SiriusPoint (SPNT) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 24, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Third Point Reinsurance Ltd.
Entity Central Index Key	1,576,018
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		106,133,299
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 884.4

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Equity securities, trading, at fair value (cost - $1,156,369; 2014 - $1,078,859)	$ 1,231,077	$ 1,177,796
Debt securities, trading, at fair value (cost - $1,049,652; 2014 - $546,933)	1,034,247	569,648
Other investments, at fair value	51,920	83,394
Total investments in securities	2,317,244	1,830,838
Cash and cash equivalents	20,407	28,734
Restricted cash and cash equivalents	330,915	417,307
Due from brokers	326,971	58,241
Securities purchased under an agreement to sell	0	29,852
Derivative assets, at fair value	35,337	21,130
Interest and dividends receivable	10,687	2,602
Reinsurance balances receivable	294,313	303,649
Deferred acquisition costs, net	197,093	155,901
Unearned premiums ceded	187	0
Loss and loss adjustment expenses recoverable	125	814
Other assets	11,829	3,512
Total assets	3,545,108	2,852,580
Liabilities
Accounts payable and accrued expenses	11,966	10,085
Reinsurance balances payable	24,119	27,040
Deposit liabilities	83,955	145,430
Unearned premium reserves	531,710	433,809
Loss and loss adjustment expense reserves	466,047	277,362
Securities sold, not yet purchased, at fair value	314,353	82,485
Securities sold under an agreement to repurchase	8,944	0
Due to brokers	574,962	312,609
Derivative liabilities, at fair value	15,392	11,015
Interest and dividends payable	4,400	697
Senior notes payable, net of deferred costs	113,377	0
Total liabilities	2,149,225	1,300,532
Shareholders’ equity
Preference shares (par value $0.10; authorized, 30,000,000; none issued)	0	0
Common shares (par value $0.10; authorized, 300,000,000; issued and outstanding, 105,479,341 (2014: 104,473,402))	10,548	10,447
Additional paid-in capital	1,080,591	1,065,489
Retained earnings	288,587	375,977
Total shareholders’ equity	1,379,726	1,451,913
Non-controlling interests	16,157	100,135
Shareholders’ equity attributable to shareholders	1,395,883	1,552,048
Total liabilities and shareholders’ equity	$ 3,545,108	$ 2,852,580

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Equity securities, trading, cost	$ 1,078,859	$ 824,723
Debt securities, trading, cost	$ 546,933	$ 408,754
Shareholders’ equity
Preference shares, par value (in dollars per share)	$ 0.10	$ 0.10
Preference shares, shares authorized (in shares)	30,000,000	30,000,000
Preference shares, shares issued (in shares)	0	0
Preference shares, shares outstanding (in shares)	0	0
Common share, par value (in dollars per share)	$ 0.10	$ 0.10
Common share, shares authorized (in shares)	300,000,000	300,000,000
Common share, shares issued (in shares)	105,479,341	104,473,402
Common share, shares outstanding (in shares)	105,479,341	104,473,402

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Gross premiums written	$ 99,155	$ 205,583	$ 184,342	$ 213,334	$ 253,802	$ 126,403	$ 145,508	$ 87,587	$ 702,414	$ 613,300	$ 401,937
Gross premiums ceded	(24)	(375)	(1,425)	(52)	0	(150)	0	0	(1,876)	(150)	(9,975)
Net premiums written	99,131	205,208	182,917	213,282	253,802	126,253	145,508	87,587	700,538	613,150	391,962
Change in net unearned premium reserves	35,235	3,597	(62,339)	(74,207)	(70,230)	(17,305)	(66,758)	(14,325)	(97,714)	(168,618)	(171,295)
Net premiums earned	134,366	208,805	120,578	139,075	183,572	108,948	78,750	73,262	602,824	444,532	220,667
Net investment income (loss)	61,553	(193,156)	38,611	64,918	(6,490)	1,552	40,485	50,035	(28,074)	85,582	258,125
Total revenues	195,919	15,649	159,189	203,993	177,082	110,500	119,235	123,297	574,750	530,114	478,792
Expenses
Loss and loss adjustment expenses incurred, net	98,855	158,537	76,053	81,746	132,364	60,115	44,409	46,259	415,191	283,147	139,812
Acquisition costs, net	38,552	50,509	47,498	54,657	43,875	38,317	29,583	25,431	191,216	137,206	67,944
General and administrative expenses	10,236	9,822	14,267	11,708	10,310	10,124	9,549	10,025	46,033	40,008	33,036
Other expenses	2,928	670	2,315	2,701	2,606	2,982	1,020	787	8,614	7,395	4,922
Interest expense	2,074	2,074	2,052	1,036					7,236	0	0
Foreign currency gain (loss)	(2,396)	(746)	139	(193)					(3,196)	0	0
Total expenses	150,249	220,866	142,324	151,655	189,155	111,538	84,561	82,502	665,094	467,756	245,714
Income (loss) before income tax (expense) benefit	45,670	(205,217)	16,865	52,338	(12,073)	(1,038)	34,674	40,795	(90,344)	62,358	233,078
Income tax (expense) benefit	(2,863)	7,781	(708)	(1,305)	(1,731)	(1,542)	(2,375)	0	2,905	(5,648)	0
Income (loss) including non-controlling interests	42,807	(197,436)	16,157	51,033	(13,804)	(2,580)	32,299	40,795	(87,439)	56,710	233,078
(Income) loss attributable to non-controlling interests	(614)	1,721	(495)	(563)	(875)	(3,417)	(1,007)	(1,016)	49	(6,315)	(5,767)
Net income (loss)	$ 42,193	$ (195,715)	$ 15,662	$ 50,470	$ (14,679)	$ (5,997)	$ 31,292	$ 39,779	$ (87,390)	$ 50,395	$ 227,311
Earnings (loss) per share
Basic (in dollars per share)	$ 0.40	$ (1.88)	$ 0.15	$ 0.48	$ (0.14)	$ (0.06)	$ 0.30	$ 0.38	$ (0.84)	$ 0.48	$ 2.58
Diluted (in dollars per share)	$ 0.39	$ (1.88)	$ 0.15	$ 0.47	$ (0.14)	$ (0.06)	$ 0.29	$ 0.37	$ (0.84)	$ 0.47	$ 2.54
Weighted average number of ordinary shares used in the determination of earnings (loss) per share
Basic (in shares)	104,217,321	104,117,448	103,927,761	103,753,065	103,324,616	103,295,920	103,264,616	103,264,616	104,003,820	103,287,693	87,505,540
Diluted (in shares)	106,635,451	104,117,448	106,696,874	106,144,183	103,324,616	103,295,920	106,433,881	103,413,580	104,003,820	106,391,059	88,970,531

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common shares / Share Capital	Additional paid-in capital	Retained earnings	Shareholders’ equity attributable to shareholders	Non-controlling interests	Non-controlling interestsCatastrophe Fund	Non-controlling interestsCatastrophe Fund Manager
Shares issued and outstanding, beginning of year at Dec. 31, 2012	78,432,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares (in shares)		25,456,784
Balance, end of period (in shares) at Dec. 31, 2013		103,888,916
Shares issued and outstanding, beginning of year at Dec. 31, 2012		$ 7,843	$ 762,430	$ 98,271		$ 59,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares		2,546	283,460
Fair value of Founder and advisor warrants			3,747
Fair value of warrants qualifying as shareholders’ equity			3,747
Share compensation expense			9,800
Income including non-controlling interests	$ 227,311			233,078
(Income) loss attributable to non-controlling interests	(5,767)			(5,767)
Income (loss) attributable to non-controlling interests	233,078					5,767
Non-controlling interest in investment affiliate, net						27,867
Non-controlling interest							$ 25,324	$ 0
Balance. end of period at Dec. 31, 2013	$ 1,510,396	$ 10,389	1,055,690	325,582		118,735
Stockholders' Equity Attributable to Parent					$ 1,391,661
Shares issued and outstanding, beginning of year at Dec. 31, 2013	103,888,916
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares (in shares)		584,486
Balance, end of period (in shares) at Dec. 31, 2014		104,473,402
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares		$ 58	541
Fair value of Founder and advisor warrants			0
Fair value of warrants qualifying as shareholders’ equity			0
Share compensation expense			9,258
Income including non-controlling interests	$ 50,395			56,710
(Income) loss attributable to non-controlling interests	(6,315)			(6,315)
Income (loss) attributable to non-controlling interests	56,710					6,315
Non-controlling interest in investment affiliate, net						(31,066)
Non-controlling interest							6,151	0
Balance. end of period at Dec. 31, 2014	1,552,048	$ 10,447	1,065,489	375,977		100,135
Stockholders' Equity Attributable to Parent	$ 1,451,913				1,451,913
Shares issued and outstanding, beginning of year at Dec. 31, 2014	104,473,402
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares (in shares)		1,005,939
Balance, end of period (in shares) at Dec. 31, 2015		105,479,341
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares		$ 101	4,231
Fair value of Founder and advisor warrants			0
Fair value of warrants qualifying as shareholders’ equity			0
Share compensation expense			10,871
Income including non-controlling interests	$ (87,390)			(87,439)
(Income) loss attributable to non-controlling interests	49
Income (loss) attributable to non-controlling interests	(87,439)					(49)
Non-controlling interest in investment affiliate, net						(24,137)
Non-controlling interest							$ (60,032)	$ 240
Balance. end of period at Dec. 31, 2015	1,395,883	$ 10,548	$ 1,080,591	$ 288,587		$ 16,157
Stockholders' Equity Attributable to Parent	$ 1,379,726				$ 1,379,726

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Income (loss) including non-controlling interests	$ (87,439)	$ 56,710	$ 233,078
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Share compensation expense	10,871	9,258	9,800
Interest expense on deposit liabilities	6,471	4,346	4,271
Net unrealized (gain) loss on investments and derivatives	32,354	85,057	(78,490)
Net realized gain on investments and derivatives	(16,655)	(193,957)	(236,333)
Foreign exchange gains included in income (loss) including non-controlling interests	3,196	0	0
Foreign exchange gains included in income (loss) including non-controlling interests	324	(1,044)	(262)
Changes in assets and liabilities:
Reinsurance balances receivable	8,768	(111,886)	(107,483)
Deferred acquisition costs, net	(41,192)	(64,708)	(45,810)
Unearned premiums ceded	187	0	0
Loss and loss adjustment expenses recoverable	689	8,463	(9,277)
Other assets	(8,317)	(114)	(275)
Interest and dividends receivable, net	(4,382)	(38)	(1,034)
Unearned premium reserves	97,901	168,622	171,294
Loss and loss adjustment expense reserves	(192,433)	(143,031)	(67,060)
Accounts payable and accrued expenses	1,881	629	4,089
Reinsurance balances payable	(2,548)	18,061	9,081
Net cash provided by operating activities	187,776	122,430	19,709
Investing activities
Purchases of investments	(3,360,626)	(3,114,906)	(2,172,077)
Proceeds from sales of investments	2,829,523	2,857,404	1,943,655
Purchases of investments to cover short sales	(543,936)	(232,568)	(407,965)
Proceeds from short sales of investments	792,344	278,569	290,770
Change in due to/from brokers, net	(6,377)	307,884	12,162
Decrease in securities purchased under an agreement to sell	29,852	8,294	22,261
Increase in securities sold under an agreement to repurchase	8,944	0	0
Change in restricted cash and cash equivalents	86,392	(223,730)	(115,950)
Net cash used in investing activities	(163,884)	(119,053)	(427,144)
Financing activities
Proceeds from issuance of common shares, net of costs	4,332	599	286,095
Increase (decrease) in deposit liabilities	(65,842)	18,048	65,769
Non-controlling interest in investment affiliate, net	(24,137)	(31,066)	27,867
Non-controlling interest in Catastrophe Fund	(60,032)	6,151	25,324
Non-controlling interest in Catastrophe Fund Manager	240	0	0
Net cash provided by (used in) financing activities	(32,219)	(6,268)	405,055
Proceeds from Issuance of Long-term Debt	113,220	0	0
Net increase (decrease) in cash and cash equivalents	(8,327)	(2,891)	(2,380)
Cash and cash equivalents at beginning of year	28,734	31,625	34,005
Cash and cash equivalents at end of year	20,407	28,734	31,625
Supplementary information
Interest paid in cash	9,311	3,237	4,221
Income taxes paid in cash	$ 4,531	$ 3,056	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Third Point Reinsurance Ltd. (together with its wholly and majority owned subsidiaries, the “Company”) was incorporated under the laws of Bermuda on October 6, 2011. Through its reinsurance subsidiaries, the Company is a provider of global specialty property and casualty reinsurance products. The Company operates through two licensed reinsurance subsidiaries, Third Point Reinsurance Company Ltd. (“Third Point Re”), a Bermuda reinsurance company that commenced operations in January 2012, and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”). Third Point Re USA is a Bermuda reinsurance company that was incorporated on November 21, 2014 and commenced operations in February 2015. Third Point Re USA made an election under Section 953(d) of the U.S. Internal Revenue Code of 1986, as amended, to be taxed as a U.S. entity. Third Point Re USA prices and underwrites U.S. domiciled reinsurance business from an office in the United States. Third Point Re USA is a wholly owned subsidiary of Third Point Re (USA) Holdings, Inc. (“TPRUSA”), an intermediate holding company based in the U.S., which is a wholly owned subsidiary of Third Point Re (UK) Holdings Ltd. (“Third Point Re UK”), an intermediate holding company based in the United Kingdom. Third Point Re UK is a wholly owned subsidiary of Third Point Reinsurance Ltd. In June 2012, Third Point Reinsurance Opportunities Fund Ltd. (the “Catastrophe Fund”), Third Point Reinsurance Investment Management Ltd. (the “Catastrophe Fund Manager”), and Third Point Re Cat Ltd. (the “Catastrophe Reinsurer”) were incorporated in Bermuda. The Catastrophe Fund Manager, a Bermuda exempted company, was the investment manager of the Catastrophe Fund. In December 2014, the Company announced that it would no longer accept investments in the Catastrophe Fund, that no new business would be written in the Catastrophe Reinsurer and that the Company would be redeeming all existing investments in the Catastrophe Fund. As of December 31, 2015, all investments in the Catastrophe Fund were redeemed. In February 2016, the Company completed the dissolution of the Catastrophe Fund and Catastrophe Reinsurer. In August 2012, the Company established a wholly-owned subsidiary in the United Kingdom, Third Point Re Marketing (UK) Limited (“TPRUK”). On May 20, 2013, TPRUK was licensed as an insurance intermediary by the UK Financial Conduct Authority. In August 2013, the Company completed an initial public offering (“IPO”) of 24,832,484 common shares at an offering price of $12.50 per share. The net proceeds of the offering were $286.0 million , after deducting offering costs. The Company’s common shares are listed on the New York Stock Exchange under the symbol “TPRE”. These consolidated financial statements include the results of Third Point Reinsurance Ltd. and its wholly and majority owned subsidiaries (together, the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant accounting policies	The following is a summary of the significant accounting and reporting policies adopted by the Company: Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the loss and loss adjustment expense reserves, estimates of written and earned premiums and fair value of financial instruments. Cash and restricted cash and cash equivalents Cash and cash equivalents consist of cash held in banks and other short-term, highly liquid investments with original maturity dates of ninety days or less. Restricted cash and cash equivalents consist of cash held in trust accounts with the Catastrophe Reinsurer, securing collateralized reinsurance contracts written, trust accounts securing obligations under certain reinsurance contracts and cash held with brokers and in trust accounts securing letters of credit issued under credit facilities. Premium revenue recognition To the extent that the amount of written premium is estimable, the Company estimates the ultimate premiums for the entire contract period and records this estimate at the inception of the contract. For contracts where the full written premium is not estimable at inception, the Company records written premium for the portion of the contract period for which the amount is estimable. These estimates are based primarily on information in the underlying contracts as well as information provided by clients and/or brokers. Changes in premium estimates are expected and may result in adjustments in any reporting period. These estimates change over time as additional information regarding the underlying business volume is obtained. Any subsequent adjustments arising on such estimates are recorded in the period in which they are determined. Premiums written are earned over the exposure period in proportion to the period of risk covered. Unearned premiums represent the portion of premiums written that relate to the remaining term of the underlying policies in force. Premiums for retroactive exposures in reinsurance contracts are earned at the inception of the contract, as all of the underlying loss events covered by these exposures occurred in the past. Any underwriting profit at inception related to retroactive exposures in a reinsurance contract is deferred and recognised over the estimated future payout of the loss and loss adjustment expense reserves. Any underwriting loss at inception related to retroactive exposures in a reinsurance contract is recognised immediately. Reinsurance premiums ceded From time to time the Company reduces the risk of losses on business written by reinsuring certain risks and exposures with other reinsurers. The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent that the Company does not hold sufficient security for their unpaid obligations. Ceded premiums are written during the period in which the risks incept and are earned over the contract period in proportion to the period of risk covered. Unearned premiums ceded consist of the unexpired portion of reinsurance ceded. Deferred acquisition costs Acquisition costs consist of commissions, brokerage and excise taxes that are related directly to the successful acquisition of new or renewal reinsurance contracts. These costs are deferred and amortized over the period in which the related premiums are earned. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of future earned premiums and anticipated investment income is greater than expected future loss and loss adjustment expenses and acquisition costs. If a loss is probable on the unexpired portion of contracts in force, a premium deficiency loss is recognized. As of December 31, 2015 , deferred acquisition costs are considered to be fully recoverable and no premium deficiency has been recorded. Acquisition costs also include profit commissions that are expensed when incurred. Profit commissions are calculated and accrued based on the expected loss experience for contracts and recorded when the current loss estimate indicates that a profit commission is probable under the contract terms. Loss and loss adjustment expense reserves The Company’s loss and loss adjustment expense reserves include case reserves, reserves for losses incurred but not yet reported (“IBNR reserves”) and deferred gains on retroactive reinsurance contracts. Case reserves are established for losses that have been reported, but not yet paid. IBNR reserves represent the estimated loss and loss adjustment expenses that have been incurred by insureds and reinsureds but not yet reported to the insurer or reinsurer, including unknown future development on loss and loss adjustment expenses that are known to the insurer or reinsurer. IBNR reserves are established by management based on actuarially determined estimates of ultimate loss and loss adjustment expenses. Inherent in the estimate of ultimate loss and loss adjustment expenses are expected trends in claim severity and frequency and other factors that may vary significantly as claims are settled. Accordingly, ultimate loss and loss adjustment expenses may differ materially from the amounts recorded in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are recorded in the consolidated statements of income (loss) in the period in which they become known. Deposit liabilities Certain contracts do not transfer sufficient insurance risk to be deemed reinsurance contracts and are accounted for using the deposit method of accounting. Management exercises judgment in determining whether contracts transfer sufficient risk to be accounted for as reinsurance contracts. Using the deposit method of accounting, a deposit liability, rather than written premium, is initially recorded based upon the consideration received less any explicitly identified premiums or fees. In subsequent periods, the deposit liability is adjusted by calculating the effective yield on the deposit to reflect actual payments to date and future expected payments. Fair value measurement The Company determines the fair value of financial instruments in accordance with current accounting guidance, which defines fair value and establishes a three level fair value hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Fair value is defined as the price that the Company would receive to sell an asset or would pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Company determines the estimated fair value of each individual security utilizing the highest level inputs available. The fair value of the Company’s assets and liabilities, which qualify as financial instruments, approximates the carrying amounts presented in the consolidated balance sheets. Investments The Company’s investments are classified as “trading securities” and are carried at fair value with changes in fair value included in earnings in the consolidated statements of income (loss) . The fair value of the Company’s investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications, industry recognized pricing vendors, and/or internal pricing valuation techniques. Investment transactions are recorded on a trade date basis with balances pending settlement included in due to/from brokers in the consolidated balance sheets. Realized gains and losses are determined using cost calculated on a specific identification basis. Dividends are recorded on the ex-dividend date. Income and expense are recorded on the accrual basis including interest and premiums amortized and discounts accreted. Derivatives Underwriting The Catastrophe Reinsurer enters into certain contracts under which the potential loss payments are triggered exclusively by reference to a specified index, such as an industry loss. These contracts are considered derivatives. The Company records the fair value of these contracts in derivative liabilities, at fair value, in the consolidated balance sheet. Changes in the fair value of these contracts were recorded in net investment income (loss) in the consolidated statements of income (loss) . Investments Derivative instruments within our investment assets managed by our investment manager, Third Point LLC, are recorded in the consolidated balance sheets at fair value, with changes in fair values and realized gains and losses recognized in net investment income (loss) in the consolidated statements of income (loss) . Derivatives serve as a key component of the Company’s investment strategy and are utilized primarily to structure the portfolio, or individual investments, and to economically match the investment objectives of the Company. The Company’s derivatives do not qualify as hedges for financial reporting purposes and are recorded in the consolidated balance sheets on a gross basis and not offset against any collateral pledged or received. Pursuant to the International Swaps and Derivatives Association (“ISDA”) master agreements, securities lending agreements and other derivatives agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements, securities lending agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non defaulting party. The Company enters into derivative contracts to manage credit risk, interest rate risk, currency exchange risk and other exposure risks. The Company uses derivatives in connection with its risk-management activities to economically hedge certain risks and to gain exposure to certain investments. The utilization of derivative contracts also allows for an efficient means by which to trade certain asset classes. Fair values of derivatives are determined by using quoted market prices, industry recognized pricing vendors and counterparty quotes when available; otherwise fair values are based on pricing models that consider the time value of money, volatility and the current market and contractual prices of underlying financial instruments. Embedded derivatives Certain of the Company’s deposit and reinsurance contracts contain interest crediting features that vary based on the net investment return on investments managed by Third Point LLC. These contractual features are considered embedded derivatives in accordance with U.S. GAAP. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The change in estimated fair value of these embedded derivatives are recorded in other expenses in the consolidated statements of income (loss). Share-based compensation The Company accounts for its share-based compensation transactions using the fair value of the award at the grant date. Determining the fair value of share purchase options at the grant date requires estimation and judgment. The Company uses an option-pricing model (Black-Scholes) to calculate the fair value of share purchase options. For share purchase options or restricted share awards granted that contain both a service and performance condition, the Company recognizes share compensation expense only for the portion of the options or restricted share awards that are considered probable of vesting. Share compensation for share purchase options or restricted share awards considered probable of vesting is expensed over the service (vesting) period on a graded vesting basis. The probability of share purchase options or restricted share awards vesting is evaluated at each reporting period. When the share purchase options or restricted share awards are considered probable of vesting, the Company records a true up of share compensation expense from the grant date (service inception date) to the current reporting period end based on the fair value of the options or restricted share awards at the grant date. The Company measures grant date fair value for restricted share awards, with a service condition only, based on the price of its common shares at the grant date and the expense is recognized on a straight-line basis over the vesting period. Warrants The Company accounts for warrant contracts issued to certain of its founding investors (“Founders”) in conjunction with the initial capitalization of the Company by using either the physical settlement or net-share settlement methods. The fair value of these warrants was recorded in equity as additional paid-in capital. The fair value of warrants issued are estimated on the grant date using the Black-Scholes option-pricing model. The Company accounts for certain warrant contracts issued to an advisor, where services have been received by the Company, in part, in exchange for equity instruments, based on the fair value of such services. The associated cost of these warrants has been recorded as capital raise costs and is included in additional paid in capital in the consolidated statements of shareholders’ equity. Offering costs Equity Offering costs incurred in connection with the IPO, which included underwriters’ fees, legal and accounting fees, printing and other fees were deducted from the gross proceeds of the offering. The proceeds from the issuance of shares net of offering costs is included in additional paid in capital in the consolidated statements of shareholders’ equity. Debt Costs incurred in issuing debt, which includes underwriters’ fees, legal and accounting fees, printing and other fees are capitalized and presented as a direct deduction from the principal amount of senior notes payable in the condensed consolidated balance sheets. These costs are amortized over the term of the debt and are included in interest expense in the consolidated statements of income (loss) . Foreign currency transactions The Company’s functional currency is the U.S. dollar. Transactions involving monetary assets and liabilities denominated in foreign currencies have been converted into U.S. dollars at the exchange rate in effect on the balance sheet date, and the related revenues and expenses are converted using specific rates for the period, as appropriate. Net foreign currency transaction gains and losses arising from these activities are reported in the consolidated statements of income (loss) in the period in which they arise. The Company does not isolate the portion of the net investment income (loss) resulting from changes in foreign exchange rates on investments, dividends and interest from the fluctuations arising from changes in fair values of securities and derivatives held within the total net investments managed by Third Point LLC. Periodic payments received or paid on swap agreements are recorded as realized gain or loss on investment transactions. Such fluctuations are included within net investment income (loss) in the consolidated statements of income (loss) . Income taxes, withholding taxes and uncertain tax positions The Company provides for income taxes for its operations in income tax paying jurisdictions. The Company’s provision relies on estimates and interpretations of currently enacted tax laws. The Company recognizes deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Such temporary differences are primarily due to tax basis discounts on loss and loss adjustment expense reserves and unearned premiums, deferred acquisition costs and investments. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. Any adjustments to deferred income taxes are accounted for as changes in estimates and are reflected in the consolidated statements of income (loss) in the year in which they are made. Adjustments could be material and could significantly impact earnings in the year they are recorded. The Company is subject to withholding tax obligations related to dividends, capital gains and interest on certain investments. These withholding taxes are recorded when they become payable and are included in income tax expense (benefit) in the Company’s consolidated statements of income (loss) . Prior to the second quarter of 2014, these withholding tax obligations were recorded as deductions to net investment income (loss). As these withholding tax obligations increased, the Company began presenting the relevant amounts in income tax expense (benefit) in the consolidated statements of income in 2014. As a result, withholding taxes of $4.8 million and $3.0 million have been recorded in income tax expense (benefit) for the years ended December 31, 2015 and 2014, respectively. Withholding taxes of $1.1 million were previously recorded as deductions to net investment income for the year ended December 31, 2013. The Company has recognized uncertain tax positions related to certain investment transactions in foreign jurisdictions. The Company records its uncertain tax positions based on an estimate of the potential liability arising from its investment transactions conducted in foreign countries. The changes in the Company’s uncertain tax position is included in income tax expense (benefit) in the Company’s consolidated statements of income (loss) . Non-controlling interests The Company consolidates the results of entities in which it has a controlling financial interest. The Company records the portion of shareholders’ equity attributable to non-controlling interests as a separate line within shareholders’ equity in the consolidated balance sheets. The Company records the portion of income attributable to non-controlling interests as a separate line within the consolidated statements of income (loss) . Earnings (loss) per share Basic earnings (loss) 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 unvested restricted shares. Diluted earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares 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 treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive. Leases Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are recognized in the consolidated statements of income (loss) on a straight-line basis over the term of the lease. Comprehensive income The Company has no comprehensive income other than net income disclosed in the consolidated statements of income (loss) . Segment information Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance of the Company. The Company reports two operating segments – Property and Casualty Reinsurance and Catastrophe Risk Management. The Company also has a corporate function that includes the Company’s investment income on capital, certain general and administrative expenses related to its corporate activities, interest expense, foreign exchange gains and income tax expense. Recent accounting pronouncements Adoption of New Accounting Standards In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08). ASU 2014-08 changes the requirements for reporting discontinued operations, such that a disposal of a component of the Company’s operations is required to be reported as discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. ASU 2014-08 is effective for all disposals that occur after January 1, 2015, with early adoption permitted. This new pronouncement did not have a material impact on the Company’s condensed consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (ASU 2015-03). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. The amendments in ASU 2015-03 are effective for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2015-03 effective with its debt issuance in February 2015. Recently Issued Accounting Standards Not Yet Adopted In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 provides a framework, through a five-step process, for recognizing revenue from customers, improves comparability and consistency of recognizing revenue across entities, industries, jurisdictions and capital markets, and requires enhanced disclosures. Certain contracts with customers are specifically excluded from the scope of ASU 2014-09, including amongst others, insurance contracts accounted for under Accounting Standard Codification 944, Financial Services - Insurance . ASU 2014-09 is effective on January 1, 2017 with retrospective adoption required for the comparative periods. Insurance contracts are specifically excluded from ASU 2014-09, as a result, this new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued Accounting Standard Update 2015-02, Consolidation (Topic 810) Amendments to the Consolidation Analysis (ASU 2015-02). ASU 2015-02 requires management to evaluate whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 also provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in ASU 2015-02 are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In May 2015, the FASB issued Accounting Standards Update 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (ASU 2015-07) . ASU 2015-07 will eliminate the requirement to categorize certain investments in the fair value hierarchy if their fair value is measured at net asset value (NAV) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. The amendments in ASU 2015-07 are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company will include the new disclosures in its consolidated financial statements for the fiscal years beginning after December 31, 2015 and interim periods within those fiscal years. In May 2015, the FASB issued Accounting Standards Update 2015-09, Disclosures about Short-Duration Contracts (ASU 2015-09) . ASU 2015-09 amends ASC 944 (Financial Services - Insurance) to expand the disclosures that an insurance entity must provide about its short-duration insurance contracts. Under ASU 2015-09, the FASB focused on targeted improvements to provide users with additional information about insurance liabilities, including the nature, amount, timing, and uncertainty of future cash flows related to insurance liabilities. The amendments in ASU 2015-09 are effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. This new pronouncement will not have a material impact on the Company’s interim condensed consolidated financial statements for the period ending March 31, 2016. The Company will include the additional new disclosures in its consolidated financial statements as of and for the year ending December 31, 2016 and interim periods within those fiscal years. In June 2015, the FASB issued Accounting Standards Update 2015-10, Technical Corrections and Improvements (ASU 2015-10). ASU 2015-10 amends a number of Topics in the FASB Accounting Standards Codification and is part of an ongoing project on the FASB’s agenda to facilitate Codification updates for non-substantive technical corrections, clarifications and improvements that are not expected to have a significant effect on accounting practice or create a significant administrative cost to most entities. The amendments to transition guidance are effective for fiscal years beginning after December 15, 2015. All other changes are effective upon issuance of this ASU 2015-10. This new pronouncement did not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). ASU 2016-01 intends to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. ASU 2016-01 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on the Company’s consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842): Section A - Leases, Section B - Conforming Amendments Related to Leases and Section C - Background Information and Basis for Conclusions (ASU 2016-02). ASU 2016-02 intends to improve financial reporting about leasing transactions. The new standard affects all entities that lease assets such as real estate, airplanes and manufacturing equipment. ASU 2016-01 will require entities that lease assets, referred to as “lessees”, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on the Company’s consolidated financial statements.

Restricted cash and cash equiva

Restricted cash and cash equivalents and investments	12 Months Ended
	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents	Restricted cash and cash equivalents and investments as of December 31, 2015 and 2014 consisted of the following: 2015 2014 ($ in thousands) Restricted cash securing collateralized reinsurance contracts written by the Catastrophe Reinsurer (1) $ — $ 108,544 Restricted cash securing letter of credit facilities (2) 270,755 218,963 Restricted cash securing other reinsurance contracts (3) 60,160 89,800 Total restricted cash and cash equivalents 330,915 417,307 Restricted investments securing other reinsurance contracts (3) 292,111 — Total restricted cash and cash equivalents and restricted investments $ 623,026 $ 417,307 (1) Restricted cash securing collateralized reinsurance contracts written by the Catastrophe Reinsurer cannot be released until the contract’s exposure has expired. The remaining collateralized reinsurance contracts written by the Catastrophe Reinsurer expired in 2015 and the cedents agreed to release the collateral. (2) Restricted cash securing letter of credit facilities pertains to letters of credit issued to clients and cash securing these obligations that the Company will not be released from until the underlying reserves have been settled. The time period for which the Company expects these letters of credit to be in place varies from contract to contract, but can last at least several years. (3) Restricted cash and restricted investments securing other reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until all underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities including investments in U.S. Treasury securities and sovereign debt. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last at least several years.

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Investments	The Company’s investments are managed by its investment manager, Third Point LLC (“Third Point LLC” or the “Investment Manager”), under long-term investment management contracts. The Company directly owns the investments that are held in separate accounts and managed by Third Point LLC. The following is a summary of the separate accounts managed by Third Point LLC: 2015 2014 Assets ($ in thousands) Total investments in securities $ 2,290,779 $ 1,828,761 Cash and cash equivalents 57 3 Restricted cash and cash equivalents 330,915 308,763 Due from brokers 326,971 58,241 Securities purchased under an agreement to sell — 29,852 Derivative assets 35,337 21,130 Interest and dividends receivable 10,687 2,590 Other assets — 325 Total assets 2,994,746 2,249,665 Liabilities and non-controlling interest Accounts payable and accrued expenses 770 464 Securities sold, not yet purchased 314,353 82,485 Securities sold under an agreement to repurchase 8,944 — Due to brokers 574,962 312,609 Derivative liabilities 15,392 10,985 Interest and dividends payable 1,345 697 Non-controlling interest 16,157 40,241 Total liabilities and non-controlling interest 931,923 447,481 Total net investments managed by Third Point LLC $ 2,062,823 $ 1,802,184 The Company’s Investment Manager has a formal valuation policy that sets forth the pricing methodology for investments to be used in determining the fair value of each security in the Company’s portfolio. The valuation policy is updated and approved at least on an annual basis by Third Point LLC’s valuation committee (the “Committee”), which is comprised of officers and employees who are senior business management personnel of Third Point LLC. The Committee meets monthly. The Committee’s role is to review and verify the propriety and consistency of the valuation methodology to determine the fair value of investments. The Committee also reviews any due diligence performed and approves any changes to current or potential external pricing vendors. Investments are carried at fair value. The fair values of investments are estimated using prices obtained from either third-party pricing services or broker quotes. The methodology for valuation is generally determined based on the investment’s asset class per the Company’s Investment Manager’s valuation policy. For investments where fair values from pricing services or brokers are unavailable, fair values are estimated using information obtained by the Company’s Investment Manager. Securities listed on a national securities exchange or quoted on NASDAQ are valued at their last sales price as of the last business day of the period. Listed securities with no reported sales on such date and over-the-counter (“OTC”) securities are valued at their last closing bid price if held long by the Company, and last closing ask price if held short by the Company. As of December 31, 2015 , securities valued at $570.9 million ( December 31, 2014 - $434.4 million ), representing 24.5% ( December 31, 2014 - 23.5% ) of investments in securities and derivative assets, and $1.5 million ( December 31, 2014 - $1.3 million ), representing 0.4% ( December 31, 2014 - 1.4% ) of securities sold, not yet purchased and derivative liabilities, are valued based on broker quotes or other quoted market prices for similar securities. Private securities are those not registered for public sale and are carried at an estimated fair value at the end of the period. Valuation techniques used by the Company may include market approach, last transaction analysis, liquidation analysis and/or discounted cash flow models where the significant inputs could include but are not limited to additional rounds of equity financing, financial metrics such as revenue multiples or price-earnings ratio, discount rates and other factors. In addition, third party valuation firms may be employed to conduct separate valuations of such private securities. The third party valuation firms provide written reports documenting their recommended valuation as of the determination date for the specified investments. As of December 31, 2015 , the Company had $31.0 million ( December 31, 2014 - $2.3 million ) of private securities fair valued by a third party valuation firm using information obtained from the Company’s Investment Manager. Private securities represented 1.3% ( December 31, 2014 - less than 1% ) of total investments in securities and derivative assets. The actual value at which these securities could be sold or settled with a willing buyer or seller may differ from the Company’s estimated fair values depending on a number of factors including, but not limited to, current and future economic conditions, the quantity sold or settled, the presence of an active market and the availability of a willing buyer or seller. The Company’s free standing derivatives are recorded at fair value, and are included in the consolidated balance sheets in derivative assets and derivative liabilities. The Company values exchange-traded derivatives at their last sales price on the exchange where they are primarily traded. OTC derivatives, which include swap, option, swaption, forward, future and contract for differences, are valued by third party sources when available; otherwise, fair values are obtained from broker quotes that are based on pricing models that consider the time value of money, volatility, and the current market and contractual prices of the underlying financial instruments. As an extension of its underwriting activities, the Catastrophe Reinsurer has sold derivative instruments that provide reinsurance-like protection to third parties for specific loss events associated with certain lines of business. These derivatives are recorded in the consolidated balance sheets at fair value, with changes in the fair value of these derivatives recorded in net investment income (loss) in the consolidated statements of income (loss) . These contracts are valued on the basis of models developed by the Company, which approximates fair value. The Company also has derivatives embedded in non-derivative host contracts that are required to be separated from the host contracts and accounted for at fair value with changes in fair value of the embedded derivative reported in other expenses. The Company’s embedded derivatives relate to interest crediting features in certain reinsurance and deposit contracts that vary based on the returns on our investments managed by Third Point LLC. The Company determines the fair value of the embedded derivatives using models developed by the Company. See discussion of accounting policy for embedded derivatives in Note 2 for additional information. As of December 31, 2015 and 2014 , the Company’s asset-backed securities (“ABS”) holdings were as follows: 2015 2014 ($ in thousands) Re-REMIC (1) $ 195,889 39.6 % $ 131,568 32.9 % Subprime RMBS 174,777 35.3 % 198,046 49.5 % Collateralized debt obligations 50,455 10.2 % 9,397 2.3 % Other (2) 73,602 14.9 % 61,223 15.3 % $ 494,723 100.0 % $ 400,234 100.0 % (1) Mezzanine portions of the re-securitized real estate mortgage investment conduits (“re-REMIC”) structure of ABS. (2) Other includes: U.S. Alt-A positions, commercial mortgage-backed securities, market place loans, Non-U.S. RMBS and student loans ABS. As of December 31, 2015 , all of the Company’s ABS holdings were private-label issued, non-investment grade securities, and none of these securities were guaranteed by government sponsored entities. These investments are valued using broker quotes or a recognized third-party pricing vendor. All of these classes of ABS are sensitive to changes in interest rates and any resulting change in the rate at which borrowers sell their properties, refinance, or otherwise pre-pay their loans. As an investor in these classes of ABS, the Company may be exposed to the credit risk of underlying borrowers not being able to make timely payments on loans or the likelihood of borrowers defaulting on their loans. In addition, the Company may be exposed to significant market and liquidity risks. The Company values its investments in limited partnerships at fair value, which is estimated based on the Company’s share of the net asset value of the limited partnerships as provided by the investment managers of the underlying investment funds. The resulting net gains or net losses are reflected in the consolidated statements of income (loss) . On December 18, 2014, the Company entered into a subscription agreement with the Kiskadee Diversified Fund Ltd. (“Kiskadee Fund”) to invest up to $25.0 million in Hiscox Insurance Company (Bermuda) Limited’s (“Hiscox”) separately managed insurance-linked securities platform, Kiskadee Re Ltd. The Kiskadee Fund is a fund vehicle managed by Hiscox. The Kiskadee Fund invests in property catastrophe exposures through collateralized reinsurance transactions and other insurance-linked investments. On January 2, 2015 and June 1, 2015, the Company funded $5.0 million and $20.0 million , respectively, and there are no remaining commitments. The Company has elected the fair value option for this investment, which is recorded on the consolidated balance sheets at fair value as a Level 3 asset. The fair value is estimated based on the Company’s share of the net asset value in the Kiskadee Fund, as provided by the investment manager. The resulting net gains or losses are reflected in the consolidated statements of income (loss) . The Company performs several processes to ascertain the reasonableness of the valuation of all of the Company’s investments comprising the Company’s investment portfolio. These processes include (i) obtaining and reviewing weekly and monthly investment portfolio reports from the Investment Manager, (ii) obtaining and reviewing monthly Net Asset Value (“NAV”) and investment return reports received directly from the Company’s third-party fund administrator, which are compared to the reports noted in (i), and (iii) monthly update discussions with the Company’s Investment Manager regarding the investment portfolio, including, their process for reviewing and validating pricing obtained from third party service providers. For the years ended December 31, 2015 , 2014 and 2013 , there were no changes in the valuation techniques as they relate to the above. U.S. GAAP disclosure requirements establish a framework for measuring fair value, including a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-level hierarchy of inputs is summarized below: • Level 1 – Quoted prices available in active markets/exchanges for identical investments as of the reporting date. • Level 2 – Observable inputs to the valuation methodology other than unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include, but are not limited to, prices quoted for similar assets or liabilities in active markets/exchanges, prices quoted for identical or similar assets or liabilities in markets that are not active and fair values determined through the use of models or other valuation methodologies. • Level 3 – Pricing inputs unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs applied in the determination of fair value require significant management judgment and estimation. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources other than those of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and considers factors specific to the investment. The key inputs for corporate, government and sovereign bond valuation are coupon frequency, coupon rate and underlying bond spreads. The key inputs for ABS are yield, probability of default, loss severity and prepayment. Key inputs for over-the-counter (“OTC”) valuations vary based on the type of underlying security on which the contract was written: • The key inputs for most OTC option contracts include notional, strike price, maturity, payout structure, current foreign exchange forward and spot rates, current market price of the underlying security and volatility of the underlying security. • The key inputs for most forward contracts include notional, maturity, forward rate, spot rate, various interest rate curves and discount factor. • The key inputs for swap valuation will vary based on the type of underlying on which the contract was written. Generally, the key inputs for most swap contracts include notional, swap period, fixed rate, credit or interest rate curves, current market or spot price of the underlying security and the volatility of the underlying security. The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2015 and 2014 : December 31, 2015 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets ($ in thousands) Equity securities $ 1,181,865 $ 19,758 $ — $ 1,201,623 Private common equity securities — 919 4,357 5,276 Private preferred equity securities — — 24,178 24,178 Total equities 1,181,865 20,677 28,535 1,231,077 Asset-backed securities — 492,106 2,617 494,723 Bank debts — 2,158 7,660 9,818 Corporate bonds — 79,938 3,252 83,190 U.S. Treasury securities — 186,471 — 186,471 Sovereign debt — 260,024 21 260,045 Total debt securities — 1,020,697 13,550 1,034,247 Investments in limited partnerships — 2,362 5,437 7,799 Options — 8,911 — 8,911 Rights and warrants 416 — — 416 Trade claims — 8,329 — 8,329 Investment in Kiskadee Fund — — 26,465 26,465 Total other investments 416 19,602 31,902 51,920 Derivative assets (free standing) — 35,337 — 35,337 Total assets $ 1,182,281 $ 1,096,313 $ 73,987 $ 2,352,581 Liabilities Equity securities $ 228,009 $ — $ — $ 228,009 Sovereign debt — 5,856 — 5,856 Corporate bonds — 76,131 — 76,131 Options 690 3,667 — 4,357 Total securities sold, not yet purchased 228,699 85,654 — 314,353 Derivative liabilities (free standing) — 14,372 1,020 15,392 Derivative liabilities (embedded) — — 5,563 5,563 Total liabilities $ 228,699 $ 100,026 $ 6,583 $ 335,308 December 31, 2014 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets ($ in thousands) Equity securities $ 1,158,428 $ 15,207 $ — $ 1,173,635 Private common equity securities — 2,718 1,443 4,161 Total equities 1,158,428 17,925 1,443 1,177,796 Asset-backed securities — 395,514 4,720 400,234 Bank debts — 2,395 — 2,395 Corporate bonds — 56,795 3,799 60,594 Municipal bonds — 3,094 — 3,094 Sovereign debt — 103,331 — 103,331 Total debt securities — 561,129 8,519 569,648 Investments in limited partnerships — 55,756 6,354 62,110 Options 3,205 3,791 — 6,996 Rights and warrants 1,843 — — 1,843 Trade claims — 10,368 — 10,368 Catastrophe bond — 2,077 — 2,077 Total other investments 5,048 71,992 6,354 83,394 Derivative assets (free standing) 380 20,750 — 21,130 Total assets $ 1,163,856 $ 671,796 $ 16,316 $ 1,851,968 Liabilities Equity securities $ 33,222 $ — $ — $ 33,222 Sovereign debt — 29,350 — 29,350 Corporate bonds — 13,312 — 13,312 Options 3,755 2,846 — 6,601 Total securities sold, not yet purchased 36,977 45,508 — 82,485 Derivative liabilities (free standing) 505 9,548 962 11,015 Derivative liabilities (embedded) — — 9,289 9,289 Total liabilities $ 37,482 $ 55,056 $ 10,251 $ 102,789 During the years ended December 31, 2015 and 2014 , the Company made no significant reclassifications of assets or liabilities between Levels 1 and 2. During the years ended December 31, 2015 and 2014 , the Company reclassified $4.0 million and $86.6 million , respectively, of equity securities from Level 2 to Level 1 equity securities. These reclassifications were the result of the issuer’s IPO, with quoted prices having become available in an active market as of the reporting date and transfers due to restriction change. The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2015 and 2014 : January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) December 31, ($ in thousands) Assets Private common equity securities $ 1,443 $ — $ 4,384 $ (192 ) $ (1,278 ) $ 4,357 Private preferred equity securities — — 18,991 — 5,187 24,178 Asset-backed securities 4,720 (2,212 ) 4,929 (2,563 ) (2,257 ) 2,617 Bank debts — — 8,123 — (463 ) 7,660 Corporate bonds 3,799 — — (372 ) (175 ) 3,252 Sovereign debt — 19 — — 2 21 Investments in limited partnerships 6,354 — 724 (267 ) (1,374 ) 5,437 Investment in Kiskadee Fund — — 25,000 — 1,465 26,465 Total assets $ 16,316 $ (2,193 ) $ 62,151 $ (3,394 ) $ 1,107 $ 73,987 Liabilities Derivative liabilities (free standing) $ (962 ) $ — $ — $ (173 ) $ 115 $ (1,020 ) Derivative liabilities (embedded) (9,289 ) — 4,417 (3,152 ) 2,461 (5,563 ) Total liabilities $ (10,251 ) $ — $ 4,417 $ (3,325 ) $ 2,576 $ (6,583 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) December 31, ($ in thousands) Assets Private common equity securities $ 2,012 $ 393 $ — $ — $ (962 ) $ 1,443 Asset-backed securities 400 2,062 5,257 (2,898 ) (101 ) 4,720 Corporate bonds 4,610 — 822 (776 ) (857 ) 3,799 Investments in limited partnerships 5,292 — 2,916 — (1,854 ) 6,354 Total assets $ 12,314 $ 2,455 $ 8,995 $ (3,674 ) $ (3,774 ) $ 16,316 Liabilities Derivative liabilities (free standing) $ — $ — $ — $ (1,135 ) $ 173 $ (962 ) Derivative liabilities (embedded) (4,430 ) — — (2,871 ) (1,988 ) (9,289 ) Total liabilities $ (4,430 ) $ — $ — $ (4,006 ) $ (1,815 ) $ (10,251 ) (1) Total change in realized and unrealized gain (loss) recorded on Level 3 financial instruments is included in net investment income (loss) in the consolidated statements of income (loss) . Total unrealized gains (losses) related to fair value assets using significant unobservable inputs (Level 3) for the year ended December 31, 2015 was $(0.2) million ( 2014 - $(7.4) million and 2013 - $1.0 million ). For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and liabilities that were transferred out of Level 3 during the year, gains (losses) are presented as if the assets or liabilities had been transferred out of Level 3 at the beginning of the year. The following table summarizes information about the significant unobservable inputs used in determining the fair value of the Level 3 investments held by the Company. Level 3 investments not presented in the table below generally do not have any unobservable inputs to disclose, as they are valued primarily using dealer quotes, at cost or net asset value for investment in limited partnerships. December 31, 2015 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and observable inputs (O) Range Corporate bond $ 2,444 Discounted cash flow Yield (U) 10.4 - 11.4% Duration (U) 3 years Credit spread (U) 986 bps Volatility (U) 25.0 - 35.0% Derivative liabilities (embedded) $ 5,563 Discounted cash flow Contractual variable annual investment credit (U) 0.0 - 2.5% Mean monthly investment return (U) 1.2 % Duration from inception of contracts (U) 5.0 - 5.5 years Duration from valuation date (U) 4.0 - 5.0 years Interest rates (O) U.S. Treasury Spot Rates December 31, 2014 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and Range Corporate bond $ 2,346 Discounted cash flow Yield (U) 14.9% - 16.9% Duration (U) 3 years Credit spreads (U) 1,376 - 1,576 bps Volatility (U) 20.0 - 30.0% Derivative liabilities (embedded) $ 9,289 Discounted cash flow Contractual variable annual investment credit (U) 0.0 - 3.5% Mean monthly investment return (U) 1.2 % Duration from inception of contracts (U) 4.0 - 5.5 years Duration from valuation date (U) 1.8 - 5.0 years Interest rates (O) U.S. Treasury Spot Rates Corporate bond Included in the Company’s corporate bond investments are investments in the convertible debt of a real estate investment company with a fair value of $2.4 million as of December 31, 2015 . The Company measures the fair value of this investment using the Tsiveriotis-Fernandes approach and seeks to incorporate all relevant information reasonably available. The valuation methodology takes into account both the equity and debt component of the instrument. In addition, foreign exchange risk is considered as the bonds are denominated in Euro and U.S. Dollars and the underlying stock is traded in British Pounds Sterling. The fair value of the Company’s investment in this corporate convertible debt is positively correlated to the underlying investment stock price, and inversely correlated to the credit spread, liquidity discount and the risk-free rate. Derivative liabilities (embedded) The Company also has derivatives embedded in non-derivative host contracts that are required to be separated from the host contracts and accounted for at fair value with changes in fair value of the embedded derivative reported in other expenses. The Company’s embedded derivatives relate to interest crediting features in certain reinsurance and deposit contracts that vary based on the returns on the Company’s investments managed by Third Point LLC. The Company determines the fair value of the embedded derivatives using models developed by the Company. The fair value of these embedded derivative liabilities is positively correlated with the actual realized investment returns and the assumed future investment returns during the contract period and negatively correlated with U.S. Treasury Spot Rates.

