May 21, 2025
On May 21, 2025, Willkie client Third Point LLC announced an all-share combination between its subsidiary, Malibu Life Reinsurance SPC (Malibu Life), and London-listed closed-ended investment fund Third Point Investors Limited (TPIL).
Following completion of the acquisition, which constitutes a reverse takeover under the UK Listing Rules, the enlarged group will be listed on the commercial companies segment of the London Stock Exchange.
The proposed all-share combination of TPIL and Malibu Life on a "NAV for NAV" basis is expected to create a fast-growing reinsurance operating company, targeting mid-teens return on equity by the end of 2027.
Founded in 2024, Malibu Life is an established annuity reinsurance platform focused on predictable liabilities within the estimated $1 trillion and growing fixed annuity market in the United States.
This unique and innovative transaction facilitates an orderly transition of the TPIL's current investment strategy into a fully capitalised, London-listed, reinsurance operating company.
The Willkie team was led by partners David Griffiths and Russell Leaf and included partners Sean Ewen, Mark Vandehaar, Russell Pinilis and Jennifer Tait.
