MetLife and General Atlantic Announce the Formation of Chariot Re
MetLife and General Atlantic have announced the formation of Chariot Reinsurance, (Chariot Re), a Bermuda-based life and annuity reinsurance company set to launch in the first half of 2025. Chariot Re will have an initial equity investment of over $1 billion. MetLife and General Atlantic will each own approximately 15% of Chariot Re's equity, with the remaining held by third-party stakeholders, including Chubb. MetLife plans to initially reinsure around $10 billion in liabilities to Chariot Re, comprising structured settlement annuity contracts and group annuity contracts associated with pension risk transfers. The transaction is subject to regulatory approvals and final equity raised. MetLife will continue handling all customer-related functions, and MetLife Investment Management alongside General Atlantic will provide asset management services to Chariot Re. Cynthia Smith is expected to lead Chariot Re as CEO, with Toby Srihiran Brown and Graves Tompkins representing MetLife and General Atlantic on the board, respectively.
MetLife e General Atlantic hanno annunciato la creazione di Chariot Reinsurance (Chariot Re), una compagnia di riassicurazione di vita e rendite basata a Bermuda, che sarà lanciata nella prima metà del 2025. Chariot Re avrà un investimento iniziale di capitale superiore a 1 miliardo di dollari. MetLife e General Atlantic possiederanno ciascuna circa il 15% del capitale di Chariot Re, mentre il restante sarà detenuto da investitori terzi, tra cui Chubb. MetLife prevede di riassicurare inizialmente circa 10 miliardi di dollari in passività a Chariot Re, comprendenti contratti di rendita da transazione strutturata e contratti di rendita di gruppo associati al trasferimento di rischi pensionistici. La transazione è soggetta all'approvazione normativa e al capitale finale raccolto. MetLife continuerà a gestire tutte le funzioni relative ai clienti, e MetLife Investment Management insieme a General Atlantic fornirà servizi di gestione patrimoniale a Chariot Re. È previsto che Cynthia Smith guidi Chariot Re come CEO, mentre Toby Srihiran Brown e Graves Tompkins rappresenteranno rispettivamente MetLife e General Atlantic nel consiglio di amministrazione.
MetLife y General Atlantic han anunciado la formación de Chariot Reinsurance (Chariot Re), una compañía de reaseguro de vida y anualidades con sede en Bermudas que se lanzará en la primera mitad de 2025. Chariot Re tendrá una inversión inicial de capital de más de 1 mil millones de dólares. MetLife y General Atlantic poseerán aproximadamente el 15% del capital de Chariot Re, mientras que el resto será mantenido por partes interesadas externas, incluyendo Chubb. MetLife planea reasegurar inicialmente alrededor de 10 mil millones de dólares en pasivos a Chariot Re, que incluirán contratos de anualidades de acuerdos estructurados y contratos de anualidades grupales asociados con transferencias de riesgo de pensiones. La transacción está sujeta a aprobaciones regulatorias y al capital final recaudado. MetLife continuará manejando todas las funciones relacionadas con los clientes, y MetLife Investment Management, junto con General Atlantic, proporcionará servicios de gestión de activos a Chariot Re. Se espera que Cynthia Smith dirija Chariot Re como CEO, mientras que Toby Srihiran Brown y Graves Tompkins representarán a MetLife y General Atlantic en la junta, respectivamente.
메트라이프와 제너럴 애틀랜틱은 차리엇 재보험(Chariot Re)의 설립을 발표했습니다. 이는 2025년 상반기에 출범할 예정인 버뮤다에 본사를 둔 생명 및 연금 재보험 회사입니다. 차리엇 재는 초기 자본 투자액이 10억 달러를 넘을 것입니다. 메트라이프와 제너럴 애틀랜틱은 차리엇 재의 지분을 각각 약 15% 소유하며, 나머지는 첼브(Chubb)를 포함한 제3자 이해관계자가 보유하게 됩니다. 메트라이프는 차리엇 재에 대해 약 100억 달러의 책임을 재보험할 계획이며, 이는 구조적 합의 연금 계약 및 연금 리스크 이전과 관련된 그룹 연금 계약을 포함합니다. 이 거래는 규제 승인 및 최종 자본 조달에 따라 달라질 수 있습니다. 메트라이프는 모든 고객 관련 기능을 계속 관리하며, 메트라이프 투자 관리와 제너럴 애틀랜틱은 차리엇 재에 자산 관리 서비스를 제공할 것입니다. 신시아 스미스가 CEO로서 차리엇 재를 이끌 것으로 예상되며, 토비 스리히란 브라운과 그레이브스 톰킨스가 각각 메트라이프와 제너럴 애틀랜틱을 이사회에 대표할 것입니다.
