NU Online News Service, March 2, 3:14 p.m. EST
New York bank-holding company Goldman Sachs will acquire Ariel Reinsurance's Bermuda-based insurance and reinsurance operations, the companies announced.
Ariel Re will combine its existing underwriting business with business written through Lloyd's Syndicate 1910.
The acquired business will operate as part of Goldman Sachs' Reinsurance Group under the Ariel Re name.
Terms of the transaction were not released. The acquisition is expected to be completed on April 1, subject to regulatory approval.
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.
Ariel Re's existing business will be reinsured by Goldman Sachs Reinsurance Group Lloyd's syndicate. The companies say clients “will experience a seamless transition and continuity of service.”
The majority of Ariel Re's Bermuda-based staff will continue with the combined organization, the companies say.
According to a filing with the Bermuda Monetary Authority, Ariel Re reported total revenues in 2010 of $578 million and net income of more than $216 million.
This story was updated at 4:52 p.m. EST with earnings information.
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