Third Point Completes $5bn Malibu Life Re Acquisition
Third Point Investors has completed a significant acquisition, securing a 100% equity stake in Malibu Life Reinsurance SPC (Malibu Life Re). The deal, valued at around $5bn, involves the issuance of 1,868,805 ordinary shares to Malibu Life Holdings. The acquisition was finalised under the management of Third Point, led by Dan Loeb.
The acquisition, which took place in May 2024, sees Malibu Life Re, a licensed life and annuity reinsurer operating in the Cayman Islands, join the Third Point fold. Malibu Life Holdings, wholly owned by Third Point Opportunities Master Fund, has transferred its stake to Third Point Investors in exchange for ordinary shares, representing approximately 95% of the total consideration.
Following the acquisition, 21,426,808 ordinary shares were admitted to the ESCC category on the London Stock Exchange on 12 September. Third Point Investors plans to redeem 4,376,750 ordinary shares on 19 September 2025, reducing the number of ordinary shares available for trading to 17,050,058 after redemption.
The acquisition marks an important milestone for Third Point Investors, as stated by Dimitri Goulandris, the chair. The company aims to achieve approximately $5bn in annual premium income and annual returns in the mid-teens by the end of 2027. The integration of Malibu Life Re into the Third Point portfolio is expected to play a significant role in reaching these targets.
