Ascot Group Limited, a global specialty (re)insurance company and Antares Capital, an alternative credit manager with $83+ billion in capital under management and administration, announced a partnership to launch Wayfare Reinsurance Limited, a reinsurance sidecar, together with Canro Re Limited, a 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 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 sponsor-backed middle market U.S. companies.”
For Ascot, the partnership is a testament to its “position in the insurance and reinsurance markets, its reputation as an 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 underwriting and operational capabilities.”
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’ “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.”
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.”
Ascot is a global specialty insurance and reinsurance group “offering property and casualty solutions to clients, with a nearly 25-year track record of consistency and stability and $12 billion in total assets at year-end 2024.”
The company operates through an “ecosystem of interconnected global platforms in offices across the United States, Bermuda and London.”
Affiliates within the Ascot Group are “rated A (Excellent) by A.M. Best Company and A+ by Fitch Ratings Inc.”
Founded in 1996, Antares has been focused on “private credit for nearly three decades.”
Today with approximately “~$83 billion of capital under management and administration as of March 31, 2025, Antares is an experienced alternative credit manager.”
As noted in the update, Antares is focused on delivering “risk-adjusted returns for investors and creating long term value for all of its partners.”
The firm maintains offices in “Atlanta, Chicago, Los Angeles, New York, Toronto and London.”