Goldman Sachs to Acquire Operations of Reinsurer Ariel Re

The Goldman Sachs Group, Inc.

and Ariel Holdings Ltd announced today that Goldman Sachs is acquiring Ariel Reinsurance's Bermuda-based insurance and reinsurance operations, which it will combine with its existing business underwritten through Lloyd's Syndicate 1910. The acquired business will operate as part of Goldman Sachs Reinsurance Group, under the brand name of Ariel Reinsurance. Ariel Re's existing business will be reinsured by GSRG's Lloyd's syndicate and clients will experience a seamless transition and continuity of service. The majority of Ariel Re's Bermuda-based staff will continue their employment with the combined organization.