Malibu Life raises $125m for US retirement book as Third Point holds steady

Reinsurance News reports that Malibu Life Holdings, a London Stock Exchange-listed insurer focused on the US retirement and annuity market, has raised $125 million through a placing and open offer. New shares were priced at $14.50. The offer closes for acceptances on 18 August 2026.

Qualifying shareholders submitted valid applications for 5,850,518 open offer shares. The offer maximum was 8,621,748 shares. Valid applications reached 67.86 percent of that maximum. To satisfy the excess, 449,469 conditionally placed shares were clawed back. Another 2,771,230 shares went to conditional placees. Jefferies was sole global coordinator and bookrunner.

Third Point and its affiliates held about 42.76 percent of Malibu beforehand. Under an irrevocable undertaking, they took up their basic entitlement of 3,686,945 open offer shares. Daniel Loeb separately cancelled an application for 442,095 excess shares, limiting the clawback from conditional placees.

Following the raise, Third Point will own 10,987,098 ordinary shares. Its percentage stake is effectively unchanged.

All 8,621,748 new ordinary shares rank equally with existing shares. Admission to the London Stock Exchange's Main Market was expected on 21 August. After admission, issued capital stands at 25,692,810 ordinary shares. There are also 17,128,540 B shares. The company's shares trade under ISIN KYG8827C1006.

The open offer alone did not fill the book. The clawback and conditional placing together filled it, and the structure let existing shareholders take first claim. The new equity sits behind the long-dated annuity liabilities on Malibu's books. Third Point's stake stayed effectively flat even as external placees absorbed the incremental shares.