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Goldman Completes Sale of Insurance Operations But Still Dabbles

Goldman Sachs Group Inc. (GS) completed the sale of a majority stake in its insurance operations to a group of outside investors.The new company, Global Atlantic Financial Group, has $1.75 billion of equity after the private placement with more than 1,000 individual and institutional investors. It has $15 billion of assets and 200 employees.The terms were not disclosed, and Goldman continues to hold a minority stake in the operations, though it won't say how much.The sale is an about face for Goldman, which just last year bought Bermuda reinsurer Ariel Reinsurance in a bid to boost revenue from businesses beyond its trading and investment banking operations. Ariel was folded into Goldman's existing property and casualty operations based in London. Those businesses along with Goldman's life insurance and annuity business became Global Atlantic Financial Group.Insurance garnered $1.08 billion in revenue last year for Goldman, up from $880 milion the prior year. In the first quarter, net ...

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  1. Rising rents may prod affluent U.S. city dwellers to buy homes: Reis

    U.S. apartment vacancies declined and rents rose again in the fourth quarter, continuing a years-long trend that is likely to encourage more affluent renters to beco...

  2. Equity Agrees to Sell Assets to Goldman, Greystar Joint Venture for $1.5 Billion

    Equity Residential (EQR) said it has agreed to sell a portfolio of assets to a joint venture of Goldman Sachs Group Inc. (GS) and Greystar Real Estate Partners LLC f...

  3. Equity Residential Selling Assets For $1.5 Bln

    Equity Residential said Monday it agreed to sell real estate properties to a joint venture of Goldman Sachs Group Inc. and Greystar Real Estate Partners LLC for $1.5...

  4. AvalonBay's Share Offering Prices at 1.6% Discount, Equity Residential's at 0.8%

    AvalonBay Communities Inc. (AVB) said its offering of 14.5 million shares priced at a 1.6% discount to Wednesday's close, while Equity Residential (EQR) said its 19 ...

  5. Stocks Mixed as Fiscal Cliff Clock Ticks

    FBN's Nicole Petallides on stocks impacting the afternoon markets.

  6. Gov. Cuomo: Sandy to Cost New York $42B

    FBN’s Robert Gray on Hurricane Sandy’s potential financial impact on New York.

  7. Lehman Sells Landlord Archstone for $6.5 Billion

    Equity Residential (EQR) and AvalonBay Communities Inc. (AVB) are acquiring Archstone Enterprise LP, a portfolio of apartment properties, from Lehman Brothers Holdin...

  8. Lehman to sell Archstone to Equity Residential , AvalonBay for $6.5 billion

    Lehman Brothers Holding Inc has agreed to sell apartment owner Archstone to rivals Equity Residential and AvlanonBay Communities Inc for $6.5 billion in cash and sto...

  9. Lehman Unloads Archstone for $6.5B in Cash and Stock

    In one of the biggest real-estate deals of the year, the estate of bankrupt investment bank Lehman Brothers sold apartment owner Archstone to a pair of investors for...

  10. Equity Residential Third-Quarter Net Surges on Rents, Gains

    Equity Residential's (EQR) third-quarter profit more than doubled as the real-estate investment trust reported higher rental income as well as one-time gains.The com...

  11. U.S. Timber REIT Shares Stand Tall In 3rd Quarter on Housing Gains

    The budding U.S. housing recovery produced big winners and losers among real-estate stocks in the third quarter, with companies related to home construction surging ...

  12. Equity Residential 2nd Quarter Net Down 81% on Discontinued Operations

    Equity Residential's (EQR) second-quarter earnings sank 81%, compared with a year-ago period that was boosted by the real estate investment trust's gains on disconti...

  1. Equity Residential , AvalonBay Report Strong Quarters

    Equity Residential (EQR) and AvalonBay Communities Inc. (AVB), two of the U.S.'s largest publicly held apartment landlords, reported strong quarters late Tuesday, re...

  2. Apartment vacancy rate falls to lowest level since 2001

    The U.S. apartment vacancy rate fell to its lowest level in more than a decade, but persistent stagnant income growth for U.S. workers has tempered the ability of la...

  3. Analysis: Cautious homebuilders target local markets, rentals for growth

    Battered by the financial crisis, homebuilders in the United States are adopting a targeted approach to growth as the cyclical housing market swings upward again.Sma...

  4. Boston Properties Picks Outsider as New CEO

    Boston Properties Inc. (BXP), one of the nation's largest office landlords, said Monday that Lehman Brothers Holdings, Inc. Chairman Owen Thomas will succeed co-foun...

  5. Boston Properties Names Owen Thomas as CEO

    Boston Properties Inc. (BXP) has named Owen D. Thomas to replace Mortimer B. Zuckerman as chief executive of the real-estate investment trust, effective April 2.Mr. ...

  6. Equity Residential 4th-Quarter Profit Surges on Sales, Rental Income

    Equity Residential's (EQR) fourth-quarter profit surged as the apartment landlord benefited from real-estate sales, and rental income grew.The country's largest apar...

  7. AvalonBay Communities 4th-Quarter Profit Down 62% on Lower Asset Sales

    AvalonBay Communities Inc.'s (AVB) fourth-quarter income slumped 62% as the multifamily-housing real-estate investment trust recorded a decrease in real-estate asset...

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