Cayman Islands-based Malibu Life Holdings has completed its acquisition of TruSpire Retirement Insurance Company as it pushes further into the US retirement and annuity market.
The London Stock Exchange-listed insurance group said TruSpire will be rebranded as Malibu Life USA and will serve as its retail annuity origination platform in the United States.
The deal gives Malibu Life a US-domiciled insurer with broad state licensing, an approved fixed indexed annuity product and access to the independent agent distribution channel.
The company said Malibu Life USA is expected to launch its first product in early to mid-September, giving it an entry point into a segment of the US retirement market that has seen strong growth in recent years.
The acquisition also links Malibu Life’s US retail operations with its existing insurance and reinsurance activities in Cayman and Bermuda.
Following the transaction, Malibu Life USA will operate as the group’s US retail brand, while its broader strategy will continue to include reinsurance operations through its Cayman and Bermuda platforms.
According to the company, the combined structure is intended to provide multiple channels for originating and managing long-dated insurance liabilities.
“This is a defining moment for Malibu Life,” chief executive officer Gary Dombowsky said in a press release on 2 July.
“I am especially pleased to have completed this acquisition ahead of my retirement on 20 July, leaving Todd Shriber, our incoming chief executive officer, with a platform that is well positioned to scale.
“With the Malibu Life USA brand now in place, we are moving decisively from strategy into execution, supported by the operating platform, distribution access, regulatory footprint and product capabilities needed to establish Malibu USA as a powerful growth engine and an important new entrant in the retail annuity market.”
Dombowsky will be succeeded by Todd Shriber, who recently joined the company as incoming chief executive.
Malibu Life chair Dimitri Goulandris said the acquisition provides the company with the infrastructure needed for its next stage of growth.
“Today’s closing gives Malibu Life the foundation to scale,” Goulandris said.
“We have been deliberate in building the right structure, the right team and the right asset-liability framework.”
The transaction also includes a Bermuda-regulated reinsurer, which Malibu Life said it intends to retain as part of its long-term expansion plans.
The company said the acquisition adds direct insurance issuance capabilities to its existing reinsurance platform and supports its strategy across its US, Cayman and Bermuda operations.
TruSpire president Simpa Baiye said Malibu Life USA is expected to begin engaging with agents and customers ahead of its planned September launch.
“With Malibu Life USA now part of the platform, we believe we have the tools to execute with speed, discipline and ambition,” Baiye said.
“We are excited to introduce Malibu USA to agents, policyholders and the broader retirement market in September.”
The acquisition follows a series of senior hires, including Shriber as incoming chief executive and Robert Pavleszek as chief operating officer.
