Chariot Re, an independent Bermuda-based class E life and annuity reinsurance company, has completed its initial reinsurance transaction with a subsidiary of MetLife. The reinsurance transaction involves approximately $10 billion of liabilities, including structured settlement annuity contracts and group annuity contracts associated with pension risk transfers originated by MetLife.
Chariot Re is co-sponsored by MetLife and General Atlantic, with backing from lead investor Chubb and other investors. The company's unique platform leverages MetLife's global liability origination capabilities and the asset management expertise of MetLife Investment Management and General Atlantic to deliver differentiated solutions that combine 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.
The transaction with co-sponsor General Atlantic represents a significant step in establishing Chariot Re as a premier global provider of innovative reinsurance solutions. This strategic partnership supports the growth of MetLife's diversified retirement platform and asset management business.
Chariot Re's board of directors includes current and former senior executives from MetLife, General Atlantic, Chubb, and other leading organizations, providing strong strategic direction and governance.
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. Today the company's shares have moved 1.04% to a price of $81.26. For the full picture, make sure to review METLIFE INC's 8-K report.
