NU Online News Service, April 12, 11:09 a.m.EDT
|The break-up of Ariel Re finished with both Arch and GoldmanSachs saying they have completed their purchases of Ariel Re Creditand Surety and Ariel Reinsurance's Bermuda operations.
|In March, both Arch and Goldman Sachs announced they would acquire portions of Arielfrom Ariel Holdings.
|Arch acquired Ariel Re's credit and surety reinsurance business,based in Zurich, Switzerland. The team joins the Zurich branchoffice of Arch Reinsurance Europe Underwriting.
|Arch says the “team is operational and Arch Re Europeanticipates a seamless transition for service to both clients andintermediaries.”
|Goldman says it completed the purchase of Ariel Reinsurance'sBermuda-based insurance and reinsurance operations.
|The acquired business is being combined with Goldman's existingbusiness underwritten through Lloyd's Syndicate 1910 and willoperate as part of Goldman Sachs Reinsurance Group under the brandname of Ariel Reinsurance.
|Purchase price for both transactions was not disclosed.
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