MetLife and General Atlantic have revealed the formation of Chariot Re, which will be launched in the first half of 2025 as a Class E Bermuda-based life and annuity reinsurance company.
According to the firms, Chariot Re will have an initial combined equity investment of over US$1 billion of which they will initially own approximately 15 per cent. The remaining equity interests will reportedly be held by third-party stakeholders, including Chubb, which is expected to be an anchor third-party investor.
MetLife anticipates initially reinsuring to Chariot Re an approximate US$10 billion block of liabilities composed of structured settlement annuity contracts and group annuity contracts associated with pension risk transfers.
Cynthia Smith, a 30-year MetLife veteran, is set to become CEO of Chariot Re, with Toby Srihiran Brown, global head of reinsurance at MetLife, and Graves Tompkins, chief operating officer of General Atlantic, joining the board of directors as representatives of their firms.
Michel Khalaf, president and CEO of MetLife, says: “We are looking forward to seeing our collective vision to create a 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.”
Bill Ford, chairman and CEO of General Atlantic, adds: “Guided by MetLife’s robust origination capabilities and General Atlantic’s nearly 45 years of leadership in global private markets, we believe that Chariot Re will be well-positioned to deliver strong returns for its investors and drive sustainable growth going forward.”
