SiriusPoint (SPNT) 8-K Third Point Re Reports Second Quarter 2015 Earnings Results

Third Point Reinsurance Ltd.

Financial Supplement

June 30, 2015

(UNAUDITED)

This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the Securities and Exchange Commission by Third Point Reinsurance Ltd., including the Company’s Quarterly Report on Form 10-Q.

The Waterfront, Chesney House, 1st Floor	Manoj Gupta - Head of Investor Relations and Business Development
96 Pitts Bays Road	Tel: (441) 542-3333
Pembroke HM 08	Email: investorrelations@thirdpointre.bm
Bermuda	Website: www.thirdpointre.bm

Third Point Reinsurance Ltd.

Basis of Presentation and Non-GAAP Financial Measures:

Unless the context otherwise indicates or requires, as used in this financial supplement references to “we,” “our,” “us,” and the “Company,” refer to Third Point Reinsurance Ltd. and its directly and indirectly owned subsidiaries, including Third Point Reinsurance Company Ltd. (“Third Point Re”) and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”), as a combined entity, except where otherwise stated or where it is clear that the terms mean only Third Point Reinsurance Ltd. exclusive of its subsidiaries. We refer to Third Point Reinsurance Investment Management Ltd. as the “Catastrophe Fund Manager,” Third Point Reinsurance Opportunities Fund Ltd. as the “Catastrophe Fund” and Third Point Re Cat Ltd. as the “Catastrophe Reinsurer.” We have made rounding adjustments to reach some of the figures included in this financial supplement and, unless otherwise indicated, percentages presented in this financial supplement are approximate.

In presenting the Company’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including book value per share, diluted book value per share and return on beginning shareholders’ equity, are referred to as non-GAAP measures. These non-GAAP financial measures may be defined or calculated differently by other companies. Management believes these measures allow for a more complete understanding of the underlying business. These measures are used to monitor our results and should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

Safe Harbor Statement Regarding Forward-Looking Statements:

This Financial Supplement includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: (i) limited historical information about the Company; (ii) operational structure currently is being developed; (iii) fluctuation in results of operations; (iv) more established competitors; (v) losses exceeding reserves; (vi) downgrades or withdrawal of ratings by rating agencies; (vii) dependence on key executives; (viii) dependence on letter of credit facilities that may not be available on commercially acceptable terms; (ix) potential inability to pay dividends; (x) inability to service the Company’s indebtedness; (xi) limited cash flow and liquidity due to indebtedness; (xii) unavailability of capital in the future; (xiii) fluctuations in market price of the Company's common shares; (xiv) dependence on clients’ evaluations of risks associated with such clients’ insurance underwriting; (xv) suspension or revocation of reinsurance licenses; (xvi) potentially being deemed an investment company under U.S. federal securities law; (xvii) potential characterization of the Company and/or Third Point Reinsurance Company Ltd. as a passive foreign investment company; (xviii) future strategic transactions such as acquisitions, dispositions, merger or joint ventures (xix) dependence on Third Point LLC to implement the Company’s investment strategy; (xx) termination by Third Point LLC of the investment management agreements; (xxi) risks associated with the Company’s investment strategy being greater than those faced by competitors; (xxii) increased regulation or scrutiny of alternative investment advisers affecting the Company’s reputation; (xxiii) the Company potentially becoming subject to U.S. federal income taxation; (xxiv) the Company potentially becoming subject to U.S. withholding and information reporting requirements under the Foreign Account Tax Compliance Act provisions; and (xxv) other risks and factors listed under “Risk Factors” in our most recent Annual Report on Form 10-K and other periodic and current disclosures filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Page 1 of 18

Third Point Reinsurance Ltd.

Table of Contents

Key Performance Indicators
Key Performance Indicators	Page 3
Consolidated Financial Statements
Condensed Consolidated Balance Sheets - by Quarter	Page 4
Condensed Consolidated Statements of Income	Page 5
Condensed Consolidated Statements of Income (Loss) - by Quarter	Page 6
Operating Segment Information
Segment Reporting - Three months ended June 30, 2015 and 2014	Page 7
Segment Reporting - Six months endedJune 30, 2015 and 2014	Page 8
Property and Casualty Reinsurance Segment - by Quarter	Page 9
Catastrophe Risk Management Segment - by Quarter	Page 10
Corporate Function - by Quarter	Page 11
Gross Premiums Written by Lines of Business - by Quarter	Page 12
Investments
Investments Managed by Third Point LLC - by Quarter	Page 13
Investment Return by Investment Strategy - by Quarter	Page 14
Other
General and Administrative Expenses - by Quarter	Page 15
Book Value per Share and Diluted Book Value per Share - by Quarter	Page 16
Earnings (Loss) per Share - by Quarter	Page 17
Return on Beginning Shareholders’ Equity - by Quarter	Page 18

Page 2 of 18

Third Point Reinsurance Ltd.

