MetLife, General Atlantic Back New Bermuda Reinsurer

MetLife Inc. and General Atlantic are among the investors that will contribute $1 billion to back the creation of a new Bermuda-based reinsurer, Chariot Reinsurance Ltd.

The two firms will each own about 15% of the entity, while the remainder will be held by third parties, including insurance firm Chubb Ltd, MetLife and General Atlantic said in a statement Wednesday. MetLife and General Atlantic will provide asset management services to Chariot Re.

Chariot Re is expected to launch in the first half of 2025.

As a first deal, Chariot Re will reinsure about $10 billion of MetLife’s annuity products. ...