MetLife Inc and General Atlantic to launch Chariot Re in Bermuda
A new Bermudian-based reinsurance company, born from a collaboration between MetLife Inc and General Atlantic, is set to launch in the first half of 2025.
The two businesses announced the formation of Chariot Reinsurance Ltd, a Class E life and annuity reinsurance company.
MetLife and General Atlantic anticipate Chariot Re will have an initial combined equity investment of more than $1 billion, and will each initially own approximately 15 per cent of the equity in Chariot Re.
The remaining equity interests will be held by third-party stakeholders, including Chubb, a global leader in property and casualty insurance, which is expected to be an anchor third-party investor.
The Bermuda Monetary Authority has published its licensing statistics for October 2024, which showed two new insurance registrations, including a restricted special purpose insurer and a Class 1 insurer.
The additions bring the total number of new insurance registrations for the year to 43, representing a wide variety of entities across different classes.
Bermuda has more than 1,200 registered insurers, who underwrote gross premiums in excess of $277 billion in 2023.
Bermuda is home to more than 633 licensed captives with total assets exceeding $142 billion.
Jason Hayward, the Minister of Economy and Labour, said: “Bermuda continues to be a key player in the global insurance and reinsurance markets.
“With our strong regulatory framework, capital efficiency, and innovative solutions, Bermuda is well-equipped to address the growing complexity of global risks.”
Michel Khalaf, president and chief executive of MetLife, Inc, said: “We are looking forward to seeing our collective vision to create a world-class provider of innovative reinsurance solutions come to life, leveraging the insurance and joint investment expertise of MetLife and General Atlantic.
“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.”
Bill Ford, chairman and chief executive of General Atlantic, added: “General Atlantic and MetLife share a deep commitment to investment excellence, thoughtful risk management, and long-term value creation.
“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.”
It is expected that Chariot Re will be led by Cynthia Smith, a 30-year veteran of MetLife, who will serve as CEO.
Most recently, Ms Smith led MetLife’s Group Benefits Regional Business.
Over the course of her career at MetLife, she has served in a variety of senior roles across several businesses and functions including strategy, finance, sales, underwriting, and technology transformation.
It is anticipated that Toby Srihiran Brown, Global Head of Reinsurance at MetLife, will represent the company on Chariot Re’s board of directors.
It is also expected that Graves Tompkins, chief operating officer at General Atlantic, will represent the firm on Chariot Re’s board of directors.
• To read the BMA’s report, see Related Media
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