Filed Under:Markets, Personal Lines

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.

Top Story

Here are the 21 trends that pose the biggest risks to global business in 2015

Swiss Re's latest SONAR report identifies 21 emerging global risks driven by economic, tehnological, socio-political and environmental developments.

Top Story

Data breach rocks the Internal Revenue Service

Filing taxes is never a worry-free task, but for some taxpayers, the 2014 tax season just got a little more stressful.

More Resources

Comments

eNewsletter Sign Up

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.