Global specialty re/insurance firm Ascot Group Limited and alternative credit manager Antares Capital have partnered to launch Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar, together with Canro Re Limited, a Bermuda-based segregated account company (collectively Wayfare Re).
Wayfare Re will be capitalised with about $500 million in equity from Antares and Ascot, as first reported earlier today when news of the partnership broke.
In a new statement, Ascot revealed that Wayfare Re will provide it with dedicated underwriting capacity in support of its casualty offerings in the U.S. and Bermuda re/insurance markets.
Antares will reportedly 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.
Aon Securities LLC is said to have acted as the sole structuring agent and placement agent for the transaction.
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Meanwhile, Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited served as legal counsel for Ascot, and Debevoise & Plimpton LLP served as legal counsel for Antares.
Charles Craigs, Managing Principal of Leadline Capital Partners, Ascot’s dedicated third-party capital unit, commented, “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.”
Jonathan Zaffino, CEO and President of Ascot Group, added, “The launch of this innovative structure is reflective of an increased appetite from capital markets firms to partner with quality underwriting organisations 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.”
Ben Concessi, Chief Strategy and Transformation Officer at Antares, said, “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.”
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