08:38 AM EST, 12/11/2024 (MT Newswires) -- MetLife ( MET ) and General Atlantic said Wednesday that they plan to establish Chariot Reinsurance as a Bermuda-based life and annuity reinsurance company in the first half of 2025 with potentially $1 billion in initial equity investments.

The companies said they expect to own 15% each of Chariot Re's equity, with other investors, including Chubb ( CB ) as an anchor third-party investor, holding the remainder.

MetLife ( MET ) is expected to transfer about $10 billion in liabilities to Chariot Re, subject to regulatory approvals, the companies said. MetLife Investment Management and General Atlantic will handle the asset management for Chariot Re, they added.

Chariot Re is expected to be led by senior MetLife ( MET ) executive Cynthia Smith as chief executive, with representatives from both MetLife ( MET ) and General Atlantic on its board, the companies said.

MetLife ( MET ) and General Atlantic said Bank of America is expected to provide financing for the venture.

Shares of MetLife ( MET ) were up 1.5% in recent Wednesday premarket activity.