Goldman Sachs to acquire Ariel Holdings' insurance, reinsurance business

NEW YORK—Goldman Sachs Group Inc. will acquire Ariel Holdings Ltd.'s Ariel Reinsurance's Bermuda-based insurance and reinsurance operations, Goldman and Ariel announced Thursday.

The acquired business will become part of Goldman Sachs Reinsurance Group under the brand name Ariel Re. The acquired operations will be combined with Goldman's existing business underwritten through Lloyd's syndicate 1910.

The transaction, terms of which were not disclosed, does not include neither Ariel's credit and surety business run through its Zurich office, nor its Atrium Underwriting Group Ltd. at Lloyd's, which will continue to be owned and operated by Ariel Holdings.

The transaction is expected to close on April 1, subject to regulatory approval.