Allied World Says Ex-AIG Manager Staples to Lead New Surety Unit

Allied World Assurance Company Holdings AG, the insurer that joined Crescent Capital Group LP in a bet on junk bonds, said it is starting a new surety line to bolster its property and casualty unit.

Robert Staples, who previously worked at American International Group Inc., will oversee the development of the unit, according to a PR Newswire statement today from Zug, Switzerland-based Allied World.