Third Point Investors has concluded its acquisition of a 100% equity stake in Malibu Life Reinsurance SPC (Malibu Life Re) from Malibu Life Holdings.
Financial terms of the transaction were not disclosed.
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Malibu Life Holdings is wholly owned by Third Point Opportunities Master Fund and Malibu Life Re operates as a licensed life and annuity reinsurer in the Cayman Islands.
The US-based alternative asset manager set up Malibu Life Re in May 2024.
In May this year, Third Point Investors proposed an all-share merger with Malibu Life Re to create a fully capitalised reinsurance company listed in London.
Third Point Investors chair Dimitri Goulandris said: “Today is an important and exciting milestone as TPIL completes the acquisition of Malibu Life, to create a fully capitalised, reinsurance operating company.
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By GlobalData“The board is delighted to bring the company to the London market, where Malibu offers investors a unique and attractive opportunity to access the $1trn and growing fixed annuity market in the US, through an established reinsurance platform with an experienced and capable management team.”
As part of this transaction, Third Point Investors announced the admission of 21,426,808 ordinary shares to the ESCC category, which became available for trading on the main market of the London Stock Exchange on 12 September.
Additionally, Third Point Investors Limited has issued 1,868,805 ordinary shares to Malibu Life Holdings, representing around 95% of the total consideration shares for the acquisition.
Goulandris added: “With the strategic transformation complete, the focus is on disciplined execution of the business plan, which projects growth driven by the signing of further annuity reinsurance contracts as well as building in-house origination capabilities.
“The company targets approximately $5bn in annual premium income and annual returns in the mid-teens by the end of 2027.”
In accordance with the redemption offer, Third Point Investors plans to redeem 4,376,750 ordinary shares on 19 September 2025, which will adjust the number of ordinary shares available for trading on the main market to 17,050,058 after the redemption process.
An additional announcement is anticipated upon the completion of the redemption offer.
