Chariot Re launches
MetLife, General Atlantic, and Chariot Re, an independent Bermuda-based Class E life and annuity reinsurance company, announced the completion of Chariot Re’s initial reinsurance transaction with a subsidiary of MetLife. Chariot Re will reinsure approximately $10 billion of liabilities, including structured settlement annuity contracts and group annuity contracts associated with pension risk transfers originated by MetLife.
The company is co-sponsored by MetLife and General Atlantic with backing from lead investor Chubb and other investors. MetLife Investment Management and General Atlantic serve as Chariot Re’s exclusive external asset managers, providing a differentiated investment model that combines scale, specialization, and a long-term perspective.
Cynthia Smith, a 30-year insurance veteran who most recently led MetLife’s Group Benefits Regional Business, serves as Chief Executive Officer of Chariot Re. She is supported by a leadership team with deep operational and strategic expertise across insurance and reinsurance.
“We are launching Chariot Re from a position of strength with high-quality liabilities, a seasoned leadership team, and strong sponsors and investors, in order to meet the growing demand for life and annuity reinsurance solutions around the world.” – Cynthia Smith.
“This transaction with co-sponsor General Atlantic represents a significant step in establishing Chariot Re as a premier global provider of innovative reinsurance solutions. For MetLife, our strategic partnership with Chariot Re supports growth in our diversified retirement platform and asset management business, two key priorities of our New Frontier strategy.” – Michel Khalaf, President and Chief Executive Officer of MetLife.
“Together with MetLife, one of the leading and largest global insurance companies, we are committed to supporting Chariot Re as it delivers high-quality reinsurance solutions, with a focus on long-term value creation, underpinned by disciplined growth and thoughtful risk management.” – Bill Ford, Chairman and Chief Executive Officer of General Atlantic.
