Goldman Sachs' wholly owned P&C (re)insurance platform
is restructuring six months on from the investment bank's deal
to purchase the Bermudian operations of Ariel Holdings for less
than book value.
The marine, energy and aerospace reinsurance business that came into the former Arrow platform - now rebranded Ariel Re - is being grouped together with its existing property retro and outwards reinsurance operation in a new team called Specialty Re.
Underwriting will continue to be conducted by Ariel Re Bermuda Ltd as a coverholder for Ariel Syndicate 1910 at Lloyd's, with all submissions flow and broker contact direct with Bermuda.
Specialty Re will be co-managed by Tim Shelley and Charlie Rumball, reporting to reinsurance chief underwriting officer Ryan Mather.
But industry veteran Brian Gulbransen, who came over as part of the acquisition, is relocating to London as part of the restructure, where he will assume responsibility within Syndicate 1910 for overseeing the marine, energy and aerospace business.
The executive will also take on a broader role "developing key Specialty Re client and reinsurer relationships globally," a Goldman Sachs source told The Insurance Insider.
"Previously Arrow didn't have marine, energy or aerospace business so there was no real London expertise. Having Brian come to London gives us a local focal point for the business," they added.
As previously reported, Syndicate 1910 is thought to have secured a mid-year 2012 pre-emption from Lloyd's to take its stamp from £165mn to £250mn to support the business taken on with the Ariel transaction.