Nov 2025
Conyers has advised New York-based hedge fund Third Point LLC (“Third Point”) on an all-share combination between its subsidiary, a Cayman Islands life and annuity reinsurer, Malibu Life Reinsurance SPC (“Malibu Life Re”), and London Stock Exchange-listed Malibu Life Holdings Limited, formerly known as Third Point Investors Limited (“TPIL”).
The transaction was a significant undertaking for all parties, involving, among other things: (i) the approval by the requisite majority of TPIL shareholders at an extraordinary general meeting of TPIL, (ii) the migration of TPIL from the Island of Guernsey to the Cayman Islands, (iii) a reverse takeover under the UK Listing Rules and the admission of the combined business to trading on the London Stock Exchange, and (iv) a regulatory application to the Cayman Islands Monetary Authority for the change of control of Malibu Life Re.
The deal was described by TPIL Chairman Dimitri Goulandris as “an important and exciting milestone as TPIL completes the acquisition of Malibu Life, to create a fully capitalised, reinsurance operating company. The Board is delighted to bring the company to the London market, where Malibu offers investors a unique and attractive opportunity to access the US$1 trillion and growing fixed annuity market in the United States, through an established reinsurance platform with an experienced and capable management team.”
Cayman Islands Partner Derek Stenson and Senior Associates Frank Farrell and Caroline Dekker advised Third Point on the insurance regulatory and corporate aspects of the transaction, alongside Willkie Farr & Gallagher as English and US counsel to Third Point.