(Bloomberg) -- Alleghany Corp., the insurer that bought Transatlantic Holdings Inc., acquired a stake in Ares Management LLC and agreed to invest as much as $1 billion in the asset manager to diversify its portfolio.

Alleghany paid $250 million for a 6.25 percent equity stake, the companies said today in a statement. The New York- based insurer will also commit capital to a range of “existing and new” strategies at Ares, according to the statement.

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