The Goldman Sachs Group, Inc. (NYSE: GS) and Ariel Holdings Ltd announced today that Goldman Sachs is acquiring Ariel Reinsurance’s Bermuda-based insurance and reinsurance operations, which it will combine with its existing business underwritten through Lloyd’s Syndicate 1910. The acquired business will operate as part of Goldman Sachs Reinsurance Group (GSRG), under the brand name of Ariel Reinsurance (or “Ariel Re”).
Ariel Re’s existing business will be reinsured by GSRG’s Lloyd’s syndicate and clients will experience a seamless transition and continuity of service. The majority of Ariel Re’s Bermuda-based staff will continue their employment with the combined organization.
“We’re excited to combine our business with Goldman Sachs at a time of significant market opportunity,” said George Rivaz, chairman of Ariel Re.
Tom Hulst, chief executive officer at Ariel Re added: “the transaction combines two organizations with excellent underwriting track records and creates a superior platform from which to build on that performance.”
“The Ariel franchise adds scale, breadth and a deep talent pool from which to better serve our clients,” said Tom Milligan, a managing director and co-head of Goldman Sachs’ Property and Casualty Reinsurance business. “Ariel Re’s deep-rooted focus on an analytical and transparent approach to taking risk fits well with our own.”
This 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.
The transaction is expected to close on April 1, 2012, subject to regulatory approvals. The purchase price of the transaction was not disclosed.
The Goldman Sachs Group, Inc. is a bank holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
Michael DuVally, 212-902-5400
Dane Holmes, 212-902-0300
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here