Key Performance Indicators

June 30, 2015 and 2014

(expressed in thousands of U.S. dollars, except per share data and ratios)

	Three months ended						Six months ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Key underwriting metrics for Property and Casualty Reinsurance segment:
Net underwriting loss(1)	$	(9,388	)	$	(2,083	)	$	(13,247	)	$	(7,249	)
Combined ratio(1)	107.8		%	102.7		%	105.1		%	104.9		%
Key investment return metrics:
Net investment income	$	38,611		$	40,485		$	103,529		$	90,520
Net investment return on investments managed by Third Point LLC	1.7		%	2.3		%	4.8		%	5.5		%
Key shareholders’ value creation metrics:
Book value per share(2) (3)	$	14.67		$	14.04		$	14.67		$	14.04
Diluted book value per share(2) (3)	$	14.12		$	13.55		$	14.12		$	13.55
Growth in diluted book value per share(2)	1.1		%	2.2		%	4.2		%	4.6		%
Return on beginning shareholders’ equity(2)	1.0		%	2.2		%	4.6		%	5.1		%

(1) Refer to accompanying “Segment Reporting - Three and six months ended June 30, 2015 and 2014” results for a calculation of net underwriting loss and combined ratio.

(2) Book value per share, diluted book value per share and return on beginning shareholders’ equity are non-GAAP financial measures. Refer to accompanying “Book value per share and diluted book value per share - by Quarter” for calculation of basic and diluted book value per share and “Return on beginning shareholders’ equity - by Quarter” for calculation of return on beginning shareholders' equity.

(3) Prior year comparative represents amounts as of December 31, 2014.

Page 3 of 18

Third Point Reinsurance Ltd.

Condensed Consolidated Balance Sheets - by Quarter

(expressed in thousands of U.S. dollars)

	June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014
Assets
Equity securities, trading, at fair value	$	1,332,489	$	1,239,988	$	1,177,796	$	956,604	$	1,162,363
Debt securities, trading, at fair value	801,725		736,243		569,648		660,677		551,453
Other investments, at fair value	72,699		61,466		83,394		97,765		93,412
Total investments in securities and commodities	2,206,913		2,037,697		1,830,838		1,715,046		1,807,228
Cash and cash equivalents	46,800		12,348		28,734		32,693		35,977
Restricted cash and cash equivalents	589,231		583,474		417,307		261,966		222,124
Due from brokers	263,440		228,793		58,241		182,927		74,046
Securities purchased under an agreement to sell	17,963		17,630		29,852		19,897		33,850
Derivative assets, at fair value	27,995		25,223		21,130		37,260		22,516
Interest and dividends receivable	5,508		5,902		2,602		5,032		3,747
Reinsurance balances receivable	291,226		250,154		303,649		269,747		245,832
Deferred acquisition costs, net	180,452		164,096		155,901		124,373		130,860
Unearned premiums ceded	1,226		—		—		91		—
Loss and loss adjustment expenses recoverable	184		408		814		1,412		10,274
Other assets	5,923		6,857		3,512		3,701		3,283
Total assets	$	3,636,861	$	3,332,582	$	2,852,580	$	2,654,145	$	2,589,737
Liabilities and shareholders’ equity
Liabilities
Accounts payable and accrued expenses	$	12,356	$	8,792	$	10,085	$	7,521	$	5,456
Reinsurance balances payable	32,662		53,798		27,040		21,651		26,856
Deposit liabilities	147,161		146,719		145,430		142,990		121,959
Unearned premium reserves	571,580		508,014		433,809		363,666		346,271
Loss and loss adjustment expense reserves	312,945		273,937		277,362		187,313		184,627
Securities sold, not yet purchased, at fair value	151,115		104,857		82,485		45,667		46,994
Securities sold under an agreement to repurchase	10,992		61,939		—		—		—
Due to brokers	681,280		465,558		312,609		306,927		281,091
Derivative liabilities, at fair value	19,139		17,020		11,015		12,346		10,528
Performance fee payable to related party	25,059		15,844		—		21,837		22,002
Interest and dividends payable	3,678		1,617		697		589		816
Senior notes payable, net of deferred costs	113,290		113,315		—		—		—
Total liabilities	2,081,257		1,771,410		1,300,532		1,110,507		1,046,600
Commitments and contingent liabilities
Shareholders’ equity
Preference shares	—		—		—		—		—
Common shares	10,526		10,517		10,447		10,403		10,393
Additional paid-in capital	1,073,369		1,069,617		1,065,489		1,063,254		1,060,183
Retained earnings	442,109		426,447		375,977		390,656		396,653
Shareholders’ equity attributable to shareholders	1,526,004		1,506,581		1,451,913		1,464,313		1,467,229
Non-controlling interests	29,600		54,591		100,135		79,325		75,908
Total shareholders’ equity	1,555,604		1,561,172		1,552,048		1,543,638		1,543,137
Total liabilities and shareholders’ equity	$	3,636,861	$	3,332,582	$	2,852,580	$	2,654,145	$	2,589,737

