Goldman to buy Ariel Reinsurance of Bermuda

In an effort to boost revenue, Goldman Sachs Group has agreed to acquire Ariel Reinsurance for an undisclosed price

Goldman Sachs Group, trying to boost revenue from businesses that aren't shackled to its struggling trading and investment-banking operations, said it agreed to acquire reinsurer Ariel Reinsurance.

The purchase price for the Bermuda-based unit of Ariel Holdings wasn't disclosed. A person familiar with the matter said the deal is valued at less than $500m.

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