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Ascot Group and Antares Capital Announce Innovative Reinsurance Partnership

On July 31, 2025, Ascot Group Limited, known for its global specialty (re)insurance services, has taken a bold step by partnering with Antares Capital, an influential alternative credit manager with over $83 billion in capital. Together, they have announced the launch of Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar. This initiative marks a significant evolution in the landscape of insurance and reinsurance, providing dedicated underwriting capacity focused on casualty offerings in the U.S. and Bermuda.

The partnership involves a substantial transaction size of approximately $500 million, capitalized through equity investments from both Ascot and Antares. This collaboration serves not only to bolster Ascot's capabilities but also to expand Antares' portfolio in the reinsurance market. As the exclusive private credit asset manager for Wayfare Re, Antares will leverage its extensive experience in crafting tailored investment solutions, particularly focusing on providing senior secured loans to reputable middle-market U.S. companies.

Strategic Impacts on the Insurance Landscape

According to Charles Craigs, Managing Principal of Leadline Capital Partners™, Ascot’s dedicated third-party capital unit, this commitment underscores Ascot’s robust standing within the insurance realm. “We are thrilled about this multifaceted collaboration with Antares, who have demonstrated proficiency in structuring bespoke capital solutions over nearly three decades,” Craigs stated.

The rationale behind establishing Wayfare Re is rooted in the increasing demand from capital market firms seeking robust partnerships with reputable underwriting organizations. Jonathan Zaffino, CEO and President of Ascot Group, emphasized that this partnership enhances capital resilience and positions Ascot as a more reliable ally for its clientele in the insurance and reinsurance sectors.

Advancing Tailored Insurance Solutions

For Antares Capital, this partnership not only affirms its progression in the Insurance Solutions domain but also highlights its ability to devise custom solutions to cater to the unique needs of insurance firms. Ben Concessi, Chief Strategy and Transformation Officer at Antares, remarked, “Wayfare Re signifies a modern and scalable partnership that combines our expertise in private credit with Ascot’s exceptional casualty underwriting capabilities.” Antares’ extensive experience in structuring insurance-optimized investment vehicles adds to the partnership’s promise in delivering innovative investment solutions.

Legal and Strategic Framework

Aon Securities LLC played a pivotal role in the transaction, acting as both the sole structuring agent and placement agent. Legal intricacies were navigated with the expertise of Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited for Ascot, while Debevoise & Plimpton LLP provided counsel to Antares.

This strategic partnership between Ascot and Antares is not merely a business agreement; it signals a transformative approach to reinsurance in a fluctuating market landscape. By aligning the unique strengths of a reputable underwriting franchise with a well-established private credit firm, both companies are poised to realize significant synergies that could redefine stakeholder value in insurance and reinsurance sectors. As the partnership unfolds, the industry will keenly observe how this innovative structure propels both Ascot and Antares toward new heights in operational excellence and client satisfaction.

About Ascot Group

Ascot Group is noted for its robust and stable offerings in the global specialty insurance and reinsurance sector. With a history spanning nearly 25 years, Ascot holds substantial assets of about $12 billion and operates through multiple platforms worldwide, including locations in the U.S., Bermuda, and London.

About Antares Capital

Founded in 1996, Antares Capital has established itself as a leader in private credit, emphasizing attractive risk-adjusted returns and creating value for its partners through strategic initiatives. The firm’s presence in various global markets, coupled with its experienced team, positions Antares as a formidable player in the landscape of alternative credit management.