Securities purchased under an a

Securities purchased under an agreement to sell	12 Months Ended
	Dec. 31, 2015
Securities Purchased under Agreements to Resell [Abstract]
Securities purchased under an agreement to sell	The Company may enter into repurchase and reverse repurchase agreements with financial institutions in which the financial institution agrees to resell or repurchase and the Company agrees to repurchase or resell such securities at a mutually agreed price upon maturity. These agreements are collateralized primarily by corporate or government bonds. As the Company held only repurchase agreements as of December 31, 2015, these positions are not impacted by counterparty netting agreements. Interest payable and receivable related to these transactions are included in interest payable and receivable in the consolidated balance sheets. For the year ended December 31, 2015 , foreign currency losses of $2.3 million ( 2014 – losses of $4.1 million and 2013 - gains of $1.9 million ) on reverse repurchase agreements are included in net investment income (loss) in the consolidated statements of income (loss) . Generally, repurchase and reverse repurchase agreements mature within 30 to 90 days . Th e Company may lend securities for securities lending transactions or pledge securities and/or cash for securities borrowed transactions. The value of any securities loaned is reflected in investments in securities. Any collateral received is reflected in due to brokers in the consolidated balance sheets. The Company’s repurchase and securities lending agreements may result in credit exposure in the event the counterparty to the transaction is unable to fulfill its contractual obligations. It is the Company’s policy to monitor and control collateral under such agreements. The following table presents the remaining contractual maturity of the repurchase agreements and securities lending transactions by class of collateral pledged as of December 31, 2015 (the Company did not hold repurchase agreements or securities lending transactions as of December 31, 2014): Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Repurchase agreements Non-U.S. sovereign debt $ — $ — $ 8,944 $ — $ 8,944 Total $ — $ — $ 8,944 $ — $ 8,944 Securities lending transactions Corporate bonds $ 112 $ — $ — $ — $ 112 Total $ 112 $ — $ — $ — $ 112

Due from_to brokers

Due from/to brokers	12 Months Ended
	Dec. 31, 2015
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Due from/to brokers	The Company holds substantially all of its investments through prime brokers pursuant to agreements between the Company and each prime broker. The brokerage arrangements differ from broker to broker, but generally cash and investments in securities balances are available as collateral against investments in securities sold, not yet purchased and derivative positions, if required. Due from/to brokers include cash balances maintained with the Company’s prime brokers, investment receivables, margin debt balances, receivables and payables from unsettled trades and proceeds from securities sold, not yet purchased. In addition, due from/to brokers includes cash collateral received and posted from OTC and repurchase agreement counterparties. As of December 31, 2015 , the Company’s due from/to brokers includes a total non-U.S. currency receivable balance of $9.8 million ( December 31, 2014 - payable of $1.1 million ). The Company uses prime brokerage arrangements to provide collateral for its letter of credit facilities and to fund trust accounts securing certain reinsurance contracts. As of December 31, 2015 , the Company had $623.0 million ( December 31, 2014 - $308.8 million ) of restricted cash and investments securing letter of credit facilities and certain reinsurance contracts. Margin debt at the brokers primarily relates to borrowings to fund collateral arrangements and investment activity. Amounts are borrowed through committed facilities with terms of up to 90 days, secured by assets of the Company held by the prime broker, and incur interest based on the Company’s negotiated rates. This interest expense is reflected in net investment income (loss) in the consolidated statements of income (loss) .

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	The following tables identify the listing currency, fair value and notional amounts of derivative instruments included in the consolidated balance sheets, categorized by primary underlying risk. Balances are presented on a gross basis. As of December 31, 2015 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/USD $ 21,692 $ 183,125 Equity Price Contracts for Differences - Long Contracts EUR/GBP/USD 631 41,686 Contracts for Differences - Short Contracts CHF/EUR/GBP/JPY/NOK/USD 5,884 80,027 Total Return Swaps - Long Contracts USD 415 58,799 Total Return Swaps - Short Contracts JPY/USD 466 9,457 Interest Rates Commodity Futures - Short Contracts USD 71 17,501 Interest Rate Swaptions JPY/USD 90 43,831 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CAD/EUR/GBP/MXN/SAR 1,947 155,518 Foreign Currency Options - Purchased CNH/EUR/SAR 4,141 193,613 Total Derivative Assets $ 35,337 $ 783,557 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/USD $ 3,449 $ 38,455 Credit Default Swaps - Protection Sold GBP/EUR/USD 2,054 6,436 Equity Price Contracts for Differences - Long Contracts EUR/GBP/USD 1,111 2,311 Contracts for Differences - Short Contracts EUR/GBP/USD 3,411 50,471 Total Return Swaps - Long Contracts JPY/USD 3,430 163,224 Total Return Swaps - Short Contracts AUD/JPY/USD 386 19,318 Interest Rates Commodity Futures - Short Contracts USD 18 13,069 Interest Rate Swaptions USD 17 87,499 Foreign Currency Exchange Rates Foreign Currency Forward Contracts JPY/SAR 1,041 87,127 Foreign Currency Options - Sold CNH/SAR 475 118,415 Total Derivative Liabilities (free standing) $ 15,392 $ 586,325 Embedded derivative liabilities in reinsurance contracts (3) USD $ 5,563 $ 20,000 Total Derivative Liabilities (embedded) $ 5,563 $ 20,000 (1) AUD = Australian Dollar, CAD = Canadian Dollar, CHF = Swiss Franc, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, JPY = Japanese Yen, MXN = Mexican Peso, NOK = Norwegian Krone, SAR = Saudi Arabian Riyal, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of December 31, 2015 , which is representative of the volume of derivatives held during the period. (3) The fair value of embedded derivatives in reinsurance contracts is included in reinsurance balances payable in the consolidated balance sheets. As of December 31, 2014 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Commodity Price Commodity Future Options - Sold USD $ 269 $ 25,168 Credit Credit Default Swaps - Protection Purchased USD 9,456 89,772 Credit Default Swaps - Protection Sold USD 205 2,084 Equity Price Contracts for Differences - Long Contracts USD 263 3,080 Contracts for Differences - Short Contracts AUD/EUR 186 6,428 Total Return Swaps - Long Contracts USD 43 1,874 Total Return Swaps - Short Contracts USD 34 9,763 Interest Rates Commodity Futures - Short Contracts USD 78 186,280 Foreign Currency Exchange Rates Foreign Currency Forward CAD/EUR/GBP/JPY 4,241 228,416 Foreign Currency Options - Purchased EUR/JPY/KRW/SAR 6,355 283,439 Total Derivative Assets $ 21,130 $ 836,304 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Commodity Price Commodity Future Options - Purchased USD $ 285 $ 12,012 Credit Credit Default Swaps - Protection Purchased USD 3,230 49,465 Credit Default Swaps - Protection Sold USD 1,319 5,142 Equity Price Contracts for Differences - Long Contracts EUR/GBP/USD 1,404 48,152 Contracts for Differences - Short Contracts AUD/NOK 130 3,070 Total Return Swaps - Long Contracts USD 590 11,233 Interest Rates Commodity Futures - Short Contracts USD 220 467,956 Treasury Futures - Short Contracts USD 280 10,119 Foreign Currency Exchange Rates Foreign Currency Options - Sold EUR/JPY/KRW 3,527 144,257 Catastrophe Risk derivatives USD 30 6,000 Total Derivative Liabilities (free standing) $ 11,015 $ 757,406 Embedded derivative liabilities in reinsurance contracts (3) USD $ 2,769 $ 15,000 Embedded derivative liabilities in deposit contracts (4) USD 6,520 75,000 Total Derivative Liabilities (embedded) $ 9,289 $ 90,000 (1) AUD = Australian Dollar, CAD = Canadian Dollar, EUR = Euro, GBP = British Pound, JPY = Japanese Yen, KRW = South Korean Won, NOK = Norwegian Krone, SAR = Saudi Arabian Riyal, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of December 31, 2014 , which is representative of the volume of derivatives held during the period. (3) The fair value of embedded derivatives in reinsurance contracts is included in reinsurance balances payable in the consolidated balance sheets. (4) The fair value of embedded derivatives in deposit contracts is included in deposit liabilities in the consolidated balance sheets. The following table sets forth, by major risk type, the Company’s realized and unrealized gains (losses) relating to derivatives for the years ended December 31, 2015 , 2014 and 2013 . Realized and unrealized gains (losses) related to free standing derivatives are included in net investment income (loss) in the consolidated statements of income (loss) . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the consolidated statements of income (loss) . 2015 2014 2013 Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Commodity Price ($ in thousands) Commodities Futures - Long Contracts $ (1,515 ) $ — $ — $ — $ — $ — Commodity Future Options - Purchased (286 ) 285 (470 ) (289 ) 264 15 Commodity Future Options - Sold 272 (269 ) 364 101 (81 ) 168 Credit Credit Default Swaps - Protection Purchased 1,282 4,839 (5,627 ) 1,018 4,243 (10,943 ) Credit Default Swaps - Protection Sold 2,071 (2,098 ) 1,362 (830 ) (4,845 ) 10,690 Equity Price Contracts for Differences - Long Contracts (6,101 ) 660 (1,869 ) (11,621 ) 8,900 6,172 Contracts for Differences - Short Contracts 8,459 2,418 (3,873 ) 413 1,219 (341 ) Total Return Swaps - Long Contracts 1,410 (2,469 ) 18,782 (2,112 ) 1,026 1,786 Total Return Swaps - Short Contracts (1,395 ) 45 (795 ) 171 (557 ) 76 Index Index Futures - Long Contracts 1,144 — (840 ) — (2,413 ) — Index Futures - Short Contracts — — (253 ) 441 1,169 (441 ) Interest Rates Bond Futures - Short Contracts (2,584 ) — (1,077 ) (212 ) (289 ) (36 ) Commodities Futures - Short Contracts (580 ) 194 (11 ) (143 ) 437 (212 ) Interest Rate Swaps 119 — (743 ) 639 949 (255 ) Interest Rate Swaptions (771 ) (39 ) (455 ) (918 ) (170 ) 913 Treasury Futures - Long Contracts — — — — (119 ) — Treasury Futures - Short Contracts (2,734 ) 280 (1,163 ) (388 ) 830 (456 ) Foreign Currency Exchange Rates Foreign Currency Forward 21,429 (3,334 ) 16,891 3,617 5,385 (1,255 ) Foreign Currency Options - Purchased 318 (1,144 ) (265 ) 941 5,920 1,069 Foreign Currency Options - Sold 1,214 316 (1,438 ) 63 (3,787 ) (109 ) Reinsurance contract derivatives 30 — — 982 1,250 3,085 $ 21,782 $ (316 ) $ 18,520 $ (8,127 ) $ 19,331 $ 9,926 Embedded Derivatives Embedded derivatives in reinsurance contracts $ (5 ) $ 362 $ — $ 102 $ — $ — Embedded derivatives in deposit contracts 2,104 — — (2,090 ) — (460 ) Total Derivative Liabilities (embedded) $ 2,099 $ 362 $ — $ (1,988 ) $ — $ (460 ) * Unrealized gain (loss) relates to derivatives still held at reporting date. The Company’s derivative contracts are generally subject to the International Swaps and Derivatives Association (“ISDA”) Master Agreements or other similar agreements that contain provisions setting forth events of default and/or termination events (“credit-risk-related contingent features”), including but not limited to provisions setting forth maximum permissible declines in the Company’s net asset value. Upon the occurrence of a termination event with respect to an ISDA Agreement, the Company’s counterparty could elect to terminate the derivative contracts governed by such agreement, resulting in the realization of any net gains or losses with respect to such derivative contracts and the return of collateral held by such party. The Company obtains/provides collateral from/to various counterparties for OTC derivative contracts in accordance with bilateral collateral agreements. As of December 31, 2015 , the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position was $1.8 million ( December 31, 2014 - $1.9 million ) for which the Company posted collateral in the form of cash of $62.6 million ( December 31, 2014 - $27.6 million ) of collateral in the normal course of business. Similarly, the Company held collateral (approximately $2.2 million ) in cash from certain counterparties as of December 31, 2015 . If the credit-risk-related contingent features underlying these instruments had been triggered as of December 31, 2015 and the Company had to settle these instruments immediately, no additional amounts would be required to be posted that would exceed the settlement amounts of open derivative contracts or in the case of cross margining relationships, the assets in the Company’s prime brokerage accounts are sufficient to offset the derivative liabilities. The Company’s derivatives do not qualify as hedges for financial reporting purposes and are recorded in the consolidated financial statements on a gross basis and not offset against any collateral pledged or received. Pursuant to ISDA master agreements and other counterparty agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non-defaulting party. The Company does not offset its derivative instruments and presents all amounts in the consolidated balance sheets on a gross basis. The Company has pledged cash collateral to counterparties to support the current value of amounts due to the counterparties based on the value of the underlying security. As of December 31, 2015 and 2014 , the gross and net amounts of derivative instruments and repurchase and reverse repurchase agreements that are subject to enforceable master netting arrangements or similar agreements were as follows: Gross Amounts not Offset in the Consolidated Balance Sheet December 31, 2015 Derivative Contracts Gross Amounts of Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 2,171 $ 2,171 $ — $ — Counterparty 2 4,959 1,243 — 3,716 Counterparty 3 6,347 2,335 — 4,012 Counterparty 4 3,679 2,656 — 1,023 Counterparty 5 14,181 4,027 — 10,154 Counterparty 6 7,351 1,657 1,993 3,701 Counterparty 7 882 — 194 688 Counterparty 8 2,669 2,669 — — Counterparty 9 2,009 542 — 1,467 Total $ 44,248 $ 17,300 $ 2,187 $ 24,761 Loaned securities Counterparty 3 $ 114 $ — $ 112 $ 2 $ 114 $ — $ 112 $ 2 Gross Amounts not Offset in the Consolidated Balance Sheet December 31, 2015 Derivative Contracts Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet (2) Financial Instruments Cash Collateral Pledged Net Amount Financial liabilities, derivative liabilities and collateral pledged ($ in thousands) Counterparty 1 $ 2,626 $ 2,171 $ 455 $ — Counterparty 2 1,243 1,243 — — Counterparty 3 2,335 2,335 — — Counterparty 4 2,816 2,656 160 — Counterparty 5 4,028 4,028 — — Counterparty 6 1,657 1,657 — — Counterparty 7 — — — — Counterparty 8 3,659 2,669 — 990 Counterparty 9 542 542 — — Counterparty 15 153 6 147 — Total $ 19,059 $ 17,307 $ 762 $ 990 Securities sold under an agreement to repurchase Counterparty 4 $ 8,944 $ 8,944 $ — $ — $ 8,944 $ 8,944 $ — $ — (1) The Gross Amounts of Assets Presented in the consolidated balance sheets presented above includes the fair value of Derivative Contract assets as well as gross OTC option contract assets of $8.9 million included in Other Investments in the consolidated balance sheets. (2) The Gross Amounts of Liabilities Presented in the consolidated balance sheets presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $3.7 million included in Securities sold, not yet purchased in the consolidated balance sheets. Gross Amounts not Offset in the Consolidated Balance Sheet December 31, 2014 Derivative Contracts Gross Amounts of Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 1,624 $ 1,613 $ — $ 11 Counterparty 2 2,199 539 — 1,660 Counterparty 3 10,558 4,802 — 5,756 Counterparty 4 368 368 — — Counterparty 5 2,218 133 — 2,085 Counterparty 6 5,832 2,866 2,420 546 Counterparty 7 745 440 — 305 Counterparty 8 699 699 — — Counterparty 9 655 461 — 194 Counterparty 10 23 — — 23 Total $ 24,921 $ 11,921 $ 2,420 $ 10,580 Securities purchased under an agreement to sell Counterparty 11 $ 29,852 $ 29,350 $ 247 $ 255 Total $ 29,852 $ 29,350 $ 247 $ 255 Gross Amounts not Offset in the Consolidated Balance Sheet December 31, 2014 Derivative Contracts Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet (2) Financial Instruments Cash Collateral Pledged Net Amount Financial liabilities, derivative liabilities and collateral pledged ($ in thousands) Counterparty 1 $ 1,613 $ 1,613 $ — $ — Counterparty 2 539 539 — — Counterparty 3 4,802 4,802 — — Counterparty 4 932 368 564 — Counterparty 5 133 133 — — Counterparty 6 2,866 2,866 — — Counterparty 7 440 440 — — Counterparty 8 2,001 699 1,302 — Counterparty 9 461 461 — — Total $ 13,787 $ 11,921 $ 1,866 $ — (1) The Gross Amounts of Assets Presented in the consolidated balance sheets presented above includes the fair value of Derivative Contract assets as well as gross OTC option contract assets of $3.8 million included in Other Investments in the consolidated balance sheets. (2) The Gross Amounts of Liabilities Presented in the consolidated balance sheets presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $2.8 million included in Securities sold, not yet purchased in the consolidated balance sheets.

Loss and loss adjustment expens

Loss and loss adjustment expense reserves	12 Months Ended
	Dec. 31, 2015
Loss and Loss Adjustment Expense Reserves [Abstract]
Loss and loss adjustment expense reserves	As of December 31, 2015 and 2014 , loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following: December 31, December 31, ($ in thousands) Case loss and loss adjustment expense reserves $ 87,186 $ 64,343 Incurred but not reported loss and loss adjustment expense reserves 375,690 210,777 Deferred gains on retroactive reinsurance contracts 3,171 2,242 $ 466,047 $ 277,362 The following table represents the activity in the loss and loss adjustment expense reserves for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Gross reserves for loss and loss adjustment expenses, beginning of year $ 277,362 $ 134,331 $ 67,271 Less: loss and loss adjustment expenses recoverable, beginning of year (814 ) (9,277 ) — Net reserves for loss and loss adjustment expenses, beginning of year 276,548 125,054 67,271 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 419,377 286,787 144,509 Prior years (3,330 ) (3,559 ) (4,697 ) Amortization of deferred gains on retroactive reinsurance contracts (856 ) (81 ) — Total incurred loss and loss adjustment expenses 415,191 283,147 139,812 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (100,403 ) (70,562 ) (27,528 ) Prior years (121,665 ) (61,091 ) (54,501 ) Total net paid losses (222,068 ) (131,653 ) (82,029 ) Foreign currency translation (3,749 ) — — Net reserve for loss and loss adjustment expenses, end of year 465,922 276,548 125,054 Plus: loss and loss adjustment expenses recoverable, end of year 125 814 9,277 Gross reserve for loss and loss adjustment expenses, end of year $ 466,047 $ 277,362 $ 134,331 Changes in our loss and loss adjustment expense reserves result from both re-estimating loss reserves as well as changes in premium estimates. Furthermore, many of our contracts have sliding scale or profit commissions whereby loss reserve development can be offset by changes in acquisition costs that vary inversely with loss experience. In some instances, the Company can have loss reserve development on contracts where there is no sliding scale or profit commission or where the loss ratio falls outside of the loss ratio range to which the sliding scale or profit commission applies. The $3.3 million decrease in prior years’ reserves for the year ended December 31, 2015 includes $5.4 million of net favorable reserve development related to re-estimating loss reserves and $2.1 million of adverse development resulting from increases in premium estimates on certain contracts. The net favorable reserve development as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows: • The net $5.4 million of favorable prior years’ reserve development for the year ended December 31, 2015 was accompanied by net increases of $13.2 million in acquisition costs, resulting in a net increase of $7.8 million in net underwriting loss. The $7.8 million net increase in net underwriting loss was a result of having favorable loss reserve development on certain contracts that was either fully or partially offset by increases in sliding scale or profit commissions whereas certain other contracts with adverse loss development did not have offsetting decreases in acquisition costs to the same degree resulting in the net favorable development being more than offset by acquisition costs in the current period. The net adverse development was primarily a result of deterioration in attritional loss experience on certain workers’ compensation and auto contracts that did not result in offsetting changes in acquisition costs. • The change in loss and loss adjustment expense reserves related to premium estimate changes of $2.1 million was accompanied by similar changes in the net premiums earned and acquisition costs for those contracts, resulting in a net decrease of $0.3 million in net underwriting loss for that period. • In total, loss reserve development related to re-estimating loss reserves and increases in premium estimates for prior years resulted in an increase in net underwriting loss of $7.5 million for the year ended December 31, 2015. The $3.6 million decrease in prior years’ reserves for the year ended December 31, 2014 includes $0.7 million of net favorable reserve development and $2.9 million resulting from decreases in premium estimates on certain contracts. The net favorable reserve development as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows: • The net $0.7 million of favorable prior years’ reserve development for the year ended December 31, 2014 was accompanied by net increases of $0.3 million in acquisition costs, resulting in a net decrease of $0.4 million in net underwriting loss. The net adverse development was primarily a result of deterioration in attritional loss experience on certain workers’ compensation, auto and property contracts that did not result in offsetting changes in acquisition costs. • The $2.9 million of favorable development related to the decreases in premium estimates on certain contracts was accompanied by a $0.4 million decrease in acquisition costs, for a total of $3.3 million decrease in loss and loss adjustment expenses incurred and acquisition costs. The decrease in earned premium related to the decrease in premium estimates was $3.7 million , resulting in an increase in net underwriting loss of $0.4 million for the year ended December 31, 2014. • In total, loss reserve development related to re-estimating loss reserves and increases in premium estimates for prior years resulted in minimal impact to net underwriting loss for the year ended December 31, 2014. The $4.7 million decrease in prior years’ reserves for the year ended December 31, 2013 reflects $1.3 million of favorable loss experience on several contracts and $3.4 million related to decreases in premium estimates, primarily related to one crop contract. The net favorable reserve development as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows: • The net $1.3 million of favorable prior years’ reserve development for the year ended December 31, 2013 was accompanied by net increases of $2.3 million in acquisition costs, resulting in a net increase of $1.0 million in net underwriting loss. The net adverse development was primarily a result of deterioration in attritional loss experience on certain workers’ compensation, auto and property contracts that did not result in offsetting changes in acquisition costs. • The $3.4 million of favorable development related to the decrease in premium estimates was accompanied by a $1.3 million decrease in acquisition costs, for a total of $4.7 million decrease in loss and loss adjustment expenses incurred and acquisition costs. The decrease in earned premium related to the decrease in premium estimates was $3.9 million , resulting in a $0.8 million decrease in net underwriting loss for the year ended December 31, 2013. • In total, loss reserve development related to re-estimating loss reserves and decreases in premium estimates for prior years resulted in an increase in net underwriting loss of $0.2 million for the year ended December 31, 2013. The net paid losses for the years ended December 31, 2015 , 2014 and 2013 included $79.1 million , $10.8 million and $5.1 million of paid losses related to contracts that were commuted during the years ended December 31, 2015 , 2014 and 2013 , respectively.

Management, performance and fou

Management, performance and founders fees	12 Months Ended
	Dec. 31, 2015
Management, Performance and Founders Fees [Abstract]
Management, performance and founders fees	Third Point Reinsurance Ltd., Third Point Re and Third Point Re USA are party to Joint Venture and Investment Management Agreements (the “Investment Agreements”) with Third Point LLC and Third Point Advisors LLC under which Third Point LLC manages certain jointly held assets. Pursuant to the Investment Agreements, Third Point Advisors LLC (“TP GP”) receives a performance fee allocation equal to 20% of the net investment income of the applicable company’s share of the investment assets managed by Third Point LLC. The performance fee accrued on net investment income is included in liabilities as a performance fee payable during the period, unless funds are redeemed from the Joint Venture accounts, in which case, the proportionate share of performance fee associated with the redemption is allocated to non-controlling interests. At the end of each year, the portion of the performance fee payable that has not been included in non-controlling interests through redemptions is then allocated to TP GP’s capital account in accordance with the Investment Agreements. The performance fee is subject to a loss carryforward provision pursuant to which TP GP is required to maintain a Loss Recovery Account, which represents the sum of all prior period net loss amounts not offset by prior year net profit amounts, and which is allocated to future profit amounts until the Loss Recovery Account has returned to a positive balance. Until such time, no performance fees are payable under the Investment Agreements. As of December 31, 2015, the Loss Recovery Account for Third Point Re’s investment account was $5.0 million and for Third Point Re USA’s investment account was $1.2 million (December 31, 2014 - $ nil ). These amounts have not been recorded in the Company’s consolidated balance sheets. Additionally, a total management fee equal to 2% annually of the Third Point Re’s and Third Point Re USA’s share of the investment assets managed by Third Point LLC is paid to Third Point LLC and various Founders of the Company. Management fees are paid monthly, whereas performance fees are paid annually, in arrears. Investment fee expenses related to the Investment Agreements, which are included in net investment income (loss) in the consolidated statements of income (loss) for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 2014 2013 ($ in thousands) Management fees - Third Point LLC $ 6,362 $ 5,037 $ 3,651 Management fees - Founders 36,053 28,544 20,686 Performance fees - TP GP 862 19,935 62,996 $ 43,277 $ 53,516 $ 87,333 As of December 31, 2015 $0.9 million ( December 31, 2014 - $19.9 million ) related to performance fees earned by TP GP were included in non-controlling interests.

Deposit contracts

Deposit contracts	12 Months Ended
	Dec. 31, 2015
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	The Company’s deposit liability contracts each contain a fixed interest crediting rate. Certain deposit contracts also contained a variable interest crediting feature based on actual investment returns realized by the Company that can increase the overall effective interest crediting rate on those contracts. These variable interest crediting features are considered embedded derivatives. The Company includes the estimated fair value of these embedded derivatives with the host deposit liability contracts. Changes in the estimated fair value of these embedded derivatives are recorded in other expenses in the consolidated statements of income (loss) . The following table represents activity in the deposit liabilities for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Balance, beginning of year $ 145,430 $ 120,946 $ 50,446 Consideration received 21,246 18,398 66,369 Net investment expense allocation and change in fair value of embedded derivatives 2,207 6,436 4,731 Payments (84,928 ) (350 ) (600 ) Balance, end of year $ 83,955 $ 145,430 $ 120,946

Senior Notes payable and letter

Senior Notes payable and letter of credit facilities (Notes)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Senior Notes payable and letter of credit facilities	Senior Notes payable As of December 31, 2015 , TPRUSA had outstanding debt obligations consisting of an aggregate principal amount of $115.0 million of senior unsecured notes (the “Notes”) due February 13, 2025. The Notes bear interest at 7.0% and interest is payable semi-annually on February 13 and August 13 of each year. The Notes are fully and unconditionally guaranteed by Third Point Reinsurance Ltd., and, in certain circumstances specified in the indenture governing the Notes, certain existing or future subsidiaries of the Company may be required to guarantee the Notes. As of December 31, 2015 , the Company had capitalized $1.6 million of costs associated with the Notes, which are presented as a direct deduction from the principal amount of the Notes on the consolidated balance sheets. As of December 31, 2015 , the Notes had an estimated fair value of $104.8 million . The fair value measurements were based on observable inputs and therefore would be considered to be Level 2. Letters of credit As of December 31, 2015 , the Company had entered into the following letter of credit facilities: Facility Utilized Collateral December 31, 2015 ($ in thousands) BNP Paribas $ 50,000 $ 17,959 $ 17,959 Citibank (1) 300,000 189,056 189,056 J.P. Morgan 50,000 37,551 37,926 Lloyds Bank (2) 150,000 25,814 25,814 $ 550,000 $ 270,380 $ 270,755 (1) During 2015, Third Point Re USA entered into a new $100.0 million facility with Citibank. The Citibank facility with Third Point Re was reduced to $200.0 million. (2) In February 2016, the facility with Lloyds Bank was reduced to $100.0 million . The Company’s letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the letter of credit facilities are fully collateralized. See Note 3 for additional information.

Net investment income

Net investment income	12 Months Ended
	Dec. 31, 2015
Net Investment Income [Abstract]
Net investment income	Net investment income (loss) for the years ended December 31, 2015 , 2014 and 2013 consisted of the following: 2015 2014 2013 Net investment income (loss) by type ($ in thousands) Net realized gains on investments and investment derivatives $ 14,398 $ 193,957 $ 236,333 Net unrealized gains (losses) on investments and investment derivatives (34,181 ) (83,146 ) 78,950 Net gains on foreign currencies 933 2,581 21,106 Dividend and interest income 45,103 31,750 14,233 Dividends paid on securities sold, not yet purchased (1,279 ) (120 ) (722 ) Management and performance fees (43,277 ) (53,516 ) (87,333 ) Other expenses (11,305 ) (7,151 ) (8,863 ) Net investment income (loss) on investments managed by Third Point LLC (29,608 ) 84,355 253,704 Investment income on cash held by the Catastrophe Reinsurer and Catastrophe Fund 29 101 86 Net gain on catastrophe bond held by Catastrophe Reinsurer 10 144 — Net gain on investment in Kiskadee Fund 1,465 — — Net gain on reinsurance contract derivatives written by the Catastrophe Reinsurer 30 982 4,335 $ (28,074 ) $ 85,582 $ 258,125 2015 2014 2013 Net investment income (loss) by asset class ($ in thousands) Net investment gains (losses) on equity securities $ (31,224 ) $ 82,902 $ 243,449 Net investment gains on debt securities 35,502 80,285 69,194 Net investment losses on other investments (35,917 ) (35,491 ) (5,045 ) Net investment gains on investment derivatives 21,466 10,393 29,257 Net investment gains (losses) on securities sold, not yet purchased 33,086 4,334 (5,974 ) Net investment income on cash, including foreign exchange gains (losses) 149 4,992 17,961 Net investment gains (losses) on securities purchased under an agreement to resell (147 ) (4,099 ) 1,863 Net investment losses on securities sold under an agreement to repurchase (2,226 ) — — Management and performance fees (43,277 ) (53,516 ) (87,333 ) Other investment expenses (5,486 ) (4,218 ) (5,247 ) $ (28,074 ) $ 85,582 $ 258,125

Other expenses

Other expenses	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other expenses	Other expenses for the years ended December 31, 2015 , 2014 and 2013 consisted of the following: 2015 2014 2013 ($ in thousands) Deposit liabilities investment expense $ 6,471 $ 4,346 4,271 Reinsurance contracts investment expense 6,764 1,061 191 Change in fair value of embedded derivatives in deposit and reinsurance contracts (4,621 ) 1,988 460 $ 8,614 $ 7,395 $ 4,922

Income taxes (Notes)

Income taxes (Notes)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	We provide for income tax expense or benefit based upon pre-tax income or loss reported in the consolidated financial statements and the provisions of currently enacted tax laws. The Company and its Bermuda subsidiaries are incorporated under the laws of Bermuda and are subject to Bermuda law with respect to taxation. Under current Bermuda law, the Company and its Bermuda subsidiaries are not subject to any income or capital gains taxes in Bermuda. In the event that such taxes are imposed, the Company and its Bermuda subsidiaries would be exempted from any such taxes until March 2035 under the Tax Assurance Certificates issued to such entities pursuant to the Bermuda Exempted Undertakings Tax Protection Act of 1966, as amended. The Company has an operating subsidiary incorporated in Bermuda, Third Point Re USA, which made an election to pay taxes in the United States of America under Section 953(d) of the U.S. Internal Revenue Code of 1986, as amended. The operations of Third Point Re USA will be subject to U.S. federal income taxes generally at a rate of 35%. Our non-U.S. subsidiaries would become subject to U.S. federal income tax only to the extent that they derive income from activity that is deemed to be the conduct of a trade or business within the United States. The Company also has subsidiaries in the United Kingdom, TPRUK and TPRUK Holdings, which are subject to applicable taxes in that jurisdiction. The Company is subject to withholding taxes on income sourced in the United States and in other countries, subject to each countries’ specific tax regulations. Income subject to withholding taxes includes, but is not limited to, dividends, capital gains and interest on certain investments. The Company has recorded uncertain tax positions related to investment transactions in certain foreign jurisdictions. As of December 31, 2015 , the Company has accrued $1.5 million (December 31, 2014 - $2.6 million ) for uncertain tax positions. For the years ended December 31, 2015 , 2014 and 2013 , the Company recorded income tax expense (benefit), as follows: 2015 2014 2013 ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries $ (6,633 ) $ 24 — Change in uncertain tax positions (1,100 ) 2,600 — Withholding taxes on certain investment transactions 4,828 3,024 — Income tax expense (benefit) $ (2,905 ) $ 5,648 $ — The following is a summary of the Company’s income (loss) before income tax expense (benefit) by jurisdiction for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Bermuda $ (71,416 ) $ 62,649 233,058 United States (18,981 ) (255 ) — United Kingdom 53 (36 ) 20 Income (loss) before income tax expense (benefit) $ (90,344 ) $ 62,358 $ 233,078 The Company’s expected income tax provision computed on pre-tax income at the weighted average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0.0% , 35.0% and 21.0% have been used for Bermuda, the United States and the United Kingdom, respectively. The following table presents a reconciliation of expected income taxes to income tax expense (benefit) for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Bermuda (expected tax expense at 0%) $ — $ — $ — Foreign taxes at local expected rates: United States (6,644 ) — — United Kingdom 11 24 — Withholding taxes related to dividend and interest income 4,828 3,024 — Uncertain tax positions (1,100 ) 2,600 — Income tax expense (benefit) $ (2,905 ) $ 5,648 $ — The following table presents the Company’s current and deferred incomes taxes for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Current tax expense (benefit) $ 3,728 $ 3,048 $ — Deferred tax expense (benefit) (6,633 ) 2,600 — Income tax expense (benefit) $ (2,905 ) $ 5,648 $ — The following table presents the tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Deferred tax assets: Discounting of loss and loss adjustment expense reserves $ 119 $ — $ — Unearned premiums 2,329 — — Temporary differences in recognition of expenses 573 — — Net operating loss carryforward 7,839 — — Total deferred tax assets 10,860 — — Deferred tax liabilities: Deferred acquisition costs 3,515 — — Unrealized losses on investments 712 — — Total deferred tax liabilities 4,227 — — Net deferred tax assets $ 6,633 $ — $ — The deferred tax assets and liabilities as of December 31, 2015 were primarily related to U.S. income tax. To evaluate the recoverability of the deferred tax assets, the Company considers the timing of the reversal of deferred income and expense items as well as the likelihood that the Company will generate sufficient taxable income to realize future tax benefits. The Company believes that it is more likely than not that it will generate sufficient taxable income and realize the future tax benefits in order to recover the deferred assets and, accordingly, no valuation allowance was recorded as of December 31, 2015 .

