MetLife and General Atlantic announce the formation of Chariot Re

Written by Adam Cadle

12/12/2024

MetLife and General Atlantic have announced the formation of Chariot Re, a to-be-registered Class E Bermuda-based life and annuity reinsurance company.

MetLife and General Atlantic anticipate Chariot Re will have an initial combined equity investment of over $1bn, and that they will each initially own around 15% of the equity in Chariot Re.

The remaining equity interests will 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 $10bn block of liabilities composed of structured settlement annuity contracts and group annuity contracts associated with pension risk transfers. The transaction is subject to required regulatory approvals and the final amount of initial equity raised to support Chariot Re.

MetLife’s ongoing commitment to its policyholders will remain unchanged following the transaction and MetLife will continue to be responsible for all customer-related functions. Going forward, MetLife Investment Management and General Atlantic will exclusively provide asset management services to Chariot Re.

Michel Khalaf, President and CEO of MetLife, said: “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.”

Chariot Re is expected to launch in the first half of 2025.

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