Goldman Sachs Group Inc has announced it has closed on the sale of a majority stake in its reinsurance business, which includes Bermuda’s Ariel Re.The investment bank sold off the business through the private offering of shares to institutions and high-net worth clients as US banks adjust to new demands by regulators for more capital.The private offering saw shares offered in the Global Atlantic Financial Group, which was formerly known as the Goldman Sachs Reinsurance Group and it includes the reinsurer brand Ariel Re as well.Goldman Sachs is keeping a minority stake in Global Atlantic Financial Group, the New York-based bank said in a statement. The firm didn’t disclose the price of the private offering or what percentage it retained.Chief financial officer Harvey M Schwartz said in January that the bank was considering selling a stake in the business because international regulators are imposing higher capital requirements. The bank, at that time, disclosed the unit’s contribution for the first time, saying revenue climbed 23 percent in 2012 to $1.08 billion.The division has a global property and casualty reinsurance business as well as life and annuity reinsurance operations primarily in the US. Goldman Sachs agreed in 2012 to buy Ariel Holdings Ltd’s Bermuda-based insurance and reinsurance businesses to expand property and casualty coverage.The bank said last month that reinsurance revenue was $233 million in the first quarter, up from $211 a year earlier.Global Atlantic has $1.75 billion of equity and a global shareholder base of over 1,000 investors, including Goldman Sachs. Global Atlantic has more than $15 billion in assets and approximately 200 employees with offices in New York, Massachusetts, Bermuda and London.