Chariot Re will initially have more than $1bn in equity investment, with MetLife and General Atlantic each owning roughly 15% equity. Credit: Vitalii Vodolazskyi/Shutterstock.

MetLife has collaborated with private equity firm General Atlantic to launch Chariot Re, a Bermuda-based Class E life and annuity reinsurance company.  

The new entity is due to launch in the first half of 2025. 

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Chariot Re will initially have more than $1bn in equity investment, with MetLife and General Atlantic each owning roughly 15% equity.  

The rest will be held by third-party investors including Chubb, which is expected to be an anchor third-party investor. 

MetLife plans to initially reinsure nearly $10bn in liabilities to Chariot Re, comprising structured settlement annuity contracts and group annuity contracts from pension risk transfers. 

The deal’s completion is contingent upon regulatory clearances and the finalisation of initial equity to support the new entity. 

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Cynthia Smith, a MetLife executive with 30 years of experience, is expected to head Chariot Re as the CEO.  

Toby Srihiran Brown from MetLife and Graves Tompkins from General Atlantic are set to join Chariot Re’s board of directors. 

Bank of America is expected to provide financing for Chariot Re, with Debevoise & Plimpton and Oliver Wyman advising MetLife.  

For General Atlantic, Ardea Partners is the financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison, and Eversheds Sutherland (US) are legal advisors. 

MetLife CEO and president Michel Khalaf said: “With the demand for life and retirement solutions anticipated to grow around the globe, MetLife views a strategic partnership with Chariot Re as a powerful avenue to further serve those expanding needs.” 

General Atlantic CEO and chairman Bill Ford said: “Guided by MetLife’s robust origination capabilities and General Atlantic’s nearly 45 years of leadership in global private markets, we believe that Chariot Re will be well-positioned to deliver strong returns for its investors and drive sustainable growth going forward.” 

Recently, MetLife became a partner in the Workday Wellness programme, aiming to assist employers in enhancing their wellness objectives and benefits portfolios.