MetLife and General Atlantic sidecar Chariot Re secures $700m in third capital raise

Chariot Reinsurance (Chariot Re), the Bermuda-based life and annuity reinsurance sidecar like company launched by MetLife, Inc. in partnership with investor General Atlantic, has closed an oversubscribed third capital raise of approximately $700 million in equity and debt financing, with backing from a group of leading institutional investors, including Chubb.

Both MetLife and General Atlantic, who serve as Chariot Re’s exclusive asset managers, participated in the financing, bringing together deep expertise in insurance, retirement, and global investment.

According to the announcement, the new capital will expand Chariot Re’s capacity to scale its life and annuity reinsurance platform and capitalise on a growing pipeline of diversified opportunities.

Since its launch in July 2025, Chariot Re has raised over US$2 billion in capital to support the reinsurance of approximately US$20 billion of liabilities.

As well as this, Chariot Re has also completed three reinsurance transactions, and says its operating performance is ahead of plan as it continues to execute on its five-year growth strategy.

Cynthia Smith, Chief Executive Officer of Chariot Re, commented: “This capital raise reflects the strong business momentum Chariot Re has built in just over a year and the progress we are making against our long-term strategy. The financing expands our capacity to scale the reinsurance platform while maintaining our focus on disciplined underwriting and policyholder protection.”

Michel Khalaf, President and Chief Executive Officer of MetLife, said: “Chariot Re’s third capital raise reflects the confidence investors have in the platform we’ve built with General Atlantic and the Chariot Re management team. As demand for retirement and life solutions rises globally, this additional capital furthers Chariot Re’s ability to scale, while driving two of our key New Frontier priorities: retirement and asset management.”

Bill Ford, Chairman and Chief Executive Officer of General Atlantic, added: “Chariot Re has established a strong foundation to become a leading life and annuity reinsurance platform, distinguished by its experienced leadership, disciplined approach, and differentiated investment model. At General Atlantic, we’re bringing four and a half decades of global investing experience and deep expertise across alternative strategies to help Chariot Re build on that foundation for the long term.”

Find details of numerous reinsurance sidecar investments and transactions, including life reinsurance sidecar structures, in our directory of collateralized reinsurance sidecar transactions.