Ascot Group and Antares Capital Collaborate on New Reinsurance Venture

Ascot Group and Antares Capital: A Strategic Collaboration

On July 31, 2025, Ascot Group Limited, along with Antares Capital, unveiled a significant partnership to create Wayfare Reinsurance Limited. This innovative Bermuda-based reinsurance sidecar aims to bolster Ascot’s underwriting capacity in the casualty insurance markets in the U.S. and Bermuda. With a sizable transaction totaling around $500 million, Wayfare Re will be financially supported by equity investments from both Ascot and Antares.

This collaboration marks a strategic maneuver by both companies in the highly competitive landscape of specialty insurance and reinsurance. Ascot, renowned as a global leader in specialty (re)insurance, is set to enhance its offerings with the backing of Antares, a prominent alternative credit manager boasting over $83 billion in assets under management.

Charles Craigs, the Managing Principal of Leadline Capital Partners, expressed excitement over this long-term commitment. He pointed out that the partnership not only signifies an evolution in capital structure but also reflects growing interest from capital markets to collaborate with reputable underwriting firms. This relationship is intended to enhance Ascot's capital resilience, thereby allowing the company to better serve its clients in the insurance sector.

Jonathan Zaffino, CEO and President of Ascot Group, reiterated the advantageous nature of this partnership. He stated that the innovative venture aligns perfectly with Ascot’s identity as a trusted insurer and re-insurer and is a continuation of their commitment to growth and quality.

Antares, through its Insurance Solutions division, is expected to leverage this partnership to provide tailored capital solutions that meet the unique needs of insurance companies. The partnership will not only facilitate the management of insurance-optimized investment vehicles but also serve as a testament to Antares' prowess in structuring bespoke solutions and capital efficient strategies across the balance sheets of its partners.

Ben Concessi, Chief Strategy and Transformation Officer at Antares, expressed confidence in the partnership, emphasizing the blend of Antares' private credit expertise with the strong underwriting capabilities of Ascot. He remarked that the collaboration is an ideal alignment, allowing both companies to capitalize on unique risk portfolios and expand their offerings for their respective clients.

Legal oversight for this transaction was provided by Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited for Ascot, while Antares was represented by Debevoise & Plimpton LLP.

Founded nearly 25 years ago, Ascot Group has built an impressive reputation and stability in the insurance industry, with total assets reaching $12 billion by the end of 2024. The company operates through interconnected global platforms, including offices across the U.S., Bermuda, and London, demonstrating its commitment to providing optimal insurance solutions.

In parallel, Antares Capital has stood out as a prevalent name in private credit, ensuring long-term value creation for its investors and partners alike, thanks to its seasoned team and extensive market experience. As both firms embark on this partnership, the industry will be keenly observing how this collaborative effort unfolds and its implications for the greater insurance and re-insurance markets.agreement.