Page 4 of 18

Third Point Reinsurance Ltd.

Condensed Consolidated Statements of Income

(expressed in thousands of U.S. dollars, except share and per share data)

	Three months ended						Six months ended
	June 30, 2015			June 30, 2014			June 30, 2015				June 30, 2014
Revenues
Gross premiums written	$	184,342		$	145,508		$	397,676			$	233,095
Gross premiums ceded	(1,425		)	—			(1,477		)		—
Net premiums written	182,917			145,508			396,199			—	233,095
Change in net unearned premium reserves	(62,339		)	(66,758		)	(136,546		)		(81,083		)
Net premiums earned	120,578			78,750			259,653				152,012
Net investment income	38,611			40,485			103,529				90,520
Total revenues	159,189			119,235			363,182				242,532
Expenses
Loss and loss adjustment expenses incurred, net	76,053			44,409			157,799				90,668
Acquisition costs, net	47,498			29,583			102,155				55,014
General and administrative expenses	14,267			9,549			25,975				19,574
Other expenses	2,315			1,020			5,016				1,807
Interest expense	2,052			—			3,088				—
Foreign exchange losses (gains)	139			—			(54		)		—
Total expenses	142,324			84,561			293,979				167,063
Income before income tax expense	16,865			34,674			69,203				75,469
Income tax expense	(708		)	(2,375		)	(2,013		)		(2,375		)
Income including non-controlling interests	16,157			32,299			67,190				73,094
Income attributable to non-controlling interests	(495		)	(1,007		)	(1,058		)		(2,023		)
Net income	$	15,662		$	31,292		$	66,132			$	71,071
Earnings per share(1)
Basic	$	0.15		$	0.30		$	0.63			$	0.68
Diluted	$	0.15		$	0.29		$	0.62			$	0.66
Weighted average number of common shares used in the determination of earnings per share
Basic	103,927,761			103,264,616			103,837,545				103,264,616
Diluted	106,696,874			106,433,881			106,425,347				106,505,715

(1) Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and convertible securities such as unvested restricted shares. Diluted earnings per share are based on the weighted average number of common shares and share equivalents including any dilutive effects of warrants, options and other awards under share plans and are determined using the treasury stock method. U.S. GAAP requires that unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as ‘‘participating securities”), be included in the number of shares outstanding for both basic and diluted earnings per share calculations. We treat certain of our unvested restricted shares as participating securities. In the event of a net loss, the participating securities are excluded from the calculation of both basic and diluted loss per share.

Page 5 of 18

Third Point Reinsurance Ltd.

Condensed Consolidated Statements of Income (Loss) - by Quarter

(expressed in thousands of U.S. dollars, except share and per share data)