Share capital

Share capital	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Share capital	Authorized and issued The Company’s authorized share capital of $33.0 million is comprised of 300,000,000 common shares with a par value of $0.10 each and 30,000,000 preference shares with a par value of $0.10 each. As of December 31, 2015 , 105,479,341 common shares were issued and outstanding. No preference shares have been issued to date. Warrants The Company’s Founders and an advisor provided insurance industry expertise, resources and relationships to ensure that the Company would be fully operational with key management in place in time for the January 2012 underwriting season. In consideration of these commitments, the Company reserved for issuance to the Founders and an advisor warrants to purchase, in the aggregate, up to 4.0% (Founders 3.5% and an advisor 0.5% ) of the diluted shares (up to a maximum of $1 billion of subscribed shares) provided that the Founders and the advisor will not be issued any warrants for common shares issued in consideration for any capital raised by the Company in excess of $1 billion . The following is a summary of warrants as of December 31, 2015 : Exercise price Authorized and issued Aggregated fair value of warrants ($ in thousands, except for share and per share amounts) Founders $ 10.00 4,069,868 $ 15,203 Advisor $ 10.00 581,295 2,171 4,651,163 $ 17,374 The warrants were subject to a performance condition that was met as a result of the Company’s IPO. Prior to the IPO, 3,648,006 of the warrants were considered exercisable. After the IPO, the remaining 1,003,157 warrants met the performance condition. These amounts have been recorded as a component of capital raise costs in additional paid in capital resulting in no net impact to total shareholders’ equity. The warrants expire 10 years from the date of issuance, December 22, 2011, and will be exercisable at a price per share of $10.00 , which is equal to the price per share paid by investors in the initial private offering.

Share-based compensation

Share-based compensation	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	On July 15, 2013, the Third Point Reinsurance Ltd. 2013 Omnibus Incentive Plan (“Omnibus Plan”) was approved by the Board of Directors and subsequently on August 2, 2013 by the Shareholders of the Company. An aggregate of 21,627,906 common shares were made available under the Omnibus Plan. This number of shares includes the shares available under the Third Point Reinsurance Ltd. Share Incentive Plan (“Share Incentive Plan”). Awards under the Omnibus Plan may be made in the form of performance awards, restricted shares, restricted share units, share options, share appreciation rights and other share-based awards. As of December 31, 2015 , 9,786,902 (December 31, 2014 - 10,052,579 ) of the Company’s common shares were available for future issuance under the equity incentive compensation plans. Total share based compensation expense of $10.9 million for the year ended December 31, 2015 ( 2014 - $9.3 million and 2013 - $9.8 million ) was included in general and administrative expenses. As of December 31, 2015 , the Company had $13.1 million (December 31, 2014 - $20.0 million ) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.3 years (December 31, 2014 - 1.6 years ). Management and director options The management options issued under the Share Incentive Plan were subject to a service and performance condition. The service condition will be met with respect to 20% of the management options on each of the first five anniversary dates following the grant date of the management options. The performance condition with respect to the management options was met as a result of the Company’s IPO. Prior to the IPO, 8,572,594 of the management options were considered exercisable subject to the service condition. After the IPO, the remaining 2,357,633 management options had met the performance condition. The director options contain only a service condition that will be met with respect to 20% of the director options on each of the five anniversary dates following the grant date of the director options. On November 6, 2013, the director options were modified so that a total of 60% of the outstanding options vested on that date and the remaining 40% of the director options were forfeited. These forfeited options were replaced with restricted share awards. The management and director options activity for the years ended December 31, 2015 , 2014 and 2013 were as follows: Number of options Weighted average exercise price Balances as of January 1, 2013 10,956,838 $ 13.20 Granted 348,836 14.09 Forfeited (324,599 ) 13.20 Balances as of December 31, 2013 10,981,075 13.23 Granted 348,836 18.25 Forfeited (279,070 ) 13.20 Exercised (60,000 ) 10.00 Balances as of December 31, 2014 10,990,841 13.41 Forfeited (306,976 ) 14.36 Exercised (433,279 ) 10.00 Balances as of December 31, 2015 10,250,586 $ 13.52 The fair value of share options issued were estimated on the grant date using the Black-Scholes option-pricing model. There were no share options granted in the year ended December 31, 2015. The share price used for purposes of determining the fair value of share options that were granted in the year ended December 31, 2014 was $15.05 ( 2013 - $10.89 ). The volatility assumption used of 23.10% and 21.95% in 2014 and 2013 , respectively, was based on the average estimated volatility of a reinsurance company peer group. The other assumptions used in the option-pricing model were as follows: risk free interest rate of 2.20% and 1.23% in 2014 and 2013 , respectively, expected life of 6.5 years and 6.5 years in 2014 and 2013 , respectively, and a dividend yield of 0.0% in both 2014 and 2013 . As of December 31, 2015 , the weighted average remaining contractual term for options outstanding was 6.0 years ( 2014 - 7.1 years ). The following table summarizes information about the Company’s management and director share options outstanding as of December 31, 2015 : Options outstanding Options exercisable Range of exercise prices Number of options Weighted average exercise price Remaining contractual life Number of options Weighted average exercise price $10.00 - $10.89 5,788,392 $10.03 5.97 3,946,530 $10.02 $15.05 - $16.89 2,265,981 $15.94 6.06 1,526,448 $15.96 $20.00 - $25.05 2,196,213 $20.22 6.00 1,498,541 $20.13 10,250,586 $13.52 5.99 6,971,519 $13.49 For the year ended December 31, 2015 , the Company recorded $6.3 million ( 2014 - $6.6 million and 2013 - $8.3 million ) of share compensation expense related to share options. The aggregate intrinsic value of options outstanding and options exercisable as of December 31, 2015 was $19.6 million and $13.4 million , respectively ( 2014 - $28.4 million and $14.0 million , respectively). For the year ended December 31, 2015 , the Company received proceeds of $4.3 million ( 2014 - $0.6 million ) from the exercise of options. Restricted shares with service condition Restricted shares vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment or service and transferability. Restricted share award activity for the restricted shares with only a service condition for the years ended December 31, 2015 , 2014 and 2013 was as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2013 619,300 $ 10.00 Granted 37,856 15.22 Balance as of December 31, 2013 657,156 10.30 Granted 49,684 15.39 Forfeited (17,800 ) 10.00 Vested (72,926 ) 15.56 Balance as of December 31, 2014 616,114 10.10 Granted 118,120 13.06 Forfeited (7,267 ) 13.76 Vested (425,924 ) 10.37 Balance as of December 31, 2015 301,043 $ 11.31 For the year ended December 31, 2015 , the Company issued 71,429 ( 2014 - 9,614 and 2013 - 5,000 ) restricted shares to employees and 46,691 ( 2014 - 40,070 and 2013 - 32,856 ) to directors. The restricted shares issued to employees in 2014 and 2015 will vest after three years from the date of issuance, subject to the grantee’s continued service with the Company. The restricted shares issued in 2013 to employees vested on June 30, 2015. The restricted shares issued to directors in 2015 vested on December 31, 2015. The restricted shares issued to directors in 2013 and 2014 vested on December 31, 2014. For the year ended December 31, 2015 , the Company recorded $1.9 million ( 2014 - $2.6 million and 2013 - $1.5 million ) of compensation expense related to restricted share awards. Restricted shares with service and performance condition In December 2014 and February 2015, the Company granted performance-based restricted shares to certain employees pursuant to the Omnibus Plan. Performance-based restricted shares vest based on continued service and the achievement of certain financial performance measures over a three-year measurement period. The number of performance-based restricted shares that will be retained upon vesting will vary based on the level of achievement of the performance goals. The vesting dates for these awards are March 1, 2017 and March 1, 2018, respectively. The formula for determining the amount of shares that will vest is based on underwriting performance of the property and casualty reinsurance segment including underwriting income and the amount of float generated, as defined in the relevant award agreements. Restricted share award activity for the restricted shares with a service and performance condition for the years ended December 31, 2015 and 2014 was as follows: Number of non- vested restricted shares Number of non- vested restricted shares probable of vesting Weighted average grant date fair value Balance as of January 1, 2014 — — $ — Granted 459,746 306,496 14.60 Balance as of December 31, 2014 459,746 306,496 14.60 Granted 514,276 342,846 14.00 Forfeited (52,469 ) (34,980 ) 14.29 Change in estimated restricted shares considered probable of vesting — (78,128 ) 14.60 Balance as of December 31, 2015 921,553 536,234 $ 14.24 For the year ended December 31, 2015 , the Company recorded $2.7 million of share compensation expense related to the performance-based restricted shares ( 2014 - $0.1 million and 2013 - $ nil ).

Non-controlling interests

Non-controlling interests	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Non-controlling interests	Non-controlling interests represent the portion of equity in consolidated subsidiaries not attributable, directly or indirectly, to the Company. The ownership interests in consolidated subsidiaries held by parties other than the Company have been presented in the consolidated balance sheets, as a separate component of shareholders’ equity. Non-controlling interests as of December 31, 2015 and 2014 are as follows: December 31, 2015 December 31, 2014 ($ in thousands) Catastrophe Fund $ — $ 60,153 Catastrophe Fund Manager — (259 ) Joint Venture - Third Point Advisors LLC share 16,157 40,241 $ 16,157 $ 100,135 Income (loss) attributable to non-controlling interests for the years ended December 31, 2015 , 2014 and 2013 was: 2015 2014 2013 ($ in thousands) Catastrophe Fund $ (121 ) $ 4,748 $ 4,284 Catastrophe Fund Manager 19 (23 ) (238 ) Joint Venture - Third Point Advisors LLC share 53 1,590 1,721 $ (49 ) $ 6,315 $ 5,767 As of December 31, 2015 and 2014, the following entities were consolidated in accordance with the FASB’s consolidations voting model (ASC 810): a) Third Point Reinsurance Opportunities Fund Ltd. and Third Point Re Cat Ltd. As of December 31, 2015 , all investments in the Catastrophe Fund had been redeemed. As of December 31, 2014 , Third Point Re’s investment in the Catastrophe Fund was $59.5 million , representing approximately 49.7% of the Catastrophe Fund’s issued, non-voting, participating share capital. For the year ended December 31, 2015 , the Catastrophe Fund distributed $119.4 million (Third Point Re’s share - $59.4 million ) resulting in a distribution of non-controlling interests for the Catastrophe Fund of $60.0 million for the year ended December 31, 2015 . For the year ended December 31, 2014 , the Catastrophe Fund distributed $6.2 million (Third Point Re’s share - $ nil ) resulting in a distribution of non-controlling interests for the Catastrophe Fund of $6.2 million for the year ended December 31, 2014 . For the year ended December 31, 2013 , the Catastrophe Fund distributed $53.0 million (Third Point Re’s share - $28.0 million ) resulting in a distribution of non-controlling interests for the Catastrophe Fund of $25.3 million for the year ended December 31, 2013 . b) Third Point Reinsurance Investment Management Ltd. (the “Catastrophe Fund Manager”) On January 5, 2015, the Company and Hiscox agreed to terminate Hiscox’s 15% ownership in the Catastrophe Fund Manager effective December 31, 2015 . On January 5, 2015, the shareholders agreement between Third Point Re, Hiscox, and the Catastrophe Fund Manager was also terminated by agreement of the parties. The Catastrophe Fund Manager agreed to repurchase for cancellation Hiscox’s common shares, representing 15%, of the Catastrophe Fund Manager. c) Investment in Joint Ventures As of December 31, 2015 , the joint ventures created through the Investment Agreements ( Note 9 ) have been considered variable interest entities in accordance with U.S. GAAP. Since the Company was deemed to be the primary beneficiary, the Company has consolidated the joint ventures and has recorded TP GP’s minority interests as a non-controlling interest in the consolidated statements of shareholders’ equity. For the year ended December 31, 2015 , a net distribution of $24.1 million ( 2014 - $51.0 million and 2013 - $ 35.1 million) was made to TP GP and reduced the amount of the non-controlling interest. As of December 31, 2015 and 2014, the following entities were not consolidated as per ASC 810: Consolidation: a) TP Lux Holdco LP The Company is a limited partner in TP Lux Holdco LP (the “Cayman HoldCo”), which is an affiliate of the Investment Manager. The Cayman HoldCo was formed as a limited partnership under the laws of the Cayman Islands and invests and holds debt and equity interests in TP Lux HoldCo S.a.r.l, a Luxembourg private limited liability company (the “LuxCo”) established under the laws of the Grand-Duchy of Luxembourg, which is also an affiliate of the Investment Manager. LuxCo’s principal objective is to act as a collective investment vehicle to purchase Euro debt and equity investments. The Company invests in the Cayman HoldCo alongside other investment funds managed by the Investment Manager. As of December 31, 2015 , the Company held a 10.8% ( December 31, 2014 - 9.8% ) interest in the Cayman Holdco. The Company accounts for its investment in the limited partnership under the variable interest model, in which the Company is not the primary beneficiary, at fair value in the consolidated balance sheets. The Company has elected the fair value option for this investment and records changes in fair value in the consolidated statements of income (loss) . As of December 31, 2015 , the estimated fair value of the investment in the limited partnership was $2.4 million ( December 31, 2014 - $55.8 million ). The Cayman HoldCo made net distributions of $47.6 million to the Company during the year ended December 31, 2015 due to the disposition of underlying investments. The valuation policy with respect to this investment in a limited partnership is further described in Note 4 . The Company’s maximum exposure to loss as a result of its involvement with this investment is limited to the carrying value of the investment. b) Third Point Hellenic Recovery US Feeder Fund, L.P. Third Point Re is a limited partner in Third Point Hellenic Recovery US Feeder Fund, L.P. (“Hellenic Fund”), which is an affiliate of the Investment Manager. The Hellenic Fund was formed as a limited partnership under the laws of the Cayman Islands on April 12, 2013 and invests and holds debt and equity interests. Third Point Re has committed to invest $11.4 million ( December 31, 2014 - $11.4 million ) in the Hellenic Fund, of which $0.7 million ( 2014 - $2.9 million ) was called and $0.3 million ( 2014 - $1.5 million ) was distributed during the year ended December 31, 2015 . As of December 31, 2015 , the estimated fair value of Third Point Re’s investment in the Hellenic Fund was $5.4 million (December 31, 2014 - $6.3 million ), representing a 3.0% interest (December 31, 2014 , - 3.0% ). Third Point Re accounts for its investment in the limited partnership under the variable interest model, in which Third Point Re is not the primary beneficiary, at fair value in the consolidated balance sheets. The Company has elected the fair value option for this investment and records the change in the fair value in the consolidated statements of income (loss) . The valuation policy with respect to this investment in a limited partnership is further described in Note 4 . Third Point Re’s maximum exposure to loss as a result of its involvement with this investment is limited to the carrying value of the investment.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings per share	The following sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 104,003,820 103,287,693 87,505,540 Dilutive effect of options — 1,468,521 400,149 Dilutive effect of warrants — 1,634,845 1,064,842 Diluted number of common shares outstanding 104,003,820 106,391,059 88,970,531 Basic net income (loss) per common share: Net income (loss) $ (87,390 ) $ 50,395 $ 227,311 Income allocated to participating shares — (328 ) (1,618 ) Net income (loss) available to common shareholders $ (87,390 ) $ 50,067 $ 225,693 Basic net income (loss) per common share $ (0.84 ) $ 0.48 $ 2.58 Diluted net income (loss) per common share Net income (loss) $ (87,390 ) $ 50,395 $ 227,311 Income allocated to participating shares — (319 ) (1,592 ) Net income (loss) available to common shareholders $ (87,390 ) $ 50,076 $ 225,719 Diluted net income (loss) per common share $ (0.84 ) $ 0.47 $ 2.54 As a result of the net loss for the year ended December 31, 2015 , all options, warrants and restricted shares with service and performance condition totaling 15,528,597 are considered to be anti-dilutive at December 31, 2015 and were excluded from the computation of diluted loss per common share. Additionally, no allocation of the net loss has been made to participating shares in the calculation of diluted loss per common share. For the years ended December 31, 2014 and 2013 , anti-dilutive options and restricted shares with service and performance condition of 4,501,991 , 3,786,173 , respectively, were excluded from the computation of diluted earnings per share.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related party transactions	In addition to the transactions disclosed in Notes 4 , 9 and 17 to these consolidated financial statements, the following transaction is classified as a related party transaction, as the counterparty has either a direct or indirect shareholding in the Company or the Company has an investment in such counterparty. Third Point Loan L.L.C. (“Loan LLC”) serves as nominee of the Company and other affiliated investment management clients of the Investment Manager for certain investments. Loan LLC has appointed the Investment Manager as its true and lawful agent and attorney. As of December 31, 2015 , Loan LLC held $65.0 million ( December 31, 2014 - $33.4 million ) of the Company’s investments, which are included in investments in securities and derivative contracts in the consolidated balance sheets. The Company’s pro rata interest in the underlying investments registered in the name of Loan LLC and the related income and expense are reflected in the consolidated balance sheets and the consolidated statements of income (loss) .

Financial instruments with off-

Financial instruments with off-balance sheet risk or concentrations of credit risk	12 Months Ended
	Dec. 31, 2015
Guarantees [Abstract]
Financial instruments with off-balance sheet risk or concentrations of credit risk	Off-balance sheet risk In the normal course of business, the Company trades various financial instruments and engages in various investment activities with off-balance sheet risk. These financial instruments include securities sold, not yet purchased, forwards, futures, options, swaptions, swaps and contracts for differences. Generally, these financial instruments represent future commitments to purchase or sell other financial instruments at specific terms at specified future dates. Each of these financial instruments contains varying degrees of off-balance sheet risk whereby changes in the fair values of the securities underlying the financial instruments or fluctuations in interest rates and index values may exceed the amounts recognized in the consolidated balance sheets. Securities sold, not yet purchased are recorded as liabilities in the consolidated balance sheets and have market risk to the extent that the Company, in satisfying its obligations, may be required to purchase securities at a higher value than that recorded in the consolidated balance sheets. The Company’s investments in securities and amounts due from brokers are partially restricted until the Company satisfies the obligation to deliver securities sold, not yet purchased. Forward and futures contracts are a commitment to purchase or sell financial instruments, currencies or commodities at a future date at a negotiated rate. Forward and futures contracts expose the Company to market risks to the extent that adverse changes occur to the underlying financial instruments such as currency rates or equity index fluctuations. Option contracts give the purchaser the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price. The premium received by the Company upon writing an option contract is recorded as a liability, marked to market on a daily basis and is included in securities sold, not yet purchased in the consolidated balance sheets. In writing an option, the Company bears the market risk of an unfavorable change in the financial instrument underlying the written option. Exercise of an option written by the Company could result in the Company selling or buying a financial instrument at a price different from the current fair value. In the normal course of trading activities in its investment portfolio, the Company trades and holds certain derivative contracts, such as written options, which constitute guarantees. The maximum payout for written put options is limited to the number of contracts written and the related strike prices and the maximum payout for written call options is dependent upon the market price of the underlying security at the date of a payout event. As of December 31, 2015 , the investment portfolio had a maximum payout amount of approximately $42.2 million (December 31, 2014 - $666.9 million ) relating to written put option contracts with expiration thirteen months from the balance sheet date. The maximum payout amount could be offset by the subsequent sale, if any, of assets obtained via the settlement of a payout event. The fair value of these written put options as of December 31, 2015 was $2.6 million (December 31, 2014 - $4.5 million ) and is included in securities sold, not yet purchased in the consolidated balance sheets. Swaption contracts give the Company the right, but not the obligation, to enter into a specified interest-rate swap within a specified period of time. The Company’s market and counterparty credit risk is limited to the premium paid to enter into the swaption contract and net unrealized gains. Total return swaps, contracts for differences, index swaps, and interest rate swaps that involve the exchange of cash flows between the Company and counterparties are based on the change in the fair value of a particular equity, index, or interest rate on a specified notional holding. The use of these contracts exposes the Company to market risks equivalent to actually holding securities of the notional value but typically involve little capital commitment relative to the exposure achieved. The gains or losses of the Company may therefore be magnified on the capital commitment. Credit derivatives Credit default swaps protect the buyer against the loss of principal on one or more underlying bonds, loans, or mortgages in the event the issuer suffers a credit event. Typical credit events include failure to pay or restructuring of obligations, bankruptcy, dissolution or insolvency of the underlying issuer. The buyer of the protection pays an initial and/or a periodic premium to the seller and receives protection for the period of the contract. If there is not a credit event, as defined in the contract, the buyer receives no payments from the seller. If there is a credit event, the buyer receives a payment from the seller of protection as calculated by the contract between the two parties. The Company may also enter into index and/or basket credit default swaps where the credit derivative may reference a basket of single-name credit default swaps or a broad-based index. Generally, in the event of a default on one of the underlying names, the buyer will receive a pro-rata portion of the total notional amount of the credit default index or basket contract from the seller. When the Company purchases single-name, index and basket credit default swaps, the Company is exposed to counterparty nonperformance. Upon selling credit default swap protection, the Company may expose itself to the risk of loss from related credit events specified in the contract. Credit spreads of the underlying positions together with the period of expiration is indicative of the likelihood of a credit event under the credit default swap contract and the Company’s risk of loss. Higher credit spreads and shorter expiration dates are indicative of a higher likelihood of a credit event resulting in the Company’s payment to the buyer of protection. Lower credit spreads and longer expiration dates would indicate the opposite and lowers the likelihood the Company needs to pay the buyer of protection. As of December 31, 2015 , there was no cash collateral received specifically related to written credit default swaps as collateral is based on the net exposure associated with all derivative instruments subject to applicable netting agreements with counterparties and may not be specific to any individual derivative contract. The following table sets forth certain information related to the Company’s written credit derivatives as of December 31, 2015 and 2014 : December 31, 2015 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on 0-5 years 5 years or Total Written Asset Liability Net Asset/(Liability) ($ in thousands) Single name (0 - 250) $ — $ 2,878 $ 2,878 $ — $ 1,480 $ (1,480 ) Single name (251-500) 3,558 — 3,558 — 574 (574 ) $ 3,558 $ 2,878 $ 6,436 $ — $ 2,054 $ (2,054 ) December 31, 2014 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on 0-5 years 5 years or Total Written Asset Liability Net Asset/(Liability) ($ in thousands) Single name (0 - 250) $ — $ 5,142 $ 5,142 $ — $ 1,319 $ (1,319 ) Single name (251-500) — 2,084 2,084 205 — 205 $ — $ 7,226 $ 7,226 $ 205 $ 1,319 $ (1,114 ) (1) As of December 31, 2015 and 2014 , the Company did not hold any offsetting buy protection credit derivatives with the same underlying reference obligation. (2) Fair value amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. Concentrations of credit risk In addition to off-balance sheet risks related to specific financial instruments, the Company may be subject to concentrations of credit risk with particular counterparties. Substantially all securities transactions of the Company are cleared by several major securities firms. The Company had substantially all such individual counterparty concentration with these brokers or their affiliates as of December 31, 2015 . However, the Company reduces its credit risk with counterparties by entering into master netting agreements. Therefore, assets represent the Company’s greater unrealized gains less unrealized losses for derivative contracts in which the Company has master netting agreements. Similarly, liabilities represent the Company’s greater unrealized losses less unrealized gains for derivative contracts in which the Joint Ventures have master netting agreements. Furthermore, the Company obtains collateral from counterparties to reduce its exposure to counterparty credit risk. The Company’s maximum exposure to credit risk associated with counterparty nonperformance on derivative contracts is limited to the net unrealized gains by counterparties inherent in such contracts which are recognized in the consolidated balance sheets. As of December 31, 2015 , the Company’s maximum counterparty credit risk exposure was $24.8 million ( December 31, 2014 - $9.7 million ).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Operating lease The Company leases offices space in Bermuda and in New Jersey, U.S.A. The leases have been accounted for as operating leases. Total rent expense for the year ended December 31, 2015 was $0.7 million ( 2014 - $0.5 million and 2013 - $0.4 million ). Future minimum rental commitments as of December 31, 2015 under these leases are expected to be as follows: ($ in thousands) 2016 $ 861 2017 889 2018 913 2019 937 2020 904 Thereafter 44 $ 4,548 Agreements Third Point LLC The Company and Third Point Re (together, the “Companies”) entered into a five year investment management agreement with Third Point LLC on December 22, 2011 that expires on December 22, 2016, subject to certain extension and termination rights. The Companies are parties to an Investment Agreement with Third Point LLC under which the Companies, Third Point LLC and TP GP formed a joint venture for the purpose of managing certain jointly held assets. The non-controlling interest in the consolidated balance sheets includes TP GP’s share of assets in the investment joint venture. On January 28, 2015, Third Point Re USA entered into a similar investment management agreement with Third Point LLC and TP GP to form a second joint venture for purposes of managing certain jointly held assets of Third Point Re USA and TP GP. The term of the new investment management agreement coincides with the expiration of the original investment management agreement. NetJets On December 20, 2011, the Company acquired from NetJets Sales Inc. (“NetJets”) an undivided 12.5% interest in two aircrafts for a five year period. On September 3, 2014, the Company acquired an undivided 6.25% interest in one additional aircraft for a five year period, with a minimum commitment period of 2.5 years. The agreements with NetJets provides for monthly management fees, occupied hourly fees and other fees. Future minimum management fee commitments as of December 31, 2015 under the existing leases are expected to be as follows: ($ in thousands) 2016 $ 699 2017 24 2018 — 2019 — 2020 — $ 723 Employment agreements As of December 31, 2015 , the Company has entered into employment agreements with certain of its executive officers. Such employment arrangements provide for compensation in the form of base salary, annual bonus, share-based awards, participation in the Company’s employee benefit programs and the reimbursements of expenses. Investments Loan and other participation interests purchased by the Company, such as bank debt, may include revolving credit arrangements or other financing commitments obligating the Company to advance additional amounts on demand. As of December 31, 2015 , the Company had one unfunded capital commitment of $11.4 million related to its investment in the Hellenic Fund (see Note 17 for additional information). In the normal course of business, the Company, as part of its investment strategy, enters into contracts that contain a variety of indemnifications and warranties. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Thus, no amounts have been accrued related to such indemnifications. The Company also indemnifies TP GP, Third Point LLC and its employees from and against any loss or expense, including, without limitation any judgment, settlement, legal fees and other costs. Any expenses related to this indemnification are reflected in net investment income (loss) in the consolidated statements of income (loss) . Financing On February 13, 2015, TPRUSA issued $115.0 million of Notes due February 13, 2025. The Notes bear interest at 7.0% and interest is payable semi-annually on February 13 and August 13 of each year. The Notes are fully and unconditionally guaranteed by Third Point Reinsurance Ltd., and, in certain circumstances specified in the indenture governing the Notes, certain existing or future subsidiaries of the Company may be required to guarantee the Notes. Litigation From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company’s reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. While the final outcome of legal disputes that may arise cannot be predicted with certainty, the Company is not currently involved in any material formal or informal dispute resolution procedures.

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment reporting	The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments – Property and Casualty Reinsurance and Catastrophe Risk Management. The Company has also identified a corporate function that includes the Company’s investment income on capital, certain general and administrative expenses related to corporate activities, interest expense, foreign exchange gains and income tax expense. The following is a summary of the Company’s operating segment results for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 702,458 $ (44 ) $ — $ 702,414 Gross premiums ceded (1,876 ) — — (1,876 ) Net premiums written 700,582 (44 ) — 700,538 Change in net unearned premium reserves (97,766 ) 52 — (97,714 ) Net premiums earned 602,816 8 — 602,824 Expenses Loss and loss adjustment expenses incurred, net 415,041 150 — 415,191 Acquisition costs, net 191,217 (1 ) — 191,216 General and administrative expenses 24,815 447 20,771 46,033 Total expenses 631,073 596 20,771 652,440 Net underwriting loss (28,257 ) n/a n/a n/a Net investment income (loss) (10,810 ) 69 (17,333 ) (28,074 ) Other expenses (8,614 ) — — (8,614 ) Interest expense — — (7,236 ) (7,236 ) Foreign exchange gains — — 3,196 3,196 Income tax benefit — — 2,905 2,905 Segment loss including non-controlling interests (47,681 ) (519 ) (39,239 ) (87,439 ) Segment loss attributable to non-controlling interests — 102 (53 ) 49 Segment loss $ (47,681 ) $ (417 ) $ (39,292 ) $ (87,390 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 68.9 % Acquisition cost ratio 31.7 % Composite ratio 100.6 % General and administrative expense ratio 4.1 % Combined ratio 104.7 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Year Ended December 31, 2014 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 601,305 $ 11,995 $ — $ 613,300 Gross premiums ceded (150 ) — — (150 ) Net premiums written 601,155 11,995 — 613,150 Change in net unearned premium reserves (168,858 ) 240 — (168,618 ) Net premiums earned 432,297 12,235 — 444,532 Expenses Loss and loss adjustment expenses incurred, net 283,180 (33 ) — 283,147 Acquisition costs, net 136,154 1,052 — 137,206 General and administrative expenses 22,515 3,113 14,380 40,008 Total expenses 441,849 4,132 14,380 460,361 Net underwriting loss (9,552 ) n/a n/a n/a Net investment income 11,305 1,227 73,050 85,582 Other expenses (7,395 ) — — (7,395 ) Income tax expense — — (5,648 ) (5,648 ) Segment income (loss) including non-controlling interests (5,642 ) 9,330 53,022 56,710 Segment income attributable to non-controlling interests — (4,725 ) (1,590 ) (6,315 ) Segment income (loss) $ (5,642 ) $ 4,605 $ 51,432 $ 50,395 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 65.5 % Acquisition cost ratio 31.5 % Composite ratio 97.0 % General and administrative expense ratio 5.2 % Combined ratio 102.2 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Year Ended December 31, 2013 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 393,588 $ 8,349 $ — $ 401,937 Gross premiums ceded (9,975 ) — — (9,975 ) Net premiums written 383,613 8,349 — 391,962 Change in net unearned premium reserves (171,006 ) (289 ) — (171,295 ) Net premiums earned 212,607 8,060 — 220,667 Expenses Loss and loss adjustment expenses incurred, net 139,616 196 — 139,812 Acquisition costs, net 66,981 963 — 67,944 General and administrative expenses 21,838 3,852 7,346 33,036 Total expenses 228,435 5,011 7,346 240,792 Net underwriting loss (15,828 ) n/a n/a n/a Net investment income 26,953 4,421 226,751 258,125 Other expenses (4,922 ) — — (4,922 ) Segment income including non-controlling interests 6,203 7,470 219,405 233,078 Segment income attributable to non-controlling interests — (4,046 ) (1,721 ) (5,767 ) Segment income $ 6,203 $ 3,424 $ 217,684 $ 227,311 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 65.7 % Acquisition cost ratio 31.5 % Composite ratio 97.2 % General and administrative expense ratio 10.3 % Combined ratio 107.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. The following table lists the number of contracts that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2015 , 2014 and 2013 as a percentage of total gross premiums written in the relevant year: 2015 2014 2013 Largest contract 16.1 % 20.4 % 14.9 % Second largest contract 13.0 % 17.1 % 11.2 % Third largest contract — % — % 10.5 % Total for contracts contributing greater than 10% each 29.1 % 37.5 % 36.6 % Total for contracts contributing less than 10% each 70.9 % 62.5 % 63.4 % 100.0 % 100.0 % 100.0 % The following table lists counterparties with whom the Company has reinsurance balances receivable representing more than 10% of the Company’s total reinsurance balances receivable as of December 31, 2015 and 2014: December 31, 2015 December 31, 2014 ($ in thousands) Counterparty 1 $ 87,044 29.6 % $ 72,613 23.9 % Counterparty 2 — — % 55,636 18.3 % Counterparty 3 — — % 37,062 12.2 % 87,044 29.6 % 165,311 54.4 % Other counterparties representing less than 10% each 207,269 70.4 % 138,338 45.6 % Reinsurance balances receivable $ 294,313 100.0 % $ 303,649 100.0 % The following table provides a breakdown of the Company’s gross premiums written by line of business for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Property $ 114,215 16.2 % $ 106,834 17.4 % $ 67,612 16.8 % Casualty 327,064 46.6 % 266,763 43.5 % 210,017 52.2 % Specialty 261,179 37.2 % 227,708 37.1 % 115,959 28.9 % Total property and casualty reinsurance 702,458 100.0 % 601,305 98.0 % 393,588 97.9 % Catastrophe risk management (44 ) — % 11,995 2.0 % 8,349 2.1 % $ 702,414 100.0 % $ 613,300 100.0 % $ 401,937 100.0 % The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Prospective $ 594,350 84.6 % $ 530,169 86.4 % $ 362,151 90.1 % Retroactive (1) 108,064 15.4 % 83,131 13.6 % 39,786 9.9 % $ 702,414 100.0 % $ 613,300 100.0 % $ 401,937 100.0 % (1) Includes all retroactive exposure in reinsurance contracts. The Company records the gross premium written and earned at the inception of the contract for retroactive exposures in reinsurance contracts. Substantially all of the Company’s business is sourced through reinsurance brokers. The following table sets forth our premiums written by source that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Largest broker $ 198,209 28.2 % $ 199,563 32.5 % $ 111,865 27.8 % Second largest broker 163,832 23.3 % 110,063 17.9 % 89,125 22.2 % Third largest broker 91,554 13.0 % 80,535 13.1 % 57,994 14.4 % Fourth largest broker 73,499 10.5 % 61,777 10.1 % — — % Other 175,320 25.0 % 161,362 26.4 % 142,953 35.6 % $ 702,414 100.0 % $ 613,300 100.0 % $ 401,937 100.0 % The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) United States $ 283,626 40.4 % $ 339,061 55.3 % $ 304,141 75.7 % United Kingdom 290,710 41.4 % 176,522 28.8 % — — % Bermuda 128,078 18.2 % 97,717 15.9 % 96,396 24.0 % Other — — % — — % 1,400 0.3 % $ 702,414 100.0 % $ 613,300 100.0 % $ 401,937 100.0 %

Statutory Requirements

Statutory Requirements	12 Months Ended
	Dec. 31, 2015
Statutory Requirements [Abstract]
Statutory Requirements	Under the Bermuda Insurance Act, 1978 and related regulations, Third Point Re and Third Point Re USA are subject to capital requirements calculated using the Bermuda Solvency and Capital Requirement (“BSCR”) model, which is a standardized statutory risk-based capital model used to measure the risk associated with Third Point Re’s and Third Point Re USA’s assets, liabilities and premiums. Third Point Re’s and Third Point Re USA’s required statutory capital and surplus under the BSCR model is referred to as the enhanced capital requirement (“ECR”). Third Point Re and Third Point Re USA are required to calculate and submit the ECR to the Bermuda Monetary Authority, or the BMA, annually. Following receipt of the submission of Third Point Re’s and Third Point Re USA’s ECR the BMA has the authority to impose additional capital requirements (capital add-ons) if it deems necessary. If a company fails to maintain or meet its ECR, the BMA may take various degrees of regulatory action. As of December 31, 2015 and 2014 , Third Point Re and Third Point Re USA met their ECR. The principal difference between statutory capital and surplus and shareholders’ equity presented in accordance with GAAP is deferred acquisition costs and prepaid expenses, which are non-admitted assets for statutory purposes. Third Point Re and Third Point Re USA are also required under their Class 4 licenses to maintain minimum liquidity ratios whereby the value of their relevant assets are not less than 75% of the amount of their relevant liabilities for general business. As of December 31, 2015 and 2014 , Third Point Re and Third Point Re USA met their minimum liquidity ratio requirements. The following is a summary of actual and required statutory capital and surplus of Third Point Re and Third Point Re USA as of December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 ($ in thousands) Actual statutory capital and surplus Third Point Re $ 1,044,340 $ 1,296,067 Third Point Re USA 250,993 — Required statutory capital and surplus Third Point Re 612,620 622,624 Third Point Re USA $ 84,858 $ — The following is a summary of the statutory net income (loss) for Third Point Re and Third Point Re USA for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Third Point Re $ (68,188 ) $ 56,686 $ 229,974 Third Point Re USA $ (7,510 ) n/a n/a Dividend restrictions Third Point Re Third Point Re may declare dividends subject to it continuing to meet its solvency and capital requirements, which includes continuing to hold statutory capital and surplus equal to or exceeding its ECR. In addition, Third Point Re is prohibited from declaring or paying in any fiscal year dividends of more than 25% of its prior year’s statutory capital and surplus unless Third Point Re files with the BMA a signed affidavit by at least two members of the Board of Directors attesting that a dividend would not cause Third Point Re to fail to meet its capital requirements. As of December 31, 2015 , Third Point Re could pay dividends in 2016 of approximately $261.1 million (December 31, 2014 - $326.1 million ) without providing an affidavit to the BMA. Third Point Re USA Third Point Re USA may declare dividends subject to it continuing to meet its solvency and capital requirements, which includes continuing to hold statutory capital and surplus equal to or exceeding its ECR. Third Point Re USA is prohibited from declaring or paying in any fiscal year dividends of more than 25% of its prior year’s statutory capital and surplus, unless Third Point Re USA files with the BMA a signed affidavit by at least two members of the Board of Directors attesting that a dividend would not cause Third Point Re USA to fail to meet its capital requirements. Third Point Re USA is also restricted by the amount of capital and surplus that is available for the payment of dividends and must maintain a minimum surplus of $250.0 million as per the Net Worth Maintenance Agreement. As of December 31, 2015 , Third Point Re USA could pay dividends of approximately $11.1 million

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent events	, we entered into an amendment to the letter of credit facility with Lloyds Bank to reduce the facility to $100.0 million .

