Third Point Investors Ltd.’s shareholders have voted to approve the firm’s acquisition of Malibu Life Reinsurance SPC, a move that will see the London-listed company pivot to becoming a fast-growing reinsurance firm, a news release noted. The approval came during an extraordinary general meeting in which about two-thirds of voting shareholders backed the plan in a poll vote.
The decision is a culmination of what Third Point called an “extensive consultation” with shareholders leading up to the vote. Rupert Dorey, chairman of Third Point Investors, expressed the board’s satisfaction with the outcome. “The board is delighted that a significant majority agree that the combination with Malibu represents a unique opportunity to bring a high-quality reinsurance platform to the London market that has the potential to deliver superior value for investors,” he said.
Despite the majority vote, Third Point acknowledged that a number of shareholders did not vote in favor of the resolutions. The firm stated that it takes seriously its responsibility to understand the different perspectives of shareholders and will continue to engage with those holding a range of views as it transitions to its new role as a reinsurer.
The deal, which was announced in July, is set to create a new reinsurance operating company with ambitious growth targets. Third Point said the new entity aims to achieve a mid-teens return on equity by 2027 and grow to approximately US$5 billion in annual premiums by the same year. The acquisition constitutes a reverse takeover under UK listing law.
As a result of the shareholder approval, Claire Whittet and Huw Evans retired from the board of directors, effective immediately. Third Point, which last year launched Malibu Life Re as a life and annuity reinsurer in the Cayman Islands, is now focused on completing the acquisition. The company expects to provide a further update following the satisfaction of remaining conditions.
“We now look forward to completing the acquisition and are firmly focused on scaling the platform for success over the coming period,” said Dorey.
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