MetLife and General Atlantic are forming a reinsurance venture, the companies' executives told Reuters on Wednesday, the latest in a growing trend of insurers and alternative money managers teaming up to boost returns from low-risk insurance assets.

MetLife has collaborated with private equity firm General Atlantic to launch Chariot Re, a Bermuda-based Class E life and annuity reinsurance company. The new entity is due to launch in the first half of 2025. Chariot Re will initially have more than $1bn in equity investment, with MetLife and General Atlantic each owning roughly 15% equity.

The New York private-equity firm becomes the latest alternative-asset manager to enter the insurance realm.

MetLife (NYSE:MET) and private-market investor General Atlantic have joined forces to form a to-be-registered Class E Bermuda-based life and annuity reinsurance company, the firms said Wednesday, in a bid to enhance returns from low-risk insurance assets.

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.

Toby Srihiran Brown, MetLife’s global head of reinsurance, will represent MetLife on Chariot Re’s board. General Atlantic’s chief operating officer Graves Tompkins is expected to serve as the firm’s representative on the board.

MetLife, Inc. MET and General Atlantic recently announced Chariot Reinsurance, Ltd., a Bermuda-based life and annuity reinsurer set to launch in 2025. The formation of Chariot Re, supported by more than $1 billion in equity investment,