Brookfield Asset Management Inc’s reinsurance unit has agreed to buy insurer American National Group Inc for about $5.1 billion in an all-cash deal, the companies said on Monday.

Started in 1905 by William Lewis Moody Jr., American National is majority-owned by the founder’s family, which controls the company through a range of trusts and holdings.

The company offers several products, including life, health, and property and casualty (P&C) insurance, as well as annuities, according to its website.

The potential deal comes as U.S. insurers are stepping up sales of annuities and other capital-intensive assets amid a surge in interest from new and established private equity buyers hungry to boost the amount of money they manage.

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Source: Reuters