Reinsurer has already secured a $3 billion settlement
New York-based various asset supervisor Third Level has introduced the launch of Malibu Life Reinsurance SPC (Malibu Life Re), a brand new life and annuity reinsurer established within the Cayman Islands.
Malibu Life Re will focus on asset-intensive reinsurance options and has already secured an settlement with a outstanding US annuity supplier. This association entails reinsuring $3 billion price of annuity merchandise by a quota share stream settlement.
Third Level will help Malibu Life Re with funding administration and strategic providers, leveraging its expertise in extra unfold sourcing throughout numerous credit score asset lessons and portfolio administration.
The strategic providers will embody company growth, danger administration, and asset legal responsibility administration, with a give attention to growing tailored, liability-driven funding packages.
Daniel S Loeb (pictured above), founder and CEO of Third Level, expressed optimism in regards to the new reinsurance enterprise.
“We’re excited to type Malibu Life Re to offer engaging capital options within the life and annuity house in partnership with main insurers,” Loeb stated. “We anticipate that the nimble, multi-asset class funding technique we now have designed over nearly thirty years might be leveraged to ship favorable long-term danger adjusted returns for Malibu Life Re’s purchasers and companions.”
Supporting the launch, Lazard served because the monetary advisor, and Oliver Wyman offered actuarial help. Authorized advisory was dealt with by Debevoise & Plimpton LLP and Conyers Dill & Pearman LLP, with Artex Threat Options appearing because the insurance coverage supervisor.
Malibu Life Re operates as an unbiased, Class B(iii) reinsurer, owned by Third Level and its associates. It goals to determine reinsurance relationships with main life and annuity suppliers, capitalizing on Third Level’s experience in funding and danger administration.
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