Malibu Life raises $125M to fund US annuity expansion
What's the deal? London-listed Malibu Life Holdings on July 31 announced a Placing and Open Offer of up to 8,621,748 new shares at $14.50 each, raising up to $125 million in gross proceeds. Of that, roughly $109 million has been conditionally placed with institutional investors or committed under the Open Offer. GatemoreDealroom has a profile for this one. Try Dealroom → and Third PointDealroom has a profile for this one. Try Dealroom → are among the backers.
What's the endgame? Malibu is a life and annuity reinsurance holding company, formed through a September 2025 all-share combination with Malibu Life Reinsurance SPC. Its mandate is to compound book value per share via spread income from long-dated insurance liabilities.
Why now? The raise follows the July 1, 2026 close of Malibu's acquisition of TruSpire Retirement Services Insurance Company, a Texas-based provider it will rebrand as Malibu Life USA. TruSpire is licensed in 44 US states and holds an approved Fixed Indexed Annuity product, letting the group enter direct annuity issuance and move toward a hybrid model combining reinsurance and direct origination.
By the numbers: In the year to December 31, 2025, book value per share rose 4.5% to $33.33, and total comprehensive income was $24 million, including merger costs. Malibu Core's reinsurance operations generated $889 million of annuity premiums during 2025, taking cumulative premiums since inception to roughly $1.4 billion.
Its existing treaty with a US life and annuities platform is expected to reach about $3 billion in cumulative premiums by the end of 2027. The group projects cumulative reinsurance premiums of roughly $8.3 billion by the end of 2028 under its current business plan.
The signal: Malibu's raise underscores the growing appeal of the life and annuity reinsurance model, where investors chase steady spread income from predictable, long-dated liabilities. By pairing reinsurance with direct US origination, the group is positioning itself against larger players competing for annuity flows.
Read more: finanznachrichten.de
Image credit: Håkan Dahlström
