Global Atlantic Financial Group announced that it had completed its break from The Goldman Sachs Group, Inc. Goldman Sachs will retain a minority stake in the company.
Formerly the Goldman Sachs Reinsurance Group, Global Atlantic, which operates through the Commonwealth Annuity and Life Insurance Company segments, formed by acquiring Commonwealth Annuity and Life Insurance Co. in 2005, and a property and casualty insurance segment that operates under the Ariel Re brand. The Ariel Re brand formed by acquiring the Bermuda based operations of Ariel Re in 2012.
The financial services holding company, which has $1.75 billion in equity and a shareholder base of more than 1,000 investors, including Goldman Sachs, has more than $15 billion in assets and 200 employees in their offices throughout New York, Massachusetts, Bermuda and London.
Global Atlantic hopes that the opportunity for a more diversified investor base will help propel global growth.