SiriusPoint (SPNT) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 02, 2016
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-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		106,383,928

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Equity securities, trading, at fair value (cost - $1,502,824; 2015 - $1,156,369)	$ 1,622,938	$ 1,231,077
Debt securities, trading, at fair value (cost - $1,030,848; 2015 - $1,049,652)	1,079,132	1,034,247
Other investments, at fair value	49,664	51,920
Total investments in securities	2,751,734	2,317,244
Cash and cash equivalents	20,982	20,407
Restricted cash and cash equivalents	365,451	330,915
Due from brokers	284,170	326,971
Derivative assets, at fair value	22,565	35,337
Interest and dividends receivable	11,756	10,687
Reinsurance balances receivable	448,450	294,313
Deferred acquisition costs, net	255,379	197,093
Other assets	17,101	12,141
Total assets	4,177,588	3,545,108
Liabilities
Accounts payable and accrued expenses	13,508	11,966
Reinsurance balances payable	47,713	24,119
Deposit liabilities	105,207	83,955
Unearned premium reserves	668,980	531,710
Loss and loss adjustment expense reserves	565,682	466,047
Securities sold, not yet purchased, at fair value	198,393	314,353
Securities sold under an agreement to repurchase	55,880	8,944
Due to brokers	894,856	574,962
Derivative liabilities, at fair value	11,472	15,392
Due to Related Parties	24,846	0
Interest and dividends payable	1,772	4,400
Senior notes payable, net of deferred costs	113,510	113,377
Total liabilities	2,701,819	2,149,225
Commitments and contingent liabilities
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, 106,383,928 (2015 - 105,479,341))	10,638	10,548
Treasury Stock, Value	(7,389)	0
Additional paid-in capital	1,090,975	1,080,591
Retained earnings	362,915	288,587
Shareholders’ equity attributable to shareholders	1,457,139	1,379,726
Non-controlling interests	18,630	16,157
Total shareholders’ equity	1,475,769	1,395,883
Total liabilities and shareholders’ equity	$ 4,177,588	$ 3,545,108

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Assets
Equity securities, trading, cost	$ 1,502,824	$ 1,156,369
Debt securities, trading, cost	$ 1,030,848	$ 1,049,652
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)	106,383,928	105,479,341
Common share, shares outstanding (in shares)	106,383,928	105,479,341
Treasury Stock, Shares	644,768	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Gross premiums written	$ 142,573	$ 205,583	$ 536,595	$ 603,259
Gross premiums ceded	(927)	(375)	(2,352)	(1,852)
Net premiums written	141,646	205,208	534,243	601,407
Change in net unearned premium reserves	(13,463)	3,597	(136,136)	(132,949)
Net premiums earned	128,183	208,805	398,107	468,458
Net investment income (loss)	88,356	(193,156)	134,592	(89,627)
Total revenues	216,539	15,649	532,699	378,831
Expenses
Loss and loss adjustment expenses incurred, net	85,015	158,537	273,822	316,336
Acquisition costs, net	45,127	50,509	145,296	152,664
General and administrative expenses	12,354	9,822	33,885	35,797
Other expenses	347	670	6,226	5,686
Interest expense	2,069	2,074	6,163	5,162
Foreign exchange gain (loss)	(3,905)	(746)	(14,359)	(800)
Total expenses	141,007	220,866	451,033	514,845
Income (loss) before income tax (expense) benefit	75,532	(205,217)	81,666	(136,014)
Income tax (expense) benefit	(2,484)	7,781	(5,865)	5,768
Income (loss) including non-controlling interests	73,048	(197,436)	75,801	(130,246)
(Income) loss attributable to non-controlling interests	(967)	1,721	(1,473)	663
Net income (loss)	$ 72,081	$ (195,715)	$ 74,328	$ (129,583)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.69	$ (1.88)	$ 0.71	$ (1.25)
Diluted (in dollars per share)	$ 0.68	$ (1.88)	$ 0.70	$ (1.25)
Weighted average number of ordinary shares used in the determination of earnings (loss) per share
Basic (in shares)	103,780,196	104,117,448	104,055,946	103,931,871
Diluted (in shares)	105,795,313	104,117,448	105,590,668	103,931,871

