Brookfield Wealth Solutions has launched a reinsurance business in Japan and appointed Tomohide Yokooka as managing director and country head, according to sources familiar with the development.

Yokooka, who previously worked at Barclays Japan, will lead Brookfield Wealth’s reinsurance operations in Japan as the company expands its footprint in the region.

Brookfield Wealth Solutions, originally spun off from North American asset management firm Brookfield Corporation, provides capital-based solutions to insurance and reinsurance firms and manages over $110 billion in global insurance assets.

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Yokooka brings more than 20 years of experience in merger and acquisition advisory and capital procurement services, having held roles in both Tokyo and New York with firms such as Goldman Sachs Group and Citigroup. He most recently served at Barclays Japan, beginning his tenure there in 2018.

Earlier this year, Brookfield Reinsurance announced during its annual general and special meeting of shareholders, the change of the company name – from Brookfield Reinsurance to Brookfield Wealth Solutions.

Brookfield Re CEO Sachin Shah said that the company’s change of name would reflect how far the company has grown.

“Our business has grown significantly since our inception in 2021, and today offers a diverse line of wealth and retirement solutions. The proposed changes are intended to better reflect the nature of our business and further enhance our capital structure as we position ourselves for future growth,” said Shah.

In May, Brookfield Asset Management also announced that it entered a partnership with Castlelake LP, securing a majority of the private debt firm’s fee-related earnings.

The deal, valued at approximately $1.5 billion, marks a significant step in the Canadian investment powerhouse’s strategic expansion of its credit operations.

As part of the investment, Brookfield’s reinsurance also allocated funds into Castlelake’s strategies. That said, despite the new arrangement, Castlelake maintains its autonomy and continues to hold the majority of earnings linked to its performance.

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