Willkie Advises Ariel Re in its Sale of Insurance and Reinsurance Operations to an Affiliate of The Goldman Sachs Reinsurance Group

April 6, 2012

Sale of Ariel Re’s insurance and reinsurance operations to Arrow Corporate Member Holdings LLC closed on April 5.

The firm recently represented Ariel Holdings Ltd. and Ariel Reinsurance Company, Ltd. (Ariel Re) in the sale of Ariel Re’s insurance and reinsurance operations to Arrow Corporate Member Holdings LLC, a subsidiary of Goldman Sachs Reinsurance Group for an undisclosed amount. The deal was first announced on March 1, 2012 and closed on April 5, 2012.

As a result of this transaction, Ariel Re’s existing business is now reinsured by Goldman Sachs Reinsurance Group’s Lloyd’s syndicate, Arrow 1910, and the majority of Ariel Re’s Bermuda-based staff has transferred to the combined organization.

Ariel Holdings Ltd. is owned by a consortium of private equity groups, including The Blackstone Group, TPG Capital, Thomas H. Lee Partners, Eton Park Capital Management, Oak Hill Capital Partners, Olympus Partners and SAB Capital Management, which originally invested approximately $1 billion in the company.

The transaction team consisted of partners Michael Groll and Donald Henderson, as well as associates Rajab Abbassi and Joshua Halpern. Partners Tariq Mundiya and William Hiller also advised on the transaction.