Finance
Proxy adviser Glass Lewis backs Third Point's Malibu deal
Published by Global Banking & Finance Review®
Posted on August 8, 2025
2 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on August 8, 2025
2 min readLast updated: January 22, 2026
Glass Lewis endorses Third Point's acquisition of Malibu Life Reinsurance, with a shareholder vote set for August 14. The deal aims to expand Third Point into the reinsurance sector.
(Reuters) -Glass Lewis has recommended shareholders in Third Point Investors Ltd vote in favor of a proposal to buy Malibu Life Reinsurance SPC, a deal that would turn billionaire Dan Loeb's investment firm into a reinsurance company.
Shareholders are set to vote on the deal on August 14, according to a report from proxy adviser Glass Lewis on Friday.
TPIL, which listed on the London Stock Exchange in 2007, said in May it plans to acquire Malibu, a life annuity reinsurer launched in 2024 by Loeb.
The Strategy Committee of TPIL, formed to evaluate strategic options, believes Malibu offers a scalable operating model, strong outsourced partnerships, and exposure to the U.S. fixed annuity market, the Glass Lewis report said.
Third Point did not immediately respond to a Reuters request for comment on the recommendation.
Earlier this week, Institutional Shareholder Services recommended voting against the deal, arguing it would fundamentally alter TPIL's investment profile without offering minority shareholders an exit option at a fair price for their entire holdings.
Glass Lewis said on Friday Third Point's voting power in the combined entity will remain below 30%, limiting its influence over shareholder decisions.
"Third Point has committed to subscribe $30 million in new equity capital on NAV (net asset value) terms as part of the transaction, a move that, in our view, demonstrates confidence in the long-term prospects of Malibu and the combined platform," the proxy adviser said.
(Reporting by Aatrayee Chatterjee in Bengaluru; additional reporting by Dawn Kopecki; Editing by Devika Syamnath)
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
Reinsurance is a financial arrangement in which an insurance company transfers a portion of its risk to another insurance company to reduce the likelihood of paying a large obligation.
Investment capital refers to funds invested in a business or project to generate returns, often used for growth and expansion.
The London Stock Exchange is one of the world's oldest stock exchanges, where shares of publicly traded companies are bought and sold.
Explore more articles in the Finance category
