Bermuda-based life and annuity reinsurer Chariot Re has closed an oversubscribed $700m equity and debt raise to expand underwriting capacity and support growth in its reinsurance platform.
The funding marks the company’s third capital raise since it launched in July 2025.
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Chariot Re said the new capital will help it scale its life and annuity reinsurance business and pursue a growing pipeline of diversified opportunities.
Sponsors MetLife and General Atlantic participated in the financing, alongside institutional investors led by Chubb.
Since its launch, Chariot Re said it has raised more than $2bn in total capital, supported the reinsurance of around $20bn in liabilities and completed three reinsurance transactions.
The company added that operating performance is running ahead of plan under its five-year growth strategy.
Chariot Re CEO Cynthia Smith said: “This capital raise reflects the strong business momentum Chariot Re has built in just over a year and the progress we are making against our long-term strategy. The financing expands our capacity to scale the reinsurance platform while maintaining our focus on disciplined underwriting and policyholder protection.”
Chariot Re launched last year with backing from MetLife, General Atlantic, Chubb and other investors, and completed an inaugural transaction reinsuring around $10bn in liabilities from a MetLife subsidiary.
Those liabilities included structured settlement annuity contracts and group annuity contracts from pension risk transfers.
MetLife president and CEO Michel Khalaf said demand for life and retirement solutions was continuing to rise globally and that the latest raise would increase Chariot Re’s ability “to meet those needs as a premier global provider of innovative reinsurance solutions”.
“For MetLife, our strategic partnership with Chariot Re supports our growth ambitions across retirement and asset management, two key priorities of our New Frontier strategy,” Khalaf said.
General Atlantic chairman and CEO Bill Ford said Chariot Re had built “a strong foundation to become a leading life and annuity reinsurance platform”, citing its leadership team, underwriting discipline and investment model.
MetLife Investment Management and General Atlantic remain Chariot Re’s exclusive asset managers, overseeing investments across public fixed income, private credit, private real estate and private equity.
