NEW YORK & HAMILTON, Bermuda--()--The Goldman Sachs Group, Inc. (NYSE: GS) and Ariel Holdings Ltd announced today that Ariel Holdings has completed the sale of Ariel Reinsurance’s Bermuda-based insurance and reinsurance operations to Goldman Sachs, pursuant to the Acquisition Agreement announced on March 1, 2012. The purchase price of the transaction was not disclosed.
The acquired business is being combined with Goldman Sachs’ existing business underwritten through Lloyd’s Syndicate 1910 and will operate as part of Goldman Sachs Reinsurance Group (GSRG), under the brand name of Ariel Reinsurance (or “Ariel Re”).
The Goldman Sachs Group, Inc. is a bank holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.