MetLife co-sponsors Chariot Re; transfers ~$10B in annuity liabilities to new reinsurer

METLIFE INC

Chariot Re, co-sponsored by MetLife and General Atlantic, will reinsure ~$10B of MetLife's structured settlement and pension risk transfer annuity contracts.
Chubb is lead investor; MetLife Investment Management and General Atlantic serve as exclusive external asset managers for Chariot Re.
Cynthia Smith, former MetLife executive, named CEO of Chariot Re.
MetLife will continue to handle all customer-related functions; policyholder commitments unchanged.

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