The Chinese insurance giant is working with financial advisers on the potential sale, which could value Founder’s life insurance unit at as much as $1 billion, the people said, asking not to be identified because the matter is private.

Resolution and Allianz have been working with advisers on a deal that could be announced as early as this week pending regulatory approval, the people said, asking not to be identified because the information is private. The transaction would affect roughly $6 billion in liabilities that would be ceded to Resolution Life, which is run by former GE Insurance executive Clive Cowdery, they said.

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Under the agreement, Brookfield Reinsurance will pay $190 in cash for each share of American National, the companies said in a statement Monday.

The new company, under the brand name Pattern, will provide embedded insurance across U.S. and Europe markets.

Newly combined company boasts more than 20 clients among the top 25 U.S. insurance companies.

The insurer says the new offering will be distinct from its current SafePilot product.