MetLife and General Atlantic Team Up for Reinsurance Venture

MetLife, Inc. (NYSE: MET) and General Atlantic, a leading global growth equity firm, have announced a strategic partnership to launch Chariot Reinsurance, a $10 billion reinsurance venture. This collaboration aligns with MetLife's focus on risk management and deploying capital to its highest and best use, creating long-term value for shareholders. The venture will be headed by Cynthia Smith, with Chubb as an anchor investor and other institutional investors committing funds.



The reinsurance venture, Chariot Re, will be seeded with $10 billion of existing MetLife policies, with additional assets potentially coming from MetLife and the pension risk transfer market. This strategic move allows MetLife to invest in its Next Horizon strategic pillars of focus, simplify, and differentiate, while also returning capital to shareholders.



The partnership with General Atlantic enables MetLife to reduce enterprise risk by transferring approximately $10 billion of existing policies to the new entity. This reduces MetLife's exposure to long-term risks associated with these policies, freeing up capital for other investments. Additionally, the venture aligns with MetLife's strategy of deploying capital to its highest and best use, creating long-term value for shareholders and other stakeholders.

In conclusion, the reinsurance venture between MetLife and General Atlantic is a strategic move that reduces enterprise risk, frees up capital for growth, and aligns with MetLife's focus on risk management and capital deployment. This partnership is expected to create long-term value for shareholders and further strengthen MetLife's position in the insurance industry.