Supplemental guarantor informat

Supplemental guarantor information	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Supplemental guarantor information	Third Point Reinsurance Ltd. fully and unconditionally guarantees the $115.0 million of debt obligations issued by TPRUSA, a wholly owned subsidiary. The following information sets forth the consolidating balance sheets as of December 31, 2015 and 2014 and the consolidating statements of income (loss) and cash flows for the years ended December 31, 2015 , 2014 and 2013 for Third Point Reinsurance Ltd., TPRUSA and the non-guarantor subsidiaries of Third Point Reinsurance Ltd. Investments in subsidiaries are accounted for on the equity method; accordingly, entries necessary to consolidate the parent guarantor, TPRUSA and all other subsidiaries are reflected in the eliminations column. CONSOLIDATING BALANCE SHEET As of December 31, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,231,077 $ — $ 1,231,077 Debt securities — — 1,034,247 — 1,034,247 Other investments — — 51,920 — 51,920 Total investments in securities — — 2,317,244 — 2,317,244 Cash and cash equivalents 308 5 20,094 — 20,407 Restricted cash and cash equivalents — — 330,915 — 330,915 Investment in subsidiaries 1,382,336 261,083 159,593 (1,803,012 ) — Due from brokers — — 326,971 — 326,971 Derivative assets, at fair value — — 35,337 — 35,337 Interest and dividends receivable — — 10,687 — 10,687 Reinsurance balances receivable — — 294,313 — 294,313 Deferred acquisition costs, net — — 197,093 — 197,093 Unearned premiums ceded — — 187 — 187 Loss and loss adjustment expenses recoverable — — 125 — 125 Amounts due from (to) affiliates (346 ) (230 ) 576 — — Other assets 564 2,613 8,652 — 11,829 Total assets $ 1,382,862 $ 263,471 $ 3,701,787 $ (1,803,012 ) $ 3,545,108 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 3,136 $ 40 $ 8,790 $ — $ 11,966 Reinsurance balances payable — — 24,119 — 24,119 Deposit liabilities — — 83,955 — 83,955 Unearned premium reserves — — 531,710 — 531,710 Loss and loss adjustment expense reserves — — 466,047 — 466,047 Securities sold, not yet purchased, at fair value — — 314,353 — 314,353 Securities sold under an agreement to repurchase — — 8,944 — 8,944 Due to brokers — — 574,962 — 574,962 Derivative liabilities, at fair value — — 15,392 — 15,392 Interest and dividends payable — 3,055 1,345 — 4,400 Senior notes payable, net of deferred costs — 113,377 — — 113,377 Total liabilities 3,136 116,472 2,029,617 — 2,149,225 Shareholders' equity Common shares 10,548 — 1,250 (1,250 ) 10,548 Additional paid-in capital 1,080,591 159,618 1,509,594 (1,669,212 ) 1,080,591 Retained earnings (deficit) 288,587 (12,619 ) 145,169 (132,550 ) 288,587 Shareholders’ equity attributable to shareholders 1,379,726 146,999 1,656,013 (1,803,012 ) 1,379,726 Non-controlling interests — — 16,157 — 16,157 Total shareholders’ equity 1,379,726 146,999 1,672,170 (1,803,012 ) 1,395,883 Total liabilities and shareholders’ equity $ 1,382,862 $ 263,471 $ 3,701,787 $ (1,803,012 ) $ 3,545,108 CONSOLIDATING BALANCE SHEET As of December 31, 2014 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,177,796 $ — $ 1,177,796 Debt securities — — 569,648 — 569,648 Other investments — — 83,394 — 83,394 Total investments in securities — — 1,830,838 — 1,830,838 Cash and cash equivalents 140 — 28,594 — 28,734 Restricted cash and cash equivalents — — 417,307 — 417,307 Investment in subsidiaries 1,451,060 — — (1,451,060 ) — Due from brokers — — 58,241 — 58,241 Securities purchased under an agreement to sell — — 29,852 — 29,852 Derivative assets, at fair value — — 21,130 — 21,130 Interest and dividends receivable — — 2,602 — 2,602 Reinsurance balances receivable — — 303,649 — 303,649 Deferred acquisition costs, net — — 155,901 — 155,901 Loss and loss adjustment expenses recoverable — — 814 — 814 Other assets 600 666 2,246 — 3,512 Amounts due from (to) affiliates 1,339 (403 ) (936 ) — — Total assets $ 1,453,139 $ 263 $ 2,850,238 $ (1,451,060 ) $ 2,852,580 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,226 $ 518 $ 8,341 $ — $ 10,085 Reinsurance balances payable — — 27,040 — 27,040 Deposit liabilities — — 145,430 — 145,430 Unearned premium reserves — — 433,809 — 433,809 Loss and loss adjustment expense reserves — — 277,362 — 277,362 Securities sold, not yet purchased, at fair value — — 82,485 — 82,485 Due to brokers — — 312,609 — 312,609 Derivative liabilities, at fair value — — 11,015 — 11,015 Interest and dividends payable — — 697 — 697 Total liabilities 1,226 518 1,298,788 — 1,300,532 Shareholders’ equity Common shares 10,447 — 1,251 (1,251 ) 10,447 Additional paid-in capital 1,065,489 — 1,072,671 (1,072,671 ) 1,065,489 Retained earnings (deficit) 375,977 (255 ) 377,393 (377,138 ) 375,977 Shareholders’ equity attributable to shareholders 1,451,913 (255 ) 1,451,315 (1,451,060 ) 1,451,913 Non-controlling interests — — 100,135 — 100,135 Total shareholders’ equity 1,451,913 (255 ) 1,551,450 (1,451,060 ) 1,552,048 Total liabilities and shareholders’ equity $ 1,453,139 $ 263 $ 2,850,238 $ (1,451,060 ) $ 2,852,580 CONSOLIDATING STATEMENT OF INCOME LOSS For the year ended December 31, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 702,414 $ — $ 702,414 Gross premiums ceded — — (1,876 ) — (1,876 ) Net premiums written — — 700,538 — 700,538 Change in net unearned premium reserves — — (97,714 ) — (97,714 ) Net premiums earned — — 602,824 — 602,824 Net investment income (loss) — — (28,074 ) — (28,074 ) Equity in losses of subsidiaries (79,053 ) (7,510 ) (25 ) 86,588 — Total revenues (79,053 ) (7,510 ) 574,725 86,588 574,750 Expenses Loss and loss adjustment expenses incurred, net — — 415,191 — 415,191 Acquisition costs, net — — 191,216 — 191,216 General and administrative expenses 8,337 231 37,465 — 46,033 Other expenses — — 8,614 — 8,614 Interest expense — 7,236 — — 7,236 Foreign exchange gains — — (3,196 ) — (3,196 ) Total expenses 8,337 7,467 649,290 — 665,094 Loss before income tax benefit (87,390 ) (14,977 ) (74,565 ) 86,588 (90,344 ) Income tax benefit — 2,613 292 — 2,905 Loss including non-controlling interests (87,390 ) (12,364 ) (74,273 ) 86,588 (87,439 ) Loss attributable to non-controlling interests — — 49 — 49 Net loss $ (87,390 ) $ (12,364 ) $ (74,224 ) $ 86,588 $ (87,390 ) CONSOLIDATING STATEMENT OF INCOME (LOSS) For the year ended December 31, 2014 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 613,300 $ — $ 613,300 Gross premiums ceded — — (150 ) — (150 ) Net premiums written — — 613,150 — 613,150 Change in net unearned premium reserves — — (168,618 ) — (168,618 ) Net premiums earned — — 444,532 — 444,532 Net investment income — — 85,582 — 85,582 Equity in earnings of subsidiaries 56,238 — — (56,238 ) — Total revenues 56,238 — 530,114 (56,238 ) 530,114 Expenses Loss and loss adjustment expenses incurred, net — — 283,147 — 283,147 Acquisition costs, net — — 137,206 — 137,206 General and administrative expenses 5,843 255 33,910 — 40,008 Other expenses — — 7,395 — 7,395 Total expenses 5,843 255 461,658 — 467,756 Income (loss) before income tax expense 50,395 (255 ) 68,456 (56,238 ) 62,358 Income tax expense — — (5,648 ) — (5,648 ) Income (loss) including non-controlling interests 50,395 (255 ) 62,808 (56,238 ) 56,710 Income attributable to non-controlling interests — — (6,315 ) — (6,315 ) Net income (loss) $ 50,395 $ (255 ) $ 56,493 $ (56,238 ) $ 50,395 CONSOLIDATING STATEMENT OF INCOME For the year ended December 31, 2013 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 401,937 $ — $ 401,937 Gross premiums ceded — — (9,975 ) — (9,975 ) Net premiums written — — 391,962 — 391,962 Change in net unearned premium reserves — — (171,295 ) — (171,295 ) Net premiums earned — — 220,667 — 220,667 Net investment income — — 258,125 — 258,125 Equity in earnings of subsidiaries 228,646 — — (228,646 ) — Total revenues 228,646 — 478,792 (228,646 ) 478,792 Expenses Loss and loss adjustment expenses incurred, net — — 139,812 — 139,812 Acquisition costs, net — — 67,944 — 67,944 General and administrative expenses 1,335 — 31,701 — 33,036 Other expenses — — 4,922 — 4,922 Total expenses 1,335 — 244,379 — 245,714 Income including non-controlling interests 227,311 — 234,413 (228,646 ) 233,078 Income attributable to non-controlling interests — — (5,767 ) — (5,767 ) Net income $ 227,311 $ — $ 228,646 $ (228,646 ) $ 227,311 CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income (loss) including non-controlling interests $ (87,390 ) $ (12,364 ) $ (74,273 ) $ 86,588 $ (87,439 ) Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities Equity in losses of subsidiaries 79,053 7,510 25 (86,588 ) — Share compensation expense 542 — 10,329 — 10,871 Interest expense on deposit liabilities — — 6,471 — 6,471 Net unrealized loss on investments and derivatives — — 32,354 — 32,354 Net realized gain on investments and derivatives — — (16,655 ) — (16,655 ) Foreign exchange gains included in net income — — (3,196 ) — (3,196 ) Amortization of premium and accretion of discount, net — 157 167 — 324 Changes in assets and liabilities: Reinsurance balances receivable — — 8,768 — 8,768 Deferred acquisition costs, net — — (41,192 ) — (41,192 ) Unearned premiums ceded — — (187 ) — (187 ) Loss and loss adjustment expenses recoverable — — 689 — 689 Other assets 36 (1,947 ) (6,406 ) — (8,317 ) Interest and dividends receivable, net — 3,055 (7,437 ) — (4,382 ) Unearned premium reserves — — 97,901 — 97,901 Loss and loss adjustment expense reserves — — 192,433 — 192,433 Accounts payable and accrued expenses 1,910 (478 ) 449 — 1,881 Reinsurance balances payable — — (2,548 ) — (2,548 ) Amounts due from (to) affiliates 1,685 (173 ) (1,512 ) — — Net cash (used in) provided by operating activities (4,164 ) (4,240 ) 196,180 — 187,776 Investing activities Purchases of investments — — (3,360,626 ) — (3,360,626 ) Proceeds from sales of investments — — 2,829,523 — 2,829,523 Purchases of investments to cover short sales — — (543,936 ) — (543,936 ) Proceeds from short sales of investments — — 792,344 — 792,344 Change in due to/from brokers, net — — (6,377 ) — (6,377 ) Decrease in securities purchased under an agreement to sell — — 29,852 — 29,852 Increase in securities sold under an agreement to repurchase — — 8,944 — 8,944 Change in restricted cash and cash equivalents — — 86,392 — 86,392 Contributed capital to subsidiaries (158,000 ) (266,975 ) (25 ) 425,000 — Contributed capital from parent and/or subsidiaries — 158,000 267,000 (425,000 ) — Net cash (used in) provided by investing activities (158,000 ) (108,975 ) 103,091 — (163,884 ) Financing activities Proceeds from issuance of common shares, net of costs 4,332 — — — 4,332 Proceeds from issuance of senior notes payable — 113,220 — — 113,220 Increase in deposit liabilities — — (65,842 ) — (65,842 ) Non-controlling interest in investment affiliate, net — — (24,137 ) — (24,137 ) Non-controlling interest in Catastrophe Fund — — (60,032 ) — (60,032 ) Non-controlling interest in Catastrophe Fund Manager — — 240 — 240 Dividend received by (paid to) parent 158,000 — (158,000 ) — — Net cash provided by (used in) financing activities 162,332 113,220 (307,771 ) — (32,219 ) Net increase (decrease) in cash and cash equivalents 168 5 (8,500 ) — (8,327 ) Cash and cash equivalents at beginning of year 140 — 28,594 — 28,734 Cash and cash equivalents at end of year $ 308 $ 5 $ 20,094 $ — $ 20,407 CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income including non-controlling interests $ 50,395 $ (255 ) $ 62,808 $ (56,238 ) $ 56,710 Adjustments to reconcile income including non-controlling interests to net cash provided by (used in) operating activities Equity in earnings of subsidiaries (56,238 ) — — 56,238 — Share compensation expense 1,080 — 8,178 — 9,258 Interest expense on deposit liabilities — — 4,346 — 4,346 Net unrealized loss on investments and derivatives — — 85,057 — 85,057 Net realized gain on investments and derivatives — — (193,957 ) — (193,957 ) Amortization of premium and accretion of discount, net — — (1,044 ) — (1,044 ) Changes in assets and liabilities: Reinsurance balances receivable — — (111,886 ) — (111,886 ) Deferred acquisition costs, net — — (64,708 ) — (64,708 ) Loss and loss adjustment expenses recoverable — — 8,463 — 8,463 Other assets 120 (666 ) 432 — (114 ) Interest and dividends receivable, net — — (38 ) — (38 ) Unearned premium reserves — — 168,622 — 168,622 Loss and loss adjustment expense reserves — — 143,031 — 143,031 Accounts payable and accrued expenses 984 518 (873 ) — 629 Reinsurance balances payable — — 18,061 — 18,061 Amounts due from (to) affiliates (5,094 ) 403 4,691 — — Net cash (used in) provided by operating activities (8,753 ) — 131,183 — 122,430 Investing activities Purchases of investments — — (3,114,906 ) — (3,114,906 ) Proceeds from sales of investments — — 2,857,404 — 2,857,404 Purchases of investments to cover short sales — — (232,568 ) — (232,568 ) Proceeds from short sales of investments — — 278,569 — 278,569 Change in due to/from brokers, net — — 307,884 — 307,884 Increase in securities purchased under agreement to sell — — 8,294 — 8,294 Change in restricted cash and cash equivalents — — (223,730 ) — (223,730 ) Net cash used in investing activities — — (119,053 ) — (119,053 ) Financing activities Proceeds from issuance of common shares, net of costs 599 — — — 599 Increase in deposit liabilities — — 18,048 — 18,048 Non-controlling interest in investment affiliate, net — — (31,066 ) — (31,066 ) Non-controlling interest in Catastrophe Fund — — 6,151 — 6,151 Dividend received by (paid to) parent 8,000 — (8,000 ) — — Net cash provided by (used in) financing activities 8,599 — (14,867 ) — (6,268 ) Net decrease in cash and cash equivalents (154 ) — (2,737 ) — (2,891 ) Cash and cash equivalents at beginning of year 294 — 31,331 — 31,625 Cash and cash equivalents at end of year $ 140 $ — $ 28,594 $ — $ 28,734 CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2013 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income including non-controlling interests $ 227,311 $ — $ 234,413 $ (228,646 ) $ 233,078 Adjustments to reconcile income including non-controlling interests to net cash provided by operating activities Equity in earnings of subsidiaries (228,646 ) — — 228,646 — Share compensation expense — — 9,800 — 9,800 Interest expense on deposit liabilities — — 4,271 — 4,271 Net unrealized gain on investments and derivatives — — (78,490 ) — (78,490 ) Net realized gain on investments and derivatives — — (236,333 ) — (236,333 ) Amortization of premium and accretion of discount, net — — (262 ) — (262 ) Changes in assets and liabilities: Reinsurance balances receivable — — (107,483 ) — (107,483 ) Deferred acquisition costs, net — — (45,810 ) — (45,810 ) Loss and loss adjustment expenses recoverable — — (9,277 ) — (9,277 ) Other assets (686 ) — 411 — (275 ) Interest and dividends receivable, net — — (1,034 ) — (1,034 ) Unearned premium reserves — — 171,294 — 171,294 Loss and loss adjustment expense reserves — — 67,060 — 67,060 Accounts payable and accrued expenses (65 ) — 4,154 — 4,089 Reinsurance balances payable — — 9,081 — 9,081 Amounts due to (from) affiliates 2,373 — (2,373 ) — — Net cash provided by operating activities 287 — 19,422 — 19,709 Investing activities Purchases of investments — — (2,172,077 ) — (2,172,077 ) Proceeds from sales of investments — — 1,943,655 — 1,943,655 Purchases of investments to cover short sales — — (407,965 ) — (407,965 ) Proceeds from short sales of investments — — 290,770 — 290,770 Change in due to/from brokers, net — — 12,162 — 12,162 Increase in securities purchased under agreement to sell — — 22,261 — 22,261 Change in restricted cash and cash equivalents — — (115,950 ) — (115,950 ) Contributed capital (to) from subsidiaries (286,257 ) — 286,257 — — Net cash used in investing activities (286,257 ) — (140,887 ) — (427,144 ) Financing activities Proceeds from issuance of common shares, net of costs 286,095 — — — 286,095 Increase in deposit liabilities — — 65,769 — 65,769 Non-controlling interest in investment affiliate, net — — 27,867 — 27,867 Non-controlling interest in Catastrophe Fund — — 25,324 — 25,324 Net cash provided by financing activities 286,095 — 118,960 — 405,055 Net (decrease) increase in cash and cash equivalents 125 — (2,505 ) — (2,380 ) Cash and cash equivalents at beginning of year 169 — 33,836 — 34,005 Cash and cash equivalents at end of year $ 294 $ — $ 31,331 $ — $ 31,625

Quarterly Financial Results

Quarterly Financial Results	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly financial results	Three months ended December 31, September 30, June 30, March 31, ($ in thousands, except per share and share amounts) Revenues Gross premiums written $ 99,155 $ 205,583 $ 184,342 $ 213,334 Gross premiums ceded (24 ) (375 ) (1,425 ) (52 ) Net premiums written 99,131 205,208 182,917 213,282 Change in net unearned premium reserves 35,235 3,597 (62,339 ) (74,207 ) Net premiums earned 134,366 208,805 120,578 139,075 Net investment income (loss) 61,553 (193,156 ) 38,611 64,918 Total revenues 195,919 15,649 159,189 203,993 Expenses Loss and loss adjustment expenses incurred, net 98,855 158,537 76,053 81,746 Acquisition costs, net 38,552 50,509 47,498 54,657 General and administrative expenses 10,236 9,822 14,267 11,708 Other expenses 2,928 670 2,315 2,701 Interest expense 2,074 2,074 2,052 1,036 Foreign exchange (gains) losses (2,396 ) (746 ) 139 (193 ) Total expenses 150,249 220,866 142,324 151,655 Income (loss) before income tax (expense) benefit 45,670 (205,217 ) 16,865 52,338 Income tax (expense) benefit (2,863 ) 7,781 (708 ) (1,305 ) Income (loss) including non-controlling interests 42,807 (197,436 ) 16,157 51,033 (Income) loss attributable to non-controlling interests (614 ) 1,721 (495 ) (563 ) Net income (loss) $ 42,193 $ (195,715 ) $ 15,662 $ 50,470 Earnings (loss) per share Basic $ 0.40 $ (1.88 ) $ 0.15 $ 0.48 Diluted $ 0.39 $ (1.88 ) $ 0.15 $ 0.47 Weighted average number of ordinary shares used in the determination of earnings (loss) per share Basic 104,217,321 104,117,448 103,927,761 103,753,065 Diluted 106,635,451 104,117,448 106,696,874 106,144,183 Three months ended December 31, September 30, June 30, March 31, ($ in thousands, except per share and share amounts) Revenues Gross premiums written $ 253,802 $ 126,403 $ 145,508 $ 87,587 Gross premiums ceded — (150 ) — — Net premiums written 253,802 126,253 145,508 87,587 Change in net unearned premium reserves (70,230 ) (17,305 ) (66,758 ) (14,325 ) Net premiums earned 183,572 108,948 78,750 73,262 Net investment income (loss) (6,490 ) 1,552 40,485 50,035 Total revenues 177,082 110,500 119,235 123,297 Expenses Loss and loss adjustment expenses incurred, net 132,364 60,115 44,409 46,259 Acquisition costs, net 43,875 38,317 29,583 25,431 General and administrative expenses 10,310 10,124 9,549 10,025 Other expenses 2,606 2,982 1,020 787 Total expenses 189,155 111,538 84,561 82,502 Income (loss) before income tax expense (12,073 ) (1,038 ) 34,674 40,795 Income tax expense (1,731 ) (1,542 ) (2,375 ) — Net income (loss) including non-controlling interests (13,804 ) (2,580 ) 32,299 40,795 Income attributable to non-controlling interests (875 ) (3,417 ) (1,007 ) (1,016 ) Net income (loss) $ (14,679 ) $ (5,997 ) $ 31,292 $ 39,779 Earnings (loss) per share Basic $ (0.14 ) $ (0.06 ) $ 0.30 $ 0.38 Diluted $ (0.14 ) $ (0.06 ) $ 0.29 $ 0.37 Weighted average number of common shares used in the determination of earnings per share Basic 103,324,616 103,295,920 103,264,616 103,264,616 Diluted 103,324,616 103,295,920 106,433,881 103,413,580

Schedule I - Summary of Investm

Schedule I - Summary of Investments - Other than Investments in Related Parties	12 Months Ended
	Dec. 31, 2015
Summary of Investments, Other than Investments in Related Parties [Abstract]
Schedule I - Summary of Investments - Other than Investments in Related Parties	Schedule I - Summary of Investments - Other than Investments in Related Parties (expressed in thousands of U.S. dollars) Cost Fair value Balance sheet value Assets Equity securities $ 1,129,452 $ 1,201,623 $ 1,201,623 Private common equity securities 7,926 5,276 5,276 Private preferred equity securities 18,991 24,178 24,178 Total equities 1,156,369 1,231,077 1,231,077 Asset-backed securities 500,902 494,723 494,723 Bank debts 8,123 9,818 9,818 Corporate bonds 107,540 83,190 83,190 U.S. Treasury securities 188,993 186,471 186,471 Sovereign debt 244,095 260,045 260,045 Total debt securities 1,049,653 1,034,247 1,034,247 Investments in limited partnerships 9,220 7,799 7,799 Options 6,750 8,911 8,911 Rights and warrants 2,005 416 416 Trade claims 2,453 8,329 8,329 Investment in Kiskadee Fund 25,000 26,465 26,465 Total other investments 45,428 51,920 51,920 Total investments $ 2,251,450 $ 2,317,244 $ 2,317,244

Schedule III - Supplementary In

Schedule III - Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2015
Supplementary Insurance Information [Abstract]
Schedule III - Supplementary Insurance Information	Schedule III - Supplementary Insurance Information For the years ended December 31, 2015 , 2014 and 2013 (expressed in thousands of U.S. dollars) As of and for the year ended December 31, 2015 Deferred acquisition costs, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment income (loss) Other Expenses Loss and loss adjustment expenses incurred, net Amortization of deferred acquisition costs, net Other operating expenses Net premiums written Property and Casualty Reinsurance $ 197,093 $ 466,047 $ 531,710 $ 602,816 $ (10,810 ) $ 8,614 $ 415,041 $ 191,217 $ 24,815 $ 700,582 Catastrophe Risk Management — — — 8 69 — 150 (1 ) 447 (44 ) Corporate — — — — (17,333 ) — — — 20,771 — $ 197,093 $ 466,047 $ 531,710 $ 602,824 $ (28,074 ) $ 8,614 $ 415,191 $ 191,216 $ 46,033 $ 700,538 As of and for the year ended December 31, 2014 Deferred acquisition costs, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment income Other Expenses Loss and loss adjustment expenses incurred, net Amortization of deferred acquisition costs, net Other operating expenses Net premiums written Property and Casualty Reinsurance $ 155,891 $ 277,285 $ 433,757 $ 432,297 $ 11,305 $ 7,395 $ 283,180 $ 136,154 $ 22,515 $ 601,155 Catastrophe Risk Management 10 77 52 12,235 1,227 — (33 ) 1,052 3,113 11,995 Corporate — — — — 73,050 — — — 14,380 — $ 155,901 $ 277,362 $ 433,809 $ 444,532 $ 85,582 $ 7,395 $ 283,147 $ 137,206 $ 40,008 $ 613,150 As of and for the year ended December 31, 2013 Deferred acquisition costs, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment income Other Expenses Loss and loss adjustment expenses incurred, net Amortization of deferred acquisition costs, net Other operating expenses Net premiums written Property and Casualty Reinsurance $ 91,141 $ 134,221 $ 264,898 $ 212,607 $ 26,953 $ 4,922 $ 139,616 $ 66,981 $ 21,838 $ 383,613 Catastrophe Risk Management 52 110 289 8,060 4,421 — 196 963 3,852 8,349 Corporate — — — — 226,751 — — — 7,346 — $ 91,193 $ 134,331 $ 265,187 $ 220,667 $ 258,125 $ 4,922 $ 139,812 $ 67,944 $ 33,036 $ 391,962

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2015
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Schedule IV - Reinsurance	Schedule IV - Reinsurance For the years ended December 31, 2015 , 2014 and 2013 (expressed in thousands of U.S. dollars) Direct gross premiums written Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net Year ended December 31, 2015 $ — $ 1,876 $ 702,414 $ 700,538 100 % Year ended December 31, 2014 $ — $ 150 $ 613,300 $ 613,150 100 % Year ended December 31, 2013 $ — $ 9,975 $ 401,937 $ 391,962 98 %

Significant accounting polici36

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the loss and loss adjustment expense reserves, estimates of written and earned premiums and fair value of financial instruments.
Cash and restricted cash and cash equivalents	Cash and restricted cash and cash equivalents Cash and cash equivalents consist of cash held in banks and other short-term, highly liquid investments with original maturity dates of ninety days or less. Restricted cash and cash equivalents consist of cash held in trust accounts with the Catastrophe Reinsurer, securing collateralized reinsurance contracts written, trust accounts securing obligations under certain reinsurance contracts and cash held with brokers and in trust accounts securing letters of credit issued under credit facilities.
Premium revenue recognition	Premium revenue recognition To the extent that the amount of written premium is estimable, the Company estimates the ultimate premiums for the entire contract period and records this estimate at the inception of the contract. For contracts where the full written premium is not estimable at inception, the Company records written premium for the portion of the contract period for which the amount is estimable. These estimates are based primarily on information in the underlying contracts as well as information provided by clients and/or brokers. Changes in premium estimates are expected and may result in adjustments in any reporting period. These estimates change over time as additional information regarding the underlying business volume is obtained. Any subsequent adjustments arising on such estimates are recorded in the period in which they are determined. Premiums written are earned over the exposure period in proportion to the period of risk covered. Unearned premiums represent the portion of premiums written that relate to the remaining term of the underlying policies in force. Premiums for retroactive exposures in reinsurance contracts are earned at the inception of the contract, as all of the underlying loss events covered by these exposures occurred in the past. Any underwriting profit at inception related to retroactive exposures in a reinsurance contract is deferred and recognised over the estimated future payout of the loss and loss adjustment expense reserves. Any underwriting loss at inception related to retroactive exposures in a reinsurance contract is recognised immediately.
Reinsurance premiums ceded	Reinsurance premiums ceded From time to time the Company reduces the risk of losses on business written by reinsuring certain risks and exposures with other reinsurers. The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent that the Company does not hold sufficient security for their unpaid obligations. Ceded premiums are written during the period in which the risks incept and are earned over the contract period in proportion to the period of risk covered. Unearned premiums ceded consist of the unexpired portion of reinsurance ceded.
Deferred acquisition costs	Deferred acquisition costs Acquisition costs consist of commissions, brokerage and excise taxes that are related directly to the successful acquisition of new or renewal reinsurance contracts. These costs are deferred and amortized over the period in which the related premiums are earned. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of future earned premiums and anticipated investment income is greater than expected future loss and loss adjustment expenses and acquisition costs. If a loss is probable on the unexpired portion of contracts in force, a premium deficiency loss is recognized. As of December 31, 2015 , deferred acquisition costs are considered to be fully recoverable and no premium deficiency has been recorded. Acquisition costs also include profit commissions that are expensed when incurred. Profit commissions are calculated and accrued based on the expected loss experience for contracts and recorded when the current loss estimate indicates that a profit commission is probable under the contract terms.
Loss and loss adjustment expense reserves	Loss and loss adjustment expense reserves The Company’s loss and loss adjustment expense reserves include case reserves, reserves for losses incurred but not yet reported (“IBNR reserves”) and deferred gains on retroactive reinsurance contracts. Case reserves are established for losses that have been reported, but not yet paid. IBNR reserves represent the estimated loss and loss adjustment expenses that have been incurred by insureds and reinsureds but not yet reported to the insurer or reinsurer, including unknown future development on loss and loss adjustment expenses that are known to the insurer or reinsurer. IBNR reserves are established by management based on actuarially determined estimates of ultimate loss and loss adjustment expenses. Inherent in the estimate of ultimate loss and loss adjustment expenses are expected trends in claim severity and frequency and other factors that may vary significantly as claims are settled. Accordingly, ultimate loss and loss adjustment expenses may differ materially from the amounts recorded in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are recorded in the consolidated statements of income (loss) in the period in which they become known.
Deposit liabilities	Deposit liabilities Certain contracts do not transfer sufficient insurance risk to be deemed reinsurance contracts and are accounted for using the deposit method of accounting. Management exercises judgment in determining whether contracts transfer sufficient risk to be accounted for as reinsurance contracts. Using the deposit method of accounting, a deposit liability, rather than written premium, is initially recorded based upon the consideration received less any explicitly identified premiums or fees. In subsequent periods, the deposit liability is adjusted by calculating the effective yield on the deposit to reflect actual payments to date and future expected payments.
Fair value measurement	Fair value measurement The Company determines the fair value of financial instruments in accordance with current accounting guidance, which defines fair value and establishes a three level fair value hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Fair value is defined as the price that the Company would receive to sell an asset or would pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Company determines the estimated fair value of each individual security utilizing the highest level inputs available. The fair value of the Company’s assets and liabilities, which qualify as financial instruments, approximates the carrying amounts presented in the consolidated balance sheets.
Investments	Investments The Company’s investments are classified as “trading securities” and are carried at fair value with changes in fair value included in earnings in the consolidated statements of income (loss) . The fair value of the Company’s investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications, industry recognized pricing vendors, and/or internal pricing valuation techniques. Investment transactions are recorded on a trade date basis with balances pending settlement included in due to/from brokers in the consolidated balance sheets. Realized gains and losses are determined using cost calculated on a specific identification basis. Dividends are recorded on the ex-dividend date. Income and expense are recorded on the accrual basis including interest and premiums amortized and discounts accreted.
Derivatives	Derivatives Underwriting The Catastrophe Reinsurer enters into certain contracts under which the potential loss payments are triggered exclusively by reference to a specified index, such as an industry loss. These contracts are considered derivatives. The Company records the fair value of these contracts in derivative liabilities, at fair value, in the consolidated balance sheet. Changes in the fair value of these contracts were recorded in net investment income (loss) in the consolidated statements of income (loss) . Investments Derivative instruments within our investment assets managed by our investment manager, Third Point LLC, are recorded in the consolidated balance sheets at fair value, with changes in fair values and realized gains and losses recognized in net investment income (loss) in the consolidated statements of income (loss) . Derivatives serve as a key component of the Company’s investment strategy and are utilized primarily to structure the portfolio, or individual investments, and to economically match the investment objectives of the Company. The Company’s derivatives do not qualify as hedges for financial reporting purposes and are recorded in the consolidated balance sheets on a gross basis and not offset against any collateral pledged or received. Pursuant to the International Swaps and Derivatives Association (“ISDA”) master agreements, securities lending agreements and other derivatives agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements, securities lending agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non defaulting party. The Company enters into derivative contracts to manage credit risk, interest rate risk, currency exchange risk and other exposure risks. The Company uses derivatives in connection with its risk-management activities to economically hedge certain risks and to gain exposure to certain investments. The utilization of derivative contracts also allows for an efficient means by which to trade certain asset classes. Fair values of derivatives are determined by using quoted market prices, industry recognized pricing vendors and counterparty quotes when available; otherwise fair values are based on pricing models that consider the time value of money, volatility and the current market and contractual prices of underlying financial instruments. Embedded derivatives Certain of the Company’s deposit and reinsurance contracts contain interest crediting features that vary based on the net investment return on investments managed by Third Point LLC. These contractual features are considered embedded derivatives in accordance with U.S. GAAP. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The change in estimated fair value of these embedded derivatives are recorded in other expenses in the consolidated statements of income (loss).
Share-based compensation	Share-based compensation The Company accounts for its share-based compensation transactions using the fair value of the award at the grant date. Determining the fair value of share purchase options at the grant date requires estimation and judgment. The Company uses an option-pricing model (Black-Scholes) to calculate the fair value of share purchase options. For share purchase options or restricted share awards granted that contain both a service and performance condition, the Company recognizes share compensation expense only for the portion of the options or restricted share awards that are considered probable of vesting. Share compensation for share purchase options or restricted share awards considered probable of vesting is expensed over the service (vesting) period on a graded vesting basis. The probability of share purchase options or restricted share awards vesting is evaluated at each reporting period. When the share purchase options or restricted share awards are considered probable of vesting, the Company records a true up of share compensation expense from the grant date (service inception date) to the current reporting period end based on the fair value of the options or restricted share awards at the grant date. The Company measures grant date fair value for restricted share awards, with a service condition only, based on the price of its common shares at the grant date and the expense is recognized on a straight-line basis over the vesting period.
Warrants	Warrants The Company accounts for warrant contracts issued to certain of its founding investors (“Founders”) in conjunction with the initial capitalization of the Company by using either the physical settlement or net-share settlement methods. The fair value of these warrants was recorded in equity as additional paid-in capital. The fair value of warrants issued are estimated on the grant date using the Black-Scholes option-pricing model. The Company accounts for certain warrant contracts issued to an advisor, where services have been received by the Company, in part, in exchange for equity instruments, based on the fair value of such services. The associated cost of these warrants has been recorded as capital raise costs and is included in additional paid in capital in the consolidated statements of shareholders’ equity.
Offering costs	Offering costs Equity Offering costs incurred in connection with the IPO, which included underwriters’ fees, legal and accounting fees, printing and other fees were deducted from the gross proceeds of the offering. The proceeds from the issuance of shares net of offering costs is included in additional paid in capital in the consolidated statements of shareholders’ equity. Debt Costs incurred in issuing debt, which includes underwriters’ fees, legal and accounting fees, printing and other fees are capitalized and presented as a direct deduction from the principal amount of senior notes payable in the condensed consolidated balance sheets. These costs are amortized over the term of the debt and are included in interest expense in the consolidated statements of income (loss) .
Foreign currency transactions	Foreign currency transactions The Company’s functional currency is the U.S. dollar. Transactions involving monetary assets and liabilities denominated in foreign currencies have been converted into U.S. dollars at the exchange rate in effect on the balance sheet date, and the related revenues and expenses are converted using specific rates for the period, as appropriate. Net foreign currency transaction gains and losses arising from these activities are reported in the consolidated statements of income (loss) in the period in which they arise. The Company does not isolate the portion of the net investment income (loss) resulting from changes in foreign exchange rates on investments, dividends and interest from the fluctuations arising from changes in fair values of securities and derivatives held within the total net investments managed by Third Point LLC. Periodic payments received or paid on swap agreements are recorded as realized gain or loss on investment transactions. Such fluctuations are included within net investment income (loss) in the consolidated statements of income (loss) .
Income taxes and uncertain tax positions	Income taxes, withholding taxes and uncertain tax positions The Company provides for income taxes for its operations in income tax paying jurisdictions. The Company’s provision relies on estimates and interpretations of currently enacted tax laws. The Company recognizes deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Such temporary differences are primarily due to tax basis discounts on loss and loss adjustment expense reserves and unearned premiums, deferred acquisition costs and investments. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. Any adjustments to deferred income taxes are accounted for as changes in estimates and are reflected in the consolidated statements of income (loss) in the year in which they are made. Adjustments could be material and could significantly impact earnings in the year they are recorded. The Company is subject to withholding tax obligations related to dividends, capital gains and interest on certain investments. These withholding taxes are recorded when they become payable and are included in income tax expense (benefit) in the Company’s consolidated statements of income (loss) . Prior to the second quarter of 2014, these withholding tax obligations were recorded as deductions to net investment income (loss). As these withholding tax obligations increased, the Company began presenting the relevant amounts in income tax expense (benefit) in the consolidated statements of income in 2014. As a result, withholding taxes of $4.8 million and $3.0 million have been recorded in income tax expense (benefit) for the years ended December 31, 2015 and 2014, respectively. Withholding taxes of $1.1 million were previously recorded as deductions to net investment income for the year ended December 31, 2013. The Company has recognized uncertain tax positions related to certain investment transactions in foreign jurisdictions. The Company records its uncertain tax positions based on an estimate of the potential liability arising from its investment transactions conducted in foreign countries. The changes in the Company’s uncertain tax position is included in income tax expense (benefit) in the Company’s consolidated statements of income (loss) .
Non-controlling interests	Non-controlling interests The Company consolidates the results of entities in which it has a controlling financial interest. The Company records the portion of shareholders’ equity attributable to non-controlling interests as a separate line within shareholders’ equity in the consolidated balance sheets. The Company records the portion of income attributable to non-controlling interests as a separate line within the consolidated statements of income (loss) .
Earnings per share	Earnings (loss) per share Basic earnings (loss) 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 unvested restricted shares. Diluted earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares 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 treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive. L
Leases	eases Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are recognized in the consolidated statements of income (loss) on a straight-line basis over the term of the lease.
Comprehensive income	Comprehensive income The Company has no comprehensive income other than net income disclosed in the consolidated statements of income (loss) .
Segment information	Segment information Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance of the Company. The Company reports two operating segments – Property and Casualty Reinsurance and Catastrophe Risk Management. The Company also has a corporate function that includes the Company’s investment income on capital, certain general and administrative expenses related to its corporate activities, interest expense, foreign exchange gains and income tax expense.
Recently issued accounting standards	Recent accounting pronouncements Adoption of New Accounting Standards In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08). ASU 2014-08 changes the requirements for reporting discontinued operations, such that a disposal of a component of the Company’s operations is required to be reported as discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. ASU 2014-08 is effective for all disposals that occur after January 1, 2015, with early adoption permitted. This new pronouncement did not have a material impact on the Company’s condensed consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (ASU 2015-03). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. The amendments in ASU 2015-03 are effective for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2015-03 effective with its debt issuance in February 2015. Recently Issued Accounting Standards Not Yet Adopted In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 provides a framework, through a five-step process, for recognizing revenue from customers, improves comparability and consistency of recognizing revenue across entities, industries, jurisdictions and capital markets, and requires enhanced disclosures. Certain contracts with customers are specifically excluded from the scope of ASU 2014-09, including amongst others, insurance contracts accounted for under Accounting Standard Codification 944, Financial Services - Insurance . ASU 2014-09 is effective on January 1, 2017 with retrospective adoption required for the comparative periods. Insurance contracts are specifically excluded from ASU 2014-09, as a result, this new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued Accounting Standard Update 2015-02, Consolidation (Topic 810) Amendments to the Consolidation Analysis (ASU 2015-02). ASU 2015-02 requires management to evaluate whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 also provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in ASU 2015-02 are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In May 2015, the FASB issued Accounting Standards Update 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (ASU 2015-07) . ASU 2015-07 will eliminate the requirement to categorize certain investments in the fair value hierarchy if their fair value is measured at net asset value (NAV) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. The amendments in ASU 2015-07 are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company will include the new disclosures in its consolidated financial statements for the fiscal years beginning after December 31, 2015 and interim periods within those fiscal years. In May 2015, the FASB issued Accounting Standards Update 2015-09, Disclosures about Short-Duration Contracts (ASU 2015-09) . ASU 2015-09 amends ASC 944 (Financial Services - Insurance) to expand the disclosures that an insurance entity must provide about its short-duration insurance contracts. Under ASU 2015-09, the FASB focused on targeted improvements to provide users with additional information about insurance liabilities, including the nature, amount, timing, and uncertainty of future cash flows related to insurance liabilities. The amendments in ASU 2015-09 are effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. This new pronouncement will not have a material impact on the Company’s interim condensed consolidated financial statements for the period ending March 31, 2016. The Company will include the additional new disclosures in its consolidated financial statements as of and for the year ending December 31, 2016 and interim periods within those fiscal years. In June 2015, the FASB issued Accounting Standards Update 2015-10, Technical Corrections and Improvements (ASU 2015-10). ASU 2015-10 amends a number of Topics in the FASB Accounting Standards Codification and is part of an ongoing project on the FASB’s agenda to facilitate Codification updates for non-substantive technical corrections, clarifications and improvements that are not expected to have a significant effect on accounting practice or create a significant administrative cost to most entities. The amendments to transition guidance are effective for fiscal years beginning after December 15, 2015. All other changes are effective upon issuance of this ASU 2015-10. This new pronouncement did not have a material impact on the Company’s consolidated financial statements.

