Berkshire Global Advisors client Allied World Financial Services invests in Crescent Capital Group

Seller Details
Crescent Capital Group invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, high yield debt, mezzanine debt, distressed debt and select private equity securities. For more than 20 years, these strategies have provided high current income and total return in a variety of market cycles through the group’s ability to source and evaluate credit investment opportunities as a result of long-term relationships with financial sponsors, companies and capital markets teams. Each of Crescent’s founding partners has more than 25 years of experience in the credit markets, including significant roles in the emergence of the high yield bond and related markets.

Buyer Details
Allied World Assurance Company Holdings, AG, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through a global network of offices and branches. All of Allied World’s rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor’s, and A2 by Moody’s, and its Lloyd’s Syndicate 2232 is rated A+ by Standard & Poor’s and Fitch.

Transaction Summary
Allied World Assurance Company Holdings, AG reached an investment agreement between Allied World Financial Services, Inc., and Crescent Capital Group LP, a privately held asset management firm that specializes in public and private below investment grade assets spanning the entire credit capital structure. Under the terms of the transaction, Allied World Financial Services acquired a minority ownership interest in the firm and Crescent will manage $500 million of Allied World’s investment portfolio to be deployed across a diversified set of credit strategies, over the next several years.