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Goldman Buying Ariel Re’s Bermuda Insurance Biz

Goldman Sachs Inc. said it will buy Ariel Re‘s Bermuda-based insurance and reinsurance operations, which will be combined with its existing reinsurance group and operate under the name of Ariel Reinsurance, Reuters reported Thursday. Financial terms of the deal, which is expected to close on April 1, were not disclosed.

(Reuters) – Goldman Sachs Inc. said it will buy Ariel Re’s Bermuda-based insurance and reinsurance operations, which will be combined with its existing reinsurance group and operate under the name of Ariel Reinsurance.

Financial terms of the deal, which is expected to close on April 1, were not disclosed.

The majority of Ariel Re’s Bermuda-based staff will continue with the combined organization, Goldman said in statement.

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

 

Goldman Sachs shares closed at $115.12 on Wednesday on the New York Stock Exchange.