Acquisition and Valuation - The company is proposing to acquire AEL Holdings for a total consideration of 4.3 billion[12] - The acquisition of Argo Group International Holdings, Inc. was completed on November 16, 2023, at a price of 1.1 billion[48] - The company has reinsurance agreements covering up to $10 billion of annuity products issued by AEL Holdings[48] Corporate Governance - The Compensation Committee ensures that executive compensation does not encourage excessive risk-taking behavior by senior management[362] - The Audit Committee is responsible for monitoring the company's financial reporting systems and internal controls[357] - The Governance and Nominating Committee oversees the company's approach to ESG matters and reviews current and proposed ESG initiatives[358] - All directors, officers, and employees are required to comply with the company's Code of Business Conduct and Ethics[369] - The company conducts annual evaluations of its board and committees to improve overall performance[364] - The Compensation Committee reviews the performance of senior management against written objectives and reports thereon[360] Employee and Management Structure - The company has over 4,000 full-time employees primarily located in Canada, the U.S., the United Kingdom, the Cayman Islands, and Bermuda[371] - The company internalized the services of its Chief Executive Officer, Chief Financial Officer, and Chief Investment Officer effective March 22, 2024[372] - As of March 25, 2024, directors and officers beneficially owned approximately 5% of the outstanding class A exchangeable shares and less than 1% of the outstanding class A-1 exchangeable shares[376] Financial Performance and Reporting - Distributable Operating Earnings (DOE) is a key financial performance measure, defined as net income excluding certain costs and adjustments[46] - The company emphasizes the importance of adjusted equity, which represents total economic equity excluding accumulated other comprehensive income and Junior Preferred Shares[46] - Total liquidity includes cash, undrawn credit facilities, and liquid financial assets held by non-regulated corporate entities[46] - The financial information is presented in U.S. dollars and prepared in accordance with U.S. GAAP, with all figures being unaudited unless otherwise indicated[43] - Non-GAAP financial measures are disclosed to assist investors in assessing overall performance, but should not be considered in isolation from GAAP measures[45] Forward-Looking Statements - Forward-looking statements regarding the company's outlook and anticipated events are included, but should not be relied upon as representing future views[40] - The company cautions that historical performance and market data may not be indicative of future results[42] - The company has a commitment to update forward-looking statements only as required by applicable law[40]
Brookfield Reinsurance .(BNRE) - 2023 Q4 - Annual Report