	Three Months Ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Revenues
Gross premiums written	$	184,342		$	213,334		$	253,802		$	126,403		$	145,508
Gross premiums ceded	(1,425		)	(52		)	—			(150		)	—
Net premiums written	182,917			213,282			253,802			126,253			145,508
Change in net unearned premium reserves	(62,339		)	(74,207		)	(70,230		)	(17,305		)	(66,758		)
Net premiums earned	120,578			139,075			183,572			108,948			78,750
Net investment income (loss)	38,611			64,918			(6,490		)	1,552			40,485
Total revenues	159,189			203,993			177,082			110,500			119,235
Expenses
Loss and loss adjustment expenses incurred, net	76,053			81,746			132,364			60,115			44,409
Acquisition costs, net	47,498			54,657			43,875			38,317			29,583
General and administrative expenses	14,267			11,708			10,310			10,124			9,549
Other expenses	2,315			2,701			2,606			2,982			1,020
Interest expense	2,052			1,036			—			—			—
Foreign exchange losses (gains)	139			(193		)	—			—			—
Total expenses	142,324			151,655			189,155			111,538			84,561
Income (loss) before income tax expense	16,865			52,338			(12,073		)	(1,038		)	34,674
Income tax expense	(708		)	(1,305		)	(1,731		)	(1,542		)	(2,375		)
Income (loss) including non-controlling interests	16,157			51,033			(13,804		)	(2,580		)	32,299
Income attributable to non-controlling interests	(495		)	(563		)	(875		)	(3,417		)	(1,007		)
Net income (loss)	$	15,662		$	50,470		$	(14,679	)	$	(5,997	)	$	31,292
Earnings (loss) per share(1)
Basic	$	0.15		$	0.48		$	(0.14	)	$	(0.06	)	$	0.30
Diluted	$	0.15		$	0.47		$	(0.14	)	$	(0.06	)	$	0.29
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic	103,927,761			103,753,065			103,324,616			103,295,920			103,264,616
Diluted	106,696,874			106,144,183			103,324,616			103,295,920			106,433,881

(1) Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and convertible securities such as unvested restricted shares. Diluted earnings per share are based on the weighted average number of common shares and share equivalents including any dilutive effects of warrants, options and other awards under share plans and are determined using the treasury stock method. U.S. GAAP requires that unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as ‘‘participating securities”), be included in the number of shares outstanding for both basic and diluted earnings per share calculations. We treat certain of our unvested restricted shares as participating securities. In the event of a net loss, the participating securities are excluded from the calculation of both basic and diluted loss per share.

Page 6 of 18

Third Point Reinsurance Ltd.

Segment Reporting - Three months ended June 30, 2015 and 2014

(expressed in thousands of U.S. dollars)

	Three months ended June 30, 2015												Three Months Ended June 30, 2014
	Property and Casualty Reinsurance			Catastrophe Risk Management			Corporate			Total			Property and Casualty Reinsurance			Catastrophe Risk Management			Corporate			Total
Revenues
Gross premiums written	$	184,191		$	151		$	—		$	184,342		$	140,422		$	5,086		$	—		$	145,508
Gross premiums ceded	(1,425		)	—			—			(1,425		)	—			—			—			—
Net premiums written	182,766			151			—			182,917			140,422			5,086			—			145,508
Change in net unearned premium reserves	(62,384		)	45			—			(62,339		)	(62,934		)	(3,824		)	—			(66,758		)
Net premiums earned	120,382			196			—			120,578			77,488			1,262			—			78,750
Expenses
Loss and loss adjustment expenses incurred, net	76,053			—			—			76,053			44,409			—			—			44,409
Acquisition costs, net	47,475			23			—			47,498			29,507			76			—			29,583
General and administrative expenses	6,242			198			7,827			14,267			5,655			678			3,216			9,549
Total expenses	129,770			221			7,827			137,818			79,571			754			3,216			83,541
Net underwriting loss	(9,388		)	n/a			n/a			n/a			(2,083		)	n/a			n/a			n/a
Net investment income	9,790			43			28,778			38,611			6,282			33			34,170			40,485
Other expenses	(2,315		)	—			—			(2,315		)	(1,020		)	—			—			(1,020		)
Interest expense	—			—			(2,052		)	(2,052		)	—			—			—			—
Foreign exchange losses	—			—			(139		)	(139		)	—			—			—			—
Income tax expense	—			—			(708		)	(708		)	—			—			(2,375		)	(2,375		)
Segment income including non-controlling interests	(1,913		)	18			18,052			16,157			3,179			541			28,579			32,299
Segment income attributable to non-controlling interests	—			(64		)	(431		)	(495		)	—			(338		)	(669		)	(1,007		)
Segment income (loss)	$	(1,913	)	$	(46	)	$	17,621		$	15,662		$	3,179		$	203		$	27,910		$	31,292
Property and Casualty Reinsurance - Underwriting Ratios (1):
Loss ratio	63.2		%										57.3		%
Acquisition cost ratio	39.4		%										38.1		%
Composite ratio	102.6		%										95.4		%
General and administrative expense ratio	5.2		%										7.3		%
Combined ratio	107.8		%										102.7		%

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 7 of 18

Third Point Reinsurance Ltd.

