Chariot re-launches with MetLife and General Atlantic as co-sponsors

Chariot Re, together with MetLife and General Atlantic, has officially relaunched, marking a new era in the life and annuity reinsurance industry. In a joint effort, Chariot Re, an independent Bermuda-based Class E reinsurance company, has completed its initial reinsurance transaction with a MetLife subsidiary, assuming around $10 billion in liabilities related to structured settlement annuity contracts and group annuity contracts linked to pension risk transfers facilitated by MetLife.

What sets Chariot Re apart is its innovative approach to reshaping the life and annuity reinsurance landscape. The company benefits from the co-sponsorship of industry giants MetLife and General Atlantic, with leading support from Chubb and other investors. MetLife Investment Management and General Atlantic act as Chariot Re’s exclusive external asset managers, offering a distinct investment model that combines scale, specialization, and a forward-thinking outlook.

Heading the Chariot Re team is Cynthia Smith, a seasoned insurance professional bringing over three decades of experience to the table, having previously overseen MetLife’s Group Benefits Regional Business. Supported by a leadership squad with a wealth of operational and strategic knowledge in insurance and reinsurance, Smith expressed confidence in the venture, emphasizing the high-quality liabilities, capable leadership, and strong sponsors and investors that fortify Chariot Re’s foundation in meeting the rising global demand for life and annuity reinsurance options.

MetLife’s President and CEO, Michel Khalaf, hailed the transaction with co-sponsor General Atlantic as a pivotal move towards establishing Chariot Re as a premier global provider of innovative reinsurance solutions. This aligns with MetLife’s strategic goals to bolster its diversified retirement platform and asset management business, core components of the company’s New Frontier strategy.

Ensuring disciplined growth and prudent risk management, Bill Ford, Chairman and CEO of General Atlantic, emphasized the commitment to supporting Chariot Re in delivering top-notch reinsurance solutions, underpinned by long-term value creation.

Chariot Re’s Board of Directors boasts a wealth of experience and insights spanning the insurance and asset management sectors, offering robust strategic guidance and governance. Comprising top-tier executives from MetLife, General Atlantic, Chubb, and other renowned organizations, the Board steers Chariot Re towards a promising future in the reinsurance market.

Notably, MetLife’s dedication to policyholders remains unwavering post-transaction, with the company maintaining responsibility for all customer-related functions. The partnership between MetLife, General Atlantic, and Chariot Re signifies a significant alliance aimed at advancing the reinsurance sector and delivering unparalleled value to clients worldwide.

In conclusion, the relaunch of Chariot Re underscores a transformative moment in the life and annuity reinsurance industry, heralding a new era of innovation, strategic partnerships, and sustainable growth.