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Third Point Investors Ltd on Friday said it has completed the acquisition of Malibu Life Reinsurance SPC through a reverse takeover process. Back in May, TPIL entered a sale and purchase agreement with the Cayman Islands-based annuity reinsurer, in a move to address ‘structural headwinds’ facing the investment trust sector. TPIL is a London-listed feeder fund which invests in the flagship Third Point Offshore Fund managed by New-York-based private equity firm Third Point LLC. TPIL buys Malibu Life Reinsurance via reverse takeover from Malibu Life Holdings LLC, which is owned by Third Point Opportunities Master Fund LP. As part of the deal, TPIL has moved its domicile to the Cayman Islands from Guernsey. It is an all-share deal on a ‘NAV for NAV’ basis, which sees Malibu Life Holdings paid in new TPIL shares, based on Malibu Life Reinsurance’s $68 million tangible book value. TPIL on Friday said it has issued Malibu Life Holdings with 1.9 million shares, around 95% of the consideration shares. Around 21.4 million new TPIL shares were admitted to London’s Main Market on Friday, TPIL said. ‘Today is an important and exciting milestone as TPIL completes the acquisition of Malibu Life, to create a fully capitalised, reinsurance operating company,’ commented Chair Dimitri Goulandris. ‘The board is delighted to bring the company to the London market, where Malibu offers investors a unique and attractive opportunity to access the $1 trillion and growing fixed annuity market in the United States, through an established reinsurance platform with an experienced and capable management team,’ Goulandris added. Since the deal is sealed, as of Friday, Cayman Islands businessman Gary Dombowsky is TPIL’s new chief executive. Dombowsky’s appointment was announced on Monday, with the firm noting his experience as an insurance executive, which includes co-founding Knighthead Annuity & Life Assurance Co with Knight Capital Management LLC. The appointment of non-executive directors Josh Targoff and Luana Majdalani also comes into effect on Friday. Targoff is an investment banker formerly at Jefferies & Co, while Majdalani, has managed private equity deals at TPIL since joining from Blackstone Inc in 2021. Third Point shares were readmitted to trading in London on Friday and were last quoted at $20.30 each. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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