MetLife and General Atlantic set up reinsurance company in Bermuda

US insurer MetLife and US private equity firm General Atlantic have formed a life and annuity reinsurance company based in Bermuda.

“Chariot Re” is due to be launched during the first half of 2025. The new venture will receive an initial capital injection of over 1 billion USD. MetLife and General Atlantic will each hold a 15% stake in the entity. The remaining shares will be held by other shareholders, including Chubb.

Cynthia Smith, who has been with MetLife for over 30 years, will lead Chariot Re.

Toby Srihiran Brown, MetLife's Global Head of Reinsurance, and Graves Tompkins, General Atlantic's Chief Operating Officer, will join the Bermudan reinsurer's Board of Directors, as representatives of their respective companies.