Ascot Group Limited and Antares Capital have entered into a strategic partnership to launch Wayfare Reinsurance Limited, a Bermuda-based casualty reinsurance sidecar. The initiative also includes Canro Re Limited, a Bermuda-based segregated account company. Collectively referred to as Wayfare Re, the new entity will be capitalized with equity investments from both Ascot and Antares, targeting a transaction size of approximately $500 million.
Wayfare Re is designed to provide Ascot with dedicated underwriting capacity that supports its casualty offerings in the U.S. and Bermuda (re)insurance markets. Antares will serve as the exclusive private credit asset manager for Wayfare Re, managing a portion of the vehicle’s assets through its direct lending strategy. That strategy focuses on extending senior secured loans to leading, sponsor-backed middle market companies in the United States.
For Ascot, the partnership reflects its established presence in the insurance and reinsurance sectors, as well as its reputation as a top-tier underwriting franchise. It also underscores the company’s long-term relationships with clients and distribution partners. Ascot continues to identify growth opportunities, and the collaboration allows Antares to leverage Ascot’s underwriting and operational strengths.
The new sidecar will be managed through Leadline Capital Partners™, Ascot’s third-party capital unit. The structure is designed to meet increased interest from capital markets firms seeking partnerships with quality underwriting platforms to deliver stakeholder value. The partnership also marks a milestone in the ongoing development of Leadline, enhancing Ascot’s capital resilience and its ability to support clients more effectively.
From Antares’ perspective, the transaction builds on the firm’s Insurance Solutions business, which focuses on creating tailored strategies to meet the unique needs of insurers. The partnership demonstrates Antares’ experience in structuring insurance-optimized investment vehicles and delivering capital and tax-efficient solutions across insurer balance sheets. Wayfare Re is positioned as a scalable structure that combines the underwriting expertise of Ascot with the private credit capabilities of Antares.
Aon Securities LLC acted as the sole structuring agent and placement agent for the transaction. Legal counsel was provided by Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited for Ascot, and by Debevoise & Plimpton LLP for Antares.
About Ascot Group
Ascot is a leading 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, bound by a common mission to be a perfect partner for a less-than-perfect world.
Affiliates within the Ascot Group are rated A (Excellent) by A.M. Best Company and A+ by Fitch Ratings Inc.
Visit www.ascotgroup.com or follow the company on LinkedIn to learn more about its products and people.
About Antares Capital
Founded in 1996, Antares has been a leader in 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 and cycle-tested alternative credit manager. With one of the most seasoned teams in the industry, Antares is focused on delivering attractive 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. Visit Antares at www.antares.com or follow the company on LinkedIn at https://www.linkedin.com/company/antares-capital-lp.
Antares Capital is a subsidiary of Antares Holdings LP, (collectively, “Antares”). Antares Capital London Limited is an appointed representative of Langham Hall Fund Management LLP, an entity which is authorized and regulated by the Financial Conduct Authority of the UK.
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