Information on the Target

Chariot Reinsurance, Ltd. (Chariot Re) is an independent Class E life and annuity reinsurance company based in Bermuda. The company has been co-sponsored by MetLife, Inc. and General Atlantic, with additional support from lead investor Chubb and other financial entities. Chariot Re aims to address the growing demand for innovative life and annuity reinsurance solutions in a rapidly evolving market.

The initial reinsurance transaction, completed on July 1, 2025, involves Chariot Re assuming approximately $10 billion of liabilities. This includes structured settlement annuity contracts and group annuity contracts linked to pension risk transfers that were originally issued by MetLife. With a commitment to building a robust reinsurance platform, Chariot Re is uniquely positioned to leverage the combined strengths of its sponsors and a highly experienced leadership team.

Industry Overview in Bermuda

The reinsurance industry in Bermuda remains a pivotal player in the global insurance market, known for its favorable regulatory environment and expertise in risk management. As one of the world's leading reinsurance hubs, Bermuda hosts numerous reinsurance companies that cater to a variety of sectors, including life, annuity, and specialty insurance. This concentration of capital and expertise allows Bermuda to attract significant international business, particularly from established markets such as North America.

Recent trends indicate a growing need for reinsurance solutions due to an uptick in demand for coverage against longevity risk, market volatility, and economic uncertainties. As businesses and individual policyholders seek more comprehensive protection, reinsurance providers, such as Chariot Re, are strategically positioned to fulfill this market demand by offering tailored risk management solutions.

Furthermore, the establishment of innovative platforms within the Bermuda market enhances competition and drives growth. Companies are increasingly adopting data-driven models to improve efficiency and deliver customized solutions. This shift is fueling the evolution of the industry, making it essential for emerging players to stand out through differentiation and operational excellence.

With its strategic location and regulatory advantages, Bermuda is becoming an attractive destination for capital investment in the reinsurance space. This trend is further supported by an appetite for innovation and collaboration between traditional insurers and new entrants aiming to reshape the landscape.

The Rationale Behind the Deal

The partnership between Chariot Re, MetLife, and General Atlantic is rooted in a shared vision to enhance and expand the offerings in the life and annuity reinsurance sectors. By leveraging the combined capabilities of these organizations, Chariot Re seeks to deliver differentiated solutions that meet the evolving needs of clients and the marketplace.

Additionally, the reinsurance transaction represents a strategic move for MetLife, allowing it to strengthen its diversified retirement platform and asset management business—two critical components of their broader growth strategy. The involvement of General Atlantic further brings operational expertise and capital to establish Chariot Re as a formidable player in the reinsurance domain.

Information About the Investor

General Atlantic is a prominent global growth investor that has provided capital and strategic support to over 830 companies since its inception in 1980. With more than 40 years of experience, the firm focuses on partnering with visionary founders and teams to build businesses that create long-term value.

As of March 31, 2025, General Atlantic manages approximately $108 billion in assets across a wide range of sectors, including Growth Equity, Credit, Climate, and Infrastructure strategies. With a global presence that encompasses more than 900 professionals in 20 countries, General Atlantic is well-positioned to leverage its insights and experience to support Chariot Re's growth and operational effectiveness as it enters the reinsurance market.

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This transaction between MetLife, General Atlantic, and Chariot Re is likely a sound investment given the robust fundamentals of the life and annuity reinsurance market. The significant liabilities being assumed by Chariot Re suggest confidence in the company’s capacity to manage risk effectively while generating long-term value. Additionally, the collaboration between established players enhances Chariot Re's potential for success through shared expertise and resources.

The appointment of Cynthia Smith as CEO further strengthens the prospects of Chariot Re, as her extensive background in insurance positions her well to navigate the complexities of the reinsurance landscape. Under her leadership, supported by a strong board of directors, Chariot Re is equipped to chart a successful course in a competitive industry.

Finally, the strong backing from MetLife and General Atlantic provides Chariot Re with essential credibility and stability, fostering an environment conducive to growth and innovation. This promising foundation will allow Chariot Re to capitalize on emerging market opportunities, making it a potentially attractive investment for stakeholders seeking exposure to the reinsurance sector.

In conclusion, the synergies and strategic alignment among the entities involved in this investment indicate that Chariot Re is poised for success, thereby offering a compelling story for investors and stakeholders looking to engage in the evolving reinsurance market.

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