Brookfield Merges Insurance Unit as Flatt’s Overhaul Takes Hold

Brookfield Corp. is merging its shares with those of its insurance business as the firm pushes ahead with plans to transform itself into an investment-led insurer.

The merger of the parent company and the insurance business will improve Brookfield Corp.’s overall capital structure and give it access to the combined group’s asset base to pursue growth, Chief Executive Officer Bruce Flatt said in a letter accompanying its first-quarter earnings statement on Thursday.