The New York-based asset manager launches Malibu Life Re | Insurance business America
The reinsurer has already secured a $3 billion contract
reinsurance
By Kenneth Araullo
New York-based alternative asset manager Third Point has announced the launch of Malibu Life Reinsurance SPC (Malibu Life Re), a new life and annuity reinsurer based in the Cayman Islands.
Malibu Life Re will focus on asset-intensive reinsurance solutions and has already entered into an agreement with a leading US annuity provider. This agreement includes the reinsurance of $3 billion in annuity products through a quote-share flow agreement.
Third Point will support Malibu Life Re with investment management and strategic services, leveraging its experience in excess spread sourcing across credit asset classes and portfolio management.
Strategic services include corporate development, risk management and asset-liability management, with a focus on developing tailored, liability-focused investment programs.
Daniel S. Loeb (pictured above), founder and CEO of Third Point, expressed optimism about the new reinsurance company.
“We are pleased to establish Malibu Life Re to partner with leading insurers to offer attractive capital solutions in the life and retirement sectors,” said Loeb. “We expect that the flexible, multi-asset class investment strategy we have developed over nearly thirty years can be leveraged to deliver favorable long-term risk-adjusted returns for Malibu Life Re’s clients and partners.”
Lazard acted as financial advisor on the launch and Oliver Wyman provided actuarial support. Legal advice was provided by Debevoise & Plimpton LLP and Conyers Dill & Pearman LLP, with Artex Risk Solutions acting as insurance manager.
Malibu Life Re is a Class B(iii) independent reinsurer owned by Third Point and its subsidiaries. The aim is to establish reinsurance relationships with leading life and pension insurance providers, leveraging Third Point’s expertise in investment and risk management.
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2024-05-03 13:30:00
www.insurancebusinessmag.com