Restricted cash and cash equi37

Restricted cash and cash equivalents and investments (Tables)	12 Months Ended
	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Schedule of restricted cash and cash equivalents	Restricted cash and cash equivalents and investments as of December 31, 2015 and 2014 consisted of the following: 2015 2014 ($ in thousands) Restricted cash securing collateralized reinsurance contracts written by the Catastrophe Reinsurer (1) $ — $ 108,544 Restricted cash securing letter of credit facilities (2) 270,755 218,963 Restricted cash securing other reinsurance contracts (3) 60,160 89,800 Total restricted cash and cash equivalents 330,915 417,307 Restricted investments securing other reinsurance contracts (3) 292,111 — Total restricted cash and cash equivalents and restricted investments $ 623,026 $ 417,307 (1) Restricted cash securing collateralized reinsurance contracts written by the Catastrophe Reinsurer cannot be released until the contract’s exposure has expired. The remaining collateralized reinsurance contracts written by the Catastrophe Reinsurer expired in 2015 and the cedents agreed to release the collateral. (2) Restricted cash securing letter of credit facilities pertains to letters of credit issued to clients and cash securing these obligations that the Company will not be released from until the underlying reserves have been settled. The time period for which the Company expects these letters of credit to be in place varies from contract to contract, but can last at least several years. (3) Restricted cash and restricted investments securing other reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until all underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities including investments in U.S. Treasury securities and sovereign debt. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last at least several years.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Investments Managed by TP LLC	The Company’s investments are managed by its investment manager, Third Point LLC (“Third Point LLC” or the “Investment Manager”), under long-term investment management contracts. The Company directly owns the investments that are held in separate accounts and managed by Third Point LLC. The following is a summary of the separate accounts managed by Third Point LLC: 2015 2014 Assets ($ in thousands) Total investments in securities $ 2,290,779 $ 1,828,761 Cash and cash equivalents 57 3 Restricted cash and cash equivalents 330,915 308,763 Due from brokers 326,971 58,241 Securities purchased under an agreement to sell — 29,852 Derivative assets 35,337 21,130 Interest and dividends receivable 10,687 2,590 Other assets — 325 Total assets 2,994,746 2,249,665 Liabilities and non-controlling interest Accounts payable and accrued expenses 770 464 Securities sold, not yet purchased 314,353 82,485 Securities sold under an agreement to repurchase 8,944 — Due to brokers 574,962 312,609 Derivative liabilities 15,392 10,985 Interest and dividends payable 1,345 697 Non-controlling interest 16,157 40,241 Total liabilities and non-controlling interest 931,923 447,481 Total net investments managed by Third Point LLC $ 2,062,823 $ 1,802,184
Schedule of the Largest Concentration of the Company's Asset-Backed Securities	As of December 31, 2015 and 2014 , the Company’s asset-backed securities (“ABS”) holdings were as follows: 2015 2014 ($ in thousands) Re-REMIC (1) $ 195,889 39.6 % $ 131,568 32.9 % Subprime RMBS 174,777 35.3 % 198,046 49.5 % Collateralized debt obligations 50,455 10.2 % 9,397 2.3 % Other (2) 73,602 14.9 % 61,223 15.3 % $ 494,723 100.0 % $ 400,234 100.0 % (1) Mezzanine portions of the re-securitized real estate mortgage investment conduits (“re-REMIC”) structure of ABS. (2) Other includes: U.S. Alt-A positions, commercial mortgage-backed securities, market place loans, Non-U.S. RMBS and student loans ABS.
Schedule of investments, categorized by the level of the fair value hierarchy	The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2015 and 2014 : December 31, 2015 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets ($ in thousands) Equity securities $ 1,181,865 $ 19,758 $ — $ 1,201,623 Private common equity securities — 919 4,357 5,276 Private preferred equity securities — — 24,178 24,178 Total equities 1,181,865 20,677 28,535 1,231,077 Asset-backed securities — 492,106 2,617 494,723 Bank debts — 2,158 7,660 9,818 Corporate bonds — 79,938 3,252 83,190 U.S. Treasury securities — 186,471 — 186,471 Sovereign debt — 260,024 21 260,045 Total debt securities — 1,020,697 13,550 1,034,247 Investments in limited partnerships — 2,362 5,437 7,799 Options — 8,911 — 8,911 Rights and warrants 416 — — 416 Trade claims — 8,329 — 8,329 Investment in Kiskadee Fund — — 26,465 26,465 Total other investments 416 19,602 31,902 51,920 Derivative assets (free standing) — 35,337 — 35,337 Total assets $ 1,182,281 $ 1,096,313 $ 73,987 $ 2,352,581 Liabilities Equity securities $ 228,009 $ — $ — $ 228,009 Sovereign debt — 5,856 — 5,856 Corporate bonds — 76,131 — 76,131 Options 690 3,667 — 4,357 Total securities sold, not yet purchased 228,699 85,654 — 314,353 Derivative liabilities (free standing) — 14,372 1,020 15,392 Derivative liabilities (embedded) — — 5,563 5,563 Total liabilities $ 228,699 $ 100,026 $ 6,583 $ 335,308 December 31, 2014 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets ($ in thousands) Equity securities $ 1,158,428 $ 15,207 $ — $ 1,173,635 Private common equity securities — 2,718 1,443 4,161 Total equities 1,158,428 17,925 1,443 1,177,796 Asset-backed securities — 395,514 4,720 400,234 Bank debts — 2,395 — 2,395 Corporate bonds — 56,795 3,799 60,594 Municipal bonds — 3,094 — 3,094 Sovereign debt — 103,331 — 103,331 Total debt securities — 561,129 8,519 569,648 Investments in limited partnerships — 55,756 6,354 62,110 Options 3,205 3,791 — 6,996 Rights and warrants 1,843 — — 1,843 Trade claims — 10,368 — 10,368 Catastrophe bond — 2,077 — 2,077 Total other investments 5,048 71,992 6,354 83,394 Derivative assets (free standing) 380 20,750 — 21,130 Total assets $ 1,163,856 $ 671,796 $ 16,316 $ 1,851,968 Liabilities Equity securities $ 33,222 $ — $ — $ 33,222 Sovereign debt — 29,350 — 29,350 Corporate bonds — 13,312 — 13,312 Options 3,755 2,846 — 6,601 Total securities sold, not yet purchased 36,977 45,508 — 82,485 Derivative liabilities (free standing) 505 9,548 962 11,015 Derivative liabilities (embedded) — — 9,289 9,289 Total liabilities $ 37,482 $ 55,056 $ 10,251 $ 102,789
Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs	The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2015 and 2014 : January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) December 31, ($ in thousands) Assets Private common equity securities $ 1,443 $ — $ 4,384 $ (192 ) $ (1,278 ) $ 4,357 Private preferred equity securities — — 18,991 — 5,187 24,178 Asset-backed securities 4,720 (2,212 ) 4,929 (2,563 ) (2,257 ) 2,617 Bank debts — — 8,123 — (463 ) 7,660 Corporate bonds 3,799 — — (372 ) (175 ) 3,252 Sovereign debt — 19 — — 2 21 Investments in limited partnerships 6,354 — 724 (267 ) (1,374 ) 5,437 Investment in Kiskadee Fund — — 25,000 — 1,465 26,465 Total assets $ 16,316 $ (2,193 ) $ 62,151 $ (3,394 ) $ 1,107 $ 73,987 Liabilities Derivative liabilities (free standing) $ (962 ) $ — $ — $ (173 ) $ 115 $ (1,020 ) Derivative liabilities (embedded) (9,289 ) — 4,417 (3,152 ) 2,461 (5,563 ) Total liabilities $ (10,251 ) $ — $ 4,417 $ (3,325 ) $ 2,576 $ (6,583 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) December 31, ($ in thousands) Assets Private common equity securities $ 2,012 $ 393 $ — $ — $ (962 ) $ 1,443 Asset-backed securities 400 2,062 5,257 (2,898 ) (101 ) 4,720 Corporate bonds 4,610 — 822 (776 ) (857 ) 3,799 Investments in limited partnerships 5,292 — 2,916 — (1,854 ) 6,354 Total assets $ 12,314 $ 2,455 $ 8,995 $ (3,674 ) $ (3,774 ) $ 16,316 Liabilities Derivative liabilities (free standing) $ — $ — $ — $ (1,135 ) $ 173 $ (962 ) Derivative liabilities (embedded) (4,430 ) — — (2,871 ) (1,988 ) (9,289 ) Total liabilities $ (4,430 ) $ — $ — $ (4,006 ) $ (1,815 ) $ (10,251 ) (1) Total change in realized and unrealized gain (loss) recorded on Level 3 financial instruments is included in net investment income (loss) in the consolidated statements of income (loss) .
Schedule of significant unobservable inputs used	The following table summarizes information about the significant unobservable inputs used in determining the fair value of the Level 3 investments held by the Company. Level 3 investments not presented in the table below generally do not have any unobservable inputs to disclose, as they are valued primarily using dealer quotes, at cost or net asset value for investment in limited partnerships. December 31, 2015 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and observable inputs (O) Range Corporate bond $ 2,444 Discounted cash flow Yield (U) 10.4 - 11.4% Duration (U) 3 years Credit spread (U) 986 bps Volatility (U) 25.0 - 35.0% Derivative liabilities (embedded) $ 5,563 Discounted cash flow Contractual variable annual investment credit (U) 0.0 - 2.5% Mean monthly investment return (U) 1.2 % Duration from inception of contracts (U) 5.0 - 5.5 years Duration from valuation date (U) 4.0 - 5.0 years Interest rates (O) U.S. Treasury Spot Rates December 31, 2014 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and Range Corporate bond $ 2,346 Discounted cash flow Yield (U) 14.9% - 16.9% Duration (U) 3 years Credit spreads (U) 1,376 - 1,576 bps Volatility (U) 20.0 - 30.0% Derivative liabilities (embedded) $ 9,289 Discounted cash flow Contractual variable annual investment credit (U) 0.0 - 3.5% Mean monthly investment return (U) 1.2 % Duration from inception of contracts (U) 4.0 - 5.5 years Duration from valuation date (U) 1.8 - 5.0 years Interest rates (O) U.S. Treasury Spot Rates

Securities purchased under an39

Securities purchased under an agreement to sell Securities purchased under an agreement to sell (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings	The following table presents the remaining contractual maturity of the repurchase agreements and securities lending transactions by class of collateral pledged as of December 31, 2015 (the Company did not hold repurchase agreements or securities lending transactions as of December 31, 2014): Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Repurchase agreements Non-U.S. sovereign debt $ — $ — $ 8,944 $ — $ 8,944 Total $ — $ — $ 8,944 $ — $ 8,944 Securities lending transactions Corporate bonds $ 112 $ — $ — $ — $ 112 Total $ 112 $ — $ — $ — $ 112

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of listing currency, fair value and notional amounts of derivative instruments	The following tables identify the listing currency, fair value and notional amounts of derivative instruments included in the consolidated balance sheets, categorized by primary underlying risk. Balances are presented on a gross basis. As of December 31, 2015 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/USD $ 21,692 $ 183,125 Equity Price Contracts for Differences - Long Contracts EUR/GBP/USD 631 41,686 Contracts for Differences - Short Contracts CHF/EUR/GBP/JPY/NOK/USD 5,884 80,027 Total Return Swaps - Long Contracts USD 415 58,799 Total Return Swaps - Short Contracts JPY/USD 466 9,457 Interest Rates Commodity Futures - Short Contracts USD 71 17,501 Interest Rate Swaptions JPY/USD 90 43,831 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CAD/EUR/GBP/MXN/SAR 1,947 155,518 Foreign Currency Options - Purchased CNH/EUR/SAR 4,141 193,613 Total Derivative Assets $ 35,337 $ 783,557 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/USD $ 3,449 $ 38,455 Credit Default Swaps - Protection Sold GBP/EUR/USD 2,054 6,436 Equity Price Contracts for Differences - Long Contracts EUR/GBP/USD 1,111 2,311 Contracts for Differences - Short Contracts EUR/GBP/USD 3,411 50,471 Total Return Swaps - Long Contracts JPY/USD 3,430 163,224 Total Return Swaps - Short Contracts AUD/JPY/USD 386 19,318 Interest Rates Commodity Futures - Short Contracts USD 18 13,069 Interest Rate Swaptions USD 17 87,499 Foreign Currency Exchange Rates Foreign Currency Forward Contracts JPY/SAR 1,041 87,127 Foreign Currency Options - Sold CNH/SAR 475 118,415 Total Derivative Liabilities (free standing) $ 15,392 $ 586,325 Embedded derivative liabilities in reinsurance contracts (3) USD $ 5,563 $ 20,000 Total Derivative Liabilities (embedded) $ 5,563 $ 20,000 (1) AUD = Australian Dollar, CAD = Canadian Dollar, CHF = Swiss Franc, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, JPY = Japanese Yen, MXN = Mexican Peso, NOK = Norwegian Krone, SAR = Saudi Arabian Riyal, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of December 31, 2015 , which is representative of the volume of derivatives held during the period. (3) The fair value of embedded derivatives in reinsurance contracts is included in reinsurance balances payable in the consolidated balance sheets. As of December 31, 2014 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Commodity Price Commodity Future Options - Sold USD $ 269 $ 25,168 Credit Credit Default Swaps - Protection Purchased USD 9,456 89,772 Credit Default Swaps - Protection Sold USD 205 2,084 Equity Price Contracts for Differences - Long Contracts USD 263 3,080 Contracts for Differences - Short Contracts AUD/EUR 186 6,428 Total Return Swaps - Long Contracts USD 43 1,874 Total Return Swaps - Short Contracts USD 34 9,763 Interest Rates Commodity Futures - Short Contracts USD 78 186,280 Foreign Currency Exchange Rates Foreign Currency Forward CAD/EUR/GBP/JPY 4,241 228,416 Foreign Currency Options - Purchased EUR/JPY/KRW/SAR 6,355 283,439 Total Derivative Assets $ 21,130 $ 836,304 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Commodity Price Commodity Future Options - Purchased USD $ 285 $ 12,012 Credit Credit Default Swaps - Protection Purchased USD 3,230 49,465 Credit Default Swaps - Protection Sold USD 1,319 5,142 Equity Price Contracts for Differences - Long Contracts EUR/GBP/USD 1,404 48,152 Contracts for Differences - Short Contracts AUD/NOK 130 3,070 Total Return Swaps - Long Contracts USD 590 11,233 Interest Rates Commodity Futures - Short Contracts USD 220 467,956 Treasury Futures - Short Contracts USD 280 10,119 Foreign Currency Exchange Rates Foreign Currency Options - Sold EUR/JPY/KRW 3,527 144,257 Catastrophe Risk derivatives USD 30 6,000 Total Derivative Liabilities (free standing) $ 11,015 $ 757,406 Embedded derivative liabilities in reinsurance contracts (3) USD $ 2,769 $ 15,000 Embedded derivative liabilities in deposit contracts (4) USD 6,520 75,000 Total Derivative Liabilities (embedded) $ 9,289 $ 90,000 (1) AUD = Australian Dollar, CAD = Canadian Dollar, EUR = Euro, GBP = British Pound, JPY = Japanese Yen, KRW = South Korean Won, NOK = Norwegian Krone, SAR = Saudi Arabian Riyal, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of December 31, 2014 , which is representative of the volume of derivatives held during the period. (3) The fair value of embedded derivatives in reinsurance contracts is included in reinsurance balances payable in the consolidated balance sheets. (4) The fair value of embedded derivatives in deposit contracts is included in deposit liabilities in the consolidated balance sheets.
Schedule of realized and unrealized gains (losses) relating to trading activities	The following table sets forth, by major risk type, the Company’s realized and unrealized gains (losses) relating to derivatives for the years ended December 31, 2015 , 2014 and 2013 . Realized and unrealized gains (losses) related to free standing derivatives are included in net investment income (loss) in the consolidated statements of income (loss) . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the consolidated statements of income (loss) . 2015 2014 2013 Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Commodity Price ($ in thousands) Commodities Futures - Long Contracts $ (1,515 ) $ — $ — $ — $ — $ — Commodity Future Options - Purchased (286 ) 285 (470 ) (289 ) 264 15 Commodity Future Options - Sold 272 (269 ) 364 101 (81 ) 168 Credit Credit Default Swaps - Protection Purchased 1,282 4,839 (5,627 ) 1,018 4,243 (10,943 ) Credit Default Swaps - Protection Sold 2,071 (2,098 ) 1,362 (830 ) (4,845 ) 10,690 Equity Price Contracts for Differences - Long Contracts (6,101 ) 660 (1,869 ) (11,621 ) 8,900 6,172 Contracts for Differences - Short Contracts 8,459 2,418 (3,873 ) 413 1,219 (341 ) Total Return Swaps - Long Contracts 1,410 (2,469 ) 18,782 (2,112 ) 1,026 1,786 Total Return Swaps - Short Contracts (1,395 ) 45 (795 ) 171 (557 ) 76 Index Index Futures - Long Contracts 1,144 — (840 ) — (2,413 ) — Index Futures - Short Contracts — — (253 ) 441 1,169 (441 ) Interest Rates Bond Futures - Short Contracts (2,584 ) — (1,077 ) (212 ) (289 ) (36 ) Commodities Futures - Short Contracts (580 ) 194 (11 ) (143 ) 437 (212 ) Interest Rate Swaps 119 — (743 ) 639 949 (255 ) Interest Rate Swaptions (771 ) (39 ) (455 ) (918 ) (170 ) 913 Treasury Futures - Long Contracts — — — — (119 ) — Treasury Futures - Short Contracts (2,734 ) 280 (1,163 ) (388 ) 830 (456 ) Foreign Currency Exchange Rates Foreign Currency Forward 21,429 (3,334 ) 16,891 3,617 5,385 (1,255 ) Foreign Currency Options - Purchased 318 (1,144 ) (265 ) 941 5,920 1,069 Foreign Currency Options - Sold 1,214 316 (1,438 ) 63 (3,787 ) (109 ) Reinsurance contract derivatives 30 — — 982 1,250 3,085 $ 21,782 $ (316 ) $ 18,520 $ (8,127 ) $ 19,331 $ 9,926 Embedded Derivatives Embedded derivatives in reinsurance contracts $ (5 ) $ 362 $ — $ 102 $ — $ — Embedded derivatives in deposit contracts 2,104 — — (2,090 ) — (460 ) Total Derivative Liabilities (embedded) $ 2,099 $ 362 $ — $ (1,988 ) $ — $ (460 ) * Unrealized gain (loss) relates to derivatives still held at reporting date.
Schedule of gross and net amounts of derivative instruments that are subject to enforceable master netting arrangements or similar agreements	As of December 31, 2015 and 2014 , the gross and net amounts of derivative instruments and repurchase and reverse repurchase agreements that are subject to enforceable master netting arrangements or similar agreements were as follows: Gross Amounts not Offset in the Consolidated Balance Sheet December 31, 2015 Derivative Contracts Gross Amounts of Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 2,171 $ 2,171 $ — $ — Counterparty 2 4,959 1,243 — 3,716 Counterparty 3 6,347 2,335 — 4,012 Counterparty 4 3,679 2,656 — 1,023 Counterparty 5 14,181 4,027 — 10,154 Counterparty 6 7,351 1,657 1,993 3,701 Counterparty 7 882 — 194 688 Counterparty 8 2,669 2,669 — — Counterparty 9 2,009 542 — 1,467 Total $ 44,248 $ 17,300 $ 2,187 $ 24,761 Loaned securities Counterparty 3 $ 114 $ — $ 112 $ 2 $ 114 $ — $ 112 $ 2 Gross Amounts not Offset in the Consolidated Balance Sheet December 31, 2015 Derivative Contracts Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet (2) Financial Instruments Cash Collateral Pledged Net Amount Financial liabilities, derivative liabilities and collateral pledged ($ in thousands) Counterparty 1 $ 2,626 $ 2,171 $ 455 $ — Counterparty 2 1,243 1,243 — — Counterparty 3 2,335 2,335 — — Counterparty 4 2,816 2,656 160 — Counterparty 5 4,028 4,028 — — Counterparty 6 1,657 1,657 — — Counterparty 7 — — — — Counterparty 8 3,659 2,669 — 990 Counterparty 9 542 542 — — Counterparty 15 153 6 147 — Total $ 19,059 $ 17,307 $ 762 $ 990 Securities sold under an agreement to repurchase Counterparty 4 $ 8,944 $ 8,944 $ — $ — $ 8,944 $ 8,944 $ — $ — (1) The Gross Amounts of Assets Presented in the consolidated balance sheets presented above includes the fair value of Derivative Contract assets as well as gross OTC option contract assets of $8.9 million included in Other Investments in the consolidated balance sheets. (2) The Gross Amounts of Liabilities Presented in the consolidated balance sheets presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $3.7 million included in Securities sold, not yet purchased in the consolidated balance sheets. Gross Amounts not Offset in the Consolidated Balance Sheet December 31, 2014 Derivative Contracts Gross Amounts of Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 1,624 $ 1,613 $ — $ 11 Counterparty 2 2,199 539 — 1,660 Counterparty 3 10,558 4,802 — 5,756 Counterparty 4 368 368 — — Counterparty 5 2,218 133 — 2,085 Counterparty 6 5,832 2,866 2,420 546 Counterparty 7 745 440 — 305 Counterparty 8 699 699 — — Counterparty 9 655 461 — 194 Counterparty 10 23 — — 23 Total $ 24,921 $ 11,921 $ 2,420 $ 10,580 Securities purchased under an agreement to sell Counterparty 11 $ 29,852 $ 29,350 $ 247 $ 255 Total $ 29,852 $ 29,350 $ 247 $ 255 Gross Amounts not Offset in the Consolidated Balance Sheet December 31, 2014 Derivative Contracts Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet (2) Financial Instruments Cash Collateral Pledged Net Amount Financial liabilities, derivative liabilities and collateral pledged ($ in thousands) Counterparty 1 $ 1,613 $ 1,613 $ — $ — Counterparty 2 539 539 — — Counterparty 3 4,802 4,802 — — Counterparty 4 932 368 564 — Counterparty 5 133 133 — — Counterparty 6 2,866 2,866 — — Counterparty 7 440 440 — — Counterparty 8 2,001 699 1,302 — Counterparty 9 461 461 — — Total $ 13,787 $ 11,921 $ 1,866 $ — (1) The Gross Amounts of Assets Presented in the consolidated balance sheets presented above includes the fair value of Derivative Contract assets as well as gross OTC option contract assets of $3.8 million included in Other Investments in the consolidated balance sheets. (2) The Gross Amounts of Liabilities Presented in the consolidated balance sheets presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $2.8 million included in Securities sold, not yet purchased in the consolidated balance sheets.

Loss and loss adjustment expe41

Loss and loss adjustment expense reserves (Tables)	12 Months Ended
	Dec. 31, 2015
Loss and Loss Adjustment Expense Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of December 31, 2015 and 2014 , loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following: December 31, December 31, ($ in thousands) Case loss and loss adjustment expense reserves $ 87,186 $ 64,343 Incurred but not reported loss and loss adjustment expense reserves 375,690 210,777 Deferred gains on retroactive reinsurance contracts 3,171 2,242 $ 466,047 $ 277,362
Schedule of activity in the reserve for losses and loss adjustment expenses	The following table represents the activity in the loss and loss adjustment expense reserves for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Gross reserves for loss and loss adjustment expenses, beginning of year $ 277,362 $ 134,331 $ 67,271 Less: loss and loss adjustment expenses recoverable, beginning of year (814 ) (9,277 ) — Net reserves for loss and loss adjustment expenses, beginning of year 276,548 125,054 67,271 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 419,377 286,787 144,509 Prior years (3,330 ) (3,559 ) (4,697 ) Amortization of deferred gains on retroactive reinsurance contracts (856 ) (81 ) — Total incurred loss and loss adjustment expenses 415,191 283,147 139,812 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (100,403 ) (70,562 ) (27,528 ) Prior years (121,665 ) (61,091 ) (54,501 ) Total net paid losses (222,068 ) (131,653 ) (82,029 ) Foreign currency translation (3,749 ) — — Net reserve for loss and loss adjustment expenses, end of year 465,922 276,548 125,054 Plus: loss and loss adjustment expenses recoverable, end of year 125 814 9,277 Gross reserve for loss and loss adjustment expenses, end of year $ 466,047 $ 277,362 $ 134,331

Management, performance and f42

Management, performance and founders fees (Tables)	12 Months Ended
	Dec. 31, 2015
Management, Performance and Founders Fees [Abstract]
Schedule of investment fee expenses	Investment fee expenses related to the Investment Agreements, which are included in net investment income (loss) in the consolidated statements of income (loss) for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 2014 2013 ($ in thousands) Management fees - Third Point LLC $ 6,362 $ 5,037 $ 3,651 Management fees - Founders 36,053 28,544 20,686 Performance fees - TP GP 862 19,935 62,996 $ 43,277 $ 53,516 $ 87,333

Deposit contracts (Tables)

Deposit contracts (Tables)	12 Months Ended
	Dec. 31, 2015
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity in the deposit liabilities for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Balance, beginning of year $ 145,430 $ 120,946 $ 50,446 Consideration received 21,246 18,398 66,369 Net investment expense allocation and change in fair value of embedded derivatives 2,207 6,436 4,731 Payments (84,928 ) (350 ) (600 ) Balance, end of year $ 83,955 $ 145,430 $ 120,946

Senior Notes payable and lett44

Senior Notes payable and letter of credit facilities (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	As of December 31, 2015 , the Company had entered into the following letter of credit facilities: Facility Utilized Collateral December 31, 2015 ($ in thousands) BNP Paribas $ 50,000 $ 17,959 $ 17,959 Citibank (1) 300,000 189,056 189,056 J.P. Morgan 50,000 37,551 37,926 Lloyds Bank (2) 150,000 25,814 25,814 $ 550,000 $ 270,380 $ 270,755 (1) During 2015, Third Point Re USA entered into a new $100.0 million facility with Citibank. The Citibank facility with Third Point Re was reduced to $200.0 million. (2) In February 2016, the facility with Lloyds Bank was reduced to $100.0 million .

Net investment income (Tables)

Net investment income (Tables)	12 Months Ended
	Dec. 31, 2015
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income (loss) for the years ended December 31, 2015 , 2014 and 2013 consisted of the following: 2015 2014 2013 Net investment income (loss) by type ($ in thousands) Net realized gains on investments and investment derivatives $ 14,398 $ 193,957 $ 236,333 Net unrealized gains (losses) on investments and investment derivatives (34,181 ) (83,146 ) 78,950 Net gains on foreign currencies 933 2,581 21,106 Dividend and interest income 45,103 31,750 14,233 Dividends paid on securities sold, not yet purchased (1,279 ) (120 ) (722 ) Management and performance fees (43,277 ) (53,516 ) (87,333 ) Other expenses (11,305 ) (7,151 ) (8,863 ) Net investment income (loss) on investments managed by Third Point LLC (29,608 ) 84,355 253,704 Investment income on cash held by the Catastrophe Reinsurer and Catastrophe Fund 29 101 86 Net gain on catastrophe bond held by Catastrophe Reinsurer 10 144 — Net gain on investment in Kiskadee Fund 1,465 — — Net gain on reinsurance contract derivatives written by the Catastrophe Reinsurer 30 982 4,335 $ (28,074 ) $ 85,582 $ 258,125 2015 2014 2013 Net investment income (loss) by asset class ($ in thousands) Net investment gains (losses) on equity securities $ (31,224 ) $ 82,902 $ 243,449 Net investment gains on debt securities 35,502 80,285 69,194 Net investment losses on other investments (35,917 ) (35,491 ) (5,045 ) Net investment gains on investment derivatives 21,466 10,393 29,257 Net investment gains (losses) on securities sold, not yet purchased 33,086 4,334 (5,974 ) Net investment income on cash, including foreign exchange gains (losses) 149 4,992 17,961 Net investment gains (losses) on securities purchased under an agreement to resell (147 ) (4,099 ) 1,863 Net investment losses on securities sold under an agreement to repurchase (2,226 ) — — Management and performance fees (43,277 ) (53,516 ) (87,333 ) Other investment expenses (5,486 ) (4,218 ) (5,247 ) $ (28,074 ) $ 85,582 $ 258,125

Other expenses (Tables)

Other expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Schedule of other expenses	Other expenses for the years ended December 31, 2015 , 2014 and 2013 consisted of the following: 2015 2014 2013 ($ in thousands) Deposit liabilities investment expense $ 6,471 $ 4,346 4,271 Reinsurance contracts investment expense 6,764 1,061 191 Change in fair value of embedded derivatives in deposit and reinsurance contracts (4,621 ) 1,988 460 $ 8,614 $ 7,395 $ 4,922

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Components of Income Tax Expense (Benefit), Continuing Operations	The following table presents the Company’s current and deferred incomes taxes for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Current tax expense (benefit) $ 3,728 $ 3,048 $ — Deferred tax expense (benefit) (6,633 ) 2,600 — Income tax expense (benefit) $ (2,905 ) $ 5,648 $ — For the years ended December 31, 2015 , 2014 and 2013 , the Company recorded income tax expense (benefit), as follows: 2015 2014 2013 ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries $ (6,633 ) $ 24 — Change in uncertain tax positions (1,100 ) 2,600 — Withholding taxes on certain investment transactions 4,828 3,024 — Income tax expense (benefit) $ (2,905 ) $ 5,648 $ —
Schedule of Income before Income Tax, Domestic and Foreign	The following is a summary of the Company’s income (loss) before income tax expense (benefit) by jurisdiction for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Bermuda $ (71,416 ) $ 62,649 233,058 United States (18,981 ) (255 ) — United Kingdom 53 (36 ) 20 Income (loss) before income tax expense (benefit) $ (90,344 ) $ 62,358 $ 233,078
Schedule of Effective Income Tax Rate Reconciliation	The following table presents a reconciliation of expected income taxes to income tax expense (benefit) for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Bermuda (expected tax expense at 0%) $ — $ — $ — Foreign taxes at local expected rates: United States (6,644 ) — — United Kingdom 11 24 — Withholding taxes related to dividend and interest income 4,828 3,024 — Uncertain tax positions (1,100 ) 2,600 — Income tax expense (benefit) $ (2,905 ) $ 5,648 $ —
Schedule of Deferred Tax Assets and Liabilities	The following table presents the tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Deferred tax assets: Discounting of loss and loss adjustment expense reserves $ 119 $ — $ — Unearned premiums 2,329 — — Temporary differences in recognition of expenses 573 — — Net operating loss carryforward 7,839 — — Total deferred tax assets 10,860 — — Deferred tax liabilities: Deferred acquisition costs 3,515 — — Unrealized losses on investments 712 — — Total deferred tax liabilities 4,227 — — Net deferred tax assets $ 6,633 $ — $ —

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of summary of warrants	The following is a summary of warrants as of December 31, 2015 : Exercise price Authorized and issued Aggregated fair value of warrants ($ in thousands, except for share and per share amounts) Founders $ 10.00 4,069,868 $ 15,203 Advisor $ 10.00 581,295 2,171 4,651,163 $ 17,374

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of management and director options activity	The management and director options activity for the years ended December 31, 2015 , 2014 and 2013 were as follows: Number of options Weighted average exercise price Balances as of January 1, 2013 10,956,838 $ 13.20 Granted 348,836 14.09 Forfeited (324,599 ) 13.20 Balances as of December 31, 2013 10,981,075 13.23 Granted 348,836 18.25 Forfeited (279,070 ) 13.20 Exercised (60,000 ) 10.00 Balances as of December 31, 2014 10,990,841 13.41 Forfeited (306,976 ) 14.36 Exercised (433,279 ) 10.00 Balances as of December 31, 2015 10,250,586 $ 13.52
Schedule of management and director options outstanding	The following table summarizes information about the Company’s management and director share options outstanding as of December 31, 2015 : Options outstanding Options exercisable Range of exercise prices Number of options Weighted average exercise price Remaining contractual life Number of options Weighted average exercise price $10.00 - $10.89 5,788,392 $10.03 5.97 3,946,530 $10.02 $15.05 - $16.89 2,265,981 $15.94 6.06 1,526,448 $15.96 $20.00 - $25.05 2,196,213 $20.22 6.00 1,498,541 $20.13 10,250,586 $13.52 5.99 6,971,519 $13.49
Schedule of restricted share award activity	Restricted share award activity for the restricted shares with only a service condition for the years ended December 31, 2015 , 2014 and 2013 was as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2013 619,300 $ 10.00 Granted 37,856 15.22 Balance as of December 31, 2013 657,156 10.30 Granted 49,684 15.39 Forfeited (17,800 ) 10.00 Vested (72,926 ) 15.56 Balance as of December 31, 2014 616,114 10.10 Granted 118,120 13.06 Forfeited (7,267 ) 13.76 Vested (425,924 ) 10.37 Balance as of December 31, 2015 301,043 $ 11.31
Schedule of restricted shares with a service and performance condition activity	Restricted share award activity for the restricted shares with a service and performance condition for the years ended December 31, 2015 and 2014 was as follows: Number of non- vested restricted shares Number of non- vested restricted shares probable of vesting Weighted average grant date fair value Balance as of January 1, 2014 — — $ — Granted 459,746 306,496 14.60 Balance as of December 31, 2014 459,746 306,496 14.60 Granted 514,276 342,846 14.00 Forfeited (52,469 ) (34,980 ) 14.29 Change in estimated restricted shares considered probable of vesting — (78,128 ) 14.60 Balance as of December 31, 2015 921,553 536,234 $ 14.24

Non-controlling interests (Tabl

Non-controlling interests (Tables)	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Schedule of noncontrolling interests	Non-controlling interests as of December 31, 2015 and 2014 are as follows: December 31, 2015 December 31, 2014 ($ in thousands) Catastrophe Fund $ — $ 60,153 Catastrophe Fund Manager — (259 ) Joint Venture - Third Point Advisors LLC share 16,157 40,241 $ 16,157 $ 100,135 Income (loss) attributable to non-controlling interests for the years ended December 31, 2015 , 2014 and 2013 was: 2015 2014 2013 ($ in thousands) Catastrophe Fund $ (121 ) $ 4,748 $ 4,284 Catastrophe Fund Manager 19 (23 ) (238 ) Joint Venture - Third Point Advisors LLC share 53 1,590 1,721 $ (49 ) $ 6,315 $ 5,767

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of reconciliation of basic and diluted weighted average shares outstanding	The following sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 104,003,820 103,287,693 87,505,540 Dilutive effect of options — 1,468,521 400,149 Dilutive effect of warrants — 1,634,845 1,064,842 Diluted number of common shares outstanding 104,003,820 106,391,059 88,970,531 Basic net income (loss) per common share: Net income (loss) $ (87,390 ) $ 50,395 $ 227,311 Income allocated to participating shares — (328 ) (1,618 ) Net income (loss) available to common shareholders $ (87,390 ) $ 50,067 $ 225,693 Basic net income (loss) per common share $ (0.84 ) $ 0.48 $ 2.58 Diluted net income (loss) per common share Net income (loss) $ (87,390 ) $ 50,395 $ 227,311 Income allocated to participating shares — (319 ) (1,592 ) Net income (loss) available to common shareholders $ (87,390 ) $ 50,076 $ 225,719 Diluted net income (loss) per common share $ (0.84 ) $ 0.47 $ 2.54

Financial instruments with of52

Financial instruments with off-balance sheet risk or concentrations of credit risk (Tables)	12 Months Ended
	Dec. 31, 2015
Guarantees [Abstract]
Schedule of certain information related to the Company’s written credit derivatives	The following table sets forth certain information related to the Company’s written credit derivatives as of December 31, 2015 and 2014 : December 31, 2015 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on 0-5 years 5 years or Total Written Asset Liability Net Asset/(Liability) ($ in thousands) Single name (0 - 250) $ — $ 2,878 $ 2,878 $ — $ 1,480 $ (1,480 ) Single name (251-500) 3,558 — 3,558 — 574 (574 ) $ 3,558 $ 2,878 $ 6,436 $ — $ 2,054 $ (2,054 ) December 31, 2014 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on 0-5 years 5 years or Total Written Asset Liability Net Asset/(Liability) ($ in thousands) Single name (0 - 250) $ — $ 5,142 $ 5,142 $ — $ 1,319 $ (1,319 ) Single name (251-500) — 2,084 2,084 205 — 205 $ — $ 7,226 $ 7,226 $ 205 $ 1,319 $ (1,114 ) (1) As of December 31, 2015 and 2014 , the Company did not hold any offsetting buy protection credit derivatives with the same underlying reference obligation. (2) Fair value amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental commitments under lease	Future minimum rental commitments as of December 31, 2015 under these leases are expected to be as follows: ($ in thousands) 2016 $ 861 2017 889 2018 913 2019 937 2020 904 Thereafter 44 $ 4,548
Schedule of future minimum management fee commitments under the existing lease	Future minimum management fee commitments as of December 31, 2015 under the existing leases are expected to be as follows: ($ in thousands) 2016 $ 699 2017 24 2018 — 2019 — 2020 — $ 723

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of operating segments	The following is a summary of the Company’s operating segment results for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 702,458 $ (44 ) $ — $ 702,414 Gross premiums ceded (1,876 ) — — (1,876 ) Net premiums written 700,582 (44 ) — 700,538 Change in net unearned premium reserves (97,766 ) 52 — (97,714 ) Net premiums earned 602,816 8 — 602,824 Expenses Loss and loss adjustment expenses incurred, net 415,041 150 — 415,191 Acquisition costs, net 191,217 (1 ) — 191,216 General and administrative expenses 24,815 447 20,771 46,033 Total expenses 631,073 596 20,771 652,440 Net underwriting loss (28,257 ) n/a n/a n/a Net investment income (loss) (10,810 ) 69 (17,333 ) (28,074 ) Other expenses (8,614 ) — — (8,614 ) Interest expense — — (7,236 ) (7,236 ) Foreign exchange gains — — 3,196 3,196 Income tax benefit — — 2,905 2,905 Segment loss including non-controlling interests (47,681 ) (519 ) (39,239 ) (87,439 ) Segment loss attributable to non-controlling interests — 102 (53 ) 49 Segment loss $ (47,681 ) $ (417 ) $ (39,292 ) $ (87,390 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 68.9 % Acquisition cost ratio 31.7 % Composite ratio 100.6 % General and administrative expense ratio 4.1 % Combined ratio 104.7 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Year Ended December 31, 2014 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 601,305 $ 11,995 $ — $ 613,300 Gross premiums ceded (150 ) — — (150 ) Net premiums written 601,155 11,995 — 613,150 Change in net unearned premium reserves (168,858 ) 240 — (168,618 ) Net premiums earned 432,297 12,235 — 444,532 Expenses Loss and loss adjustment expenses incurred, net 283,180 (33 ) — 283,147 Acquisition costs, net 136,154 1,052 — 137,206 General and administrative expenses 22,515 3,113 14,380 40,008 Total expenses 441,849 4,132 14,380 460,361 Net underwriting loss (9,552 ) n/a n/a n/a Net investment income 11,305 1,227 73,050 85,582 Other expenses (7,395 ) — — (7,395 ) Income tax expense — — (5,648 ) (5,648 ) Segment income (loss) including non-controlling interests (5,642 ) 9,330 53,022 56,710 Segment income attributable to non-controlling interests — (4,725 ) (1,590 ) (6,315 ) Segment income (loss) $ (5,642 ) $ 4,605 $ 51,432 $ 50,395 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 65.5 % Acquisition cost ratio 31.5 % Composite ratio 97.0 % General and administrative expense ratio 5.2 % Combined ratio 102.2 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Year Ended December 31, 2013 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 393,588 $ 8,349 $ — $ 401,937 Gross premiums ceded (9,975 ) — — (9,975 ) Net premiums written 383,613 8,349 — 391,962 Change in net unearned premium reserves (171,006 ) (289 ) — (171,295 ) Net premiums earned 212,607 8,060 — 220,667 Expenses Loss and loss adjustment expenses incurred, net 139,616 196 — 139,812 Acquisition costs, net 66,981 963 — 67,944 General and administrative expenses 21,838 3,852 7,346 33,036 Total expenses 228,435 5,011 7,346 240,792 Net underwriting loss (15,828 ) n/a n/a n/a Net investment income 26,953 4,421 226,751 258,125 Other expenses (4,922 ) — — (4,922 ) Segment income including non-controlling interests 6,203 7,470 219,405 233,078 Segment income attributable to non-controlling interests — (4,046 ) (1,721 ) (5,767 ) Segment income $ 6,203 $ 3,424 $ 217,684 $ 227,311 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 65.7 % Acquisition cost ratio 31.5 % Composite ratio 97.2 % General and administrative expense ratio 10.3 % Combined ratio 107.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Schedules of number of contracts that individually contributed more than 10% of total gross premiums written	The following table lists the number of contracts that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2015 , 2014 and 2013 as a percentage of total gross premiums written in the relevant year: 2015 2014 2013 Largest contract 16.1 % 20.4 % 14.9 % Second largest contract 13.0 % 17.1 % 11.2 % Third largest contract — % — % 10.5 % Total for contracts contributing greater than 10% each 29.1 % 37.5 % 36.6 % Total for contracts contributing less than 10% each 70.9 % 62.5 % 63.4 % 100.0 % 100.0 % 100.0 % The following table lists counterparties with whom the Company has reinsurance balances receivable representing more than 10% of the Company’s total reinsurance balances receivable as of December 31, 2015 and 2014: December 31, 2015 December 31, 2014 ($ in thousands) Counterparty 1 $ 87,044 29.6 % $ 72,613 23.9 % Counterparty 2 — — % 55,636 18.3 % Counterparty 3 — — % 37,062 12.2 % 87,044 29.6 % 165,311 54.4 % Other counterparties representing less than 10% each 207,269 70.4 % 138,338 45.6 % Reinsurance balances receivable $ 294,313 100.0 % $ 303,649 100.0 %
Schedule of breakdown of the Company’s gross premiums written by line of business	The following table provides a breakdown of the Company’s gross premiums written by line of business for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Property $ 114,215 16.2 % $ 106,834 17.4 % $ 67,612 16.8 % Casualty 327,064 46.6 % 266,763 43.5 % 210,017 52.2 % Specialty 261,179 37.2 % 227,708 37.1 % 115,959 28.9 % Total property and casualty reinsurance 702,458 100.0 % 601,305 98.0 % 393,588 97.9 % Catastrophe risk management (44 ) — % 11,995 2.0 % 8,349 2.1 % $ 702,414 100.0 % $ 613,300 100.0 % $ 401,937 100.0 % The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Prospective $ 594,350 84.6 % $ 530,169 86.4 % $ 362,151 90.1 % Retroactive (1) 108,064 15.4 % 83,131 13.6 % 39,786 9.9 % $ 702,414 100.0 % $ 613,300 100.0 % $ 401,937 100.0 % (1) Includes all retroactive exposure in reinsurance contracts.
Schedule of breakdown of the Company’s gross premiums written from brokers	the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Largest broker $ 198,209 28.2 % $ 199,563 32.5 % $ 111,865 27.8 % Second largest broker 163,832 23.3 % 110,063 17.9 % 89,125 22.2 % Third largest broker 91,554 13.0 % 80,535 13.1 % 57,994 14.4 % Fourth largest broker 73,499 10.5 % 61,777 10.1 % — — % Other 175,320 25.0 % 161,362 26.4 % 142,953 35.6 % $ 702,414 100.0 % $ 613,300 100.0 % $ 401,937 100.0 %
Schedule of breakdown of the Company’s gross premiums written by domicile of the ceding companies	The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) United States $ 283,626 40.4 % $ 339,061 55.3 % $ 304,141 75.7 % United Kingdom 290,710 41.4 % 176,522 28.8 % — — % Bermuda 128,078 18.2 % 97,717 15.9 % 96,396 24.0 % Other — — % — — % 1,400 0.3 % $ 702,414 100.0 % $ 613,300 100.0 % $ 401,937 100.0 %

