Chariot Re

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.

Chariot Reinsurance (Chariot Re), the Bermuda-based life and annuity reinsurance sidecar company launched by MetLife, Inc. in partnership with investor General Atlantic, has now completed its first transaction, assuming $10 billion of liabilities.

Commenting on the recent announcement from MetLife, Inc. that it plans to launch Chariot Reinsurance, a new Bermuda based company that will initially act as a kind of sidecar for the company, S&P Global Ratings has highlighted how these structures provide efficient access to “on-demand” capital for their sponsors.

MetLife, Inc., one of the largest life and annuities insurance groups in the world, is partnering with institutional capital providers and asset managers to launch Chariot Reinsurance, a new Bermuda based company that will initially act as a kind of sidecar for the company, but seems well-positioned to become market-facing in future.