Third Point Investors has completed the acquisition of 100% of the equity in Malibu Life Reinsurance SPC, issuing 1,868,805 ordinary shares to parent Malibu Life Holdings LLC as consideration. A total of 21,426,808 ordinary shares will now be admitted to the London Stock Exchange.
The deal positions Third Point as the owner of a fully capitalized, fast-growing life and annuity reinsurer.
Malibu Life Re gives investors direct exposure to the expanding U.S. fixed annuity market, which Third Point chair Dimitri Goulandris described as a $1tn opportunity backed by favorable demographic and economic trends.
He said the platform is targeting $5bn in annual premium income and returns by 2027, supported by an experienced management team.
Malibu offers investors a unique and attractive opportunity to access the $1 tn and growing fixed annuity market in the United States, through an established reinsurance platform with an experienced and capable management team.
Dimitri Goulandris, chair of Third Point
In addition to ordinary shares, the company will have 8,570,724 U.S. dollar B shares with one vote each, bringing the total voting rights to 29,997,532.
Third Point said it holds no shares in treasury. The firm also plans to redeem 4,376,750 ordinary shares worth about $135mn on Sept. 19, with further updates expected at the close of that redemption.
The acquisition stems from a sale and purchase agreement announced earlier this year, designed to create a London-listed reinsurer with scale, efficiency, and mid-teens return on equity by 2027.
Malibu’s spread-based business model and scalable operating platform are central to its growth strategy.
With this transaction completed, Third Point is aiming to leverage Malibu’s reinsurance platform to expand rapidly in the U.S. annuity space, aligning with long-term investor appetite for stable, income-generating assets.
