Banco BTG Pactual S.A. will acquire Ariel Re, the P&C reinsurance company of Global Atlantic Financial Group Ltd.

The transaction includes all of the operating entities, assets and obligations of Ariel Re. It still is subject to customary regulatory approvals, and the purchase price has not been disclosed. Ariel Re will help BTG Pactual grow its reinsurance business, which builds on its London-based reinsurance principal investment business. Ariel Re, which has offices in Bermuda and London, will continue to operate its Lloyd’s of London syndicate and retain access to Lloyd’s security ratings.

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