Latham Advises Jefferies on Third Point Investors Limited’s Proposed All-Share Combination With Malibu Life

Latham & Watkins has advised Jefferies International Ltd as the sponsor on Third Point Investors Limited’s (TPIL) proposed all-share combination with Malibu Life Reinsurance SPC (Malibu Life) and re-IPO to create a unique London-listed reinsurance operating company. Malibu Life is a Cayman-based annuity reinsurance platform, which works within the fixed annuity market in the US.

Following completion of the acquisition, which constitutes a reverse takeover under the UK Listing Rules, the enlarged group will be listed on the equity shares (commercial companies) category on the Official List of the FCA and to trading on the Main Market 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. 

The Latham team was led by London corporate partners Mark Austin and Ryan Benedict, and counsel Koushik Prasad, with associates Daria Latysheva, Cyrus Fung, and Tom Breheny. Advice was also provided on tax matters by Los Angeles partner Eric Cho, with associate Sam Yang, and on the Investment Company Act matters by Washington, D.C. partner Aaron Gilbride, with associate Tim Cummings.