Third Point Investors Limited (TPIL) shareholders have approved the fund’s merger with Cayman-based Malibu Life Reinsurance SPC, paving the way for billionaire Daniel Loeb’s London-listed vehicle to pivot from listed equities to annuities and credit strategies, according to a report by Reuters.
The deal will exchange TPIL shares for Malibu equity at NAV and transform the feeder fund into a reinsurance platform targeting the US fixed annuity market, as well as asset-backed credit and corporate debt. Loeb proposed the shift in May, aiming to close TPIL’s valuation gap with his New York hedge fund, Third Point.
The transaction benefited from new UK listing rules, which no longer require separate majority approval from independent shareholders in related-party deals – meaning Loeb’s 25% stake counted in the vote. Dissenting investors, including Asset Value Investors, Metage Capital, Evelyn Partners, Staude Capital and Almitas Capital, criticised the process as disenfranchising minorities.
Last year, TPIL returned 25.5% after fees but has gained just over 3% so far in 2025. The reinsurance entity is targeting mid-teens returns by 2027. Proxy advisers were split, with Glass Lewis backing the deal and ISS recommending opposition.
