NU Online News Service, March 2, 3:14 p.m.EST
|New York bank-holding company Goldman Sachs will acquire ArielReinsurance's Bermuda-based insurance and reinsurance operations,the companies announced.
|Ariel Re will combine its existing underwriting business withbusiness 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 isexpected to be completed on April 1, subject to regulatoryapproval.
|The transaction does not include Ariel's credit and suretybusiness, run through its Zurich branch office, nor its AtriumUnderwriting Group at Lloyds, which will continue to be owned andoperated by Ariel Holdings Ltd.
|Ariel Re's existing business will be reinsured by Goldman SachsReinsurance Group Lloyd's syndicate. The companies say clients“will experience a seamless transition and continuity ofservice.”
|The majority of Ariel Re's Bermuda-based staff will continuewith 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 netincome of more than $216 million.
|This story was updated at 4:52 p.m. EST with earningsinformation.
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