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.
