Chariot Re raises $700m, taking launch funding above $2bn
Chubb led the oversubscribed financing round alongside the platform’s existing sponsors.
Chariot Re’s latest financing takes the reinsurer’s funding since launch to more than $2bn. On Wednesday, the MetLife and General Atlantic-sponsored vehicle closed an oversubscribed third capital raise of about $700m in equity and debt financing, with Chubb identified as lead investor.
MetLife and General Atlantic also participated in the round. The oversubscription, together with backing from Chubb and repeat support from the two sponsors, suggests institutional demand remains available for life and annuity reinsurance vehicles backed by established insurance and private-capital sponsors.
When Chariot Re was formed, General Atlantic and MetLife said it was expected to have an initial combined equity investment of more than $1bn. With total funding since launch now reported at over $2bn, the platform has moved beyond that initial starting point.
Sources: investor.metlife.com
