The Goldman Sachs Group and Ariel Holdings Ltd announced that Ariel Holdings has completed the sale of Ariel Reinsurance’s Bermuda-based insurance and reinsurance operations to Goldman Sachs, pursuant to the Acquisition Agreement announced on March 1, 2012.
The purchase price of the transaction was not disclosed.
In a related transaction Ariel Holdings also agreed to sell its credit and surety reinsurance business, which is based in Europe, to Arch Capital (See related article).
The bulletin said the “acquired business is being combined with Goldman Sachs’ existing business underwritten through Lloyd’s Syndicate 1910 and will operate as part of Goldman Sachs Reinsurance Group (GSRG), under the brand name of Ariel Reinsurance (or Ariel Re).”
Source: Goldman Sachs Group and Ariel Holdings