Allied World Assurance’s Investment in Crescent Capital

On January 10, 2013, Allied World Assurance Company announced an investment in Crescent Capital Group LP, an asset management firm that specializes in public and private below-investment-grade assets. Cravath represented Allied World Assurance Company in connection with this transaction. 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 that will be deployed across a diversified set of credit strategies over the next several years.

The Cravath team included partners Craig F. Arcella and Peter S. Wilson and associate Morgan G. Harper on corporate matters; partner Michael L. Schler and associate Matthew O. Williams on tax matters; and partner Eric W. Hilfers and practice area attorney Michael Krasnovsky on executive compensation and benefits matters. Benjamin D. Landry and Ashley N. Elnicki also worked on corporate and tax matters, respectively.