MetLife, General Atlantic, and Chariot Reinsurance (Chariot Re) have finalized an initial reinsurance transaction involving approximately US$10 billion in liabilities.

Under the agreement, Chariot Re will assume responsibility for a block of structured settlement annuity contracts and group annuity contracts related to pension risk transfers, originally issued by a MetLife subsidiary.

Chariot Re is an independent Bermuda-based Class E life and annuity reinsurer. The company was established with a combined equity investment of over US$1 billion.

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MetLife and General Atlantic each hold approximately 15% of the equity, while Chubb has taken on the role of lead investor. The investment strategy of Chariot Re focuses on asset classes including public fixed income, private credit, real estate, and private equity.

Cynthia Smith, who previously headed MetLife’s group benefits regional business, has been appointed chief executive officer of Chariot Re. The leadership team is composed of individuals with experience in both insurance operations and reinsurance strategy.

“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,” Smith said.

MetLife president and CEO Michel Khalaf said the transaction with General Atlantic reflects a broader strategy to position Chariot Re as a global player in the reinsurance sector.

“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,” Khalaf said.

The reinsurer is intended to serve as a long-term platform that complements MetLife’s broader risk and capital management initiatives, while also expanding its reach in the global reinsurance market.

MetLife also said that the transaction will not affect its ongoing responsibilities to policyholders, and that it will continue to manage all customer-facing functions related to the reinsured business.

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