Insurance ventures Ascot and Antares unveil sidecar arrangement for reinsurance
In a significant move, Ascot Group and Antares Capital have announced a strategic partnership to launch Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar capitalized at around $500 million.
The new entity, Wayfare Re, will provide Ascot Group with dedicated underwriting capacity to support its casualty insurance and reinsurance offerings in the U.S. and Bermuda markets. On the other hand, Antares will serve as the exclusive private credit asset manager for Wayfare Re, managing a portion of its assets through its direct lending strategy focused on senior secured loans to leading, sponsor-backed middle market U.S. companies.
Ben Concessi, Chief Strategy and Transformation Officer at Antares, commented, "Wayfare represents a modern, scalable partnership combining Antares' private credit expertise with Ascot's outstanding casualty underwriting capabilities."
For Ascot Group, the partnership represents an expansion of its third-party capital business and a route to bring additional capital to longer-tail casualty insurance where growth opportunities exist. Jonathan Zaffino, Chief Executive of Ascot Group, stated, "The launch of the partnership reflects an increased appetite from capital markets firms to partner with quality underwriting organizations."
The partnership combines Antares’ expertise in private credit with Ascot’s strong underwriting capabilities, potentially increasing competition and capital availability in the casualty reinsurance segment, especially in the Bermuda market, a key hub for reinsurance. The transaction structure also highlights ongoing industry trends toward integrating alternative capital and private credit strategies in reinsurance capital formation.
In summary, the Ascot-Antares partnership via Wayfare Reinsurance creates a $500 million dedicated casualty underwriting capacity supported by private credit asset management, aiming to expand Ascot’s casualty reinsurance offerings in North America and Bermuda while offering Antares an innovative private credit investment vehicle in the reinsurance market.
- The partnership between Ascot Group and Antares Capital, through Wayfare Reinsurance Limited, aims to increase competition and capital availability in the casualty reinsurance segment, especially in the Bermuda market.
- For Ascot Group, the strategic partnership with Antares represents an expansion of its third-party capital business and a route to bring additional capital to longer-tail casualty insurance where growth opportunities exist.
