MetLife and General Atlantic Launch Chariot Reinsurance in 2025

MetLife, Inc and General Atlantic have announced the creation of Chariot Reinsurance, Ltd, a Bermuda-based reinsurance company focused on life and annuities. Expected to launch in the first half of 2025, Chariot Re will operate under a strategic partnership with MetLife, which will initially reinsure approximately $10 billion in liabilities.

The partnership will entail MetLife retaining customer service responsibilities while Chariot Re will benefit from the combined expertise of MetLife Investment Management and General Atlantic in investment management. This collaboration aims to leverage strengths in life and retirement solutions to meet anticipated global demand.

Cynthia Smith, a seasoned executive from MetLife, is set to be the CEO of Chariot Re, with plans for a board that includes representatives from both founding organizations. The strategic investment is supported by significant initial equity, notably with contributions from both MetLife and Chubb, signaling a strong commitment to innovative reinsurance solutions.