8 October 2014 Insurance

Allied World invests in real estate

Allied World Assurance Company has acquired a minority stake in real estate private equity firm Blue Vista Capital Management.

Blue Vista will manage $225 million of Allied World’s investment portfolio, which will be deployed over the next several years through real investments.

Allied World Financial Services (AWFS), a subsidiary of Allied World that invests in businesses intended to complement and diversify Allied World’s revenue streams, will acquire a minority stake in the real estate firm.

Allied World will also provide growth capital for the expansion of Blue Vista’s real estate investment platform.

John Gauthier, president of AWFS, said: “This is Allied World’s first foray into investing in the real estate sector and real estate asset management. We selected Blue Vista as a partner based on their prudent investment strategy, the expertise of their management team and their consistent record of success.”

Scott Carmilani, president and chief executive officer (CEO) of Allied World, added: “This strategic partnership is complementary to our existing asset management relationships, and we are excited to have the opportunity to work with Blue Vista's principals and long-term real estate investors, Peter Stelian and Robert Byron.”

Peter Stelian, CEO and co-founder of Blue Vista, said: “This is a truly unique opportunity for us as a firm. We are honoured that Allied World has selected us for this strategic alliance; it serves as testament to the quality of relationships that we have built with our investors and operating partners as well as recognition of all of the hard work of our terrific team of employees.

“This opportunity will further enhance our existing investment model by providing us significant capital for our current products, new funds, as well as the ability to launch new initiatives. Allied World has a tremendous reputation in the industry and we are excited to help expand their investment platform.”

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