Ariel Holdings has sold Ariel Reinsurance’s Bermuda-based insurance and reinsurance operations to The Goldman Sachs Group Inc., pursuant to the acquisition agreement announced March 1, 2012. The purchase price of the transaction was not disclosed. Also, Arch Capital Group Ltd. has acquired Ariel Re’s Credit & Surety reinsurance operations, based in Zurich.
Goldman Sachs says the acquired business is being combined with its 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.
The former Ariel Re Credit & Surety team joined the Zurich branch office of Arch Reinsurance Europe Underwriting Ltd. The team is operational, and Arch Re Europe anticipates a seamless transition for service to both clients and intermediaries. Arch Capital Group Ltd. provides insurance and reinsurance through its wholly owned subsidiaries.
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