MetLife et General Atlantic ont annoncé la création de Chariot Reinsurance (Chariot Re), une compagnie de réassurance vie et rentes basée aux Bermudes, qui sera lancée dans la première moitié de 2025. Chariot Re disposera d'un investissement initial de capital de plus d'un milliard de dollars. MetLife et General Atlantic posséderont chacune environ 15 % du capital de Chariot Re, le reste étant détenu par des parties prenantes tiers, y compris Chubb. MetLife prévoit de réassurer initialement environ 10 milliards de dollars de passifs à Chariot Re, comprenant des contrats de rente de règlement structuré et des contrats de rente de groupe associés à des transferts de risque de pension. La transaction est soumise à des approbations réglementaires et à la levée de capital final. MetLife continuera à gérer toutes les fonctions liées aux clients, et MetLife Investment Management, aux côtés de General Atlantic, fournira des services de gestion d'actifs à Chariot Re. Cynthia Smith devrait diriger Chariot Re en tant que PDG, tandis que Toby Srihiran Brown et Graves Tompkins représenteront respectivement MetLife et General Atlantic au conseil d'administration.
MetLife und General Atlantic haben die Gründung von Chariot Reinsurance (Chariot Re) angekündigt, einem in Bermuda ansässigen Unternehmen für Lebens- und Rentenrückversicherung, das in der ersten Hälfte von 2025 starten soll. Chariot Re wird eine anfängliche Kapitalinvestition von über einer Milliarde Dollar haben. MetLife und General Atlantic werden jeweils etwa 15% am Eigenkapital von Chariot Re halten, während der Rest von Drittinvestoren, einschließlich Chubb, gehalten wird. MetLife plant, zunächst rund 10 Milliarden Dollar an Verpflichtungen an Chariot Re zu rückversichern, einschließlich strukturierter Rentenverträge und Gruppenrentenverträge, die mit Versorgungsrisikoübertragungen verbunden sind. Die Transaktion unterliegt regulatorischen Genehmigungen und dem endgültig eingesammelten Eigenkapital. MetLife wird weiterhin alle kundenbezogenen Funktionen übernehmen, und MetLife Investment Management wird gemeinsam mit General Atlantic Vermögensverwaltungsdienste für Chariot Re bereitstellen. Cynthia Smith wird voraussichtlich als CEO von Chariot Re fungieren, während Toby Srihiran Brown und Graves Tompkins MetLife und General Atlantic im Vorstand vertreten werden.
- Formation of Chariot Re with an initial equity investment of over $1 billion.
- MetLife plans to reinsure approximately $10 billion in liabilities to Chariot Re.
- Strategic partnership with Chubb as an anchor third-party investor.
- MetLife Investment Management and General Atlantic to provide asset management services.
- The transaction is subject to regulatory approvals and final equity raised, which may introduce delays or changes to the plan.
Insights
MetLife and General Atlantic anticipate Chariot Re will have an initial combined equity investment of over
MetLife anticipates initially reinsuring to Chariot Re an approximate
Through the execution of Investment Management Agreements, Chariot Re will leverage the combined global investment management capabilities of MetLife Investment Management and General Atlantic, including public fixed income, private credit, private real estate, and private equity. MetLife Investment Management, with expertise in Public Fixed Income, Private Capital and Real Estate, is one of the largest global managers of life insurance assets and General Atlantic is a leading global investor in the private markets with expertise across Growth Equity, Credit, Climate, and Sustainable Infrastructure.
Michel Khalaf, President and Chief Executive Officer 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 Officer of General Atlantic, said: “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, 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.
Bank of America is expected to provide financing for Chariot Re. Debevoise & Plimpton LLP and Oliver Wyman are serving as advisors to MetLife. Ardea Partners LP is serving as financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Eversheds Sutherland (US), LLP are serving as legal counsel to General Atlantic.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in
About MetLife Investment Management
MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and, as of September 30, 2024, had
About General Atlantic
General Atlantic is a leading global investor in the private markets with more than four decades of experience providing capital and strategic support for over 520 growth companies throughout its history. Established in 1980, General Atlantic continues to be the dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Infrastructure strategies. General Atlantic manages approximately
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Media
MetLife
Dave Franecki
973-264-7465
Dave.Franecki@metlife.com
General Atlantic
Mary Armstrong
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media@generalatlantic.com
Investors
John Hall
212-578-7888
John.A.Hall@metlife.com
Source: MetLife, Inc.
FAQ
What is the initial equity investment for Chariot Re?
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Which third-party stakeholders are involved in Chariot Re?
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