Segment Reporting - Six months ended June 30, 2015 and 2014

(expressed in thousands of U.S. dollars)

	Six months ended June 30, 2015												Six Months Ended June 30, 2014
	Property and Casualty Reinsurance			Catastrophe Risk Management			Corporate			Total			Property and Casualty Reinsurance			Catastrophe Risk Management			Corporate			Total
Revenues
Gross premiums written	$	397,574		$	102		$	—		$	397,676		$	222,564		$	10,531		$	—		$	233,095
Gross premiums ceded	(1,477		)	—			—			(1,477		)	—			—			—			—
Net premiums written	396,097			102			—			396,199			222,564			10,531			—			233,095
Change in net unearned premium reserves	(136,598		)	52			—			(136,546		)	(72,775		)	(8,308		)	—			(81,083		)
Net premiums earned	259,499			154			—			259,653			149,789			2,223			—			152,012
Expenses
Loss and loss adjustment expenses incurred, net	157,799			—			—			157,799			90,668			—			—			90,668
Acquisition costs, net	102,138			17			—			102,155			54,906			108			—			55,014
General and administrative expenses	12,809			431			12,735			25,975			11,464			1,512			6,598			19,574
Total expenses	272,746			448			12,735			285,929			157,038			1,620			6,598			165,256
Net underwriting loss	(13,247		)	n/a			n/a			n/a			(7,249		)	n/a			n/a			n/a
Net investment income	28,365			68			75,096			103,529			13,595			62			76,863			90,520
Other expenses	(5,016		)	—			—			(5,016		)	(1,807		)	—			—			(1,807		)
Interest expense	—			—			(3,088		)	(3,088		)	—			—			—			—
Foreign exchange gains	—			—			54			54			—			—			—			—
Income tax expense	—			—			(2,013		)	(2,013		)	—			—			(2,375		)	(2,375		)
Segment income (loss) including non-controlling interests	10,102			(226		)	57,314			67,190			4,539			665			67,890			73,094
Segment income (loss) attributable to non-controlling interests	—			16			(1,074		)	(1,058		)	—			(529		)	(1,494		)	(2,023		)
Segment income (loss)	$	10,102		$	(210	)	$	56,240		$	66,132		$	4,539		$	136		$	66,396		$	71,071
Property and Casualty Reinsurance - Underwriting Ratios (1):
Loss ratio	60.8		%										60.5		%
Acquisition cost ratio	39.4		%										36.7		%
Composite ratio	100.2		%										97.2		%
General and administrative expense ratio	4.9		%										7.7		%
Combined ratio	105.1		%										104.9		%

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 8 of 18

Third Point Reinsurance Ltd.

Property and Casualty Reinsurance Segment - by Quarter

(expressed in thousands of U.S. dollars)

	Three Months Ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Revenues
Gross premiums written	$	184,191		$	213,383		$	253,810		$	124,931		$	140,422
Gross premiums ceded	(1,425		)	(52		)	—			(150		)	—
Net premiums written	182,766			213,331			253,810			124,781			140,422
Change in net unearned premium reserves	(62,384		)	(74,214		)	(72,789		)	(23,294		)	(62,934		)
Net premiums earned	120,382			139,117			181,021			101,487			77,488
Expenses
Loss and loss adjustment expenses incurred, net	76,053			81,746			132,391			60,121			44,409
Acquisition costs, net	47,475			54,663			43,677			37,571			29,507
General and administrative expenses	6,242			6,567			5,495			5,556			5,655
Total expenses	129,770			142,976			181,563			103,248			79,571
Net underwriting loss	(9,388		)	(3,859		)	(542		)	(1,761		)	(2,083		)
Net investment income (loss)	9,790			18,575			(2,153		)	(137		)	6,282
Other expenses	(2,315		)	(2,701		)	(2,606		)	(2,982		)	(1,020		)
Segment income (loss)	$	(1,913	)	$	12,015		$	(5,301	)	$	(4,880	)	$	3,179
Underwriting ratios (1):
Loss ratio	63.2		%	58.8		%	73.1		%	59.2		%	57.3		%
Acquisition cost ratio	39.4		%	39.3		%	24.1		%	37.0		%	38.1		%
Composite ratio	102.6		%	98.1		%	97.2		%	96.2		%	95.4		%
General and administrative expense ratio	5.2		%	4.7		%	3.0		%	5.5		%	7.3		%
Combined ratio	107.8		%	102.8		%	100.2		%	101.7		%	102.7		%

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 9 of 18

Third Point Reinsurance Ltd.

