Allied World takes stake in Crescent Capital
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 Worlds 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 Crescents client base. Their investment strategies complement Allied Worlds 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.
Community pray for shooting victim
Burglar a ‘good guy’ says restaurant owner
Services threatened by cash crunch – Gosling
House: Police on sick leave since 2009
Developer talks about restaurant plan
Making the big events work for Bermuda
Family firm marks two centuries in business
Man convicted of assault freed from prison
Parents angry over teacher transfers
Brothers found guilty of machete attack
Pair went on spree with cloned debit cards
Concern over firestopping work at hospital
Litter a ‘death trap’ for skinks
Scott on ‘tactics’ of censure motion delay
Departing judge thanks Bar for support
Take Our Poll