Chariot Reinsurance Finalizes Major Agreement with Metropolitan Tower Life

Chariot Reinsurance, Ltd., based in Bermuda and specializing in life and annuity products, has finalized its second major transaction since its inception in July 2025. This notable agreement involves reinsuring a segment of whole life insurance liabilities from Nebraska-based Metropolitan Tower Life Insurance Company, an affiliate of MetLife. Despite the transfer, MetLife retains its customer engagement and policy management roles, ensuring seamless service continuity for its policyholders.

Founded with over $1 billion in equity capital, Chariot Re's operations benefit from the regulatory compliance requirements of Bermuda's favorable environment. Co-sponsored by MetLife and General Atlantic, with Chubb as the lead investor, and supplementary funding from various parties, Chariot Re functions as a Class E reinsurance entity. This deal complements MetLife's strategic expansion in the risk management domain, marked by $12 billion in pension risk transfers completed by late 2025. According to Moody's, this shift reflects a growing trend among U.S. life insurers increasingly adopting offshore reinsurance solutions.

Chariot Re's strong balance sheet provides a solid foundation for accelerating growth and enhancing underwriting capabilities in 2026. CEO Cynthia Smith remarked that this second transaction aligns with Chariot's strategic vision and highlights effective collaboration with sponsors and investors. Looking ahead, Smith anticipates additional transactions within the year, aimed at bolstering the company's reinsurance offerings. For the latest updates on reinsurance industry trends and regulatory changes, professionals are invited to subscribe to our twice-weekly newsletter.