Ascot says $500m Wayfare Re casualty sidecar a “key achievement” in Leadline build out

Ascot Group, the specialist global re/insurance underwriter, has now confirmed the earlier news on the launch of a new casualty reinsurance sidecar partnership, with the Wayfare Re vehicle expected to be capitalised by equity investments from Antares Capital and Ascot, at a transaction size of approximately $500 million.

The Wall Street Journal broke the news earlier about the launch of Wayfare Reinsurance as a casualty focused sidecar, representing a significant foray into delivering casualty insurance-linked returns to investors by Ascot.

More details are now available and this partnership sees the launch of Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar structure, as well as Canro Re Limited, a Bermuda-based segregated account company.

Ascot confirmed 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.

As reported earlier, Antares Capital will act as the exclusive private credit asset manager for Wayfare Re, managing a portion of the casualty sidecar assets.

Ascot believes, “The partnership is a testament to its unique position in the insurance and reinsurance markets, its reputation as a leading underwriting franchise, and its long-term client and distribution partner relationships. Ascot continues to see growth opportunities, and the partnership provides Antares with access to Ascot’s world-class underwriting and operational capabilities.”

Ascot had launched its third-party reinsurance capital management and ILS style business arm, Leadline Capital Partners, roughly a year ago.

Jonathan Zaffino, CEO and President of Ascot Group commented on the launch of Wayfare Re, “”The launch of this innovative structure is reflective of an increased appetite from capital markets firms to partner with quality underwriting organizations to drive stakeholder value.”

Adding that, “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.”

“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,” added Charles Craigs, Managing Principal of Leadline Capital Partners.

Antares sees the Wayfare Re partnership as reflecting continued momentum in its Insurance Solutions business, demonstrating its strong track record in structuring insurance-optimised investment vehicles.

“Wayfare Re represents a modern, scalable partnership that combines Antares’ private credit expertise with Ascot’s outstanding casualty underwriting capabilities,” explained Ben Concessi, Chief Strategy and Transformation Officer at Antares. “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.”

Aon Securities LLC acted as the sole structuring agent and placement agent for the Wayfare Re transaction, while Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited served as legal counsel for Ascot, and Debevoise & Plimpton LLP served as legal counsel for Antares.

Find details of numerous reinsurance sidecar investments and transactions in our directory of collateralized  and funded reinsurance sidecars transactions.