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Mon 14 Nov 2016 03:46 PM

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ADIC sells 50% share in Ariel Re to Bermudan firm

Abu Dhabi investor exits joint venture alongside Brazil’s Grupo BTG Pactual in reinsurance giant

ADIC sells 50% share in Ariel Re to Bermudan firm
Skyscrapers stand on the skyline viewed from the Central Market in Abu Dhabi, United Arab Emirates, on Wednesday, Jan. 11, 2012. Abu Dhabi, the oil-rich sheikhdom that spent 36 billion Dirhams ($9.8 billion) bailing out its biggest developer in 2011, will probably reach for its checkbook again as property companies in the United Arab Emirates face a stalled market and deadlines to repay debt. (Credit: Bloomberg News)

Brazil's Grupo BTG Pactual has agreed, along with partner Abu Dhabi Investment Council, to sell reinsurer Ariel Re to Bermuda's Argo Group International Holdings for $235 million, it said on Monday.

BTG and Abu Dhabi Investment Council each hold 50 percent of Ariel Re. In a securities filing, the investment bank said it does not expect to book losses or gains from the transaction.

Reuters reported on November 7 that BTG Pactual was close to selling its stake in Ariel Re.

The decision is the latest step in BTG Pactual's strategy to focus on core activities, sell assets and put the brakes on global expansion efforts.

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