A new player has entered Bermuda’s life and annuity reinsurance sector. Chariot Reinsurance Ltd launched operations this week with a $10 billion deal to reinsure liabilities from MetLife, one of its cosponsors.

Headquartered in Bermuda and licensed as a class E reinsurer, Chariot Re is backed by General Atlantic, the global investment giant, its lead investor Chubb and other institutional backers. The initial transaction includes structured settlement and group annuity contracts related to MetLife’s pension risk transfer business.

“This transaction with co-sponsor General Atlantic represents a significant step in establishing Chariot Re as a premier global provider of innovative reinsurance solutions,” said Michel Khalaf, president and chief executive of MetLife. “It supports growth in our diversified retirement platform and asset management business.”

Chariot Re’s CEO, Cynthia Smith, a 30-year insurance veteran, said the company is “launching from a position of strength” with quality liabilities and a seasoned team. “We are here to meet growing global demand for life and annuity reinsurance solutions,” she added.

Bill Ford, chairman and CEO of General Atlantic, stated: “Together with MetLife, we are committed to supporting Chariot Re … underpinned by disciplined growth and thoughtful risk management.”

MetLife and General Atlantic will also act as Chariot Re’s exclusive external asset managers. The company plans to leverage MetLife’s origination capabilities and the firms’ combined investment scale and expertise.