Ascot Group and Antares Capital announce partnership
Global specialty (re)insurance company Ascot Group is launching Wayfare Reinsurance, a Bermuda-based reinsurance sidecar, in partnership with Antares Capital, an alternative credit manager with $83+ billion in capital under management and administration.
Wayfare Re, which will be capitalized through equity investments from Antares and Ascot at a transaction size of approximately $500 million, will provide Ascot with dedicated underwriting capacity in support of its casualty offerings in the U.S. and Bermuda (re)insurance markets. Antares will serve as the exclusive private credit asset manager for Wayfare Re, managing a portion of the assets through its direct lending strategy, which focuses on extending senior secured loans to leading, sponsor-backed middle market U.S. companies.
“We’re excited to announce this multi-year commitment with Antares, a leading private credit investor for nearly three decades with extensive capabilities in structuring bespoke capital solutions.” – Charles Craigs, Managing Principal of Leadline Capital Partners, Ascot’s dedicated third-party capital unit.
“The launch of this innovative structure is reflective of an increased appetite from capital markets firms to partner with quality underwriting organizations to drive stakeholder value. It is also a key achievement in the continued build out of Leadline, increasing Ascot’s capital resilience and thus enabling the company to be a more perfect partner for its insurance and reinsurance clients.” – Jonathan Zaffino, CEO and President of Ascot Group.
“Wayfare Re represents a modern, scalable partnership that combines Antares’ private credit expertise with Ascot’s outstanding casualty underwriting capabilities. Ascot’s longstanding underwriting track record and access to unique portfolios of risk, as well as the strength of their team, make them the optimal partner for this venture. Furthermore, this transaction underscores the strength of our Insurance Solutions business and our commitment to being a long-term partner to insurance companies in unlocking capacity and driving growth through innovative investment solutions.” – Ben Concessi, Chief Strategy and Transformation Officer at Antares.
