News

10:24 AM
Reuters
Reuters
News
Connect Directly
RSS
E-Mail
50%
50%

Goldman Sachs to Sell Stake in Reinsurance Group

Goldman Sachs Group is seeking a buyer for a majority stake of its $1.4 billion reinsurance group, according to a copy of its January presentation to potential buyers that was viewed by Reuters.

NEW YORK, Jan 16 Goldman Sachs Group is seeking a buyer for a majority stake of its $1.4 billion reinsurance group, according to a copy of its January presentation to potential buyers that was viewed by Reuters.

Goldman is trying to sell 75 percent of Goldman Sachs Reinsurance Group, now renamed Global Atlantic, for around $1 billion, according to the presentation.

A Goldman Sachs spokesman declined to comment. The Insurance Insider first reported Goldman was looking to sell the reinsurance group.

The move to sell control of the reinsurance unit, which generates a steady stream of fees, comes less than a year after Goldman bought Ariel Re's Bermuda-based insurance and reinsurance operations in April. Banks including Goldman Sachs are looking to sell businesses they see as non-core to meet new capital requirements..

Global Atlantic is composed of a $950 million life and annuity business and a $450 million property and casualty business.

Goldman reported net revenue of $1 billion in 2012 related to its reinsurance business, up from $880 million in 2011, in its fourth-quarter earnings release Wednesday morning, marking the first time the firm has broken out these figures.

Overall, Goldman said its fourth-quarter earnings nearly tripled, driven by big gains in stock and bond values, increased revenue from deal making and lower compensation expenses.

The fifth-largest U.S. bank by assets, reported earnings of $2.8 billion, or $5.60 per share, up from $978 million, or $1.84 per share, in the same period a year ago.

Copyright 2010 by Reuters. All rights reserved.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This is a secure windows pc.
Current Issue
Security Operations and IT Operations: Finding the Path to Collaboration
A wide gulf has emerged between SOC and NOC teams that's keeping both of them from assuring the confidentiality, integrity, and availability of IT systems. Here's how experts think it should be bridged.
Flash Poll
New Best Practices for Secure App Development
New Best Practices for Secure App Development
The transition from DevOps to SecDevOps is combining with the move toward cloud computing to create new challenges - and new opportunities - for the information security team. Download this report, to learn about the new best practices for secure application development.
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2017-0290
Published: 2017-05-09
NScript in mpengine in Microsoft Malware Protection Engine with Engine Version before 1.1.13704.0, as used in Windows Defender and other products, allows remote attackers to execute arbitrary code or cause a denial of service (type confusion and application crash) via crafted JavaScript code within ...

CVE-2016-10369
Published: 2017-05-08
unixsocket.c in lxterminal through 0.3.0 insecurely uses /tmp for a socket file, allowing a local user to cause a denial of service (preventing terminal launch), or possibly have other impact (bypassing terminal access control).

CVE-2016-8202
Published: 2017-05-08
A privilege escalation vulnerability in Brocade Fibre Channel SAN products running Brocade Fabric OS (FOS) releases earlier than v7.4.1d and v8.0.1b could allow an authenticated attacker to elevate the privileges of user accounts accessing the system via command line interface. With affected version...

CVE-2016-8209
Published: 2017-05-08
Improper checks for unusual or exceptional conditions in Brocade NetIron 05.8.00 and later releases up to and including 06.1.00, when the Management Module is continuously scanned on port 22, may allow attackers to cause a denial of service (crash and reload) of the management module.

CVE-2017-0890
Published: 2017-05-08
Nextcloud Server before 11.0.3 is vulnerable to an inadequate escaping leading to a XSS vulnerability in the search module. To be exploitable a user has to write or paste malicious content into the search dialogue.

Dark Reading Radio
Archived Dark Reading Radio
In past years, security researchers have discovered ways to hack cars, medical devices, automated teller machines, and many other targets. Dark Reading Executive Editor Kelly Jackson Higgins hosts researcher Samy Kamkar and Levi Gundert, vice president of threat intelligence at Recorded Future, to discuss some of 2016's most unusual and creative hacks by white hats, and what these new vulnerabilities might mean for the coming year.