Third Point Investors finalises acquisition of Malibu Life Reinsurance

Acquisition Overview - Third Point Investors has completed the acquisition of a 100% equity stake in Malibu Life Reinsurance SPC from Malibu Life Holdings, with financial terms undisclosed [1] - Malibu Life Re operates as a licensed life and annuity reinsurer in the Cayman Islands and was established by Third Point Investors in May 2024 [1] Strategic Intent - The acquisition aims to create a fully capitalized reinsurance company listed in London, as proposed by Third Point Investors in May [2] - Third Point Investors chair Dimitri Goulandris emphasized the significance of this milestone for establishing a reinsurance operating company [2] Market Opportunity - The board expressed optimism about bringing Malibu Life to the London market, highlighting the opportunity to access the growing $1 trillion fixed annuity market in the US through an established reinsurance platform [3] - The management team is described as experienced and capable, which is expected to enhance the company's market position [3] Share Issuance and Trading - As part of the transaction, Third Point Investors announced the admission of 21,426,808 ordinary shares to the ESCC category, available for trading on the London Stock Exchange since September 12 [3] - Third Point Investors issued 1,868,805 ordinary shares to Malibu Life Holdings, representing approximately 95% of the total consideration shares for the acquisition [4] Growth Projections - The company targets approximately $5 billion in annual premium income and aims for annual returns in the mid-teens by the end of 2027 [5] - A redemption offer is planned for 4,376,750 ordinary shares on September 19, 2025, which will adjust the number of ordinary shares available for trading to 17,050,058 [5]