Ascot, Antares set up casualty sidecar

Ascot Group and investment company Antares Capital on Thursday announced the launch of a reinsurance sidecar specializing in casualty risk.

Wayfare Reinsurance, established through a Bermuda-based segregated account company, will have about $500 million in capital. It will provide underwriting capacity for Ascot’s casualty business in the United States and Bermuda, the companies said in a statement.

Sidecars are typically limited-purpose reinsurance vehicles that allow third-party investors to participate in an insurer or reinsurer’s business.

Aon Securities structured the deal, the statement said.