How a bold strategy helped a reinsurer enter the market

Chariot Re’s answer was to outsource key finance and operations functions to a trusted partner from the very start.

The company selected EY Integrated Finance Managed Services (IFMS) solution for the design and delivery of its operating model, which gave Chariot Re the full spectrum of back-office support it needed. 

EY’s decade-long relationship with MetLife also provided the team with a unique insight into the client's operations and strategy. This deep understanding coupled with EY's extensive industry experience and proven track record, shaped a comprehensive, end-to-end solution, delivered via the EY Partner Ecosystem and strategic alliances.

EY supported Chariot Re’s critical back-office functions and operated across the board: financial reporting, accounting; financial planning and analysis (FP&A); tax; technology (including a cutting-edge SAP General Ledger); investment accounting; and actuarial and valuations support. Chariot Re also leveraged the EY team’s advice on navigating evolving regulatory and market developments, along with broader assistance across the HR, finance, treasury, regulatory reporting, compliance and risk management functions.

“The EY team allowed us to mitigate risk, both in terms of execution and compliance, by ensuring that critical functions were in experienced hands from day one,” says Cynthia Smith, Chair and CEO of Chariot Re. “We moved fast, but we did so with confidence.”

Evan Bogardus, a Partner at Ernst & Young LLP and key contributor to the project, described EY’s role as the “engine room” that powered Chariot Re’s momentum from the start. Starting with only a handful of employees, Chariot Re built its entire finance back-office through EY. This was more than support; it was a unifying approach.

Such a comprehensive scope – even covering initial infrastructure needs like office space and IT setup – enabled Chariot Re's leadership to focus on critical strategic activities and accelerating growth, rather than day-to-day operational tasks.

“We've been with Chariot Re from the beginning, and it really was an incredible experience to be part of,” says Nancy Conturso, Partner, Financial Services, Ernst & Young LLP.

Thanks to the innovative operating model, using a managed services approach, Chariot Re has been able to fully concentrate on building client relationships, executing transactions and shaping its long-term vision. The company has ultimately established a mature structure with strong governance, comprehensive documentation and audit readiness.

And the results speak for themselves. Chariot Re recorded its first US$10 billion transaction in its first month of launch and closed a second transaction within six months after launch.

"Without EY, we wouldn't be where we are today," insists Smith. “The integrated cross-function delivery model has brought consistency, speed and quality. EY’s professionals are an extension of the Chariot Re team. In fact, I think of us as one integrated team, bound by one culture, aligned to one single set of priorities.”

Looking ahead, Chariot Re is poised to build on this strong foundation. The company remains aligned to its investor commitments and regulatory excellence within the Bermuda Monetary Authority’s framework. It’s also focused on making a positive difference in the local community and cultivating a thriving internal culture.

Chariot Re’s experience underscores the importance of global ecosystems, such as EY's strategic alliance with SAP. “I believe that leveraging global ecosystems will be key to driving operational excellence and delivering greater value to our clients,” says Smith.

This forward-looking approach, coupled with such a robust operating model, sets up Chariot Re for ongoing efficiency, innovation and ambitious leadership, placing the company in a strong position within the evolving life and annuity reinsurance landscape.