Catastrophe Risk Management Segment - by Quarter

(expressed in thousands of U.S. dollars)

	Three Months Ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Revenues
Gross premiums written	$	151		$	(49	)	$	(8	)	$	1,472		$	5,086
Gross premiums ceded	—			—			—			—			—
Net premiums written	151			(49		)	(8		)	1,472			5,086
Change in net unearned premium reserves	45			7			2,559			5,989			(3,824		)
Net premiums earned	196			(42		)	2,551			7,461			1,262
Expenses
Loss and loss adjustment expenses incurred, net	—			—			(27		)	(6		)	—
Acquisition costs, net	23			(6		)	198			746			76
General and administrative expenses	198			233			953			648			678
Total expenses	221			227			1,124			1,388			754
Net investment income	43			25			284			881			33
Segment income (loss) including non-controlling interests	18			(244		)	1,711			6,954			541
Segment income (loss) attributable to non-controlling interests	(64		)	80			(871		)	(3,325		)	(338		)
Segment income (loss)	$	(46	)	$	(164	)	$	840		$	3,629		$	203

Note: In December 2014, we announced that we would no longer accept investments in the Catastrophe Fund, that no new business would be written in the Catastrophe Reinsurer and that we would be redeeming all existing investments in the Catastrophe Fund. Despite the Catastrophe Fund’s solid investment returns from its inception, we are winding it down due to challenging market conditions and competition with other collateralized reinsurance and insurance-linked securities vehicles. The Catastrophe Fund Manager will continue to manage the runoff of the remaining exposure in the Catastrophe Fund.

Page 10 of 18

Third Point Reinsurance Ltd.

Corporate Function - by Quarter

(expressed in thousands of U.S. dollars)

	Three Months Ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Revenues
Gross premiums written	$	—		$	—		$	—		$	—		$	—
Gross premiums ceded	—			—			—			—			—
Net premiums written	—			—			—			—			—
Change in net unearned premium reserves	—			—			—			—			—
Net premiums earned	—			—			—			—			—
Expenses
Loss and loss adjustment expenses incurred, net	—			—			—			—			—
Acquisition costs, net	—			—			—			—			—
General and administrative expenses	7,827			4,908			3,862			3,920			3,216
Total expenses	7,827			4,908			3,862			3,920			3,216
Net investment income (loss)	28,778			46,318			(4,621		)	808			34,170
Interest expense	(2,052		)	(1,036		)	—			—			—
Foreign exchange (losses) gains	(139		)	193			—			—			—
Income tax expense	(708		)	(1,305		)	(1,731		)	(1,542		)	(2,375		)
Segment income (loss) including non-controlling interests	18,052			39,262			(10,214		)	(4,654		)	28,579
Segment income attributable to non-controlling interests	(431		)	(643		)	(4		)	(92		)	(669		)
Segment income (loss)	$	17,621		$	38,619		$	(10,218	)	$	(4,746	)	$	27,910

Page 11 of 18

Third Point Reinsurance Ltd.

Gross Premiums Written by Lines of Business - by Quarter

(expressed in thousands of U.S. dollars)

	Three Months Ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Property	$	27,535		$	21,456		$	28,258		$	(2,810	)	$	74,505
Workers Compensation	44,357			5,729			8,327			17,698			2,511
Auto	73,666			(16,241		)	14,029			70,581			48,709
General Liability	21,134			20,365			172			40,190			14,123
Professional Liability	10,000			—			—			—			—
Casualty	149,157			9,853			22,528			128,469			65,343
Agriculture	(1		)	—			26			84			(1		)
Credit & Financial lines	7,500			18,875			8,026			(141		)	(29		)
Multi-line	—			163,199			194,972			(671		)	604
Specialty	7,499			182,074			203,024			(728		)	574
Total property and casualty reinsurance segment	184,191			213,383			253,810			124,931			140,422
Catastrophe risk management	151			(49		)	(8		)	1,472			5,086
	$	184,342		$	213,334		$	253,802		$	126,403		$	145,508

Page 12 of 18

Third Point Reinsurance Ltd.

