Ariel Reinsurance has completed the sale of its Bermuda-based insurance and reinsurance operations to Goldman Sachs, following the acquisition agreement signed on 1 March 2012.

Terms of the acquistion deal have not been disclosed.

On completing the acquisition, Goldman Sachs will merge the acquired business with its existing business underwritten by Lloyd’s Syndicate 1910.

The acquired business will operate under the name Ariel Reinsurance (Ariel Re) and will be part of Goldman Sachs Reinsurance Group (GSRG).

GSRG, founded in 1869, offers global services to a substantial and diversified client base which comprises of corporations, financial institutions, governments and high net worth individuals.

Headquartered in New York, the firm maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.