Chariot Reinsurance (Chariot Re), a newly established Bermuda-based Class E life and annuity reinsurance firm, has launched with cosponsorship from MetLife and Basic Atlantic.
The transfer was initially introduced in December final yr, with each corporations holding an fairness stake of practically 15%.
Chariot Re has undertaken its first reinsurance transaction with a MetLife subsidiary, taking up the reinsurance of roughly $10bn in liabilities.
These liabilities embrace structured settlement annuity contracts and group annuity contracts from pension threat transfers that have been initially issued by MetLife.
Chariot Re has extra monetary help from lead investor Chubb and different buyers.
MetLife Funding Administration and Basic Atlantic have been appointed because the unique exterior asset managers for Chariot Re, tasked with managing the corporate’s funding portfolio.
MetLife president and CEO Michel Khalaf mentioned: “This transaction with cosponsor Basic Atlantic represents a major step in establishing Chariot Re as a premier international supplier of progressive reinsurance options.
“For MetLife, our strategic partnership with Chariot Re helps development in our diversified retirement platform and asset administration enterprise, two key priorities of our New Frontier technique.”
Cynthia Smith, who has over 30 years of expertise, has been named as CEO of Chariot Re.
Smith’s prior position concerned main MetLife’s Group advantages regional enterprise.
Smith mentioned: “We’re launching Chariot Re from a place of energy with high-quality liabilities, a seasoned management group, and robust sponsors and buyers, with the intention to meet the rising demand for all times and annuity reinsurance options all over the world.”
The board of administrators for Chariot Re includes people with expertise within the international insurance coverage and asset administration industries, together with present and former executives from MetLife, Basic Atlantic, Chubb, and different notable entities.
Basic Atlantic chair and CEO Invoice Ford mentioned: “Along with MetLife, one of many main and largest international insurance coverage corporations, we’re dedicated to supporting Chariot Re because it delivers high-quality reinsurance options, with a give attention to long-term worth creation, underpinned by disciplined development and considerate threat administration.”
