Ariel Acquiring Zurich’s Valiant for Launch of U.S. Specialty Carrier

September 20, 2007

Bermuda-based Ariel Holdings Ltd. reports it will acquire Valiant Insurance Co. from Zurich North America Commercial Group. Ariel Holdings Ltd. said it has established a U.S. based insurance holding company, Valiant Insurance Group, Inc., in anticipation of this transaction.

According to Gary Dubois, president and chief executive officer of Valiant Insurance Group, Inc., the company will “operate under the Valiant Insurance name, and this company will serve as the operating platform for a new specialty property and casualty insurance initiative.”

Valiant Insurance Co. is licensed on an admitted basis in 47 states plus the District of Columbia.

Dubois said this acquisition will help to further diversify and expand Ariel Holdings Ltd.’s insurance and reinsurance market profile globally.

Ariel Holdings Ltd. and Valiant Insurance Group, Inc. executives expect to close the acquisition in early October, subject to obtaining regulatory approvals. The terms of the agreement are confidential, except Zurich will retain responsibility for Valiant Insurance Co.’s historical business.

In September of this year Ariel Holdings Ltd. announced the acquisition of Lloyds’ market underwriting specialist Atrium Underwriting PLC. Ariel Holdings Ltd. has acquired in excess of 96 percent of the shares and is proceeding under UK law to purchase the balance.

Ariel Holdings Ltd., through its wholly-owned subsidiary Ariel Re, is a Bermuda-based provider of property, marine, energy and aviation reinsurance, and selected specialty lines of insurance. Ariel was formed in December 2005 with over $1.0 billion of capital from institutional investors. Ariel Re is rated A- (Excellent) by A.M. Best and as at 31 December 2006 had shareholders’ equity of $1.16 billion.

Source: Ariel Holdings Ltd.

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