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NEW YORK & HAMILTON, Bermuda--([ BUSINESS WIRE ])--The Goldman Sachs Group, Inc. (NYSE: GS) and Ariel Holdings Ltd announced today that Goldman Sachs is acquiring Ariel Reinsuranceas Bermuda-based insurance and reinsurance operations, which it will combine with its existing business underwritten through Lloydas Syndicate 1910. The acquired business will operate as part of Goldman Sachs Reinsurance Group (GSRG), under the brand name of Ariel Reinsurance (or aAriel Rea).

"The Ariel franchise adds scale, breadth and a deep talent pool from which to better serve our clients"

Ariel Reas existing business will be reinsured by GSRGas Lloydas syndicate and clients will experience a seamless transition and continuity of service. The majority of Ariel Reas Bermuda-based staff will continue their employment with the combined organization.

aWeare excited to combine our business with Goldman Sachs at a time of significant market opportunity,a said George Rivaz, chairman of Ariel Re.

Tom Hulst, chief executive officer at Ariel Re added: athe transaction combines two organizations with excellent underwriting track records and creates a superior platform from which to build on that performance.a

aThe Ariel franchise adds scale, breadth and a deep talent pool from which to better serve our clients,a said Tom Milligan, a managing director and co-head of Goldman Sachsa Property and Casualty Reinsurance business. aAriel Reas deep-rooted focus on an analytical and transparent approach to taking risk fits well with our own.a

This transaction does not include Arielas credit and surety business run through its Zurich branch office nor its Atrium Underwriting Group at Lloyds, which will continue to be owned and operated by Ariel Holdings Ltd.

The transaction is expected to close on April 1, 2012, subject to regulatory approvals. The purchase price of the transaction was not disclosed.

The Goldman Sachs Group, Inc. is a bank holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.