-2022, Exor will acquire 2022, shares in the combined and publicly tradedfrom Cova interests in special purpose reinsurance Apollo were owned 76% by the Apollo shareholdersvehicles managed by PartnerRe for approximately and 24% by the Athene shareholders. $725 million. The parties also agreed to continue to invest jointly in Exor-managed funds.Notable Mergers and Acquisitions Publicly-traded insurance groups continued to seek The life insurance and annuity sector continued toto shed capital-intensive businesses during 2021. A be an active deal space for mergers andnotable example was Prudential Financial, Inc.s acquisitions in 2021 beyond the collaborations(Prudential) sale of Prudential Annuities Life between asset managers and insurers. In JanuaryAssurance Corporation (PALAC) and its block of 2021, Resolution Life Group Holdings, LPlegacy variable annuities to Fortitude Reinsurance (Resolution Life) announced the completion of MAYER BROWN |9'