Chariot Re to launch in 2025 with more than 1 billion equity
MetLife, General Atlantic to own 15 each in venture
Chubb to be anchor investor alongside institutional investors

NEW YORK, Dec 11 Reuters MetLife and General Atlantic are forming a reinsurance venture, the companies39; executives told Reuters on Wednesday, the latest in a growing trend of insurers and alternative money managers teaming up to boost returns from lowrisk insurance assets.

The venture, called Chariot Reinsurance, will have an initial equity contribution of more than 1 billion, with MetLife and General Atlantic each holding around 15 ownership.

Chariot Re, which is due to launch in the first half of 2025, will be headed by Cynthia Smith, most recently the head of MetLife39;s group benefits regional business, and be initially seeded with 10 billion of existing MetLife policies.

Fellow insurer Chubb will also be an anchor investor in the venture, with other institutional investors in the process of committing funds, General Atlantic Chief Operating Officer Graves Tompkins said.

The high quality, longduration liabilities that MetLife has been able to offer to Chariot Re aligns really well with our investment strategy of creating value over the long term without taking principal risk, he said.

The move highlights the increasing convergence between the insurance and asset management industries.

Insurers want to free up capital to invest in new products by moving existing policies off their…