Chariot Reinsurance, an independent Bermuda-based Class E life and annuity reinsurance company, has announced its official launch and has completed its initial reinsurance transaction with a subsidiary of MetLife.
Chariot Re will reinsure approximately $10bn of liabilities, including structured settlement annuity contracts and group annuity contracts associated with pension risk transfers originated by MetLife.
“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,” said Cynthia Smith, CEO at Chariot Re.
Chariot Re is co-sponsored by MetLife and General Atlantic with backing from lead investor Chubb and other investors. MetLife Investment Management and General Atlantic serve as Chariot Re’s exclusive external asset managers.
“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,” said Michel Khalaf, President CEO of MetLife.
“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,” added Bill Ford, Chairman and CEO of General Atlantic.