Statutory Requirements (Tables)

Statutory Requirements (Tables)	12 Months Ended
	Dec. 31, 2015
Statutory Requirements [Abstract]
Schedule of statutory requirements	The following is a summary of actual and required statutory capital and surplus of Third Point Re and Third Point Re USA as of December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 ($ in thousands) Actual statutory capital and surplus Third Point Re $ 1,044,340 $ 1,296,067 Third Point Re USA 250,993 — Required statutory capital and surplus Third Point Re 612,620 622,624 Third Point Re USA $ 84,858 $ — The following is a summary of the statutory net income (loss) for Third Point Re and Third Point Re USA for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 ($ in thousands) Third Point Re $ (68,188 ) $ 56,686 $ 229,974 Third Point Re USA $ (7,510 ) n/a n/a

Supplemental guarantor inform56

Supplemental guarantor information (Tables)	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONSOLIDATING BALANCE SHEET As of December 31, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,231,077 $ — $ 1,231,077 Debt securities — — 1,034,247 — 1,034,247 Other investments — — 51,920 — 51,920 Total investments in securities — — 2,317,244 — 2,317,244 Cash and cash equivalents 308 5 20,094 — 20,407 Restricted cash and cash equivalents — — 330,915 — 330,915 Investment in subsidiaries 1,382,336 261,083 159,593 (1,803,012 ) — Due from brokers — — 326,971 — 326,971 Derivative assets, at fair value — — 35,337 — 35,337 Interest and dividends receivable — — 10,687 — 10,687 Reinsurance balances receivable — — 294,313 — 294,313 Deferred acquisition costs, net — — 197,093 — 197,093 Unearned premiums ceded — — 187 — 187 Loss and loss adjustment expenses recoverable — — 125 — 125 Amounts due from (to) affiliates (346 ) (230 ) 576 — — Other assets 564 2,613 8,652 — 11,829 Total assets $ 1,382,862 $ 263,471 $ 3,701,787 $ (1,803,012 ) $ 3,545,108 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 3,136 $ 40 $ 8,790 $ — $ 11,966 Reinsurance balances payable — — 24,119 — 24,119 Deposit liabilities — — 83,955 — 83,955 Unearned premium reserves — — 531,710 — 531,710 Loss and loss adjustment expense reserves — — 466,047 — 466,047 Securities sold, not yet purchased, at fair value — — 314,353 — 314,353 Securities sold under an agreement to repurchase — — 8,944 — 8,944 Due to brokers — — 574,962 — 574,962 Derivative liabilities, at fair value — — 15,392 — 15,392 Interest and dividends payable — 3,055 1,345 — 4,400 Senior notes payable, net of deferred costs — 113,377 — — 113,377 Total liabilities 3,136 116,472 2,029,617 — 2,149,225 Shareholders' equity Common shares 10,548 — 1,250 (1,250 ) 10,548 Additional paid-in capital 1,080,591 159,618 1,509,594 (1,669,212 ) 1,080,591 Retained earnings (deficit) 288,587 (12,619 ) 145,169 (132,550 ) 288,587 Shareholders’ equity attributable to shareholders 1,379,726 146,999 1,656,013 (1,803,012 ) 1,379,726 Non-controlling interests — — 16,157 — 16,157 Total shareholders’ equity 1,379,726 146,999 1,672,170 (1,803,012 ) 1,395,883 Total liabilities and shareholders’ equity $ 1,382,862 $ 263,471 $ 3,701,787 $ (1,803,012 ) $ 3,545,108 CONSOLIDATING BALANCE SHEET As of December 31, 2014 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,177,796 $ — $ 1,177,796 Debt securities — — 569,648 — 569,648 Other investments — — 83,394 — 83,394 Total investments in securities — — 1,830,838 — 1,830,838 Cash and cash equivalents 140 — 28,594 — 28,734 Restricted cash and cash equivalents — — 417,307 — 417,307 Investment in subsidiaries 1,451,060 — — (1,451,060 ) — Due from brokers — — 58,241 — 58,241 Securities purchased under an agreement to sell — — 29,852 — 29,852 Derivative assets, at fair value — — 21,130 — 21,130 Interest and dividends receivable — — 2,602 — 2,602 Reinsurance balances receivable — — 303,649 — 303,649 Deferred acquisition costs, net — — 155,901 — 155,901 Loss and loss adjustment expenses recoverable — — 814 — 814 Other assets 600 666 2,246 — 3,512 Amounts due from (to) affiliates 1,339 (403 ) (936 ) — — Total assets $ 1,453,139 $ 263 $ 2,850,238 $ (1,451,060 ) $ 2,852,580 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,226 $ 518 $ 8,341 $ — $ 10,085 Reinsurance balances payable — — 27,040 — 27,040 Deposit liabilities — — 145,430 — 145,430 Unearned premium reserves — — 433,809 — 433,809 Loss and loss adjustment expense reserves — — 277,362 — 277,362 Securities sold, not yet purchased, at fair value — — 82,485 — 82,485 Due to brokers — — 312,609 — 312,609 Derivative liabilities, at fair value — — 11,015 — 11,015 Interest and dividends payable — — 697 — 697 Total liabilities 1,226 518 1,298,788 — 1,300,532 Shareholders’ equity Common shares 10,447 — 1,251 (1,251 ) 10,447 Additional paid-in capital 1,065,489 — 1,072,671 (1,072,671 ) 1,065,489 Retained earnings (deficit) 375,977 (255 ) 377,393 (377,138 ) 375,977 Shareholders’ equity attributable to shareholders 1,451,913 (255 ) 1,451,315 (1,451,060 ) 1,451,913 Non-controlling interests — — 100,135 — 100,135 Total shareholders’ equity 1,451,913 (255 ) 1,551,450 (1,451,060 ) 1,552,048 Total liabilities and shareholders’ equity $ 1,453,139 $ 263 $ 2,850,238 $ (1,451,060 ) $ 2,852,580
Condensed Consolidating Statement of Income	CONSOLIDATING STATEMENT OF INCOME LOSS For the year ended December 31, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 702,414 $ — $ 702,414 Gross premiums ceded — — (1,876 ) — (1,876 ) Net premiums written — — 700,538 — 700,538 Change in net unearned premium reserves — — (97,714 ) — (97,714 ) Net premiums earned — — 602,824 — 602,824 Net investment income (loss) — — (28,074 ) — (28,074 ) Equity in losses of subsidiaries (79,053 ) (7,510 ) (25 ) 86,588 — Total revenues (79,053 ) (7,510 ) 574,725 86,588 574,750 Expenses Loss and loss adjustment expenses incurred, net — — 415,191 — 415,191 Acquisition costs, net — — 191,216 — 191,216 General and administrative expenses 8,337 231 37,465 — 46,033 Other expenses — — 8,614 — 8,614 Interest expense — 7,236 — — 7,236 Foreign exchange gains — — (3,196 ) — (3,196 ) Total expenses 8,337 7,467 649,290 — 665,094 Loss before income tax benefit (87,390 ) (14,977 ) (74,565 ) 86,588 (90,344 ) Income tax benefit — 2,613 292 — 2,905 Loss including non-controlling interests (87,390 ) (12,364 ) (74,273 ) 86,588 (87,439 ) Loss attributable to non-controlling interests — — 49 — 49 Net loss $ (87,390 ) $ (12,364 ) $ (74,224 ) $ 86,588 $ (87,390 ) CONSOLIDATING STATEMENT OF INCOME (LOSS) For the year ended December 31, 2014 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 613,300 $ — $ 613,300 Gross premiums ceded — — (150 ) — (150 ) Net premiums written — — 613,150 — 613,150 Change in net unearned premium reserves — — (168,618 ) — (168,618 ) Net premiums earned — — 444,532 — 444,532 Net investment income — — 85,582 — 85,582 Equity in earnings of subsidiaries 56,238 — — (56,238 ) — Total revenues 56,238 — 530,114 (56,238 ) 530,114 Expenses Loss and loss adjustment expenses incurred, net — — 283,147 — 283,147 Acquisition costs, net — — 137,206 — 137,206 General and administrative expenses 5,843 255 33,910 — 40,008 Other expenses — — 7,395 — 7,395 Total expenses 5,843 255 461,658 — 467,756 Income (loss) before income tax expense 50,395 (255 ) 68,456 (56,238 ) 62,358 Income tax expense — — (5,648 ) — (5,648 ) Income (loss) including non-controlling interests 50,395 (255 ) 62,808 (56,238 ) 56,710 Income attributable to non-controlling interests — — (6,315 ) — (6,315 ) Net income (loss) $ 50,395 $ (255 ) $ 56,493 $ (56,238 ) $ 50,395 CONSOLIDATING STATEMENT OF INCOME For the year ended December 31, 2013 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 401,937 $ — $ 401,937 Gross premiums ceded — — (9,975 ) — (9,975 ) Net premiums written — — 391,962 — 391,962 Change in net unearned premium reserves — — (171,295 ) — (171,295 ) Net premiums earned — — 220,667 — 220,667 Net investment income — — 258,125 — 258,125 Equity in earnings of subsidiaries 228,646 — — (228,646 ) — Total revenues 228,646 — 478,792 (228,646 ) 478,792 Expenses Loss and loss adjustment expenses incurred, net — — 139,812 — 139,812 Acquisition costs, net — — 67,944 — 67,944 General and administrative expenses 1,335 — 31,701 — 33,036 Other expenses — — 4,922 — 4,922 Total expenses 1,335 — 244,379 — 245,714 Income including non-controlling interests 227,311 — 234,413 (228,646 ) 233,078 Income attributable to non-controlling interests — — (5,767 ) — (5,767 ) Net income $ 227,311 $ — $ 228,646 $ (228,646 ) $ 227,311
Condensed Consolidating Statement of Cash Flows	CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income (loss) including non-controlling interests $ (87,390 ) $ (12,364 ) $ (74,273 ) $ 86,588 $ (87,439 ) Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities Equity in losses of subsidiaries 79,053 7,510 25 (86,588 ) — Share compensation expense 542 — 10,329 — 10,871 Interest expense on deposit liabilities — — 6,471 — 6,471 Net unrealized loss on investments and derivatives — — 32,354 — 32,354 Net realized gain on investments and derivatives — — (16,655 ) — (16,655 ) Foreign exchange gains included in net income — — (3,196 ) — (3,196 ) Amortization of premium and accretion of discount, net — 157 167 — 324 Changes in assets and liabilities: Reinsurance balances receivable — — 8,768 — 8,768 Deferred acquisition costs, net — — (41,192 ) — (41,192 ) Unearned premiums ceded — — (187 ) — (187 ) Loss and loss adjustment expenses recoverable — — 689 — 689 Other assets 36 (1,947 ) (6,406 ) — (8,317 ) Interest and dividends receivable, net — 3,055 (7,437 ) — (4,382 ) Unearned premium reserves — — 97,901 — 97,901 Loss and loss adjustment expense reserves — — 192,433 — 192,433 Accounts payable and accrued expenses 1,910 (478 ) 449 — 1,881 Reinsurance balances payable — — (2,548 ) — (2,548 ) Amounts due from (to) affiliates 1,685 (173 ) (1,512 ) — — Net cash (used in) provided by operating activities (4,164 ) (4,240 ) 196,180 — 187,776 Investing activities Purchases of investments — — (3,360,626 ) — (3,360,626 ) Proceeds from sales of investments — — 2,829,523 — 2,829,523 Purchases of investments to cover short sales — — (543,936 ) — (543,936 ) Proceeds from short sales of investments — — 792,344 — 792,344 Change in due to/from brokers, net — — (6,377 ) — (6,377 ) Decrease in securities purchased under an agreement to sell — — 29,852 — 29,852 Increase in securities sold under an agreement to repurchase — — 8,944 — 8,944 Change in restricted cash and cash equivalents — — 86,392 — 86,392 Contributed capital to subsidiaries (158,000 ) (266,975 ) (25 ) 425,000 — Contributed capital from parent and/or subsidiaries — 158,000 267,000 (425,000 ) — Net cash (used in) provided by investing activities (158,000 ) (108,975 ) 103,091 — (163,884 ) Financing activities Proceeds from issuance of common shares, net of costs 4,332 — — — 4,332 Proceeds from issuance of senior notes payable — 113,220 — — 113,220 Increase in deposit liabilities — — (65,842 ) — (65,842 ) Non-controlling interest in investment affiliate, net — — (24,137 ) — (24,137 ) Non-controlling interest in Catastrophe Fund — — (60,032 ) — (60,032 ) Non-controlling interest in Catastrophe Fund Manager — — 240 — 240 Dividend received by (paid to) parent 158,000 — (158,000 ) — — Net cash provided by (used in) financing activities 162,332 113,220 (307,771 ) — (32,219 ) Net increase (decrease) in cash and cash equivalents 168 5 (8,500 ) — (8,327 ) Cash and cash equivalents at beginning of year 140 — 28,594 — 28,734 Cash and cash equivalents at end of year $ 308 $ 5 $ 20,094 $ — $ 20,407 CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income including non-controlling interests $ 50,395 $ (255 ) $ 62,808 $ (56,238 ) $ 56,710 Adjustments to reconcile income including non-controlling interests to net cash provided by (used in) operating activities Equity in earnings of subsidiaries (56,238 ) — — 56,238 — Share compensation expense 1,080 — 8,178 — 9,258 Interest expense on deposit liabilities — — 4,346 — 4,346 Net unrealized loss on investments and derivatives — — 85,057 — 85,057 Net realized gain on investments and derivatives — — (193,957 ) — (193,957 ) Amortization of premium and accretion of discount, net — — (1,044 ) — (1,044 ) Changes in assets and liabilities: Reinsurance balances receivable — — (111,886 ) — (111,886 ) Deferred acquisition costs, net — — (64,708 ) — (64,708 ) Loss and loss adjustment expenses recoverable — — 8,463 — 8,463 Other assets 120 (666 ) 432 — (114 ) Interest and dividends receivable, net — — (38 ) — (38 ) Unearned premium reserves — — 168,622 — 168,622 Loss and loss adjustment expense reserves — — 143,031 — 143,031 Accounts payable and accrued expenses 984 518 (873 ) — 629 Reinsurance balances payable — — 18,061 — 18,061 Amounts due from (to) affiliates (5,094 ) 403 4,691 — — Net cash (used in) provided by operating activities (8,753 ) — 131,183 — 122,430 Investing activities Purchases of investments — — (3,114,906 ) — (3,114,906 ) Proceeds from sales of investments — — 2,857,404 — 2,857,404 Purchases of investments to cover short sales — — (232,568 ) — (232,568 ) Proceeds from short sales of investments — — 278,569 — 278,569 Change in due to/from brokers, net — — 307,884 — 307,884 Increase in securities purchased under agreement to sell — — 8,294 — 8,294 Change in restricted cash and cash equivalents — — (223,730 ) — (223,730 ) Net cash used in investing activities — — (119,053 ) — (119,053 ) Financing activities Proceeds from issuance of common shares, net of costs 599 — — — 599 Increase in deposit liabilities — — 18,048 — 18,048 Non-controlling interest in investment affiliate, net — — (31,066 ) — (31,066 ) Non-controlling interest in Catastrophe Fund — — 6,151 — 6,151 Dividend received by (paid to) parent 8,000 — (8,000 ) — — Net cash provided by (used in) financing activities 8,599 — (14,867 ) — (6,268 ) Net decrease in cash and cash equivalents (154 ) — (2,737 ) — (2,891 ) Cash and cash equivalents at beginning of year 294 — 31,331 — 31,625 Cash and cash equivalents at end of year $ 140 $ — $ 28,594 $ — $ 28,734 CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2013 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income including non-controlling interests $ 227,311 $ — $ 234,413 $ (228,646 ) $ 233,078 Adjustments to reconcile income including non-controlling interests to net cash provided by operating activities Equity in earnings of subsidiaries (228,646 ) — — 228,646 — Share compensation expense — — 9,800 — 9,800 Interest expense on deposit liabilities — — 4,271 — 4,271 Net unrealized gain on investments and derivatives — — (78,490 ) — (78,490 ) Net realized gain on investments and derivatives — — (236,333 ) — (236,333 ) Amortization of premium and accretion of discount, net — — (262 ) — (262 ) Changes in assets and liabilities: Reinsurance balances receivable — — (107,483 ) — (107,483 ) Deferred acquisition costs, net — — (45,810 ) — (45,810 ) Loss and loss adjustment expenses recoverable — — (9,277 ) — (9,277 ) Other assets (686 ) — 411 — (275 ) Interest and dividends receivable, net — — (1,034 ) — (1,034 ) Unearned premium reserves — — 171,294 — 171,294 Loss and loss adjustment expense reserves — — 67,060 — 67,060 Accounts payable and accrued expenses (65 ) — 4,154 — 4,089 Reinsurance balances payable — — 9,081 — 9,081 Amounts due to (from) affiliates 2,373 — (2,373 ) — — Net cash provided by operating activities 287 — 19,422 — 19,709 Investing activities Purchases of investments — — (2,172,077 ) — (2,172,077 ) Proceeds from sales of investments — — 1,943,655 — 1,943,655 Purchases of investments to cover short sales — — (407,965 ) — (407,965 ) Proceeds from short sales of investments — — 290,770 — 290,770 Change in due to/from brokers, net — — 12,162 — 12,162 Increase in securities purchased under agreement to sell — — 22,261 — 22,261 Change in restricted cash and cash equivalents — — (115,950 ) — (115,950 ) Contributed capital (to) from subsidiaries (286,257 ) — 286,257 — — Net cash used in investing activities (286,257 ) — (140,887 ) — (427,144 ) Financing activities Proceeds from issuance of common shares, net of costs 286,095 — — — 286,095 Increase in deposit liabilities — — 65,769 — 65,769 Non-controlling interest in investment affiliate, net — — 27,867 — 27,867 Non-controlling interest in Catastrophe Fund — — 25,324 — 25,324 Net cash provided by financing activities 286,095 — 118,960 — 405,055 Net (decrease) increase in cash and cash equivalents 125 — (2,505 ) — (2,380 ) Cash and cash equivalents at beginning of year 169 — 33,836 — 34,005 Cash and cash equivalents at end of year $ 294 $ — $ 31,331 $ — $ 31,625

Quarterly Financial Results (Ta

Quarterly Financial Results (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial results	Three months ended December 31, September 30, June 30, March 31, ($ in thousands, except per share and share amounts) Revenues Gross premiums written $ 99,155 $ 205,583 $ 184,342 $ 213,334 Gross premiums ceded (24 ) (375 ) (1,425 ) (52 ) Net premiums written 99,131 205,208 182,917 213,282 Change in net unearned premium reserves 35,235 3,597 (62,339 ) (74,207 ) Net premiums earned 134,366 208,805 120,578 139,075 Net investment income (loss) 61,553 (193,156 ) 38,611 64,918 Total revenues 195,919 15,649 159,189 203,993 Expenses Loss and loss adjustment expenses incurred, net 98,855 158,537 76,053 81,746 Acquisition costs, net 38,552 50,509 47,498 54,657 General and administrative expenses 10,236 9,822 14,267 11,708 Other expenses 2,928 670 2,315 2,701 Interest expense 2,074 2,074 2,052 1,036 Foreign exchange (gains) losses (2,396 ) (746 ) 139 (193 ) Total expenses 150,249 220,866 142,324 151,655 Income (loss) before income tax (expense) benefit 45,670 (205,217 ) 16,865 52,338 Income tax (expense) benefit (2,863 ) 7,781 (708 ) (1,305 ) Income (loss) including non-controlling interests 42,807 (197,436 ) 16,157 51,033 (Income) loss attributable to non-controlling interests (614 ) 1,721 (495 ) (563 ) Net income (loss) $ 42,193 $ (195,715 ) $ 15,662 $ 50,470 Earnings (loss) per share Basic $ 0.40 $ (1.88 ) $ 0.15 $ 0.48 Diluted $ 0.39 $ (1.88 ) $ 0.15 $ 0.47 Weighted average number of ordinary shares used in the determination of earnings (loss) per share Basic 104,217,321 104,117,448 103,927,761 103,753,065 Diluted 106,635,451 104,117,448 106,696,874 106,144,183 Three months ended December 31, September 30, June 30, March 31, ($ in thousands, except per share and share amounts) Revenues Gross premiums written $ 253,802 $ 126,403 $ 145,508 $ 87,587 Gross premiums ceded — (150 ) — — Net premiums written 253,802 126,253 145,508 87,587 Change in net unearned premium reserves (70,230 ) (17,305 ) (66,758 ) (14,325 ) Net premiums earned 183,572 108,948 78,750 73,262 Net investment income (loss) (6,490 ) 1,552 40,485 50,035 Total revenues 177,082 110,500 119,235 123,297 Expenses Loss and loss adjustment expenses incurred, net 132,364 60,115 44,409 46,259 Acquisition costs, net 43,875 38,317 29,583 25,431 General and administrative expenses 10,310 10,124 9,549 10,025 Other expenses 2,606 2,982 1,020 787 Total expenses 189,155 111,538 84,561 82,502 Income (loss) before income tax expense (12,073 ) (1,038 ) 34,674 40,795 Income tax expense (1,731 ) (1,542 ) (2,375 ) — Net income (loss) including non-controlling interests (13,804 ) (2,580 ) 32,299 40,795 Income attributable to non-controlling interests (875 ) (3,417 ) (1,007 ) (1,016 ) Net income (loss) $ (14,679 ) $ (5,997 ) $ 31,292 $ 39,779 Earnings (loss) per share Basic $ (0.14 ) $ (0.06 ) $ 0.30 $ 0.38 Diluted $ (0.14 ) $ (0.06 ) $ 0.29 $ 0.37 Weighted average number of common shares used in the determination of earnings per share Basic 103,324,616 103,295,920 103,264,616 103,264,616 Diluted 103,324,616 103,295,920 106,433,881 103,413,580

Organization (Details)

Organization (Details) - IPO $ / shares in Units, $ in Millions	Aug. 20, 2013USD ($)$ / sharesshares
Organization [Line Items]
Issuance of common shares (in shares) | shares	24,832,484
Sale of stock, price per share (in dollars per share) | $ / shares	$ 12.50
Sale of stock, net proceeds | $	$ 286

- Accounting Policies (Details)

- Accounting Policies (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Income Tax Contingency [Line Items]
Income tax (expense) benefit	$ (2,863,000)	$ 7,781,000	$ (708,000)	$ (1,305,000)	$ (1,731,000)	$ (1,542,000)	$ (2,375,000)	$ 0	$ 2,905,000	$ (5,648,000)	$ 0
Premium deficiency	$ 0								$ 0
Number of operating segments | segment									2
Withholding taxes on certain investment transactions
Income Tax Contingency [Line Items]
Income tax (expense) benefit									$ (4,800,000)	$ (3,000,000)	0
Investment Income, Tax Expense											$ 1,100,000

Restricted cash and cash equi60

Restricted cash and cash equivalents and investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents and Investments Items [Line Items]
Restricted cash and cash equivalents	$ 330,915	$ 417,307
Restricted investments securing other reinsurance contracts	292,111	0
Total restricted cash and cash equivalents and restricted investments	623,026	417,307
Restricted cash securing collateralized reinsurance contracts written by the Catastrophe Reinsurer
Restricted Cash and Cash Equivalents and Investments Items [Line Items]
Restricted cash and cash equivalents	0	108,544
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents and Investments Items [Line Items]
Restricted cash and cash equivalents	270,755	218,963
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents and Investments Items [Line Items]
Restricted cash and cash equivalents	$ 60,160	$ 89,800

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Total assets	$ 2,994,746	$ 2,249,665
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	931,923	447,481
Total net investments managed by Third Point LLC	2,062,823	1,802,184
Total investments in securities and commodities
Assets
Total assets	2,290,779	1,828,761
Cash and cash equivalents
Assets
Total assets	57	3
Restricted cash and cash equivalents
Assets
Total assets	330,915	308,763
Due from brokers
Assets
Total assets	326,971	58,241
Securities purchased under an agreement to sell
Assets
Total assets	0	29,852
Derivative assets
Assets
Total assets	35,337	21,130
Interest and dividends receivable
Assets
Total assets	10,687	2,590
Other assets
Assets
Total assets	0	325
Accounts payable and accrued expenses
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	770	464
Net investment gains (losses) on securities sold, not yet purchased
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	314,353	82,485
Net investment losses on securities sold under an agreement to repurchase
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	8,944	0
Due to brokers
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	574,962	312,609
Derivative liabilities
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	15,392	10,985
Interest and dividends payable
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	1,345	697
Non-controlling interest
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	$ 16,157	$ 40,241

Investments - Schedule of the l

Investments - Schedule of the largest concentration of asset-backed securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 494,723	$ 400,234
Portfolio Concentration Risk [Member] | Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 494,723	$ 400,234
Concentration risk, percentage	100.00%	100.00%
Portfolio Concentration Risk [Member] | Asset-backed securities | Re-REMIC
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 195,889	$ 131,568
Concentration risk, percentage	39.60%	32.90%
Portfolio Concentration Risk [Member] | Asset-backed securities | Subprime RMBS
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 174,777	$ 198,046
Concentration risk, percentage	35.30%	49.50%
Portfolio Concentration Risk [Member] | Asset-backed securities | Collateralized debt obligations
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 50,455	$ 9,397
Concentration risk, percentage	10.20%	2.30%
Portfolio Concentration Risk [Member] | Asset-backed securities | Other debt obligations
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 73,602	$ 61,223
Concentration risk, percentage	14.90%	15.30%

Investments - Schedule of inves

Investments - Schedule of investments, categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Equity securities	$ 1,201,623	$ 1,173,635
Private common equity securities	5,276	4,161
Private preferred equity securities	24,178
Total equities	1,231,077	1,177,796
Asset-backed securities	494,723	400,234
Bank debts	9,818	2,395
Corporate bonds	83,190	60,594
Municipal bonds		3,094
U.S. Treasury securities	186,471
Sovereign debt	260,045	103,331
Total debt securities	1,034,247	569,648
Investments in limited partnerships	7,799	62,110
Options	8,911	6,996
Rights and warrants	416	1,843
Trade claims	8,329	10,368
Investment in Kiskadee fund	26,465
Catastrophe bond		2,077
Total other investments	51,920	83,394
Derivative assets, at fair value	35,337	21,130
Total assets	2,352,581	1,851,968
Liabilities
Equity securities	228,009	33,222
Sovereign debt	5,856	29,350
Corporate bonds	76,131	13,312
Options	4,357	6,601
Total securities sold, not yet purchased	314,353	82,485
Derivative liabilities, at fair value	15,392	11,015
Derivative liabilities (embedded)	5,563	9,289
Total liabilities	335,308	102,789
Quoted prices in active markets (Level 1)
Assets
Equity securities	1,181,865	1,158,428
Private common equity securities	0	0
Private preferred equity securities	0
Total equities	1,181,865	1,158,428
Asset-backed securities	0	0
Bank debts	0	0
Corporate bonds	0	0
Municipal bonds		0
U.S. Treasury securities	0
Sovereign debt	0	0
Total debt securities	0	0
Investments in limited partnerships	0	0
Options	0	3,205
Rights and warrants	416	1,843
Trade claims	0	0
Investment in Kiskadee fund	0
Catastrophe bond		0
Total other investments	416	5,048
Derivative assets, at fair value	0	380
Total assets	1,182,281	1,163,856
Liabilities
Equity securities	228,009	33,222
Sovereign debt	0	0
Corporate bonds	0	0
Options	690	3,755
Total securities sold, not yet purchased	228,699	36,977
Derivative liabilities, at fair value	0	505
Derivative liabilities (embedded)	0	0
Total liabilities	228,699	37,482
Significant other observable inputs (Level 2)
Assets
Equity securities	19,758	15,207
Private common equity securities	919	2,718
Private preferred equity securities	0
Total equities	20,677	17,925
Asset-backed securities	492,106	395,514
Bank debts	2,158	2,395
Corporate bonds	79,938	56,795
Municipal bonds		3,094
U.S. Treasury securities	186,471
Sovereign debt	260,024	103,331
Total debt securities	1,020,697	561,129
Investments in limited partnerships	2,362	55,756
Options	8,911	3,791
Rights and warrants	0	0
Trade claims	8,329	10,368
Investment in Kiskadee fund	0
Catastrophe bond		2,077
Total other investments	19,602	71,992
Derivative assets, at fair value	35,337	20,750
Total assets	1,096,313	671,796
Liabilities
Equity securities	0	0
Sovereign debt	5,856	29,350
Corporate bonds	76,131	13,312
Options	3,667	2,846
Total securities sold, not yet purchased	85,654	45,508
Derivative liabilities, at fair value	14,372	9,548
Derivative liabilities (embedded)	0	0
Total liabilities	100,026	55,056
Significant unobservable inputs (Level 3)
Assets
Equity securities	0	0
Private common equity securities	4,357	1,443
Private preferred equity securities	24,178
Total equities	28,535	1,443
Asset-backed securities	2,617	4,720
Bank debts	7,660	0
Corporate bonds	3,252	3,799
Municipal bonds		0
U.S. Treasury securities	0
Sovereign debt	21	0
Total debt securities	13,550	8,519
Investments in limited partnerships	5,437	6,354
Options	0	0
Rights and warrants	0	0
Trade claims	0	0
Investment in Kiskadee fund	26,465
Catastrophe bond		0
Total other investments	31,902	6,354
Derivative assets, at fair value	0	0
Total assets	73,987	16,316
Liabilities
Equity securities	0	0
Sovereign debt	0	0
Corporate bonds	0	0
Options	0	0
Total securities sold, not yet purchased	0	0
Derivative liabilities, at fair value	1,020	962
Derivative liabilities (embedded)	5,563	9,289
Total liabilities	$ 6,583	$ 10,251

Investments - Schedule of recon

Investments - Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Assets
Asset fair value, beginning balance	$ 16,316	$ 12,314
Transfers in to (out of) Level 3	(2,193)	2,455
Purchases	62,151	8,995
Sales	(3,394)	(3,674)
Realized and Unrealized Gains (Losses)	1,107	(3,774)
Asset fair value, ending balance	73,987	16,316
Liabilities
Liability fair value, beginning balance	(10,251)	(4,430)
Transfers in to (out of) Level 3	0	0
Purchases	4,417	0
Sales	(3,325)	(4,006)
Realized and Unrealized Gains(Losses) (1)	2,576	(1,815)
Liability fair value, ending balance	(6,583)	(10,251)
Derivative liabilities (free standing)
Liabilities
Liability fair value, beginning balance	(962)	0
Transfers in to (out of) Level 3	0	0
Purchases	0	0
Sales	(173)	(1,135)
Realized and Unrealized Gains(Losses) (1)	115	173
Liability fair value, ending balance	(1,020)	(962)
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(9,289)	(4,430)
Transfers in to (out of) Level 3	0	0
Purchases	4,417	0
Sales	(3,152)	(2,871)
Realized and Unrealized Gains(Losses) (1)	2,461	(1,988)
Liability fair value, ending balance	(5,563)	(9,289)
Private common equity securities
Assets
Asset fair value, beginning balance	1,443	2,012
Transfers in to (out of) Level 3	0	393
Purchases	4,384	0
Sales	(192)	0
Realized and Unrealized Gains (Losses)	(1,278)	(962)
Asset fair value, ending balance	4,357	1,443
Private preferred equity securities
Assets
Asset fair value, beginning balance	0
Transfers in to (out of) Level 3	0
Purchases	18,991
Sales	0
Realized and Unrealized Gains (Losses)	5,187
Asset fair value, ending balance	24,178	0
Asset-backed securities
Assets
Asset fair value, beginning balance	4,720	400
Transfers in to (out of) Level 3	(2,212)	2,062
Purchases	4,929	5,257
Sales	(2,563)	(2,898)
Realized and Unrealized Gains (Losses)	(2,257)	(101)
Asset fair value, ending balance	2,617	4,720
Bank debt
Assets
Asset fair value, beginning balance	0
Transfers in to (out of) Level 3	0
Purchases	8,123
Sales	0
Realized and Unrealized Gains (Losses)	(463)
Asset fair value, ending balance	7,660	0
Corporate bonds
Assets
Asset fair value, beginning balance	3,799	4,610
Transfers in to (out of) Level 3	0	0
Purchases	0	822
Sales	(372)	(776)
Realized and Unrealized Gains (Losses)	(175)	(857)
Asset fair value, ending balance	3,252	3,799
Sovereign debt
Assets
Asset fair value, beginning balance	0
Transfers in to (out of) Level 3	19
Purchases	0
Sales	0
Realized and Unrealized Gains (Losses)	2
Asset fair value, ending balance	21	0
Investments in limited partnerships
Assets
Asset fair value, beginning balance	6,354	5,292
Transfers in to (out of) Level 3	0	0
Purchases	724	2,916
Sales	(267)	0
Realized and Unrealized Gains (Losses)	(1,374)	(1,854)
Asset fair value, ending balance	5,437	6,354
Investment in Kiskadee Fund
Assets
Asset fair value, beginning balance	0
Transfers in to (out of) Level 3	0
Purchases	25,000
Sales	0
Realized and Unrealized Gains (Losses)	1,465
Asset fair value, ending balance	$ 26,465	$ 0

Investments - Schedule of unobs

Investments - Schedule of unobservable inputs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	$ 83,190,000	$ 60,594,000
Asset-backed securities	494,723,000	400,234,000
Derivative liabilities (embedded)	5,563,000	9,289,000
Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	3,252,000	3,799,000
Asset-backed securities	2,617,000	4,720,000
Derivative liabilities (embedded)	5,563,000	9,289,000
Discounted Cash Flow Valuation Technique [Member] | Corporate bonds | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	$ 2,444,000	$ 2,346,000
Duration (U)	3 years	3 years
Credit spread (U)	$ 986
Discounted Cash Flow Valuation Technique [Member] | Corporate bonds | Minimum | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (U)	10.40%	14.90%
Credit spread (U)		$ 1,376
Volatility (U)	25.00%	20.00%
Discounted Cash Flow Valuation Technique [Member] | Corporate bonds | Maximum | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (U)	11.40%	16.90%
Credit spread (U)		$ 1,576
Volatility (U)	35.00%	30.00%
Discounted Cash Flow Valuation Technique [Member] | Derivative liabilities (embedded) | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mean monthly investment return (U)	1.20%	1.20%
Discounted Cash Flow Valuation Technique [Member] | Derivative liabilities (embedded) | Minimum | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Duration from Inception of Contracts	5 years	4 years
Duration from Valuation Date	4 years	1 year 9 months
Discounted Cash Flow Valuation Technique [Member] | Derivative liabilities (embedded) | Maximum | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Duration from Inception of Contracts	5 years 6 months	5 years 6 months
Duration from Valuation Date	5 years	5 years

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Jan. 02, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 18, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Securities valued based on dealer quotes or other quoted market prices for similar securities		$ 570.9	$ 434.4
Percent of securities valued based on dealer quotes or other quoted market prices for similar securities		24.50%	23.50%
Securities sold, not yet purchased, valued based on dealer quotes or other quoted market prices for similar securities		$ 1.5	$ 1.3
Percent of securities sold, not yet purchased, valued based on dealer quotes or other quoted market prices for similar securities		0.40%	1.40%
Private common equity securities		$ 31	$ 2.3
Securities fair valued by using information obtained from the Company's Investment Manager representing less than 1% of total investments in securities and commodities		1.30%	1.00%
Asset transfers from level 1 to level 2		$ 0	$ 0
Liability transfers from level 1 to level 2		0	0
Liability transfers from level 2 to level 1		0	0
Total unrealized gain (loss) related to fair value assets using significant unobservable inputs (Level 3		(0.2)	(7.4)		$ 1
Investment [Line Items]
Asset transfers from level 2 to level 1			0
Equity securities
Investment [Line Items]
Asset transfers from level 2 to level 1		$ 4	$ 86.6
Investment in Kiskadee Fund
Investment [Line Items]
Committed capital	$ 20			$ 25
Capital distributed	$ 5

Securities purchased under an67

Securities purchased under an agreement to sell (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Foreign exchange gains included in income (loss) including non-controlling interests	$ 2,396	$ 746	$ (139)	$ 193	$ 3,196	$ 0	$ 0
Reverse repurchase agreements
Investment Holdings [Line Items]
Foreign exchange gains included in income (loss) including non-controlling interests					$ (2,300)	$ (4,100)	$ 1,900
Minimum
Investment Holdings [Line Items]
Maturity term for reverse repurchase agreements					30 days
Maximum
Investment Holdings [Line Items]
Maturity term for reverse repurchase agreements					90 days
Sovereign debt
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	8,944				$ 8,944
Sovereign debt | Overnights and continuous
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	0				0
Sovereign debt | Up to 30 days
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	0				0
Sovereign debt | 30 - 90 days
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	8,944				8,944
Sovereign debt | Greater than 90 days
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	0				0
Corporate bonds
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	112				112
Corporate bonds | Overnights and continuous
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	112				112
Corporate bonds | Up to 30 days
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	0				0
Corporate bonds | 30 - 90 days
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	0				0
Corporate bonds | Greater than 90 days
Investment Holdings [Line Items]
Securities sold under repurchase agreements and securities lending transactions	$ 0				$ 0

Due from_to brokers (Details)

Due from/to brokers (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Due to brokers	$ 9.8	$ 1.1
Collateral	$ 623	$ 308.8

Derivatives - Schedule of listi

Derivatives - Schedule of listing currency, fair value and notional amounts of derivative instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Derivative assets, at fair value	$ 35,337	$ 21,130
Derivative assets, notional amount	783,557	836,304
Derivative liabilities, at fair value	15,392	11,015
Derivative liabilities, notional amount	586,325	757,406
Realized Gain (Loss) on Derivatives	21,782	18,520	$ 19,331
Unrealized Gain (Loss) on Derivatives	(316)	(8,127)	9,926
Commodity Future
Derivative [Line Items]
Derivative assets, at fair value		269
Derivative assets, notional amount		25,168
Derivative liabilities, at fair value		285
Derivative liabilities, notional amount		12,012
Commodity Future | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	(1,515)	0	0
Unrealized Gain (Loss) on Derivatives	0	0	0
Commodity Future | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	(580)	(11)	437
Unrealized Gain (Loss) on Derivatives	194	(143)	(212)
Interest Rate Swaps
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	119	(743)	949
Unrealized Gain (Loss) on Derivatives	0	639	(255)
Credit Default Swaps - Protection Purchased
Derivative [Line Items]
Derivative assets, at fair value	21,692	9,456
Derivative assets, notional amount	183,125	89,772
Derivative liabilities, at fair value	3,449	3,230
Derivative liabilities, notional amount	38,455	49,465
Realized Gain (Loss) on Derivatives	1,282	(5,627)	4,243
Unrealized Gain (Loss) on Derivatives	4,839	1,018	(10,943)
Credit Default Swaps - Protection Sold
Derivative [Line Items]
Derivative assets, at fair value		205
Derivative assets, notional amount		2,084
Derivative liabilities, at fair value	2,054	1,319
Derivative liabilities, notional amount	6,436	5,142
Realized Gain (Loss) on Derivatives	2,071	1,362	(4,845)
Unrealized Gain (Loss) on Derivatives	(2,098)	(830)	10,690
Contracts for Differences | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	631	263
Derivative assets, notional amount	41,686	3,080
Derivative liabilities, at fair value	1,111	1,404
Derivative liabilities, notional amount	2,311	48,152
Realized Gain (Loss) on Derivatives	(6,101)	(1,869)	8,900
Unrealized Gain (Loss) on Derivatives	660	(11,621)	6,172
Contracts for Differences | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	5,884	186
Derivative assets, notional amount	80,027	6,428
Derivative liabilities, at fair value	3,411	130
Derivative liabilities, notional amount	50,471	3,070
Realized Gain (Loss) on Derivatives	8,459	(3,873)	1,219
Unrealized Gain (Loss) on Derivatives	2,418	413	(341)
Total Return Swaps | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	415	43
Derivative assets, notional amount	58,799	1,874
Derivative liabilities, at fair value	3,430	590
Derivative liabilities, notional amount	163,224	11,233
Realized Gain (Loss) on Derivatives	1,410	18,782	1,026
Unrealized Gain (Loss) on Derivatives	(2,469)	(2,112)	1,786
Total Return Swaps | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	466	34
Derivative assets, notional amount	9,457	9,763
Derivative liabilities, at fair value	386
Derivative liabilities, notional amount	19,318
Realized Gain (Loss) on Derivatives	(1,395)	(795)	(557)
Unrealized Gain (Loss) on Derivatives	45	171	76
Interest Rate Swaptions
Derivative [Line Items]
Derivative assets, at fair value	90
Derivative assets, notional amount	43,831
Derivative liabilities, at fair value	17
Derivative liabilities, notional amount	87,499
Realized Gain (Loss) on Derivatives	(771)	(455)	(170)
Unrealized Gain (Loss) on Derivatives	(39)	(918)	913
Treasury Futures | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	0	0	(119)
Unrealized Gain (Loss) on Derivatives	0	0	0
Treasury Futures | Short Contracts / Sold
Derivative [Line Items]
Derivative liabilities, at fair value		280
Derivative liabilities, notional amount		10,119
Realized Gain (Loss) on Derivatives	(2,734)	(1,163)	830
Unrealized Gain (Loss) on Derivatives	280	(388)	(456)
Foreign Currency Forward
Derivative [Line Items]
Derivative assets, at fair value	1,947	4,241
Derivative assets, notional amount	155,518	228,416
Derivative liabilities, at fair value	1,041
Derivative liabilities, notional amount	87,127
Realized Gain (Loss) on Derivatives	21,429	16,891	5,385
Unrealized Gain (Loss) on Derivatives	(3,334)	3,617	(1,255)
Foreign Currency Options
Derivative [Line Items]
Derivative assets, at fair value	4,141	6,355
Derivative assets, notional amount	193,613	283,439
Derivative liabilities, at fair value	475	3,527
Derivative liabilities, notional amount	118,415	144,257
Foreign Currency Options | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	318	(265)	5,920
Unrealized Gain (Loss) on Derivatives	(1,144)	941	1,069
Foreign Currency Options | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	1,214	(1,438)	(3,787)
Unrealized Gain (Loss) on Derivatives	316	63	(109)
Catastrophe Risk Derivatives [Member]
Derivative [Line Items]
Derivative liabilities, at fair value		30
Derivative liabilities, notional amount		6,000
Commodity Future Options | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	(286)	(470)	264
Unrealized Gain (Loss) on Derivatives	285	(289)	15
Commodity Future Options | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	71	78
Derivative assets, notional amount	17,501	186,280
Derivative liabilities, at fair value	18	220
Derivative liabilities, notional amount	13,069	467,956
Realized Gain (Loss) on Derivatives	272	364	(81)
Unrealized Gain (Loss) on Derivatives	(269)	101	168
Index Futures | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	1,144	(840)	(2,413)
Unrealized Gain (Loss) on Derivatives	0	0	0
Index Futures | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	0	(253)	1,169
Unrealized Gain (Loss) on Derivatives	0	441	(441)
Bond Futures | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	(2,584)	(1,077)	(289)
Unrealized Gain (Loss) on Derivatives	0	(212)	(36)
Reinsurance contract derivatives
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	30	0	1,250
Unrealized Gain (Loss) on Derivatives	0	982	3,085
Embedded derivatives in reinsurance contracts
Derivative [Line Items]
Derivative liabilities, at fair value	5,563	2,769
Derivative liabilities, notional amount	20,000	15,000
Realized Gain (Loss) on Derivatives	(5)	0	0
Unrealized Gain (Loss) on Derivatives	362	102	0
Embedded derivatives in deposit contracts
Derivative [Line Items]
Derivative liabilities, at fair value		6,520
Derivative liabilities, notional amount		75,000
Realized Gain (Loss) on Derivatives	2,104	0	0
Unrealized Gain (Loss) on Derivatives	0	(2,090)	(460)
Derivative liabilities (embedded)
Derivative [Line Items]
Derivative liabilities, at fair value	5,563	9,289
Derivative liabilities, notional amount	20,000	90,000
Realized Gain (Loss) on Derivatives	2,099	0	0
Unrealized Gain (Loss) on Derivatives	$ 362	$ (1,988)	$ (460)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
OTC Option Asset	$ 8.9	$ 3.8
Cash collateral posted	62.6	27.6
OTC Option Liability	3.7	2.8
Aggregate fair value of derivative instruments with credit-risk related contingent feature in a net liability position	1.8	$ 1.9
Held collateral from certain counterparties	$ 2.2

