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Subsequent Events
9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events
28. Subsequent Events
The Company evaluated all events and transactions through November 13, 2025, the date the accompanying condensed consolidated financial statements were issued.
On October 1, 2025, the Company completed the transfer of its property and casualty subsidiaries, American National Property And Casualty Company, United Farm Family Insurance Company and Farm Family Casualty Insurance Company (collectively, the “P&C Subsidiaries”) to Argo Group International Holdings, Inc. (“Argo”). The Company received a capital contribution (the “Capital Contribution”) of $400 million on October 27, 2025. The Company used the proceeds from the Capital Contribution together with additional funds to repay $500 million of the Term Loan Credit Facility on October 29, 2025 with the objective of keeping the transfer of the P&C Subsidiaries to Argo leverage neutral to the Company. Argo and the Company are both wholly-owned subsidiaries of Brookfield Wealth Solutions Ltd.
Effective October 1, 2025, ANICO entered into a coinsurance reinsurance agreement with a third-party insurer in Japan, Dai-ichi Frontier Life, whereby ANICO will reinsure certain policies on a flow basis.
On October 6, 2025, the Company redeemed all of the 12,000 outstanding shares of Series B and the corresponding 12,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series B with a total redemption payment of $303 million. As part of the redemption, the Company paid dividends totaling $3 million. For the three months ended September 30, 2024, we paid dividends totaling $5 million for Series B preferred stock. The Company funded the redemption with the net proceeds from its previously announced sale of $500 million aggregate principal amount of the 2055 Notes. See Note 21 - Long Term Borrowings for additional details regarding the 2055 Notes.