Ariel To ‘Sell Reinsurance Operations’
Global investment banking and securities firm Goldman Sachs is poised to acquire the Bermuda-based re/insurance operations of Ariel Holdings through its insurance subsidiary Arrow, industry journal “The Insurance Insider” reports today [Feb.29].
The imminent deal will leave Ariel Holdings with its Lloyd’s operation Atrium and its Zurich-based credit and surety business.
The terms of the transaction are not known.
Ariel Re was created in Bermuda by insurance entrepreneur Don Kramer in late 2005 in the wake of hurricanes Katrina, Rita and Wilma.
Let’s hope they keep it here!