Third Point secures 67% shareholder approval for Malibu Life Re Acquisition

Third Point Investors Limited (TPIL), a New York-based alternative asset manager, has secured 67% shareholder support for its acquisition of Malibu Life Reinsurance SPC. This decision follows a comprehensive consultation with shareholders and an extraordinary general meeting, resulting in a favorable vote for the proposed transaction. The Chairman of the Board, Rupert Dorey, expressed satisfaction, highlighting the unique opportunity this acquisition presents to bring a high-quality reinsurance platform to the London market. The acquisition is structured as an all-share combination aligned with NAV and represents a significant improvement from the original offer. Malibu Life Re was launched by Third Point and focuses on predictable liabilities within the US fixed annuity market, operating from the Cayman Islands. Despite the positive vote, an investor group opposed the deal, citing concerns over corporate governance principles and the lack of a full exit opportunity for dissenting shareholders.