S&P put Ariel Re on credit watch negative

Rating agency Standard & Poor’s has put Ariel Reinsurance’s A- rating on credit watch negative.

This is follows the signing of an agreement to sell part of its operations to Arrow Corporate Member Holdings LLC, a subsidiary of Goldman Sachs.

In a statement S&P said that ‘the agreement between Ariel Re and Arrow effectively removes all operations, unearned premiums, and loss reserves from Ariel Re, excluding the credit and surety operations and Atrium quota share.’