Goldman Sachs Acquiring Ariel Re Bermuda Operations

Goldman Sachs Group said it is acquiring Ariel Reinsurance’s Bermuda-based insurance and reinsurance operations, which it will combine with its existing business underwritten through Lloyd’s Syndicate 1910.

The purchase price of the transaction was not disclosed.

The acquired business will operate as part of Goldman Sachs Reinsurance Group, under the brand name of Ariel Reinsurance.

Ariel Re’s existing business will be reinsured by GSRG’s Lloyd’s syndicate.

The companies said majority of Ariel Re’s Bermuda-based staff will continue their employment with the combined organization.

This transaction does not include Ariel’s credit and surety business run through its Zurich branch office nor its Atrium Underwriting Group at Lloyd’s, which will continue to be owned and operated by Ariel Holdings Ltd.

The transaction is expected to close on April 1, 2012, subject to regulatory approvals.

The Goldman Sachs Group Inc. is a global investment banking, securities and investment management firm.