June 26 (Reuters) - Canadian private equity firm Brookfield's reinsurance arm is nearing a deal to buy insurer American Equity Life Holding (AEL.N), a person familiar with the matter told Reuters on Monday.
Brookfield has made a cash-and-stock offer that is set to be recommended by the American Equity board, the person said, requesting anonymity.
Iowa-based American Equity last year had rejected a $3.9 billion unsolicited takeover proposal from Prosperity Life and its principal shareholder, activist investor Elliott Investment Management.
Brookfield and American Equity did not immediately respond to requests for comment from Reuters.
American Equity provides annuities - an insurance contract customers typically buy for a steady income stream after retiring.
Persons:
Brookfield, Jaiveer Singh, Maju Samuel, Sriraj
Organizations:
Reuters, American Equity, Bloomberg, Equity, Prosperity, Elliott Investment Management, Investment, Thomson
Locations:
Iowa, Brookfield, Bengaluru