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.
MP Crockwell ‘to quit OBA’
Men brandish machete and bat in Hamilton
New clothing boutiques open at hotel
Schuetz under investigation in California
Two arrested after home invasion
Crockwell resigns from OBA
Group seeks mentors for Bermuda’s young men
Residents demand action over dangerous road
Fahy hits back over claims of lost $300,000
Casino ship plays last hand ... as dive site
Rubber playground is fun ... and safe
Brown steps down from Team BDA
Helping youth express themselves through art
Hamilton Princess completes $100m overhaul
Designer selected for London exhibition
Take Our Poll