Derivatives - Schedule of gross

Derivatives - Schedule of gross and net amounts of derivative instruments that are subject to enforceable master netting arrangements or similar agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Offsettting Assets and Liabilities [Line Items]
OTC Option Asset	$ 8,900	$ 3,800
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	35,337	21,130
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	15,392	11,015
OTC Option Liability	3,700	2,800
Counterparty 1
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		11
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	2,626	1,613
Financial Instruments	2,171	1,613
Cash Collateral Received	455	0
Net Amount	0	0
Counterparty 2
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		1,660
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	1,243	539
Financial Instruments	1,243	539
Cash Collateral Received	0	0
Net Amount	0	0
Counterparty 3
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		5,756
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	2,335	4,802
Financial Instruments	2,335	4,802
Cash Collateral Received	0	0
Net Amount	0	0
Counterparty 4
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		0
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	2,816	932
Financial Instruments	2,656	368
Cash Collateral Received	160	564
Net Amount	0	0
Counterparty 5
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		2,085
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	4,028	133
Financial Instruments	4,028	133
Cash Collateral Received	0	0
Net Amount	0	0
Counterparty 6
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		546
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	1,657	2,866
Financial Instruments	1,657	2,866
Cash Collateral Received	0	0
Net Amount	0	0
Counterparty 7
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		305
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	0	440
Financial Instruments	0	440
Cash Collateral Received	0	0
Net Amount	0	0
Counterparty 8
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		0
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	3,659	2,001
Financial Instruments	2,669	699
Cash Collateral Received	0	1,302
Net Amount	990	0
Counterparty 9
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		194
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	542	461
Financial Instruments	542	461
Cash Collateral Received	0	0
Net Amount	0	0
Counterparty 10
Gross Amounts not Offset in the Consolidated Balance Sheet
Net Amount		23
Counterparty 15
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	153
Financial Instruments	6
Cash Collateral Received	147
Net Amount	0
1 derivative not included as counterparty
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	19,059	13,787
Financial Instruments	17,307	11,921
Cash Collateral Received	762	1,866
Net Amount	990	0
Financial assets, derivative assets and collateral received
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	44,248	24,921
Financial Instruments	17,300	11,921
Cash Collateral Received	2,187	2,420
Net Amount	24,761	10,580
Financial assets, derivative assets and collateral received | Counterparty 1
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	2,171	1,624
Financial Instruments	2,171	1,613
Cash Collateral Received	0	0
Net Amount	0
Financial assets, derivative assets and collateral received | Counterparty 2
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	4,959	2,199
Financial Instruments	1,243	539
Cash Collateral Received	0	0
Net Amount	3,716
Financial assets, derivative assets and collateral received | Counterparty 3
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	6,347	10,558
Financial Instruments	2,335	4,802
Cash Collateral Received	0	0
Net Amount	4,012
Financial assets, derivative assets and collateral received | Counterparty 4
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	3,679	368
Financial Instruments	2,656	368
Cash Collateral Received	0	0
Net Amount	1,023
Financial assets, derivative assets and collateral received | Counterparty 5
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	14,181	2,218
Financial Instruments	4,027	133
Cash Collateral Received	0	0
Net Amount	10,154
Financial assets, derivative assets and collateral received | Counterparty 6
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	7,351	5,832
Financial Instruments	1,657	2,866
Cash Collateral Received	1,993	2,420
Net Amount	3,701
Financial assets, derivative assets and collateral received | Counterparty 7
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	882	745
Financial Instruments	0	440
Cash Collateral Received	194	0
Net Amount	688
Financial assets, derivative assets and collateral received | Counterparty 8
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	2,669	699
Financial Instruments	2,669	699
Cash Collateral Received	0	0
Net Amount	0
Financial assets, derivative assets and collateral received | Counterparty 9
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	2,009	655
Financial Instruments	542	461
Cash Collateral Received	0	0
Net Amount	1,467
Financial assets, derivative assets and collateral received | Counterparty 10
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet		23
Financial Instruments		0
Cash Collateral Received		0
Loaned securities
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	114
Financial Instruments	0
Cash Collateral Received	112
Net Amount	2
Loaned securities | Counterparty 3
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	114
Financial Instruments	0
Cash Collateral Received	112
Net Amount	2
Net investment losses on securities sold under an agreement to repurchase | Counterparty 4
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	8,944
Financial Instruments	8,944
Cash Collateral Received	0
Net investment losses on securities sold under an agreement to repurchase | 1 derivative not included as counterparty
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Consolidated Balance Sheet	8,944
Financial Instruments	8,944
Cash Collateral Received	0
Net Amount	$ 0
Securities purchased under an agreement to sell
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet		29,852
Financial Instruments		29,350
Cash Collateral Received		247
Net Amount		255
Securities purchased under an agreement to sell | Counterparty 11
Gross Amounts not Offset in the Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Consolidated Balance Sheet		29,852
Financial Instruments		29,350
Cash Collateral Received		247
Net Amount		$ 255

Loss and loss adjustment expe72

Loss and loss adjustment expense reserves - Schedule of loss and loss adjustment expense reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 87,186	$ 64,343
Incurred but not reported loss and loss adjustment expense reserves	375,690	210,777
Deferred gains on retroactive reinsurance contracts	3,171	2,242
Loss and loss adjustment expense reserves	$ 466,047	$ 277,362

Loss and loss adjustment expe73

Loss and loss adjustment expense reserves - Schedule of activity in the reserve for losses and loss adjustment expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for loss and loss adjustment expenses, beginning of year	$ 277,362	$ 134,331	$ 67,271
Less: loss and loss adjustment expenses recoverable, beginning of year	(125)	(814)	(9,277)	$ (125)	$ (814)	$ (9,277)	$ 0
Net reserves for loss and loss adjustment expenses, beginning of year	276,548	125,054	67,271
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	419,377	286,787	144,509
Prior years	(3,330)	(3,559)	(4,697)
Increase (decrease) in net premiums earned and acquisition costs	(300)
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss	7,500		200
Amortization of deferred gains on retroactive reinsurance contracts	856	81	0
Total incurred loss and loss adjustment expenses	415,191	283,147	139,812
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	100,403	70,562	27,528
Prior years	121,665	61,091	54,501
Total net paid losses	222,068	131,653	82,029
Foreign currency translation	(3,749)	0	0
Net reserve for loss and loss adjustment expenses, end of year	276,548	125,054	67,271	$ 465,922	$ 276,548	$ 125,054	$ 67,271
Plus: loss and loss adjustment expenses recoverable, end of year	125	814	9,277
Gross reserve for loss and loss adjustment expenses, end of year	466,047	277,362	134,331
Premium Adjustments on Certain Contracts [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	2,100	(2,900)	(3,400)
Favorable Reserve Development [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	(5,400)	(700)	(1,300)
Change in policy acquisition costs		300	2,300
Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact	7,800
Paid Losses on Commuted Contracts	79,100	10,800	5,100
Impact On Underwriting Income [Member] | Favorable Reserve Development [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss		(400)	1,000
Ratio Split [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	$ 13,200
Premium Adjustments on Certain Contracts [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss		400	(800)
Change in policy acquisition costs		400	(1,300)
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase (decrease) in earned premium related to decrease in premium estimates		3,700	3,900
Premium Adjustments on Certain Contracts [Member] | Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact		$ 3,300	$ 4,700

Management, performance and f74

Management, performance and founders fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Third Point Advisors LLC
Related Party Transaction [Line Items]
Annual investment performance fee	20.00%
TP LLC and Various Third Point Re Founders
Related Party Transaction [Line Items]
Annual investment management fee	2.00%
Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 43,277	$ 53,516	$ 87,333
Net investment income | Third Point LLC
Related Party Transaction [Line Items]
Investment fee expenses	6,362	5,037	3,651
Net investment income | Founders
Related Party Transaction [Line Items]
Investment fee expenses	36,053	28,544	20,686
Net investment income | Third Point Advisors LLC
Related Party Transaction [Line Items]
Investment fee expenses	$ 862	$ 19,935	$ 62,996

Deposit contracts (Details)

Deposit contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deposit Contracts, Liabilities [Roll Forward]
Balance, beginning of year	$ 145,430	$ 120,946	$ 50,446
Consideration received	21,246	18,398	66,369
Net investment expense allocation and change in fair value of embedded derivatives	2,207	6,436	4,731
Payments	(84,928)	(350)	(600)
Balance, end of year	$ 83,955	$ 145,430	$ 120,946

Senior Notes payable and lett76

Senior Notes payable and letter of credit facilities Senior Notes payable and letter of credit facilities (Details) - Unsecured Debt - 7% Senior Unsecured Notes	12 Months Ended
	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Debt issued	$ 115,000,000
Interest rate	7.00%
Debt issuance costs	$ 1,600,000
Debt instrument, fair value disclosure	$ 104,800,000

Senior Notes payable and lett77

Senior Notes payable and letter of credit facilities - Letters of credit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 25, 2016	Dec. 31, 2014
Line of Credit Facility [Line Items]
Collateral	$ 623,000,000		$ 308,800,000
Letter of Credit
Line of Credit Facility [Line Items]
Facility	550,000,000
Utilized	270,380,000
Collateral	270,755,000
BNP Paribas | Letter of Credit
Line of Credit Facility [Line Items]
Facility	50,000,000
Utilized	17,959,000
Collateral	$ 17,959,000
Citibank
Line of Credit Facility [Line Items]
Line of Credit Facility, Increase (Decrease) for Period, Description	During 2015, Third Point Re USA entered into a new $100.0 million facility with Citibank. The Citibank facility with Third Point Re was reduced to $200.0 million.
Citibank | Letter of Credit
Line of Credit Facility [Line Items]
Facility	$ 300,000,000
Utilized	189,056,000
Collateral	189,056,000
J.P. Morgan | Letter of Credit
Line of Credit Facility [Line Items]
Facility	50,000,000
Utilized	37,551,000
Collateral	37,926,000
Lloyds Bank | Letter of Credit
Line of Credit Facility [Line Items]
Facility	150,000,000
Utilized	25,814,000
Collateral	$ 25,814,000
Subsequent event | Lloyds Bank
Line of Credit Facility [Line Items]
Facility		$ 100,000,000

Net investment income (Details)

Net investment income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Investment Income [Abstract]
Net realized gains on investments and investment derivatives									$ 14,398	$ 193,957	$ 236,333
Net unrealized gains (losses) on investments and investment derivatives									(34,181)	(83,146)	78,950
Net gains on foreign currencies									933	2,581	21,106
Dividend and interest income									45,103	31,750	14,233
Dividends paid on securities sold, not yet purchased									(1,279)	(120)	(722)
Management and performance fees									(43,277)	(53,516)	(87,333)
Other expenses									(11,305)	(7,151)	(8,863)
Net investment income (loss) on investments managed by Third Point LLC									(29,608)	84,355	253,704
Investment income on cash held by the Catastrophe Reinsurer and Catastrophe Fund									29	101	86
Net gain on catastrophe bond held by Catastrophe Reinsurer									10	144	0
Net gain on investment in Kiskadee Fund									1,465	0	0
Net gain on reinsurance contract derivatives written by the Catastrophe Reinsurer									30	982	4,335
Net investment income	$ 61,553	$ (193,156)	$ 38,611	$ 64,918	$ (6,490)	$ 1,552	$ 40,485	$ 50,035	(28,074)	85,582	258,125
Net investment gains (losses) on equity securities
Schedule of Cost-method Investments [Line Items]
Change in net investment income									(31,224)	82,902	243,449
Net investment gains on debt securities
Schedule of Cost-method Investments [Line Items]
Change in net investment income									35,502	80,285	69,194
Net investment losses on other investments
Schedule of Cost-method Investments [Line Items]
Change in net investment income									(35,917)	(35,491)	(5,045)
Net investment gains on investment derivatives
Schedule of Cost-method Investments [Line Items]
Change in net investment income									21,466	10,393	29,257
Net investment gains (losses) on securities sold, not yet purchased
Schedule of Cost-method Investments [Line Items]
Change in net investment income									33,086	4,334	(5,974)
Net investment income on cash, including foreign exchange gains (losses)
Schedule of Cost-method Investments [Line Items]
Change in net investment income									149	4,992	17,961
Net investment gains (losses) on securities purchased under an agreement to resell
Schedule of Cost-method Investments [Line Items]
Change in net investment income									(147)	(4,099)	1,863
Net investment losses on securities sold under an agreement to repurchase
Schedule of Cost-method Investments [Line Items]
Change in net investment income									(2,226)	0	0
Management and performance fees
Schedule of Cost-method Investments [Line Items]
Change in net investment income									(43,277)	(53,516)	(87,333)
Other investment expenses
Schedule of Cost-method Investments [Line Items]
Change in net investment income									$ (5,486)	$ (4,218)	$ (5,247)

Other expenses (Details)

Other expenses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Income and Expenses [Abstract]
Deposit liabilities investment expense									$ 6,471	$ 4,346	$ 4,271
Reinsurance contracts investment expense									6,764	1,061	191
Change in fair value of embedded derivatives in deposit and reinsurance contracts									(4,621)	1,988	460
Other expenses	$ 2,928	$ 670	$ 2,315	$ 2,701	$ 2,606	$ 2,982	$ 1,020	$ 787	$ 8,614	$ 7,395	$ 4,922

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax [Line Items]
Accrual for uncertain tax positions	$ 1,500				$ 2,600				$ 1,500	$ 2,600
Income tax expense related to U.S. and U.K. subsidiaries	2,863	$ (7,781)	$ 708	$ 1,305	1,731	$ 1,542	$ 2,375	$ 0	(2,905)	5,648	$ 0
Income (loss) before income tax (expense) benefit	45,670	$ (205,217)	$ 16,865	$ 52,338	(12,073)	$ (1,038)	$ 34,674	$ 40,795	(90,344)	62,358	233,078
Reconciliation of expected income tax to income tax expense [Abstract]
Withholding taxes related to dividend and interest income									4,828	3,024	0
Uncertain tax positions									(1,100)	2,600	0
Current and deferred incomes [Abstract]
Current tax expense									3,728	3,048	0
Deferred tax expense									(6,633)	2,600	0
Deferred Tax Assets [Abstract]
Discounting of loss and loss adjustment expense reserves	119				0				119	0	0
Unearned premiums	2,329				0				2,329	0	0
Temporary differences in recognition of expenses	573				0				573	0	0
Net operating loss carryforward	7,839				0				7,839	0	0
Total deferred tax assets	10,860				0				10,860	0	0
Deferred Tax Liabilities [Abstract]
Deferred acquisition costs	3,515				0				3,515	0	0
Unrealized losses on investments	712				0				712	0	0
Total deferred tax liabilities	4,227				0				4,227	0	0
Net deferred tax assets	$ 6,633				$ 0				6,633	0	0
Income tax expense (benefit) related to U.S. and U.K. subsidiaries
Income Tax [Line Items]
Income tax expense related to U.S. and U.K. subsidiaries									(6,633)	24	0
Change in uncertain tax positions
Income Tax [Line Items]
Income tax expense related to U.S. and U.K. subsidiaries									(1,100)	2,600	0
Withholding taxes on certain investment transactions
Income Tax [Line Items]
Income tax expense related to U.S. and U.K. subsidiaries									4,800	3,000	0
Bermuda
Income Tax [Line Items]
Income (loss) before income tax (expense) benefit									$ (71,416)	62,649	233,058
Federal statutory income tax rate									0.00%
Reconciliation of expected income tax to income tax expense [Abstract]
Bermuda (expected tax expense at 0%)									$ 0	0	0
United States
Income Tax [Line Items]
Income (loss) before income tax (expense) benefit									$ (18,981)	(255)	0
Federal statutory income tax rate									35.00%
Reconciliation of expected income tax to income tax expense [Abstract]
Foreign taxes at local expected rates:									$ (6,644)	0	0
United Kingdom
Income Tax [Line Items]
Income (loss) before income tax (expense) benefit									$ 53	(36)	20
Federal statutory income tax rate									21.00%
Reconciliation of expected income tax to income tax expense [Abstract]
Foreign taxes at local expected rates:									$ 11	$ 24	$ 0

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Share capital authorized	$ 33,000,000
Common share, shares authorized (in shares)	300,000,000	300,000,000
Common share, par value (in dollars per share)	$ 0.10	$ 0.10
Preference shares, shares authorized (in shares)	30,000,000	30,000,000
Preference shares, par value (in dollars per share)	$ 0.10	$ 0.10
Preference shares, shares issued (in shares)	0	0
Preference shares, shares outstanding (in shares)	0	0
Increase (Decrease) in Common Shares Issued and Outstanding [Roll Forward]
Shares issued and outstanding, beginning of year	104,473,402	103,888,916	78,432,132
Options exercised	433,279	60,000
Shares issued and outstanding, end of year	105,479,341	104,473,402	103,888,916
Common Stock, Shares, Issued	105,479,341	104,473,402

Share capital - Warrants (Detai

Share capital - Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Aug. 20, 2013	Aug. 18, 2013
Class of Warrant or Right [Line Items]
Maximum percent of warrants reserved for issuance	4.00%
Maximum value of warrants reserved for issuance	$ 1,000,000,000
Exercise price (in dollars per share)	$ 10
Authorized and issued (in shares)	4,651,163
Aggregated fair value of warrants	$ 17,374,000
Warrants authorized and issued (in shares)		1,003,157	3,648,006
Term of warrants	10 years
Founders
Class of Warrant or Right [Line Items]
Maximum percent of warrants reserved for issuance	3.50%
Exercise price (in dollars per share)	$ 10
Authorized and issued (in shares)	4,069,868
Aggregated fair value of warrants	$ 15,203,000
Advisor
Class of Warrant or Right [Line Items]
Maximum percent of warrants reserved for issuance	0.50%
Exercise price (in dollars per share)	$ 10
Authorized and issued (in shares)	581,295
Aggregated fair value of warrants	$ 2,171,000

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 06, 2013	Nov. 04, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 20, 2013	Aug. 18, 2013	Jul. 15, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses			$ 10.9	$ 9.3	$ 9.8
Unamortized share compensation expense			$ 13.1	20
Unamortized share compensation expense, period of recognition			1 year 4 months		1 year 7 months 6 days
Fair value assumptions
Aggregate intrinsic value of options outstanding			$ 19.6	28.4
Aggregate intrinsic value of options exercisable			13.4	14
Proceeds from stock options exercised			4.3	0.6
Performance shares - conditions met
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses			2.7	0.1	$ 0
Performance shares - conditions met | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding had met the performance condition (in shares)						2,357,633	8,572,594
Management and director options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses			$ 6.3	$ 6.6	$ 8.3
Fair value assumptions
Estimated share price (in dollars per share)				$ 15.05	$ 10.89
Volatility assumption				23.10%	21.95%
Risk free interest rate				2.20%	1.23%
Expected life				6 years 6 months	6 years 6 months
Dividend yield				0.00%	0.00%
Remaining contractual life			5 years 11 months 26 days	7 years 1 month 13 days
Management and director options | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition met on each of first five anniversary dates following grant date			20.00%
Award vesting period			5 years
Management and director options | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years
Management and director options | Directors | Previous Vesting on Five Anniversary Dates
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition met on each of first five anniversary dates following grant date		20.00%
Management and director options | Directors | Fully Vested on November 6th, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition met on each of first five anniversary dates following grant date	60.00%
Management and director options | Directors | Forfeited on November 6, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition met on each of first five anniversary dates following grant date	40.00%
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses			$ 1.9	$ 2.6	$ 1.5
Award vesting period			3 years
Omnibus plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)								21,627,906
Number of shares available for future issuance (in shares)			9,786,902	10,052,579

Share-based compensation - Sche

Share-based compensation - Schedule of management and director options activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of options (in shares)
Outstanding (in shares)	10,990,841	10,981,075	10,956,838
Granted (in shares)		348,836	348,836
Forfeited (in shares)	(306,976)	(279,070)	(324,599)
Exercised (in shares)	(433,279)	(60,000)
Outstanding (in shares)	10,250,586	10,990,841	10,981,075
Weighted average exercise price (in dollars per share)
Outstanding (in dollars per share)	$ 13.41	$ 13.23	$ 13.20
Granted (in dollars per share)		18.25	14.09
Forfeited (in dollars per share)	14.36	13.20	13.20
Exercised (in dollars per share)	10	10
Outstanding (in dollars per share)	$ 13.52	$ 13.41	$ 13.23
Management and director options
Number of options (in shares)
Outstanding (in shares)	10,250,586
Weighted average exercise price (in dollars per share)
Outstanding (in dollars per share)	$ 13.52

Share-based compensation - Sc85

Share-based compensation - Schedule of management and director options outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in shares)	10,250,586	10,990,841	10,981,075	10,956,838
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.52	$ 13.41	$ 13.23	$ 13.20
Management and director options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in shares)	10,250,586
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.52
Remaining contractual life	5 years 11 months 26 days	7 years 1 month 13 days
Options exercisable (in shares)	6,971,519
Options exercisable, weighted average exercise price (in dollars per share)	$ 13.49
Management and director options | $10.00 - $10.89
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price, lower limit (in dollars per share)	10
Exercise price, upper limit (in dollars per share)	$ 10.89
Options outstanding (in shares)	5,788,392
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.03
Remaining contractual life	5 years 11 months 19 days
Options exercisable (in shares)	3,946,530
Options exercisable, weighted average exercise price (in dollars per share)	$ 10.02
Management and director options | $15.05 - $16.89
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price, lower limit (in dollars per share)	15.05
Exercise price, upper limit (in dollars per share)	$ 16.89
Options outstanding (in shares)	2,265,981
Options outstanding, weighted average exercise price (in dollars per share)	$ 15.94
Remaining contractual life	6 years 21 days
Options exercisable (in shares)	1,526,448
Options exercisable, weighted average exercise price (in dollars per share)	$ 15.96
Management and director options | $20.00 - $25.05
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price, lower limit (in dollars per share)	20
Exercise price, upper limit (in dollars per share)	$ 25.05
Options outstanding (in shares)	2,196,213
Options outstanding, weighted average exercise price (in dollars per share)	$ 20.22
Remaining contractual life	6 years
Options exercisable (in shares)	1,498,541
Options exercisable, weighted average exercise price (in dollars per share)	$ 20.13

Share-based compensation - Sc86

Share-based compensation - Schedule of restricted share award activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted share awards
Number of non-vested restricted shares (in shares)
Outstanding, beginning of year (in shares)	616,114	657,156	619,300
Granted (in shares)	118,120	49,684	37,856
Forfeited (in shares)	(7,267)	(17,800)
Vested (in shares)	(425,924)	(72,926)
Outstanding, end of year (in shares)	301,043	616,114	657,156
Weighted average grant data fair value (in dollars per share)
Outstanding, beginning of year (in dollars per share)	$ 10.10	$ 10.30	$ 10
Granted (in dollars per share)	13.06	15.39	15.22
Forfeited (in dollars per share)	13.76	10
Vested (in dollars per share)	10.37	15.56
Outstanding, end of year (in dollars per share)	$ 11.31	$ 10.10	$ 10.30
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	71,429	9,614	5,000
Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	46,691	40,070	32,856

Share-based compensation - Sc87

Share-based compensation - Schedule of restricted shares with performance condition (Details) - Performance shares - conditions met - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of non-vested restricted shares (in shares)
Outstanding, beginning of year (in shares)	459,746	0
Granted (in shares)	514,276	459,746
Forfeited (in shares)	(52,469)
Change in estimated restricted shares considerable probable of vesting (in shares)	0
Outstanding, end of year (in shares)	921,553	459,746
Number of non-vested restricted shares probable of vesting
Outstanding, beginning of year (in shares)	306,496	0
Granted (in shares)	342,846	306,496
Forfeited (in shares)	(34,980)
Change in estimated restricted shares considerable probable of vesting (in shares)	(78,128)
Outstanding, end of year (in shares)	536,234	306,496
Weighted average grant data fair value (in dollars per share)
Outstanding, beginning of year (in dollars per share)	$ 14.60	$ 0
Granted (in dollars per share)	14	14.60
Forfeited (in dollars per share)	14.29
Change in estimated restricted shares considerable probable of vesting (in dollars per share)	14.60
Outstanding, end of year (in dollars per share)	$ 14.24	$ 14.60

Non-controlling interests - Sch

Non-controlling interests - Schedule of Noncontrolling Interest (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 16,157	$ 100,135
Catastrophe Fund
Noncontrolling Interest [Line Items]
Non-controlling interests	0	60,153
Catastrophe Fund Manager
Noncontrolling Interest [Line Items]
Non-controlling interests	0	(259)
Joint Venture - Third Point Advisors LLC share
Noncontrolling Interest [Line Items]
Non-controlling Interests	$ 16,157	$ 40,241

Non-controlling interests - Inc

Non-controlling interests - Income Attributable to Non-controlling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	$ (49)	$ 6,315	$ 5,767
Catastrophe Fund
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	(121)	4,748	4,284
Catastrophe Fund Manager
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	19	(23)	(238)
Joint Venture - Third Point Advisors LLC share
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	$ 53	$ 1,590	$ 1,721

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Noncontrolling interest, increase from contributed capital	$ 60	$ 6.2	$ 25.3
Third Point Reinsurance Opportunities Fund Ltd
Noncontrolling Interest [Line Items]
Estimated fair value of investment		$ 59.5
Ownership percentage		49.70%
Payments of Capital Distribution	119.4	$ 6.2	53
Third Point Reinsurance Company Ltd
Noncontrolling Interest [Line Items]
Payments of Capital Distribution	$ 59.4	0	28
Hiscox | Catastrophe Fund Manager
Noncontrolling Interest [Line Items]
Ownership percentage	15.00%
Joint Venture - Third Point Advisors LLC share
Noncontrolling Interest [Line Items]
Distributions	$ 24.1	51	35.1
Cayman Holdco
Noncontrolling Interest [Line Items]
Estimated fair value of investment	2.4	$ 55.8
Proceeds from Limited Partnership Investments	$ 47.6
Ownership percentage	10.80%	9.80%
Third Point Hellenic Recovery US Feeder Fund, L.P.
Noncontrolling Interest [Line Items]
Estimated fair value of investment	$ 5.4	$ 6.3
Ownership percentage	3.00%	3.00%
Committed capital, amount called	$ 0.7		2.9
Noncontrolling interest, increase from contributed capital	11.4	$ 11.4
Distributions	$ 0.3		$ 1.5

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding (in shares)	104,217,321	104,117,448	103,927,761	103,753,065	103,324,616	103,295,920	103,264,616	103,264,616	104,003,820	103,287,693	87,505,540
Dilutive effect of options (in shares)									0	1,468,521	400,149
Dilutive effect of warrants (in shares)									0	1,634,845	1,064,842
Diluted number of common shares outstanding (in shares)	106,635,451	104,117,448	106,696,874	106,144,183	103,324,616	103,295,920	106,433,881	103,413,580	104,003,820	106,391,059	88,970,531
Basic net income (loss) per common share:
Income including non-controlling interests	$ 42,193	$ (195,715)	$ 15,662	$ 50,470	$ (14,679)	$ (5,997)	$ 31,292	$ 39,779	$ (87,390)	$ 50,395	$ 227,311
Income allocated to participating shares									0	(328)	(1,618)
Net income (loss) available to common shareholders									$ (87,390)	$ 50,067	$ 225,693
Basic net income (loss) per common share (in dollars per share)	$ 0.40	$ (1.88)	$ 0.15	$ 0.48	$ (0.14)	$ (0.06)	$ 0.30	$ 0.38	$ (0.84)	$ 0.48	$ 2.58
Earnings Per Share, Diluted [Abstract]
Income including non-controlling interests	$ 42,193	$ (195,715)	$ 15,662	$ 50,470	$ (14,679)	$ (5,997)	$ 31,292	$ 39,779	$ (87,390)	$ 50,395	$ 227,311
Income allocated to participating shares									0	(319)	(1,592)
Net income (loss) available to common shareholders									$ (87,390)	$ 50,076	$ 225,719
Diluted net income (loss) per common share (in dollars per share)	$ 0.39	$ (1.88)	$ 0.15	$ 0.47	$ (0.14)	$ (0.06)	$ 0.29	$ 0.37	$ (0.84)	$ 0.47	$ 2.54
Options, warrants and restricted shares with service and performance condition
Earnings Per Share, Diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share									15,528,597	4,501,991	3,786,173

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Third Point Loan L.L.C. | Investments in securities, commodities, and derivative contracts
Related Party Transaction [Line Items]
Estimated fair value of investment	$ 65	$ 33.4

Financial instruments with of93

Financial instruments with off-balance sheet risk or concentrations of credit risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Guarantor Obligations [Line Items]
Asset	$ 35,337	$ 21,130
Liability	(15,392)	(11,015)
Written credit derivatives
Guarantor Obligations [Line Items]
0-5 years	3,558	0
5 years or Greater Expiring Through 2046	2,878	7,226
Total Written Credit Default Swaps	6,436	7,226
Asset	0	205
Liability	(2,054)	(1,319)
Net Asset/(Liability)	(2,054)	(1,114)
Written credit derivatives | Single name (0 - 250)
Guarantor Obligations [Line Items]
0-5 years	0	0
5 years or Greater Expiring Through 2046	2,878	5,142
Total Written Credit Default Swaps	2,878	5,142
Asset	0	0
Liability	(1,480)	(1,319)
Net Asset/(Liability)	(1,480)	(1,319)
Written credit derivatives | Single name (251-500)
Guarantor Obligations [Line Items]
0-5 years	3,558	0
5 years or Greater Expiring Through 2046	0	2,084
Total Written Credit Default Swaps	3,558	2,084
Asset	0	205
Liability	(574)	0
Net Asset/(Liability)	(574)	205
Credit risk exposure
Guarantor Obligations [Line Items]
Maximum counterparty credit risk exposure	24,800	9,700
Written put options
Guarantor Obligations [Line Items]
Option contracts maximum payout	42,200	666,900
Written put options | Securities sold, not yet purchased
Guarantor Obligations [Line Items]
Options contracts at fair value	$ 2,600	$ 4,500
Written put options | Maximum
Guarantor Obligations [Line Items]
Option contracts maximum payout term	13 months

Commitments and Contingencies -

Commitments and Contingencies - Operating lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Operating leases, rent expense	$ 700	$ 500	$ 400
2,016	861
2,017	889
2,018	913
2,019	937
2,020	904
Thereafter	44
Total	$ 4,548

Commitments and Contingencies95

Commitments and Contingencies - Agreements and Investments (Details) $ in Thousands	Sep. 03, 2014aircraft	Dec. 22, 2011	Dec. 20, 2011aircraft	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Investment management agreement duration		5 years
Percentage of interest acquired in aircraft	6.25%		12.50%
Number of aircraft interest acquired in | aircraft	1		2
Duration aircraft acquired for	5 years		5 years
Unfunded capital commitments				$ 11,400
Management Fee Commitment
Other Commitments [Line Items]
2,016				699
2,017				24
2,018				0
2,019				0
2,020				0
Total				$ 723

Commitments and Contingencies96

Commitments and Contingencies - Financing (Details) - 7% Senior Unsecured Notes - Unsecured Debt	Dec. 31, 2015USD ($)
Other Commitments [Line Items]
Debt issued	$ 115,000,000
Interest rate	7.00%

Segment reporting - Operating S

Segment reporting - Operating Segments (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment									2
Segment Reporting Information [Line Items]
Gross premiums written	$ 99,155	$ 205,583	$ 184,342	$ 213,334	$ 253,802	$ 126,403	$ 145,508	$ 87,587	$ 702,414	$ 613,300	$ 401,937
Gross premiums ceded	(24)	(375)	(1,425)	(52)	0	(150)	0	0	(1,876)	(150)	(9,975)
Net premiums written	99,131	205,208	182,917	213,282	253,802	126,253	145,508	87,587	700,538	613,150	391,962
Change in net unearned premium reserves	35,235	3,597	(62,339)	(74,207)	(70,230)	(17,305)	(66,758)	(14,325)	(97,714)	(168,618)	(171,295)
Net premiums earned	134,366	208,805	120,578	139,075	183,572	108,948	78,750	73,262	602,824	444,532	220,667
Loss and loss adjustment expenses incurred, net	98,855	158,537	76,053	81,746	132,364	60,115	44,409	46,259	415,191	283,147	139,812
Acquisition costs, net	38,552	50,509	47,498	54,657	43,875	38,317	29,583	25,431	191,216	137,206	67,944
General and administrative expenses	10,236	9,822	14,267	11,708	10,310	10,124	9,549	10,025	46,033	40,008	33,036
Net investment income (loss)									652,440	460,361	240,792
Net investment income (loss)	(61,553)	193,156	(38,611)	(64,918)	6,490	(1,552)	(40,485)	(50,035)	28,074	(85,582)	(258,125)
Foreign exchange gains included in income (loss) including non-controlling interests	2,396	746	(139)	193					3,196	0	0
Other expenses	(2,928)	(670)	(2,315)	(2,701)	(2,606)	(2,982)	(1,020)	(787)	(8,614)	(7,395)	(4,922)
Interest expense	2,074	2,074	2,052	1,036					7,236	0	0
Income tax (expense) benefit	(2,863)	7,781	(708)	(1,305)	(1,731)	(1,542)	(2,375)	0	2,905	(5,648)	0
Income (loss) including non-controlling interests	42,807	(197,436)	16,157	51,033	(13,804)	(2,580)	32,299	40,795	(87,439)	56,710	233,078
(Income) loss attributable to non-controlling interests	(614)	1,721	(495)	(563)	(875)	(3,417)	(1,007)	(1,016)	49	(6,315)	(5,767)
Net income (loss)	$ 42,193	$ (195,715)	$ 15,662	$ 50,470	$ (14,679)	$ (5,997)	$ 31,292	$ 39,779	$ (87,390)	$ 50,395	$ 227,311
Gross premiums as percentage of total gross premiums									100.00%	100.00%	100.00%
Prospective
Segment Reporting Information [Line Items]
Gross premiums written									$ 594,350	$ 530,169	$ 362,151
Gross premiums as percentage of total gross premiums									84.60%	86.40%	90.10%
Retroactive
Segment Reporting Information [Line Items]
Gross premiums written									$ 108,064	$ 83,131	$ 39,786
Gross premiums as percentage of total gross premiums									15.40%	13.60%	9.90%
Corporate
Segment Reporting Information [Line Items]
Gross premiums written									$ 0	$ 0	$ 0
Gross premiums ceded									0	0	0
Net premiums written									0	0	0
Change in net unearned premium reserves									0	0	0
Net premiums earned									0	0	0
Loss and loss adjustment expenses incurred, net									0	0	0
Acquisition costs, net									0	0	0
General and administrative expenses									20,771	14,380	7,346
Net investment income (loss)									20,771	14,380	7,346
Net investment income (loss)									17,333	(73,050)	(226,751)
Foreign exchange gains included in income (loss) including non-controlling interests									3,196
Other expenses									0	0	0
Interest expense									7,236
Income tax (expense) benefit									2,905	(5,648)
Income (loss) including non-controlling interests									(39,239)	53,022	219,405
(Income) loss attributable to non-controlling interests									(53)	(1,590)	(1,721)
Net income (loss)									(39,292)	51,432	217,684
Property and Casualty Reinsurance
Segment Reporting Information [Line Items]
Gross premiums written									$ 702,458	$ 601,305	$ 393,588
Gross premiums as percentage of total gross premiums									100.00%	98.00%	97.90%
Property and Casualty Reinsurance | Property
Segment Reporting Information [Line Items]
Gross premiums written									$ 114,215	$ 106,834	$ 67,612
Gross premiums as percentage of total gross premiums									16.20%	17.40%	16.80%
Property and Casualty Reinsurance | Casualty
Segment Reporting Information [Line Items]
Gross premiums written									$ 327,064	$ 266,763	$ 210,017
Gross premiums as percentage of total gross premiums									46.60%	43.50%	52.20%
Property and Casualty Reinsurance | Specialty
Segment Reporting Information [Line Items]
Gross premiums written									$ 261,179	$ 227,708	$ 115,959
Gross premiums as percentage of total gross premiums									37.20%	37.10%	28.90%
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written									$ 702,458	$ 601,305	$ 393,588
Gross premiums ceded									(1,876)	(150)	(9,975)
Net premiums written									700,582	601,155	383,613
Change in net unearned premium reserves									(97,766)	(168,858)	(171,006)
Net premiums earned									602,816	432,297	212,607
Loss and loss adjustment expenses incurred, net									415,041	283,180	139,616
Acquisition costs, net									191,217	136,154	66,981
General and administrative expenses									24,815	22,515	21,838
Net investment income (loss)									631,073	441,849	228,435
Net underwriting loss									28,257	9,552	15,828
Net investment income (loss)									10,810	(11,305)	(26,953)
Foreign exchange gains included in income (loss) including non-controlling interests									0
Other expenses									(8,614)	(7,395)	(4,922)
Interest expense									0
Income tax (expense) benefit									0	0
Income (loss) including non-controlling interests									(47,681)	(5,642)	6,203
(Income) loss attributable to non-controlling interests									0	0	0
Net income (loss)									$ (47,681)	$ (5,642)	$ 6,203
Loss ratio									68.90%	65.50%	65.70%
Acquisition cost ratio									31.70%	31.50%	31.50%
Composite ratio									100.60%	97.00%	97.20%
General and administrative expense ratio									4.10%	5.20%	10.30%
Combined ratio									104.70%	102.20%	107.50%
Catastrophe Risk Management
Segment Reporting Information [Line Items]
Gross premiums written									$ (44)	$ 11,995	$ 8,349
Gross premiums as percentage of total gross premiums									0.00%	2.00%	2.10%
Catastrophe Risk Management | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written									$ (44)	$ 11,995	$ 8,349
Gross premiums ceded									0	0	0
Net premiums written									(44)	11,995	8,349
Change in net unearned premium reserves									52	240	(289)
Net premiums earned									8	12,235	8,060
Loss and loss adjustment expenses incurred, net									150	(33)	196
Acquisition costs, net									(1)	1,052	963
General and administrative expenses									447	3,113	3,852
Net investment income (loss)									596	4,132	5,011
Net investment income (loss)									(69)	(1,227)	(4,421)
Foreign exchange gains included in income (loss) including non-controlling interests									0
Other expenses									0	0	0
Interest expense									0
Income tax (expense) benefit									0	0
Income (loss) including non-controlling interests									(519)	9,330	7,470
(Income) loss attributable to non-controlling interests									102	(4,725)	(4,046)
Net income (loss)									$ (417)	$ 4,605	$ 3,424

