Allied World Assurance Company Holdings AG, the reinsurer whose co-founders include American International Group (AIG) and Chubb Corp, said it took a minority stake in Crescent Capital Group LP, the investment manager that focuses on junk-rated debt.Under the terms of the deal, Allied World Financial Services acquires a minority stake in the firm and Crescent will manage $500 million of the Allied World’s investment portfolio, the Zug, Switzerland-based reinsurer said in a statement late last night.“Crescent Capital has over 20 years of experience investing in below investment grade credit and structured products, and I am extremely confident in its management team and investment process,” said Scott Carmilani, president and CEO of Allied World.“Mark Attanasio, Jean-Marc Chapus and their investment team have a proven track record of generating strong returns for Crescent’s client base. Their investment strategies complement Allied World’s existing credit strategies and relationships, and we believe this will be an extremely beneficial relationship for both parties.”This is the third company Allied World has acquired in the past four months in its effort to expand its financial services platform.Last October, the company announced it has acquired a minority stake in private equity and hedge fund firm, MatlinPatterson for $500 million. And just last month, Allied World bought a minority stake in Bermuda-based asset-management company, Aeolus Capital.