Filed Under:Agent Broker, Commercial Business

Ariel Re Sell-off complete

NU Online News Service, April 12, 11:09 a.m. EDT

The break-up of Ariel Re finished with both Arch and Goldman Sachs saying they have completed their purchases of Ariel Re Credit and Surety and Ariel Reinsurance’s Bermuda operations.

In March, both Arch and Goldman Sachs announced they would acquire portions of Ariel from Ariel Holdings.

Arch acquired Ariel Re’s credit and surety reinsurance business, based in Zurich, Switzerland. The team joins the Zurich branch office of Arch Reinsurance Europe Underwriting.

Arch says the “team is operational and Arch Re Europe anticipates a seamless transition for service to both clients and intermediaries.”

Goldman says it completed the purchase of Ariel Reinsurance’s Bermuda-based insurance and reinsurance operations.

The acquired business is being combined with Goldman’s existing business underwritten through Lloyd’s Syndicate 1910 and will operate as part of Goldman Sachs Reinsurance Group under the brand name of Ariel Reinsurance.

Purchase price for both transactions was not disclosed.

Featured Video

Most Recent Videos

Video Library ››

Top Story

U.S. cyber insurance continues to grow, according to Fitch Ratings

The top 15 writers of cyber held approximately 83% of the market in 2016.

Top Story

Top 10 states for boat and other watercraft accidents & thefts

Make sure your insurance clients are covered for all their recreational boating adventures.

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.