Global Atlantic sells Ariel Re to Brazilian investment banker
Monday, July 14, 2014 11:14 AM
Brazilian investment banking firm Banco BTG Pactual SA has agreed to acquire Bermuda-based reinsurer Ariel Re Bda Ltd. from Global Atlantic Financial Group Ltd., Business Insurance reported. (Free registration required to read the article.) Global Atlantic is the parent company of Des Moines-based Accordia Life. Terms of the deal, which is subject to regulatory approval, were not disclosed. The Goldman Sachs Group Inc. acquired Ariel Re in 2012 and a year later sold it to Global Atlantic, which was founded by Goldman Sachs in 2004 and established as an independent company in 2013. Global Atlantic's life insurance subsidiary, Accordia Life, opened its headquarters on May 1 in downtown Des Moines. Accordia operates a life insurance segment that was sold by Athene Holding Ltd. following Athene's acquisition of Aviva USA in December 2013.