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Goldman Sachs sells AlphaStar shares for one-third of market price

Goldman Sachs has sold its entire 22.9 per cent stake in AlphaStar Insurance, formerly Stirling Cooke, back to the company for five cents per share - about one third of its current trading price. Goldman was keen to sell so that its investment vehicles could take a write off before the end of the tax year and agreed to buy at a discount to avoid creating the appearance of self-dealing, AlphaStar's CEO, Stephen Crane, told InsideBermuda.