MetLife, Inc and General Atlantic have announced plans to establish Chariot Reinsurance, Ltd (Chariot Re), a Bermuda-based life and annuity reinsurance company.
The Class E reinsurer is expected to launch in the first half of 2025, subject to regulatory approval. Chariot Re will have a strategic reinsurance partnership with MetLife, focusing on life and annuity blocks.
The company will be backed by an initial combined equity investment exceeding US$1 billion, with MetLife and General Atlantic each holding approximately 15% of Chariot Re’s equity. The remaining equity will be distributed among third-party investors, including Chubb, which is expected to serve as an anchor investor.
MetLife plans to initially reinsure approximately US$10 billion in liabilities to Chariot Re, including structured settlement annuity contracts and group annuity contracts from pension risk transfers.
While the transaction will shift these liabilities to Chariot Re, MetLife said that it will retain responsibility for customer service and related functions. Asset management services for Chariot Re will be exclusively provided by MetLife Investment Management and General Atlantic.
Chariot Re will draw on the combined investment management expertise of MetLife Investment Management and General Atlantic. The investment strategy will include public fixed income, private credit, real estate, and private equity.
MetLife Investment Management, a significant global manager of life insurance assets, and General Atlantic, a global private markets investor, will collaborate to support Chariot Re’s operations.
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MetLife president and CEO Michel Khalaf emphasized the strategic vision for Chariot Re.
“We are looking forward to seeing our collective vision to create a world-class provider of innovative reinsurance solutions come to life, leveraging the insurance and joint investment expertise of MetLife and General Atlantic. With the demand for life and retirement solutions anticipated to grow around the globe, MetLife views a strategic partnership with Chariot Re as a powerful avenue to further serve those expanding needs,” he said.
General Atlantic chairman and CEO Bill Ford added that the collaboration would combine MetLife’s origination capabilities with General Atlantic’s private markets expertise to drive sustainable growth and strong investor returns.
Cynthia Smith, a 30-year MetLife veteran, is expected to serve as CEO of Chariot Re. Smith, who most recently led MetLife’s group benefits regional business, has held senior roles across strategy, finance, sales, underwriting, and technology during her tenure.
Toby Srihiran Brown, MetLife’s global head of reinsurance, will represent MetLife on Chariot Re’s board. General Atlantic’s chief operating officer Graves Tompkins is expected to serve as the firm’s representative on the board.
Bank of America is expected to provide financing for Chariot Re. Advisors to MetLife include Debevoise & Plimpton LLP and Oliver Wyman. Ardea Partners LP is acting as financial advisor to General Atlantic, with Paul, Weiss, Rifkind, Wharton & Garrison LLP and Eversheds Sutherland (US) LLP providing legal counsel.
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