The Globe and Mail reports in its Thursday edition that Brookfield Asset Management expanded further into the annuities business Wednesday with its reinsurance arm's $4.3-billion acquisition of American Equity Investment Life Holding Co. (all figures U.S.). The Globe's Jameson Berkow writes that the cash-and-stock deal values Iowa-based AEL at $55 per share, representing a 35-per-cent premium to the New York Stock Exchange-listed company's June 23 closing price, which was the last trading day before the proposal was first disclosed. AEL shareholders will receive $38.85 in cash and slightly less than half of one Brookfield share for each AEL share. Acquiring AEL is the culmination of a years-long relationship that began in late 2020, when Brookfield agreed to acquire an ownership stake of up to 20 per cent in the annuities provider and to reinsure up to $10-billion worth of its products. Annuities are an insurance product that offers buyers a steady income stream in retirement. Because products like annuities are linked to interest rates, they have become popular in both the United States and Canada over the past few years, as central bankers have sought to combat inflation by sharply raising borrowing costs.