Arch Capital to buy Ariel Re's credit, surety reinsurance operationsPosted On: Mar. 5, 2012 12:00 AM CST
HAMILTON, Bermuda—Arch Capital Group Ltd. will buy Ariel Reinsurance Co. Ltd.'s credit and surety reinsurance operations, Ariel Re announced Saturday.
The unit is based in Zurich.
“Upon the closing of the transaction, Ariel Re's Zurich-based team will transfer to the Zurich office of Arch Reinsurance Europe Underwriting Ltd. (Arch Re Europe) and will be fully operational with immediate effect, ensuring a seamless transition for service to both clients and intermediaries,” said Ariel Re in a statement announcing the transaction. “Ariel Re's existing trade credit and surety portfolio will be reinsured by Arch Reinsurance Ltd.”
The closing of the transaction is subject to regulatory approvals and other customary closing conditions.
The announcement comes after the announcement last week that Goldman Sachs Group Inc. would acquire Ariel Re's Bermuda-based insurance and reinsurance operations.