Investments Managed by Third Point LLC - by Quarter

(expressed in thousands of U.S. dollars)

	June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014
Assets
Total investments in securities and commodities	$	2,181,728	$	2,032,653	$	1,828,761	$	1,713,000	$	1,805,225
Cash and cash equivalents	25,221		29		3		10,003		9
Restricted cash and cash equivalents (1)	566,716		508,049		308,763		160,618		128,396
Due from brokers	263,440		228,793		58,241		182,927		74,046
Securities purchased under an agreement to sell	17,963		17,630		29,852		19,897		33,850
Derivative assets	27,995		25,223		21,130		37,260		22,516
Interest and dividends receivable	5,505		5,898		2,590		5,021		3,736
Other assets	—		—		325		799		1,562
Total assets	$	3,088,568	$	2,818,275	$	2,249,665	$	2,129,525	$	2,069,340
Liabilities and non-controlling interest
Accounts payable and accrued expenses	$	846	$	506	$	464	$	299	$	247
Securities sold, not yet purchased, at fair value	151,115		104,857		82,485		45,667		46,994
Securities sold under an agreement to repurchase	10,992		61,939		—		—		—
Due to brokers	681,280		465,558		312,609		306,927		281,091
Derivative liabilities	19,139		16,990		10,985		12,113		10,528
Performance fee payable to related party	25,059		15,844		—		21,837		22,002
Interest and dividends payable	657		602		697		589		816
Capital contributions received in advance	25,214		—		—		10,000		—
Non-controlling interest	16,317		15,885		40,241		20,302		20,210
Total liabilities and non-controlling interest	930,619		682,181		447,481		417,734		381,888
Total net investments managed by Third Point LLC	$	2,157,949	$	2,136,094	$	1,802,184	$	1,711,791	$	1,687,452
Net investments - Capital	$	1,573,864	$	1,566,798	$	1,413,019	$	1,418,473	$	1,418,996
Net investments - Float	584,085		569,296		389,164		293,318		268,456
Total net investments managed by Third Point LLC	$	2,157,949	$	2,136,094	$	1,802,183	$	1,711,791	$	1,687,452

(1) Includes amounts advanced to Third Point Re to fund collateral held in trust accounts.

Page 13 of 18

Third Point Reinsurance Ltd.

Investment Return by Investment Strategy - by Quarter

Summary of investment return on investments managed by Third Point LLC	June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014
Long/short equities	1.1	%	1.0	%	0.9	%	0.3	%	0.8	%
Asset-backed securities	1.1	%	1.8	%	0.0	%	0.5	%	0.7	%
Corporate and sovereign credit (1)	(0.4	)%	0.3	%	(0.8	)%	(0.8	)%	0.8	%
Macro and other	(0.1	)%	(0.1	)%	(0.5	)%	0.0	%	0.0	%
	1.7	%	3.0	%	(0.4	)%	(0.04	)%	2.3	%

(1) Effective Q2 2015, we reclassified sovereign credit attribution into the corporate and sovereign credit strategy from the macro and other strategy.  We believe this classification better represents our portfolio.  We have reclassified the 2014 returns in the table above to correspond to the current period.

Page 14 of 18

Third Point Reinsurance Ltd.

General and Administrative Expenses - by Quarter

(expressed in thousands of U.S. dollars)

	June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014
Payroll and related	$	7,295	$	4,663	$	3,638	$	4,184	$	3,928
Share compensation expenses	2,714		3,083		2,279		2,481		2,246
Legal and accounting	1,385		1,290		1,691		1,462		968
Travel and entertainment	789		985		818		672		828
Credit facility fees	519		431		418		200		220
IT related	347		366		500		329		330
Corporate insurance	276		295		262		273		275
Occupancy	205		150		123		124		164
Board of director and related	239		170		157		193		162
Other general and administrative expenses	498		275		424		206		428
	$	14,267	$	11,708	$	10,310	$	10,124	$	9,549

Page 15 of 18

Third Point Reinsurance Ltd.

