MetLife, Inc. and General Atlantic today announced the formation
of Chariot Reinsurance, Ltd. (“Chariot Re”), a to-be-registered
Class E Bermuda-based life and annuity reinsurance company. Chariot
Re is expected to launch in the first half of 2025 and will have a
future strategic reinsurance partnership with MetLife.
MetLife and General Atlantic anticipate Chariot Re will have an
initial combined equity investment of over $1 billion, and that
they will each initially own approximately 15% of the equity in
Chariot Re. The remaining equity interests will be held by
third-party stakeholders, including Chubb, a global leader in
property and casualty insurance, which is expected to be an anchor
third-party investor.
MetLife anticipates initially reinsuring to Chariot Re an
approximate $10 billion block of liabilities composed of structured
settlement annuity contracts and group annuity contracts associated
with pension risk transfers. The transaction is subject to required
regulatory approvals and the final amount of initial equity raised
to support Chariot Re. MetLife’s ongoing commitment to its
policyholders will remain unchanged following the transaction and
MetLife will continue to be responsible for all customer-related
functions. Going forward, MetLife Investment Management and General
Atlantic will exclusively provide asset management services to
Chariot Re.
Through the execution of Investment Management Agreements,
Chariot Re will leverage the combined global investment management
capabilities of MetLife Investment Management and General Atlantic,
including public fixed income, private credit, private real estate,
and private equity. MetLife Investment Management, with expertise
in Public Fixed Income, Private Capital and Real Estate, is one of
the largest global managers of life insurance assets and General
Atlantic is a leading global investor in the private markets with
expertise across Growth Equity, Credit, Climate, and Sustainable
Infrastructure.
Michel Khalaf, President and Chief Executive Officer of MetLife,
Inc., said: “We are looking forward to seeing our collective vision
to create a world-class provider of innovative reinsurance
solutions come to life, leveraging the insurance and joint
investment expertise of MetLife and General Atlantic. With the
demand for life and retirement solutions anticipated to grow around
the globe, MetLife views a strategic partnership with Chariot Re as
a powerful avenue to further serve those expanding needs.”
Bill Ford, Chairman and Chief Executive Officer of General
Atlantic, said: “General Atlantic and MetLife share a deep
commitment to investment excellence, thoughtful risk management,
and long-term value creation. Guided by MetLife’s robust
origination capabilities and General Atlantic’s nearly 45 years of
leadership in global private markets, we believe that Chariot Re
will be well-positioned to deliver strong returns for its investors
and drive sustainable growth going forward."
It is expected that Chariot Re will be led by Cynthia Smith, a
30-year veteran of MetLife, who will serve as CEO. Most recently,
Smith led MetLife’s Group Benefits Regional Business. Over the
course of her career at MetLife, she has served in a variety of
senior roles across several businesses and functions including
strategy, finance, sales, underwriting, and technology
transformation.
It is anticipated that Toby Srihiran Brown, Global Head of
Reinsurance at MetLife, will represent the company on Chariot Re’s
Board of Directors. It is also expected that Graves Tompkins, Chief
Operating Officer at General Atlantic, will represent the firm on
Chariot Re’s Board of Directors.
Bank of America is expected to provide financing for Chariot Re.
Debevoise & Plimpton LLP and Oliver Wyman are serving as
advisors to MetLife. Ardea Partners LP is serving as financial
advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Eversheds Sutherland (US), LLP are serving as legal counsel to
General Atlantic.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help individual and institutional
customers build a more confident future. Founded in 1868, MetLife
has operations in more than 40 markets globally and holds leading
positions in the United States, Asia, Latin America, Europe and the
Middle East. For more information, visit www.metlife.com.
About MetLife Investment Management
MetLife Investment Management, the institutional asset
management business of MetLife, Inc. (NYSE: MET), is a global
public fixed income, private capital and real estate investment
manager providing tailored investment solutions to institutional
investors worldwide. MetLife Investment Management provides public
and private pension plans, insurance companies, endowments, funds
and other institutional clients with a range of bespoke investment
and financing solutions that seek to meet a range of long-term
investment objectives and risk-adjusted returns over time. MetLife
Investment Management has over 150 years of investment experience
and, as of September 30, 2024, had $609.3 billion in total assets
under management. For more information, see the total assets under
management fact sheet for the quarter ended September 30, 2024
available on MetLife’s Investor Relations webpage
(https://investor.metlife.com).
About General Atlantic
General Atlantic is a leading global investor in the private
markets with more than four decades of experience providing capital
and strategic support for over 520 growth companies throughout its
history. Established in 1980, General Atlantic continues to be the
dedicated partner to visionary founders and investors seeking to
build dynamic businesses and create long-term value. The firm
leverages its patient capital, operational expertise, and global
platform to support a diversified investment platform spanning
Growth Equity, Credit, Climate, and Infrastructure strategies.
General Atlantic manages approximately $100 billion in assets under
management, inclusive of all strategies, as of October 1, 2024,
with more than 900 professionals in 20 countries across five
regions. For more information on General Atlantic, please visit:
www.generalatlantic.com.
MetLife Forward-Looking Statements
This news release may contain information that includes or is
based upon forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements give expectations or forecasts of future events and do
not relate strictly to historical or current facts. They use words
and terms such as “anticipate,” "are confident," “assume,”
“believe,” “continue,” “could,” “estimate,” “expect,” “if,”
“intend,” “likely,” “may,” “plan,” “potential,” “project,”
“should,” “will,” “would,” and other words and terms of similar
meaning or that are otherwise tied to future periods or future
performance, in each case in all derivative forms. They include
statements relating to future actions, prospective services or
products, future performance or results of current and anticipated
services or products, future sales efforts, future expenses, the
outcome of contingencies such as legal proceedings, and future
trends in operations and financial results.
Many factors determine the results of MetLife, Inc., its
subsidiaries and affiliates, and they involve unpredictable risks
and uncertainties. MetLife’s forward-looking statements depend on
its assumptions, its expectations, and its understanding of the
economic environment, but they may be inaccurate and may change.
MetLife, Inc. does not guarantee any future performance. Its
results could differ materially from those MetLife, Inc. expresses
or implies in forward-looking statements. MetLife, Inc. does not
undertake any obligation to publicly correct or update any
forward-looking statement if MetLife, Inc. later becomes aware that
such statement is not likely to be achieved. Please consult the
“Risk Factors” and any further disclosures MetLife, Inc. makes on
related subjects in reports to the U.S. Securities and Exchange
Commission.
Forward-Looking Statements
The forward-looking statements in this Current Report on Form
8-K, which contain words such as “anticipate,” “are confident,”
“assume,” “believe,” “continue,” “could,” “estimate,” “expect,”
“if,” “intend,” “likely,” “may,” “plan,” “potential,” “project,”
“should,” “target,” “will,” “would” and other words and terms of
similar meaning or that are otherwise tied to future periods or
future performance, in each case in all derivative forms, are based
on assumptions and expectations that involve risks and
uncertainties, including the “Risk Factors” MetLife, Inc. describes
in its U.S. Securities and Exchange Commission filings. MetLife,
Inc.’s future results could differ, and it does not undertake any
obligation to publicly correct or update any forward-looking
statement if MetLife, Inc. later becomes aware that such statement
is not likely to be achieved.
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version on businesswire.com: https://www.businesswire.com/news/home/20241211694718/en/
Media MetLife Dave Franecki 973-264-7465
Dave.Franecki@metlife.com
General Atlantic Mary Armstrong 917-683-0311
media@generalatlantic.com
Investors John Hall 212-578-7888
John.A.Hall@metlife.com
MetLife (NYSE:MET)
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