The UK investment trust run by Dan Loeb’s hedge fund Third Point is planning to turn itself into a reinsurance company, following a strategy review backed by activist investor Boaz Weinstein.
Third Point Investors Ltd. agreed to buy Malibu Life Reinsurance, which was created and capitalized by its own investment manager, according to a statement on Wednesday. The proposed all-share combination is expected to create a London-listed reinsurance operating company, targeting a return on equity in the mid-teens by the end of 2027.
Weinstein’s Saba Capital Management agreed to use “reasonable endeavours” to support the acquisition by voting ...
