MetLife & General Atlantic-backed Chariot Re completes first reinsurance deal

Chariot Re, an independent Bermuda-based Class E life and annuity reinsurance firm launched with co-sponsorship by MetLife and General Atlantic, has completed its first reinsurance transaction with a subsidiary of MetLife.

Chariot Re, unveiled in 2024 with support from lead investor Chubb and other backers, will reportedly reinsure approximately $10 billion of liabilities, including structured settlement annuity contracts and group annuity contracts associated with pension risk transfers originated by MetLife.

Cynthia Smith, CEO of Chariot Re, commented, “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.”

Michel Khalaf, President and Chief Executive Officer of MetLife, said, “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.”

Bill Ford, Chairman and Chief Executive Officer of General Atlantic, noted, “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.”

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