Cleary Gottlieb represented Texas Pacific Group in its $175 million investment in Ariel Reinsurance Ltd., a newly formed Bermuda-based reinsurance company. The formation of Ariel was led by TPG, The Blackstone Group and Thomas H. Lee Group. The investment totaled $1 billion.
Ariel will focus primarily on property catastrophe excess loss coverage on a worldwide basis. Ariel also plans to offer excess property and general liability insurance coverage along with directors & officers insurance coverage.