Chariot Reinsurance, an independent Bermudian-based Class E life and annuity reinsurer, has announced the closing of its oversubscribed third capital raise of approximately $700 million in equity and debt financing.

The additional capital will expand Chariot Re’s capacity to scale its life and annuity reinsurance platform and capitalise on a growing pipeline of diversified opportunities.

Chariot Re’s sponsors, MetLife and General Atlantic, participated in the financing, bringing together deep expertise in insurance, retirement and global investment. The capital raise was supported by a group of leading institutional investors, including lead investor Chubb.

Since launch in July 2025, Chariot Re has raised over $2 billion in capital to support the reinsurance of approximately $20 billion of liabilities and completed three reinsurance transactions.

A spokesman for the firm said it has delivered operating performance ahead of plan as it continues to execute against its five-year growth strategy.

Chariot Re chief executive Cynthia Smith said this capital raise reflects the strong business momentum the firm has built in just over a year.

“The financing expands our capacity to scale the reinsurance platform while maintaining our focus on disciplined underwriting and policyholder protection,” she said.

Michel Khalaf, president and CEO of MetLife, said: Chariot Re’s third capital raise reflected the confidence investors have in the platform they have built with General Atlantic and the Chariot Re management team.

“As demand for retirement and life solutions rises globally, this additional capital furthers Chariot Re’s ability to scale, while driving two of our key new frontier priorities — retirement and asset management.”

Bill Ford, chairman and CEO of General Atlantic, said Chariot Re has established a strong foundation to become a leading life and annuity reinsurance platform, distinguished by its experienced leadership, disciplined approach and differentiated investment model.

“At General Atlantic, we are bringing 4½ decades of global investing experience and deep expertise across alternative strategies to help Chariot Re build on that foundation for the long term,” Mr Ford said.

MetLife Investment Management and General Atlantic serve as Chariot Re’s exclusive asset managers, providing access to complementary global investment capabilities across public fixed income, private credit, private real estate and private equity.