Log In

Reset Password

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 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.

Allied World CEO Scott Carmilani

You must be Registered or to post comment or to vote.

Published January 11, 2013 at 8:00 am (Updated January 10, 2013 at 7:04 pm)

Allied World takes stake in Crescent Capital

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon