Third Point, a US-based alternative asset manager, has announced the establishment of Malibu Life Re, a new life and annuity reinsurer located in the Cayman Islands.
The company has initiated operations by entering into a treaty with a leading US annuity provider to reinsure $3bn worth of annuity products.
Go deeper with GlobalData
Malibu Life Re aims to deliver asset-intensive reinsurance solutions, leveraging Third Point’s expertise in investment management and strategic services.
Third Point will be responsible for constructing diversified portfolios, sourcing excess spread across various credit asset classes and developing liability-driven investment programmes tailored to Malibu Life Re’s needs.
The strategic services provided by Third Point to Malibu Life Re will encompass corporate development, risk management and asset liability management.
These services are designed to support Malibu Life Re’s intention to grow through partnerships with other insurers for flow and/or block reinsurance.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFinancial advisory services for the launch of Malibu Life Re were provided by Lazard, with Oliver Wyman offering actuarial support.
Legal advice was given by Debevoise & Plimpton and Conyers Dill & Pearman, while Artex Risk Solutions has been appointed as the insurance manager.
Third Point is led by CEO Daniel Loeb and has been active since 1995.
The company manages assets worth more than $11bn, including investments from institutional and high-net-worth investors, a London-listed feeder fund and SiriusPoint, a Bermuda-based reinsurer that emerged from the merger of Third Point Reinsurance and Sirius International Insurance Group.
Loeb said “We are excited to form Malibu Life Re to provide attractive capital solutions in the life and annuity space in partnership with leading insurers. We expect that the nimble, multi-asset class investment strategy we have designed over almost 30 years can be leveraged to deliver favourable long-term, risk-adjusted returns for Malibu Life Re’s clients and partners.”
