MetLife and General Atlantic are forming a reinsurance venture, the companies' executives told Reuters on Wednesday, the latest in a growing trend of insurers and alternative money managers teaming up to boost returns from low-risk insurance assets.

MetLife (NYSE:MET) and private-market investor General Atlantic have joined forces to form a to-be-registered Class E Bermuda-based life and annuity reinsurance company, the firms said Wednesday, in a bid to enhance returns from low-risk insurance assets.

The New York private-equity firm becomes the latest alternative-asset manager to enter the insurance realm.

MetLife has collaborated with private equity firm General Atlantic to launch Chariot Re, a Bermuda-based Class E life and annuity reinsurance company. The new entity is due to launch in the first half of 2025. Chariot Re will initially have more than $1bn in equity investment, with MetLife and General Atlantic each owning roughly 15% equity.

A new Bermudian-based reinsurance company, born from a collaboration between MetLife Inc and General Atlantic, is set to launch in the first half of 2025. The two businesses announced the formation

MetLife, Inc. MET and General Atlantic recently announced Chariot Reinsurance, Ltd., a Bermuda-based life and annuity reinsurer set to launch in 2025. The formation of Chariot Re, supported by more than $1 billion in equity investment,

Toby Srihiran Brown, MetLife’s global head of reinsurance, will represent MetLife on Chariot Re’s board. General Atlantic’s chief operating officer Graves Tompkins is expected to serve as the firm’s representative on the board.