Chariot Reinsurance, Ltd. has completed its second reinsurance transaction since launching in July 2025.
The Bermuda-based life and annuity reinsurer has entered into an agreement with Metropolitan Tower Life Insurance Company, a Nebraska-based affiliate of MetLife, to reinsure a block of whole life insurance liabilities.
Under the terms of the deal, MetLife will continue to retain responsibility for all customer-facing and policy administration functions. The insurer's commitment to policyholders remains unchanged.
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Chariot Re's debut transaction in July involved approximately $10 billion in liabilities from a MetLife subsidiary. At that time, CEO Cynthia Smith (pictured above) said the company was launching "from a position of strength with high-quality liabilities, a seasoned leadership team, and strong sponsors and investors."
Read more: Chariot Re assumes US$10 billion MetLife liabilities in debut transaction
Chariot Re has raised more than $1 billion in equity capital since its launch. The company is co-sponsored by MetLife and General Atlantic, with Chubb as lead investor alongside additional third-party investors. It operates as a Class E life and annuity reinsurance company in Bermuda.
The transaction comes as MetLife expands its activity in the risk transfer space. The insurer wrote $12 billion in pension risk transfer transactions in Q4 2025, according to Moody's, which also noted that offshore reinsurance remained a central focus for US life insurers through the year.
Read more: US life insurers ramp up offshore reinsurance amid profit surge
The company said its balance sheet supports an accelerated growth strategy and positions Chariot Re to scale its reinsurance platform in 2026.
Smith said the latest transaction reflects progress in the company's growth strategy. "This second transaction marks another important milestone in the execution of our growth strategy and highlights the strong alignment with our sponsors and investors," Smith said.
Smith also indicated the company expects to pursue additional transactions in the coming months. "We anticipate additional transactions this year, as we continue to build momentum and expand our ability to provide long-term, value-added reinsurance solutions," she said.
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