Chariot Reinsurance (Chariot Re), a newly established Bermuda-based Class E life and annuity reinsurance company, has launched with cosponsorship from MetLife and General Atlantic.
The move was initially announced in December last year, with both companies holding an equity stake of nearly 15%.
Chariot Re has undertaken its first reinsurance transaction with a MetLife subsidiary, taking on the reinsurance of roughly $10bn in liabilities.
These liabilities include structured settlement annuity contracts and group annuity contracts from pension risk transfers that were initially issued by MetLife.
Chariot Re has additional financial support from lead investor Chubb and other investors.
MetLife Investment Management and General Atlantic have been appointed as the exclusive external asset managers for Chariot Re, tasked with managing the company’s investment portfolio.
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By GlobalDataMetLife president and CEO Michel Khalaf said: “This transaction with cosponsor 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.”
Cynthia Smith, who has over 30 years of experience, has been named as CEO of Chariot Re.
Smith’s prior role involved leading MetLife’s Group benefits regional business.
Smith said: “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.”
The board of directors for Chariot Re comprises individuals with experience in the global insurance and asset management industries, including current and former executives from MetLife, General Atlantic, Chubb, and other notable entities.
General Atlantic chair and CEO Bill Ford said: “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.”
