Malibu Life Holdings has named Todd D Shriber as its next chief executive officer as the company prepares to expand further into reinsurance and the US annuity market.
Shriber will take over the role on 20 July, replacing Gary Dombowsky, who led the Cayman Islands-based life and annuity reinsurer through its formation and public listing.
Dombowsky will remain involved as a non-executive director of Malibu Life Reinsurance SPC – the Class B(iii) licensed Cayman-incorporated segregated portfolio company – and as a senior adviser to the business.
In a press release, the company said Shriber is expected to join the Malibu Life board and the boards of certain subsidiaries, pending regulatory approvals including from the Cayman Islands Monetary Authority.
Malibu Life said the leadership change comes as it looks to grow its reinsurance operations and build out a direct annuity origination business in the United States through its partnership with Third Point LLC.
The Cayman-domiciled platform emerged earlier this year following Third Point Investors Limited’s reverse takeover of Malibu Life Re, which also saw the listed vehicle migrate from Guernsey to Cayman.
Day-to-day insurance management and local Cayman residency requirements are supported by Artex Risk Solutions out of George Town, Grand Cayman.
Shriber joins from Prudential Financial, where he most recently served as chief operating officer and head of strategy for the company’s global retirement and insurance businesses.
According to Malibu Life, that division generated more than US$40 billion in annual sales across the United States, Japan, Brazil and other markets.
During his 14 years at Prudential, Shriber also held the position of chief strategy officer for the company’s US operations.
Before that, he worked at Morgan Stanley Wealth Management and Citigroup Smith Barney, focusing on insurance and annuity businesses.
He began his career at PricewaterhouseCoopers in its strategic change practice.
“Todd is exactly the right leader for Malibu Life at this point in our journey,” said Dimitri Goulandris, chair of the board of directors.
“Following a thorough search process, the board concluded that Todd’s combination of strategic acumen, operating discipline, and deep experience in retirement and insurance at global scale is uniquely suited to the opportunity ahead.”
Shriber said Malibu Life’s focus would include expanding its reinsurance footprint and advancing its direct origination strategy.
“Malibu Life is a rare opportunity – a purpose-built platform with a public listing, a clear strategic mandate and a market backdrop that strongly favors institutional-grade insurers with differentiated investment capabilities,” he said.
Daniel S Loeb, chief executive officer and chief investment officer of Third Point, said Shriber’s background in annuities, retirement and insurance distribution aligned with Malibu Life’s growth plans.
