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.

Ariel Re will continue to operate under the Ariel Re brand name and identity. Going forward, Global Atlantic will focus on growing its life and annuity business. With more than $30 billion in assets, the company will continue to develop a mix of insurance and reinsurance offerings.

This transaction will provide Ariel Re and its insurance and reinsurance team the opportunity to continue its growth and underwriting performance, said Global Atlantic.

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