MetLife, Inc. (MET, Financial) has announced a strategic initiative in collaboration with General Atlantic to launch Chariot Reinsurance, Ltd., a third-party offshore reinsurance company. This new venture will leverage the expertise of MetLife Investment Management, LLC and General Atlantic as asset managers, with both companies making minority equity investments in Chariot Re.
The company has received conditional approval from the Bermuda Monetary Authority to register Chariot Re in Bermuda. MetLife plans to initially cede approximately $10 billion of statutory reserves related to structured settlement and group annuity contracts associated with pension risk transfers to Chariot Re. This figure is subject to adjustment based on the final amount of initial equity raised to support the reinsurance company.
MetLife anticipates that Chariot Re will launch in the first half of 2025, pending regulatory approvals and other closing conditions. The transaction is expected to initially increase MetLife's available capital by approximately $1 billion, marking a significant enhancement in its financial flexibility and reinsurance capabilities.
This development underscores MetLife's commitment to strategic growth and innovation in the reinsurance sector. For more detailed information about this transaction, interested parties are encouraged to refer to the official news release.
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