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue, Major Customer [Line Items]
Reinsurance balances receivable	$ 294,313	$ 303,649
Gross Premiums Written
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
Gross Premiums Written | Contract Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
Gross Premiums Written | Contract Concentration Risk | Contract 1
Revenue, Major Customer [Line Items]
Concentration risk, percentage	16.10%	20.40%	14.90%
Gross Premiums Written | Contract Concentration Risk | Contract 2
Revenue, Major Customer [Line Items]
Concentration risk, percentage	13.00%	17.10%	11.20%
Gross Premiums Written | Contract Concentration Risk | Contract 3
Revenue, Major Customer [Line Items]
Concentration risk, percentage	0.00%	0.00%	10.50%
Gross Premiums Written | Contract Concentration Risk | Total for contracts contributing greater than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	29.10%	37.50%	36.60%
Gross Premiums Written | Contract Concentration Risk | Total for contracts contributing less than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	70.90%	62.50%	63.40%
Gross Premiums Written | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
Reinsurance Receivables | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%
Reinsurance balances receivable	$ 294,313	$ 303,649
Reinsurance Receivables | Customer Concentration Risk | Counterparty 1
Revenue, Major Customer [Line Items]
Concentration risk, percentage	29.60%	23.90%
Reinsurance balances receivable	$ 87,044	$ 72,613
Reinsurance Receivables | Customer Concentration Risk | Counterparty 2
Revenue, Major Customer [Line Items]
Concentration risk, percentage	0.00%	18.30%
Reinsurance balances receivable	$ 0	$ 55,636
Reinsurance Receivables | Customer Concentration Risk | Counterparty 3
Revenue, Major Customer [Line Items]
Concentration risk, percentage	0.00%	12.20%
Reinsurance balances receivable	$ 0	$ 37,062
Reinsurance Receivables | Customer Concentration Risk | Customers contributing greater than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	29.60%	54.40%
Reinsurance balances receivable	$ 87,044	$ 165,311
Reinsurance Receivables | Customer Concentration Risk | Other counterparties representing less than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	70.40%	45.60%
Reinsurance balances receivable	$ 207,269	$ 138,338

Segment reporting - Customer Co

Segment reporting - Customer Concentration (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue, Major Customer [Line Items]
Gross premiums written	$ 99,155	$ 205,583	$ 184,342	$ 213,334	$ 253,802	$ 126,403	$ 145,508	$ 87,587	$ 702,414	$ 613,300	$ 401,937
Gross Premiums Written
Revenue, Major Customer [Line Items]
Gross premiums written									$ 702,414	$ 613,300	$ 401,937
Concentration risk, percentage									100.00%	100.00%	100.00%
Gross Premiums Written | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Gross premiums written									$ 702,414	$ 613,300	$ 401,937
Concentration risk, percentage									100.00%	100.00%	100.00%
Gross Premiums Written | Customer Concentration Risk | Largest broker
Revenue, Major Customer [Line Items]
Gross premiums written									$ 198,209	$ 199,563	$ 111,865
Concentration risk, percentage									28.20%	32.50%	27.80%
Gross Premiums Written | Customer Concentration Risk | Second largest broker
Revenue, Major Customer [Line Items]
Gross premiums written									$ 163,832	$ 110,063	$ 89,125
Concentration risk, percentage									23.30%	17.90%	22.20%
Gross Premiums Written | Customer Concentration Risk | Third largest broker
Revenue, Major Customer [Line Items]
Gross premiums written									$ 91,554	$ 80,535	$ 57,994
Concentration risk, percentage									13.00%	13.10%	14.40%
Gross Premiums Written | Customer Concentration Risk | Fourth largest broker
Revenue, Major Customer [Line Items]
Gross premiums written									$ 73,499	$ 61,777	$ 0
Concentration risk, percentage									10.50%	10.10%	0.00%
Gross Premiums Written | Customer Concentration Risk | Other brokers
Revenue, Major Customer [Line Items]
Gross premiums written									$ 175,320	$ 161,362	$ 142,953
Concentration risk, percentage									25.00%	26.40%	35.60%

Segment reporting - Geographic

Segment reporting - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue from External Customer [Line Items]
Gross premiums written	$ 99,155	$ 205,583	$ 184,342	$ 213,334	$ 253,802	$ 126,403	$ 145,508	$ 87,587	$ 702,414	$ 613,300	$ 401,937
Gross Premiums Written
Revenue from External Customer [Line Items]
Gross premiums written									$ 702,414	$ 613,300	$ 401,937
Concentration risk, percentage									100.00%	100.00%	100.00%
Gross Premiums Written | United States
Revenue from External Customer [Line Items]
Gross premiums written									$ 283,626	$ 339,061	$ 304,141
Concentration risk, percentage									40.40%	55.30%	75.70%
Gross Premiums Written | United Kingdom
Revenue from External Customer [Line Items]
Gross premiums written									$ 290,710	$ 176,522	$ 0
Concentration risk, percentage									41.40%	28.80%	0.00%
Gross Premiums Written | Bermuda
Revenue from External Customer [Line Items]
Gross premiums written									$ 128,078	$ 97,717	$ 96,396
Concentration risk, percentage									18.20%	15.90%	24.00%
Gross Premiums Written | Other
Revenue from External Customer [Line Items]
Gross premiums written									$ 0	$ 0	$ 1,400
Concentration risk, percentage									0.00%	0.00%	0.30%

Statutory Requirements (Details

Statutory Requirements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)member	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Statutory Accounting Practices [Line Items]
Liquidity ratio, minimum percentage required	75.00%
Bermuda
Statutory Accounting Practices [Line Items]
Actual statutory capital and surplus	$ 1,044,340	$ 1,296,067
Required statutory capital and surplus	612,620	622,624
Statutory net income	(68,188)	56,686	$ 229,974
Statutory amount available for dividend payments without regulatory approval	261,100	326,100
United States
Statutory Accounting Practices [Line Items]
Actual statutory capital and surplus	250,993	0
Required statutory capital and surplus	84,858	$ 0
Statutory net income	$ (7,510)
Statutory maximum percentage available for dividend payments	25.00%
Dividend payments with regulatory approval, number of members required | member	2
Minimum Net Capital Required for Entity	$ 250,000
Statutory amount available for dividend payments without regulatory approval	$ 11,100

Subsequent events (Details)

Subsequent events (Details)	Feb. 25, 2016USD ($)
Lloyds Bank | Subsequent event
Subsequent Event [Line Items]
Facility	$ 100,000,000

Supplemental guarantor infor103

Supplemental guarantor information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Equity securities	$ 1,231,077	$ 1,177,796
Debt securities	1,034,247	569,648
Other investments, at fair value	51,920	83,394
Total investments in securities	2,317,244	1,830,838
Cash and cash equivalents	20,407	28,734	$ 31,625	$ 34,005
Restricted cash and cash equivalents	330,915	417,307
Investment in subsidiaries	0	0
Due from brokers	326,971	58,241
Securities purchased under an agreement to sell	0	29,852
Derivative assets, at fair value	35,337	21,130
Interest and dividends receivable	10,687	2,602
Reinsurance balances receivable	294,313	303,649
Deferred acquisition costs, net	197,093	155,901
Unearned premiums ceded	187	0
Loss and loss adjustment expenses recoverable	125	814	9,277	0
Amounts due from (to) affiliates	0	0
Other assets	11,829	3,512
Total assets	3,545,108	2,852,580
Liabilities
Accounts payable and accrued expenses	11,966	10,085
Reinsurance balances payable	24,119	27,040
Deposit liabilities	83,955	145,430	120,946	50,446
Unearned premium reserves	531,710	433,809
Loss and loss adjustment expense reserves	466,047	277,362
Securities sold, not yet purchased, at fair value	314,353	82,485
Securities sold under an agreement to repurchase	8,944	0
Due to brokers	574,962	312,609
Derivative liabilities, at fair value	15,392	11,015
Interest and dividends payable	4,400	697
Senior notes payable, net of deferred costs	113,377	0
Total liabilities	2,149,225	1,300,532
Shareholders’ equity
Common shares	10,548	10,447
Additional paid-in capital	1,080,591	1,065,489
Retained earnings	288,587	375,977
Non-controlling interests	16,157	100,135
Shareholders’ equity attributable to shareholders	1,395,883	1,552,048	1,510,396
Total shareholders’ equity	1,379,726	1,451,913
Total liabilities and shareholders’ equity	3,545,108	2,852,580
Eliminations
Assets
Equity securities	0	0
Debt securities	0	0
Other investments, at fair value	0	0
Total investments in securities	0	0
Cash and cash equivalents	0	0	0	0
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	(1,803,012)	(1,451,060)
Due from brokers	0	0
Securities purchased under an agreement to sell		0
Derivative assets, at fair value	0	0
Interest and dividends receivable	0	0
Reinsurance balances receivable	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0
Loss and loss adjustment expenses recoverable	0	0
Amounts due from (to) affiliates	0	0
Other assets	0	0
Total assets	(1,803,012)	(1,451,060)
Liabilities
Accounts payable and accrued expenses	0	0
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0	0
Securities sold under an agreement to repurchase	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0
Total liabilities	0	0
Shareholders’ equity
Common shares	(1,250)	(1,251)
Additional paid-in capital	(1,669,212)	(1,072,671)
Retained earnings	(132,550)	(377,138)
Non-controlling interests	0	0
Shareholders’ equity attributable to shareholders	(1,803,012)	(1,451,060)
Total shareholders’ equity	(1,803,012)	(1,451,060)
Total liabilities and shareholders’ equity	(1,803,012)	(1,451,060)
Parent Guarantor | Reportable Legal Entities
Assets
Equity securities	0	0
Debt securities	0	0
Other investments, at fair value	0	0
Total investments in securities	0	0
Cash and cash equivalents	308	140	294	169
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	1,382,336	1,451,060
Due from brokers	0	0
Securities purchased under an agreement to sell		0
Derivative assets, at fair value	0	0
Interest and dividends receivable	0	0
Reinsurance balances receivable	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0
Loss and loss adjustment expenses recoverable	0	0
Amounts due from (to) affiliates	(346)	1,339
Other assets	564	600
Total assets	1,382,862	1,453,139
Liabilities
Accounts payable and accrued expenses	3,136	1,226
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0	0
Securities sold under an agreement to repurchase	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0
Total liabilities	3,136	1,226
Shareholders’ equity
Common shares	10,548	10,447
Additional paid-in capital	1,080,591	1,065,489
Retained earnings	288,587	375,977
Non-controlling interests	0	0
Shareholders’ equity attributable to shareholders	1,379,726	1,451,913
Total shareholders’ equity	1,379,726	1,451,913
Total liabilities and shareholders’ equity	1,382,862	1,453,139
TPRUSA | Reportable Legal Entities
Assets
Equity securities	0	0
Debt securities	0	0
Other investments, at fair value	0	0
Total investments in securities	0	0
Cash and cash equivalents	5	0	0	0
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	261,083	0
Due from brokers	0	0
Securities purchased under an agreement to sell		0
Derivative assets, at fair value	0	0
Interest and dividends receivable	0	0
Reinsurance balances receivable	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0
Loss and loss adjustment expenses recoverable	0	0
Amounts due from (to) affiliates	(230)	(403)
Other assets	2,613	666
Total assets	263,471	263
Liabilities
Accounts payable and accrued expenses	40	518
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0	0
Securities sold under an agreement to repurchase	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Interest and dividends payable	3,055	0
Senior notes payable, net of deferred costs	113,377
Total liabilities	116,472	518
Shareholders’ equity
Common shares	0	0
Additional paid-in capital	159,618	0
Retained earnings	(12,619)	(255)
Non-controlling interests	0	0
Shareholders’ equity attributable to shareholders	146,999	(255)
Total shareholders’ equity	146,999	(255)
Total liabilities and shareholders’ equity	263,471	263
Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets
Equity securities	1,231,077	1,177,796
Debt securities	1,034,247	569,648
Other investments, at fair value	51,920	83,394
Total investments in securities	2,317,244	1,830,838
Cash and cash equivalents	20,094	28,594	$ 31,331	$ 33,836
Restricted cash and cash equivalents	330,915	417,307
Investment in subsidiaries	159,593	0
Due from brokers	326,971	58,241
Securities purchased under an agreement to sell		29,852
Derivative assets, at fair value	35,337	21,130
Interest and dividends receivable	10,687	2,602
Reinsurance balances receivable	294,313	303,649
Deferred acquisition costs, net	197,093	155,901
Unearned premiums ceded	187
Loss and loss adjustment expenses recoverable	125	814
Amounts due from (to) affiliates	576	(936)
Other assets	8,652	2,246
Total assets	3,701,787	2,850,238
Liabilities
Accounts payable and accrued expenses	8,790	8,341
Reinsurance balances payable	24,119	27,040
Deposit liabilities	83,955	145,430
Unearned premium reserves	531,710	433,809
Loss and loss adjustment expense reserves	466,047	277,362
Securities sold, not yet purchased, at fair value	314,353	82,485
Securities sold under an agreement to repurchase	8,944
Due to brokers	574,962	312,609
Derivative liabilities, at fair value	15,392	11,015
Interest and dividends payable	1,345	697
Senior notes payable, net of deferred costs	0
Total liabilities	2,029,617	1,298,788
Shareholders’ equity
Common shares	1,250	1,251
Additional paid-in capital	1,509,594	1,072,671
Retained earnings	145,169	377,393
Non-controlling interests	16,157	100,135
Shareholders’ equity attributable to shareholders	1,672,170	1,551,450
Total shareholders’ equity	1,656,013	1,451,315
Total liabilities and shareholders’ equity	3,701,787	$ 2,850,238
Financial Guarantee [Member] | TPRUSA
Condensed Balance Sheet Statements, Captions [Line Items]
Debt issued	$ 115,000

Supplemental guarantor infor104

Supplemental guarantor information - Condensed Consolidating Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Gross premiums written	$ 99,155	$ 205,583	$ 184,342	$ 213,334	$ 253,802	$ 126,403	$ 145,508	$ 87,587	$ 702,414	$ 613,300	$ 401,937
Gross premiums ceded	(24)	(375)	(1,425)	(52)	0	(150)	0	0	(1,876)	(150)	(9,975)
Net premiums written	99,131	205,208	182,917	213,282	253,802	126,253	145,508	87,587	700,538	613,150	391,962
Change in net unearned premium reserves	35,235	3,597	(62,339)	(74,207)	(70,230)	(17,305)	(66,758)	(14,325)	(97,714)	(168,618)	(171,295)
Net premiums earned	134,366	208,805	120,578	139,075	183,572	108,948	78,750	73,262	602,824	444,532	220,667
Net investment income (loss)	61,553	(193,156)	38,611	64,918	(6,490)	1,552	40,485	50,035	(28,074)	85,582	258,125
Equity in losses of subsidiaries									0	0	0
Total revenues	195,919	15,649	159,189	203,993	177,082	110,500	119,235	123,297	574,750	530,114	478,792
Expenses
Loss and loss adjustment expenses incurred, net	98,855	158,537	76,053	81,746	132,364	60,115	44,409	46,259	415,191	283,147	139,812
Acquisition costs, net	38,552	50,509	47,498	54,657	43,875	38,317	29,583	25,431	191,216	137,206	67,944
General and administrative expenses	10,236	9,822	14,267	11,708	10,310	10,124	9,549	10,025	46,033	40,008	33,036
Other expenses	2,928	670	2,315	2,701	2,606	2,982	1,020	787	8,614	7,395	4,922
Total expenses	150,249	220,866	142,324	151,655	189,155	111,538	84,561	82,502	665,094	467,756	245,714
Income (loss) before income tax (expense) benefit	45,670	(205,217)	16,865	52,338	(12,073)	(1,038)	34,674	40,795	(90,344)	62,358	233,078
Income tax (expense) benefit	(2,863)	7,781	(708)	(1,305)	(1,731)	(1,542)	(2,375)	0	2,905	(5,648)	0
Income (loss) including non-controlling interests	42,807	(197,436)	16,157	51,033	(13,804)	(2,580)	32,299	40,795	(87,439)	56,710	233,078
(Income) loss attributable to non-controlling interests	(614)	1,721	(495)	(563)	(875)	(3,417)	(1,007)	(1,016)	49	(6,315)	(5,767)
Net income (loss)	42,193	(195,715)	15,662	50,470	$ (14,679)	$ (5,997)	$ 31,292	$ 39,779	(87,390)	50,395	227,311
Interest expense	2,074	2,074	2,052	1,036					7,236	0	0
Foreign currency gain (loss)	$ (2,396)	$ (746)	$ 139	$ (193)					(3,196)	0	0
Eliminations
Revenues
Gross premiums written									0	0	0
Gross premiums ceded									0	0	0
Net premiums written									0	0	0
Change in net unearned premium reserves									0	0	0
Net premiums earned									0	0	0
Net investment income (loss)									0	0	0
Equity in losses of subsidiaries									86,588	(56,238)	(228,646)
Total revenues									86,588	(56,238)	(228,646)
Expenses
Loss and loss adjustment expenses incurred, net									0	0	0
Acquisition costs, net									0	0	0
General and administrative expenses									0	0	0
Other expenses									0	0	0
Total expenses									0	0	0
Income (loss) before income tax (expense) benefit									86,588	(56,238)
Income tax (expense) benefit									0	0
Income (loss) including non-controlling interests									86,588	(56,238)	(228,646)
(Income) loss attributable to non-controlling interests									0	0	0
Net income (loss)									86,588	(56,238)	(228,646)
Interest expense									0
Foreign currency gain (loss)									0
Parent Guarantor | Reportable Legal Entities
Revenues
Gross premiums written									0	0	0
Gross premiums ceded									0	0	0
Net premiums written									0	0	0
Change in net unearned premium reserves									0	0	0
Net premiums earned									0	0	0
Net investment income (loss)									0	0	0
Equity in losses of subsidiaries									(79,053)	56,238	228,646
Total revenues									(79,053)	56,238	228,646
Expenses
Loss and loss adjustment expenses incurred, net									0	0	0
Acquisition costs, net									0	0	0
General and administrative expenses									8,337	5,843	1,335
Other expenses									0	0	0
Total expenses									8,337	5,843	1,335
Income (loss) before income tax (expense) benefit									(87,390)	50,395
Income tax (expense) benefit									0	0
Income (loss) including non-controlling interests									(87,390)	50,395	227,311
(Income) loss attributable to non-controlling interests									0	0	0
Net income (loss)									(87,390)	50,395	227,311
Interest expense									0
Foreign currency gain (loss)									0
TPRUSA | Reportable Legal Entities
Revenues
Gross premiums written									0	0	0
Gross premiums ceded									0	0	0
Net premiums written									0	0	0
Change in net unearned premium reserves									0	0	0
Net premiums earned									0	0	0
Net investment income (loss)									0	0	0
Equity in losses of subsidiaries									(7,510)	0	0
Total revenues									(7,510)	0	0
Expenses
Loss and loss adjustment expenses incurred, net									0	0	0
Acquisition costs, net									0	0	0
General and administrative expenses									231	255	0
Other expenses									0	0	0
Total expenses									7,467	255	0
Income (loss) before income tax (expense) benefit									(14,977)	(255)
Income tax (expense) benefit									2,613	0
Income (loss) including non-controlling interests									(12,364)	(255)	0
(Income) loss attributable to non-controlling interests									0	0	0
Net income (loss)									(12,364)	(255)	0
Interest expense									7,236
Foreign currency gain (loss)									0
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written									702,414	613,300	401,937
Gross premiums ceded									(1,876)	(150)	(9,975)
Net premiums written									700,538	613,150	391,962
Change in net unearned premium reserves									(97,714)	(168,618)	(171,295)
Net premiums earned									602,824	444,532	220,667
Net investment income (loss)									(28,074)	85,582	258,125
Equity in losses of subsidiaries									(25)	0	0
Total revenues									574,725	530,114	478,792
Expenses
Loss and loss adjustment expenses incurred, net									415,191	283,147	139,812
Acquisition costs, net									191,216	137,206	67,944
General and administrative expenses									37,465	33,910	31,701
Other expenses									8,614	7,395	4,922
Total expenses									649,290	461,658	244,379
Income (loss) before income tax (expense) benefit									(74,565)	68,456
Income tax (expense) benefit									292	(5,648)
Income (loss) including non-controlling interests									(74,273)	62,808	234,413
(Income) loss attributable to non-controlling interests									49	(6,315)	(5,767)
Net income (loss)									(74,224)	$ 56,493	$ 228,646
Interest expense									0
Foreign currency gain (loss)									$ (3,196)

Supplemental guarantor infor105

Supplemental guarantor information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Income (loss) including non-controlling interests	$ 42,807	$ (197,436)	$ 16,157	$ 51,033	$ (13,804)	$ (2,580)	$ 32,299	$ 40,795	$ (87,439)	$ 56,710	$ 233,078
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries									0	0	0
Share compensation expense									10,871	9,258	9,800
Interest expense on deposit liabilities									6,471	4,346	4,271
Net unrealized (gain) loss on investments and derivatives									32,354	85,057	(78,490)
Net realized gain on investments and derivatives									(16,655)	(193,957)	(236,333)
Foreign exchange gains included in income (loss) including non-controlling interests	2,396	$ 746	$ (139)	193					3,196	0	0
Foreign exchange gains included in income (loss) including non-controlling interests									324	(1,044)	(262)
Changes in assets and liabilities:
Reinsurance balances receivable									8,768	(111,886)	(107,483)
Deferred acquisition costs, net									(41,192)	(64,708)	(45,810)
Unearned premiums ceded									187	0	0
Loss and loss adjustment expenses recoverable									689	8,463	(9,277)
Other assets									(8,317)	(114)	(275)
Interest and dividends receivable, net									(4,382)	(38)	(1,034)
Unearned premium reserves									97,901	168,622	171,294
Loss and loss adjustment expense reserves									(192,433)	(143,031)	(67,060)
Accounts payable and accrued expenses									1,881	629	4,089
Reinsurance balances payable									(2,548)	18,061	9,081
Amounts due from (to) affiliates										0	0
Amounts due to affiliates									0
Net cash provided by operating activities									187,776	122,430	19,709
Investing activities
Purchases of investments									(3,360,626)	(3,114,906)	(2,172,077)
Proceeds from sales of investments									2,829,523	2,857,404	1,943,655
Purchases of investments to cover short sales									(543,936)	(232,568)	(407,965)
Proceeds from short sales of investments									792,344	278,569	290,770
Change in due to/from brokers, net									(6,377)	307,884	12,162
Decrease in securities purchased under an agreement to sell									29,852	8,294	22,261
Increase in securities sold under an agreement to repurchase									8,944	0	0
Change in restricted cash and cash equivalents									86,392	(223,730)	(115,950)
Contributed capital to subsidiaries									0		0
Proceeds from Contributed Capital									0
Net cash used in investing activities									(163,884)	(119,053)	(427,144)
Financing activities
Proceeds from issuance of common shares, net of costs									4,332	599	286,095
Proceeds from Issuance of Senior Long-term Debt									113,220
Increase (decrease) in deposit liabilities									(65,842)	18,048	65,769
Non-controlling interest in investment affiliate, net									(24,137)	(31,066)	27,867
Non-controlling interest in Catastrophe Fund									(60,032)	6,151	25,324
Non-controlling interest in Catastrophe Fund Manager									240	0	0
Dividend received by (paid to) parent									0	0
Net cash provided by (used in) financing activities									(32,219)	(6,268)	405,055
Net increase (decrease) in cash and cash equivalents									(8,327)	(2,891)	(2,380)
Cash and cash equivalents at beginning of year				28,734				31,625	28,734	31,625	34,005
Cash and cash equivalents at end of year	20,407				28,734				20,407	28,734	31,625
Eliminations
Operating activities
Income (loss) including non-controlling interests									86,588	(56,238)	(228,646)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries									(86,588)	56,238	228,646
Share compensation expense									0	0	0
Interest expense on deposit liabilities									0	0	0
Net unrealized (gain) loss on investments and derivatives									0	0	0
Net realized gain on investments and derivatives									0	0	0
Foreign exchange gains included in income (loss) including non-controlling interests									0
Foreign exchange gains included in income (loss) including non-controlling interests									0	0	0
Changes in assets and liabilities:
Reinsurance balances receivable									0	0	0
Deferred acquisition costs, net									0	0	0
Unearned premiums ceded									0
Loss and loss adjustment expenses recoverable									0	0	0
Other assets									0	0	0
Interest and dividends receivable, net									0	0	0
Unearned premium reserves									0	0	0
Loss and loss adjustment expense reserves									0	0	0
Accounts payable and accrued expenses									0	0	0
Reinsurance balances payable									0	0	0
Amounts due from (to) affiliates										0	0
Amounts due to affiliates									0
Net cash provided by operating activities									0	0	0
Investing activities
Purchases of investments									0	0	0
Proceeds from sales of investments									0	0	0
Purchases of investments to cover short sales									0	0	0
Proceeds from short sales of investments									0	0	0
Change in due to/from brokers, net									0	0	0
Decrease in securities purchased under an agreement to sell									0	0	0
Increase in securities sold under an agreement to repurchase									0
Change in restricted cash and cash equivalents									0	0	0
Contributed capital to subsidiaries									425,000		0
Proceeds from Contributed Capital									(425,000)
Net cash used in investing activities									0	0	0
Financing activities
Proceeds from issuance of common shares, net of costs									0	0	0
Proceeds from Issuance of Senior Long-term Debt									0
Increase (decrease) in deposit liabilities									0	0	0
Non-controlling interest in investment affiliate, net									0	0	0
Non-controlling interest in Catastrophe Fund									0	0	0
Non-controlling interest in Catastrophe Fund Manager									0
Dividend received by (paid to) parent									0	0
Net cash provided by (used in) financing activities									0	0	0
Net increase (decrease) in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of year				0				0	0	0	0
Cash and cash equivalents at end of year	0				0				0	0	0
Parent Guarantor | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests									(87,390)	50,395	227,311
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries									79,053	(56,238)	(228,646)
Share compensation expense									542	1,080	0
Interest expense on deposit liabilities									0	0	0
Net unrealized (gain) loss on investments and derivatives									0	0	0
Net realized gain on investments and derivatives									0	0	0
Foreign exchange gains included in income (loss) including non-controlling interests									0
Foreign exchange gains included in income (loss) including non-controlling interests									0	0	0
Changes in assets and liabilities:
Reinsurance balances receivable									0	0	0
Deferred acquisition costs, net									0	0	0
Unearned premiums ceded									0
Loss and loss adjustment expenses recoverable									0	0	0
Other assets									36	120	(686)
Interest and dividends receivable, net									0	0	0
Unearned premium reserves									0	0	0
Loss and loss adjustment expense reserves									0	0	0
Accounts payable and accrued expenses									1,910	984	(65)
Reinsurance balances payable									0	0	0
Amounts due from (to) affiliates										(5,094)	2,373
Amounts due to affiliates									1,685
Net cash provided by operating activities									(4,164)	(8,753)	287
Investing activities
Purchases of investments									0	0	0
Proceeds from sales of investments									0	0	0
Purchases of investments to cover short sales									0	0	0
Proceeds from short sales of investments									0	0	0
Change in due to/from brokers, net									0	0	0
Decrease in securities purchased under an agreement to sell									0	0	0
Increase in securities sold under an agreement to repurchase									0
Change in restricted cash and cash equivalents									0	0	0
Contributed capital to subsidiaries									(158,000)		(286,257)
Proceeds from Contributed Capital									0
Net cash used in investing activities									(158,000)	0	(286,257)
Financing activities
Proceeds from issuance of common shares, net of costs									4,332	599	286,095
Proceeds from Issuance of Senior Long-term Debt									0
Increase (decrease) in deposit liabilities									0	0	0
Non-controlling interest in investment affiliate, net									0	0	0
Non-controlling interest in Catastrophe Fund									0	0	0
Non-controlling interest in Catastrophe Fund Manager									0
Dividend received by (paid to) parent									158,000	8,000
Net cash provided by (used in) financing activities									162,332	8,599	286,095
Net increase (decrease) in cash and cash equivalents									168	(154)	125
Cash and cash equivalents at beginning of year				140				294	140	294	169
Cash and cash equivalents at end of year	308				140				308	140	294
TPRUSA | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests									(12,364)	(255)	0
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries									7,510	0	0
Share compensation expense									0	0	0
Interest expense on deposit liabilities									0	0	0
Net unrealized (gain) loss on investments and derivatives									0	0	0
Net realized gain on investments and derivatives									0	0	0
Foreign exchange gains included in income (loss) including non-controlling interests									0
Foreign exchange gains included in income (loss) including non-controlling interests									157	0	0
Changes in assets and liabilities:
Reinsurance balances receivable									0	0	0
Deferred acquisition costs, net									0	0	0
Unearned premiums ceded									0
Loss and loss adjustment expenses recoverable									0	0	0
Other assets									(1,947)	(666)	0
Interest and dividends receivable, net									3,055	0	0
Unearned premium reserves									0	0	0
Loss and loss adjustment expense reserves									0	0	0
Accounts payable and accrued expenses									(478)	518	0
Reinsurance balances payable									0	0	0
Amounts due from (to) affiliates										403	0
Amounts due to affiliates									(173)
Net cash provided by operating activities									(4,240)	0	0
Investing activities
Purchases of investments									0	0	0
Proceeds from sales of investments									0	0	0
Purchases of investments to cover short sales									0	0	0
Proceeds from short sales of investments									0	0	0
Change in due to/from brokers, net									0	0	0
Decrease in securities purchased under an agreement to sell									0	0	0
Increase in securities sold under an agreement to repurchase									0
Change in restricted cash and cash equivalents									0	0	0
Contributed capital to subsidiaries									(266,975)		0
Proceeds from Contributed Capital									158,000
Net cash used in investing activities									(108,975)	0	0
Financing activities
Proceeds from issuance of common shares, net of costs									0	0	0
Proceeds from Issuance of Senior Long-term Debt									113,220
Increase (decrease) in deposit liabilities									0	0	0
Non-controlling interest in investment affiliate, net									0	0	0
Non-controlling interest in Catastrophe Fund									0	0	0
Non-controlling interest in Catastrophe Fund Manager									0
Dividend received by (paid to) parent									0	0
Net cash provided by (used in) financing activities									113,220	0	0
Net increase (decrease) in cash and cash equivalents									5	0	0
Cash and cash equivalents at beginning of year				0				0	0	0	0
Cash and cash equivalents at end of year	5				0				5	0	0
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests									(74,273)	62,808	234,413
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries									25	0	0
Share compensation expense									10,329	8,178	9,800
Interest expense on deposit liabilities									6,471	4,346	4,271
Net unrealized (gain) loss on investments and derivatives									32,354	85,057	(78,490)
Net realized gain on investments and derivatives									(16,655)	(193,957)	(236,333)
Foreign exchange gains included in income (loss) including non-controlling interests									3,196
Foreign exchange gains included in income (loss) including non-controlling interests									167	(1,044)	(262)
Changes in assets and liabilities:
Reinsurance balances receivable									8,768	(111,886)	(107,483)
Deferred acquisition costs, net									(41,192)	(64,708)	(45,810)
Unearned premiums ceded									187
Loss and loss adjustment expenses recoverable									689	8,463	(9,277)
Other assets									(6,406)	432	411
Interest and dividends receivable, net									(7,437)	(38)	(1,034)
Unearned premium reserves									97,901	168,622	171,294
Loss and loss adjustment expense reserves									(192,433)	(143,031)	(67,060)
Accounts payable and accrued expenses									449	(873)	4,154
Reinsurance balances payable									(2,548)	18,061	9,081
Amounts due from (to) affiliates										4,691	(2,373)
Amounts due to affiliates									(1,512)
Net cash provided by operating activities									196,180	131,183	19,422
Investing activities
Purchases of investments									(3,360,626)	(3,114,906)	(2,172,077)
Proceeds from sales of investments									2,829,523	2,857,404	1,943,655
Purchases of investments to cover short sales									(543,936)	(232,568)	(407,965)
Proceeds from short sales of investments									792,344	278,569	290,770
Change in due to/from brokers, net									(6,377)	307,884	12,162
Decrease in securities purchased under an agreement to sell									29,852	8,294	22,261
Increase in securities sold under an agreement to repurchase									8,944
Change in restricted cash and cash equivalents									86,392	(223,730)	(115,950)
Contributed capital to subsidiaries									(25)		286,257
Proceeds from Contributed Capital									267,000
Net cash used in investing activities									103,091	(119,053)	(140,887)
Financing activities
Proceeds from issuance of common shares, net of costs									0	0	0
Proceeds from Issuance of Senior Long-term Debt									0
Increase (decrease) in deposit liabilities									(65,842)	18,048	65,769
Non-controlling interest in investment affiliate, net									(24,137)	(31,066)	27,867
Non-controlling interest in Catastrophe Fund									(60,032)	6,151	25,324
Non-controlling interest in Catastrophe Fund Manager									240
Dividend received by (paid to) parent									(158,000)	(8,000)
Net cash provided by (used in) financing activities									(307,771)	(14,867)	118,960
Net increase (decrease) in cash and cash equivalents									(8,500)	(2,737)	(2,505)
Cash and cash equivalents at beginning of year				$ 28,594				$ 31,331	28,594	31,331	33,836
Cash and cash equivalents at end of year	$ 20,094				$ 28,594				$ 20,094	$ 28,594	$ 31,331

Quarterly Financial Results (De

Quarterly Financial Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Gross premiums written	$ 99,155	$ 205,583	$ 184,342	$ 213,334	$ 253,802	$ 126,403	$ 145,508	$ 87,587	$ 702,414	$ 613,300	$ 401,937
Gross premiums ceded	(24)	(375)	(1,425)	(52)	0	(150)	0	0	(1,876)	(150)	(9,975)
Net premiums written	99,131	205,208	182,917	213,282	253,802	126,253	145,508	87,587	700,538	613,150	391,962
Change in net unearned premium reserves	35,235	3,597	(62,339)	(74,207)	(70,230)	(17,305)	(66,758)	(14,325)	(97,714)	(168,618)	(171,295)
Net premiums earned	134,366	208,805	120,578	139,075	183,572	108,948	78,750	73,262	602,824	444,532	220,667
Net investment income (loss)	61,553	(193,156)	38,611	64,918	(6,490)	1,552	40,485	50,035	(28,074)	85,582	258,125
Total revenues	195,919	15,649	159,189	203,993	177,082	110,500	119,235	123,297	574,750	530,114	478,792
Expenses
Loss and loss adjustment expenses incurred, net	98,855	158,537	76,053	81,746	132,364	60,115	44,409	46,259	415,191	283,147	139,812
Acquisition costs, net	38,552	50,509	47,498	54,657	43,875	38,317	29,583	25,431	191,216	137,206	67,944
General and administrative expenses	10,236	9,822	14,267	11,708	10,310	10,124	9,549	10,025	46,033	40,008	33,036
Other expenses	2,928	670	2,315	2,701	2,606	2,982	1,020	787	8,614	7,395	4,922
Interest expense	2,074	2,074	2,052	1,036					7,236	0	0
Foreign currency gain (loss)	(2,396)	(746)	139	(193)					(3,196)	0	0
Total expenses	150,249	220,866	142,324	151,655	189,155	111,538	84,561	82,502	665,094	467,756	245,714
Income (loss) before income tax (expense) benefit	45,670	(205,217)	16,865	52,338	(12,073)	(1,038)	34,674	40,795	(90,344)	62,358	233,078
Income tax (expense) benefit	(2,863)	7,781	(708)	(1,305)	(1,731)	(1,542)	(2,375)	0	2,905	(5,648)	0
Income (loss) including non-controlling interests	42,807	(197,436)	16,157	51,033	(13,804)	(2,580)	32,299	40,795	(87,439)	56,710	233,078
(Income) loss attributable to non-controlling interests	(614)	1,721	(495)	(563)	(875)	(3,417)	(1,007)	(1,016)	49	(6,315)	(5,767)
Net income (loss)	$ 42,193	$ (195,715)	$ 15,662	$ 50,470	$ (14,679)	$ (5,997)	$ 31,292	$ 39,779	$ (87,390)	$ 50,395	$ 227,311
Earnings (loss) per share
Basic (in dollars per share)	$ 0.40	$ (1.88)	$ 0.15	$ 0.48	$ (0.14)	$ (0.06)	$ 0.30	$ 0.38	$ (0.84)	$ 0.48	$ 2.58
Diluted (in dollars per share)	$ 0.39	$ (1.88)	$ 0.15	$ 0.47	$ (0.14)	$ (0.06)	$ 0.29	$ 0.37	$ (0.84)	$ 0.47	$ 2.54
Weighted average number of ordinary shares used in the determination of earnings (loss) per share
Basic (in shares)	104,217,321	104,117,448	103,927,761	103,753,065	103,324,616	103,295,920	103,264,616	103,264,616	104,003,820	103,287,693	87,505,540
Diluted (in shares)	106,635,451	104,117,448	106,696,874	106,144,183	103,324,616	103,295,920	106,433,881	103,413,580	104,003,820	106,391,059	88,970,531

Schedule I - Summary of Inve107

Schedule I - Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2015USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	$ 2,251,450
Fair value	2,317,244
Balance sheet value	2,317,244
Equity securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1,129,452
Fair value	1,201,623
Balance sheet value	1,201,623
Private common equity securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	7,926
Fair value	5,276
Balance sheet value	5,276
Private preferred equity securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	18,991
Fair value	24,178
Balance sheet value	24,178
Total equities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1,156,369
Fair value	1,231,077
Balance sheet value	1,231,077
Asset-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	500,902
Fair value	494,723
Balance sheet value	494,723
Bank debts
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	8,123
Fair value	9,818
Balance sheet value	9,818
Corporate bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	107,540
Fair value	83,190
Balance sheet value	83,190
U.S. Treasury securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	188,993
Fair value	186,471
Balance sheet value	186,471
Sovereign debt
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	244,095
Fair value	260,045
Balance sheet value	260,045
Total debt securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1,049,653
Fair value	1,034,247
Balance sheet value	1,034,247
Investments in limited partnerships
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	9,220
Fair value	7,799
Balance sheet value	7,799
Options
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	6,750
Balance sheet value	8,911
Rights and warrants
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	2,005
Fair value	416
Balance sheet value	416
Trade claims
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	2,453
Balance sheet value	8,329
Investment in Kiskadee Fund
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	25,000
Fair value	26,465
Balance sheet value	26,465
Total other investments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	45,428
Fair value	51,920
Balance sheet value	$ 51,920

Schedule III - Supplementary108

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs, net	$ 197,093	$ 155,901	$ 91,193
Loss and loss adjustment expense reserves	466,047	277,362	134,331
Unearned premium	531,710	433,809	265,187
Net premiums earned	602,824	444,532	220,667
Net investment income (loss)	(28,074)	85,582	258,125
Other Expenses	8,614	7,395	4,922
Loss and loss adjustment expenses incurred, net	415,191	283,147	139,812
Amortization of deferred acquisition costs, net	191,216	137,206	67,944
Other operating expenses	46,033	40,008	33,036
Net premiums written	700,538	613,150	391,962
Property and Casualty Reinsurance
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs, net	197,093	155,891	91,141
Loss and loss adjustment expense reserves	466,047	277,285	134,221
Unearned premium	531,710	433,757	264,898
Net premiums earned	602,816	432,297	212,607
Net investment income (loss)	(10,810)	11,305	26,953
Other Expenses	8,614	7,395	4,922
Loss and loss adjustment expenses incurred, net	415,041	283,180	139,616
Amortization of deferred acquisition costs, net	191,217	136,154	66,981
Other operating expenses	24,815	22,515	21,838
Net premiums written	700,582	601,155	383,613
Catastrophe Risk Management
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs, net	0	10	52
Loss and loss adjustment expense reserves	0	77	110
Unearned premium	0	52	289
Net premiums earned	8	12,235	8,060
Net investment income (loss)	69	1,227	4,421
Other Expenses	0	0	0
Loss and loss adjustment expenses incurred, net	150	(33)	196
Amortization of deferred acquisition costs, net	(1)	1,052	963
Other operating expenses	447	3,113	3,852
Net premiums written	(44)	11,995	8,349
Corporate
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs, net	0	0	0
Loss and loss adjustment expense reserves	0	0	0
Unearned premium	0	0	0
Net premiums earned	0	0	0
Net investment income (loss)	(17,333)	73,050	226,751
Other Expenses	0	0	0
Loss and loss adjustment expenses incurred, net	0	0	0
Amortization of deferred acquisition costs, net	0	0	0
Other operating expenses	20,771	14,380	7,346
Net premiums written	$ 0	$ 0	$ 0

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Net premiums earned	$ 134,366	$ 208,805	$ 120,578	$ 139,075	$ 183,572	$ 108,948	$ 78,750	$ 73,262	$ 602,824	$ 444,532	$ 220,667
Property and Casualty Reinsurance
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Direct gross premiums written									0	0	0
Ceded to other companies									1,876	150	9,975
Assumed from other companies									702,414	613,300	401,937
Net premiums earned									$ 700,538	$ 613,150	$ 391,962
Percentage of amount assumed to net									100.00%	100.00%	98.00%