Malibu Life raised $125M from a placing and open offer at $14.50 a share. Third Point took its full allocation, keeping a 42.76% stake. The new equity arrives as insurers compete for reserves against higher bond yields.
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Malibu Life Holdings pulled in $125 million from a placing and open offer that closed August 18, with hedge fund Third Point taking the biggest single allocation.
The London-listed insurer focused on US retirement and annuity policies issued 8.62 million new shares at $14.50 each. Valid acceptances covered 5.85 million shares, or 67.86% of the maximum available.
Strong demand triggered a clawback of 449,469 conditionally placed shares. Those went to satisfy valid applications under the offer. Another 2.77 million conditionally placed shares will be issued through the placing, the company said.
Third Point and its affiliates owned about 42.76% of Malibu Life before the deal. Under an irrevocable undertaking, Daniel Loeb agreed to subscribe for roughly 3.69 million open offer shares from his basic entitlement and apply for 442,095 excess shares. He later canceled the excess application to limit clawback from other conditional placees.
After the offer closes, Third Point will hold about 10.99 million ordinary shares. Its proportional stake stays unchanged.
Jefferies acted as sole global coordinator and bookrunner.
The new shares rank equally with existing ones and trade under ISIN KYG8827C1006. Admission to the London Stock Exchange's main market is expected August 21. Malibu Life will then have roughly 25.69 million ordinary shares and 17.13 million B shares outstanding. Investor-level breakdowns will be disclosed under UK Market Abuse Regulation.
For a company writing retirement and annuity policies in the US, the capital raise adds $125 million of fresh equity at a time when insurers compete for reserves against higher bond yields. Loeb's full take-up signals confidence in Malibu Life's underwriting model. Any future dilution will be harder to absorb with the float now roughly 50% larger.
The combined share count includes a B share class with different voting or dividend rights. The company did not detail those terms in the offer document.
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