Ascot & Antares Launch Wayfare Re
Ascot and Antares announced a strategic partnership to launch Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar.
A spokesperson said, “Ascot Group Limited [together with its affiliates, Ascot], a global specialty [re]insurance company and Antares Capital [together with its affiliates, Antares], a leading alternative credit manager with $83+ billion in capital under management and administration, today announced a strategic partnership to launch Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar, together with Canro Re Limited, a Bermuda-based segregated account company. Wayfare Re will be capitalized through equity investments from Antares and Ascot at a transaction size of approximately $500 million.
“Wayfare Re 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.
“For Ascot, the partnership is a testament to its unique position in the insurance and reinsurance markets, its reputation as a leading underwriting franchise, and its long-term client and distribution partner relationships. Ascot continues to see growth opportunities, and the partnership provides Antares with access to Ascot’s world-class underwriting and operational capabilities.”
“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,” said Charles Craigs, Managing Principal of Leadline Capital Partners [Leadline], 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,” said Jonathan Zaffino, CEO and President of Ascot Group.
The spokesperson said, “For Antares, the partnership reflects continued momentum for its Insurance Solutions business, which delivers tailored solutions to meet the specialized needs of insurance companies. The transaction demonstrates Antares’ strong track record in structuring insurance-optimized investment vehicles and its extensive experience partnering with insurers to deliver capital and tax efficient solutions across their balance sheets.”
“Wayfare Re represents a modern, scalable partnership that combines Antares’ private credit expertise with Ascot’s outstanding casualty underwriting capabilities,” said Ben Concessi, Chief Strategy and Transformation Officer at Antares. “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.”
Aon Securities LLC acted as sole structuring agent and placement agent for the transaction. Willkie Farr & Gallagher LLP and Appleby [Bermuda] Limited served as legal counsel for Ascot. Debevoise & Plimpton LLP served as legal counsel for Antares.
