Ascot Group and Antares Capital have announced a strategic partnership to launch a reinsurance sidecar, Wayfare Reinsurance.
Wayfare, which will be based in Bermuda, will be capitalised through equity investments from Antares and Ascot at a transaction size of roughly $500m (£379m).
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As part of the partnership, Wayfare will provide Ascot Group with underwriting capacity in support of its casualty offerings in the US and Bermuda reinsurance markets.
Meanwhile, Antares will serve as the exclusive private credit asset manager for Wayfare Re, managing a portion of the assets through its direct lending strategy.
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“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,” said Jonathan Zaffino, chief executive of Ascot Group.
“Wayfare represents a modern, scalable partnership that combines Antares’ private credit expertise with Ascot’s outstanding casualty underwriting capabilities,” added Ben Concessi, chief strategy and transformation officer at Antares.
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