Book Value per Share and Diluted Book Value per Share - by Quarter

(expressed in thousands of U.S. dollars)

	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Basic and diluted book value per share numerator:
Total shareholders’ equity	$	1,555,604		$	1,561,172		$	1,552,048		$	1,543,638		$	1,543,137
Less: non-controlling interests	(29,600		)	(54,591		)	(100,135		)	(79,325		)	(75,908		)
Shareholders’ equity attributable to shareholders	1,526,004			1,506,581			1,451,913			1,464,313			1,467,229
Effect of dilutive warrants issued to founders and an advisor	46,512			46,512			46,512			46,512			46,512
Effect of dilutive stock options issued to directors and employees	60,240			60,589			61,705			65,473			69,223
Fully diluted book value per share numerator:	$	1,632,756		$	1,613,682		$	1,560,130		$	1,576,298		$	1,582,964
Basic and diluted book value per share denominator:
Issued and outstanding shares	104,000,321			103,890,670			103,397,542			103,324,616			103,264,616
Effect of dilutive warrants issued to founders and an advisor	4,651,163			4,651,163			4,651,163			4,651,163			4,651,163
Effect of dilutive stock options issued to directors and employees	6,005,391			6,040,275			6,151,903			6,528,647			6,797,949
Effect of dilutive restricted shares issued to employees	954,829			955,385			922,610			706,840			666,770
Diluted book value per share denominator:	115,611,704			115,537,493			115,123,218			115,211,266			115,380,498
Basic book value per share(1)	$	14.67		$	14.50		$	14.04		$	14.17		$	14.21
Diluted book value per share(1)	$	14.12		$	13.97		$	13.55		$	13.68		$	13.72
Change in diluted book value per share	1.1		%	3.1		%	(1.0		)%	(0.3		)%	2.2		%

(1) Book value per share and diluted book value per share are non-GAAP financial measures. Book value per share is calculated by dividing shareholders’ equity attributable to shareholders by the number of issued and outstanding shares at period end. Diluted book value per share is calculated by dividing shareholders’ equity attributable to shareholders and adjusted to include unvested restricted shares and the exercise of all in-the-money options and warrants. For unvested restricted shares with a performance condition, we include the unvested restricted shares that we consider vesting to be probable. We believe that long-term growth in diluted book value per share is the most important measure of our financial performance because it allows our management and investors to track over time the value created by the retention of earnings. In addition, we believe this metric is used by investors because it provides a basis for comparison with other companies in our industry that also report a similar measure.

Page 16 of 18

Third Point Reinsurance Ltd.

Earnings (Loss) per Share - by Quarter

(expressed in thousands of U.S. dollars)

	June 30, 2015			March 31, 2015			December 31, 2014(1)			September 30, 2014(1)			June 30, 2014
Weighted-average number of common shares outstanding
Basic number of common shares outstanding	103,927,761			103,753,065			103,324,616			103,295,920			103,264,616
Dilutive effect of options	1,341,209			1,093,353			—			—			1,490,091
Dilutive effect of warrants	1,427,904			1,297,765			—			—			1,679,174
Diluted number of common shares outstanding	106,696,874			106,144,183			103,324,616			103,295,920			106,433,881
Basic net income (loss) per common share:
Net income (loss)	$	15,662		$	50,470		$	(14,679	)	$	(5,997	)	$	31,292
Income allocated to participating shares	(50		)	(179		)	—			—			(200		)
Net income (loss) available to common shareholders	$	15,612		$	50,291		$	(14,679	)	$	(5,997	)	$	31,092
Basic net income (loss) per common share	$	0.15		$	0.48		$	(0.14	)	$	(0.06	)	$	0.30
Diluted net income (loss) per common share:
Net income (loss)	$	15,662		$	50,470		$	(14,679	)	$	(5,997	)	$	31,292
Income allocated to participating securities	(49		)	(175		)	—			—			(194		)
Net income available to common shareholders	$	15,613		$	50,295		$	(14,679	)	$	(5,997	)	$	31,098
Diluted net income (loss) per common share	$	0.15		$	0.47		$	(0.14	)	$	(0.06	)	$	0.29

(1) As a result of the net loss in the three months ended September 30, 2014 and December 31, 2014, no allocation of the net loss has been made to participating shares in the calculation of basic and diluted net loss per common share.

Page 17 of 18

Third Point Reinsurance Ltd.

Return on Beginning Shareholders’ Equity - by Quarter

(expressed in thousands of U.S. dollars)

	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Net income (loss)	$	15,662		$	50,470		$	(14,679	)	$	(5,997	)	$	31,292
Shareholders’ equity attributable to shareholders - beginning of period	1,506,581			1,451,913			1,464,313			1,467,229			1,433,692
Return on beginning shareholders’ equity	1.0		%	3.5		%	(1.0		)%	(0.4		)%	2.2		%

(1) Return on beginning shareholders’ equity as presented is a non-GAAP financial measure. Return on beginning shareholders’ equity is calculated by dividing net income by the beginning of period shareholders’ equity attributable to shareholders.

Page 18 of 18