MetLife and General Atlantic Form Chariot Re

MetLife and General Atlantic recently shared exciting news about the establishment of Chariot Reinsurance, Ltd. Known as Chariot Re, this upcoming Bermuda-based life and annuity reinsurance company is anticipated to kick off in the first half of 2025. With a future strategic partnership with MetLife in the works, Chariot Re is already off to an impressive start.

MetLife and General Atlantic intend to provide an initial combined equity investment exceeding $1 billion for Chariot Re. Initially, both companies are set to own around 15% of the equity in Chariot Re, with other stakeholders, such as Chubb, who is expected to invest as a significant third party. MetLife plans to reinsure approximately $10 billion in liabilities to Chariot Re, involving structured settlement annuity contracts and group annuity contracts tied to pension risk transfers. Of course, this transaction is subject to regulatory approvals and the final confirmation of raised equity to support Chariot Re.

Despite these exciting developments, MetLife’s dedication to its policyholders will remain steadfast. As the transaction progresses, MetLife will take care of all customer-related functions, ensuring that policyholders continue to receive the service they know and trust. Looking ahead, MetLife Investment Management and General Atlantic will exclusively offer asset management services to Chariot Re.

By signing Investment Management Agreements, Chariot Re will tap into the extensive global investment management expertise of both MetLife Investment Management and General Atlantic. This includes managing public fixed income, private credit, private real estate, and private equity investments. MetLife Investment Management is recognized for its proficiency in Public Fixed Income, Private Capital, and Real Estate investments, while General Atlantic brings nearly 45 years of experience in the private markets, offering expertise across Growth Equity, Credit, Climate, and Sustainable Infrastructure investments.

Michel Khalaf, MetLife, Inc.’s President and CEO, expressed excitement about the collaboration’s potential to create innovative reinsurance solutions to meet the future’s growing life and retirement needs. Similarly, Bill Ford, General Atlantic’s Chairman and CEO, emphasized the shared commitment to investment excellence and long-term value creation that drives this partnership.

Heading up the team at Chariot Re is Cynthia Smith, a seasoned 30-year veteran of MetLife. Serving as CEO, Smith brings a wealth of experience, having led MetLife’s Group Benefits Regional Business. Her career at MetLife spans various senior roles across different functions, such as strategy, finance, sales, underwriting, and technology transformation.

Moreover, Toby Srihiran Brown, Global Head of Reinsurance at MetLife, is expected to represent the company on Chariot Re’s Board of Directors. The same goes for Graves Tompkins, General Atlantic’s Chief Operating Officer, who is anticipated to represent the firm on Chariot Re’s Board of Directors.

Lastly, Bank of America plans to provide financing for Chariot Re, with several prestigious firms, including Debevoise & Plimpton LLP and Oliver Wyman advising MetLife, and Ardea Partners LP offering financial advisory services. Legal counsel will be provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Eversheds Sutherland (US), LLP for General Atlantic.

The collaborative efforts of MetLife and General Atlantic are set to usher in an exciting new chapter in the reinsurance industry with the introduction of Chariot Re. Keep an eye out for more updates as Chariot Re makes its mark.

For more information on MetLife, a global financial services company, visit www.metlife.com or its subsidiaries and affiliates, offering insurance, annuities, employee benefits, and asset management solutions worldwide. MetLife Investment Management, the institutional asset management business of MetLife, Inc., manages over $609.3 billion in assets under management, providing tailored investments to institutional clients globally.

Similarly, General Atlantic, a premier global investor in the private markets, has been supporting growth companies for over four decades with $100 billion in assets under management. Through strategic investments and operational expertise, General Atlantic is committed to building dynamic, enduring businesses.