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common shares	Treasury shares	Additional paid-in capital	Retained earnings	Shareholders’ equity attributable to shareholders	Non-controlling interests	Non-controlling interestsCatastrophe Fund	Non-controlling interestsCatastrophe Fund Manager
Balance, beginning of period at Dec. 31, 2014		$ 10,447	$ 0	$ 1,065,489	$ 375,977		$ 100,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares		101		4,233
Repurchase of common shares			0
Share compensation expense				8,605
Net income (loss)	$ (129,583)				(130,246)
(Income) loss attributable to non-controlling interests	663				663
Income (loss) attributable to non-controlling interests	(130,246)						(663)
Non-controlling interest in investment affiliate, net							(24,137)
Non-controlling interest								$ (59,705)	$ 292
Balance. end of period at Sep. 30, 2015	1,351,191	10,548	0	1,078,327	246,394		15,922
Balance, beginning of period at Dec. 31, 2014		10,447	0	1,065,489	375,977		100,135
Balance. end of period at Dec. 31, 2015	1,395,883	10,548	0	1,080,591	288,587		16,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity						$ 1,335,269
Total shareholders’ equity	1,379,726
Issuance of common shares		90		3,788
Repurchase of common shares			(7,389)
Share compensation expense				6,596
Net income (loss)	74,328				75,801
(Income) loss attributable to non-controlling interests	(1,473)
Income (loss) attributable to non-controlling interests	75,801						1,473
Non-controlling interest in investment affiliate, net							1,000
Non-controlling interest								$ 0	$ 0
Balance. end of period at Sep. 30, 2016	1,475,769	$ 10,638	$ (7,389)	$ 1,090,975	$ 362,915		$ 18,630
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	$ 1,457,139					$ 1,457,139

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Income (loss) including non-controlling interests	$ 75,801	$ (130,246)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Share compensation expense	6,596	8,605
Net interest (income) expense on deposit liabilities	(507)	3,170
Net unrealized (gain) loss on investments and derivatives	(90,675)	165,202
Net realized gain on investments and derivatives	(62,316)	(91,712)
Net foreign exchange gains	(14,359)	(800)
Amortization of premium and accretion of discount, net	4,954	478
Changes in assets and liabilities:
Reinsurance balances receivable	(145,593)	2,585
Deferred acquisition costs, net	(58,286)	(36,550)
Other assets	(4,960)	(10,897)
Interest and dividends receivable, net	(3,697)	(6,452)
Unearned premium reserves	137,270	133,756
Loss and loss adjustment expense reserves	(111,014)	(144,253)
Accounts payable and accrued expenses	1,518	2,213
Reinsurance balances payable	24,013	7,916
Performance fee payable to related party	24,846	0
Net cash provided by operating activities	5,619	191,521
Investing activities
Purchases of investments	(2,803,862)	(2,621,367)
Proceeds from sales of investments	2,533,656	2,274,201
Purchases of investments to cover short sales	(978,039)	(371,635)
Proceeds from short sales of investments	854,689	488,601
Change in due to/from brokers, net	362,695	137,054
Decrease in securities purchased under an agreement to sell	0	29,852
Increase in securities sold under an agreement to repurchase	46,936	0
Change in restricted cash and cash equivalents	(34,536)	(187,121)
Net cash used in investing activities	(18,461)	(250,415)
Financing activities
Proceeds from issuance of common shares, net of costs	3,878	4,334
Purchases of common shares under share repurchase program	(7,389)	0
Proceeds from issuance of senior notes payable, net of costs	0	113,220
Increase in deposit liabilities, net	15,928	6,975
Non-controlling interest in investment affiliate, net	1,000	(24,137)
Non-controlling interest in Catastrophe Fund	0	(59,705)
Non-controlling interest in Catastrophe Fund Manager	0	292
Net cash provided by financing activities	13,417	40,979
Net increase (decrease) in cash and cash equivalents	575	(17,915)
Cash and cash equivalents at beginning of period	20,407	28,734
Cash and cash equivalents at end of period	20,982	10,819
Supplementary information
Interest paid in cash	19,605	7,675
Income taxes paid in cash	$ 3,775	$ 3,074

Organization

Organization	9 Months Ended
	Sep. 30, 2016
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. The Company’s common shares are listed on the New York Stock Exchange under the symbol “TPRE”. 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”). In May 2013, TPRUK was licensed as an insurance intermediary by the UK Financial Conduct Authority. These unaudited condensed 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”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 10-K”), as filed with the U.S. Securities and Exchange Commission on February 26, 2016. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated. The results for the nine months ended September 30, 2016 are not necessarily indicative of the results expected for the full calendar year.

Significant accounting policies

Significant accounting policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Significant accounting policies	Recently issued accounting standards Issued and effective as of September 30, 2016 In February 2015, the Financial Accounting Standards Board (“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 financial statements issued for fiscal years beginning after December 15, 2015, and interim period within those fiscal years. This pronouncement did not 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 eliminates 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. The Company has removed investments measured at NAV from the fair value hierarchy disclosure in its condensed consolidated financial statements. Issued but not yet effective as of September 30, 2016 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 annual periods beginning after December 15, 2016. Early adoption is permitted. 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 thereafter. In March 2016, the FASB issued Accounting Standards Update 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (ASU 2016-06). ASU 2016-06 clarifies that determining whether the economic characteristics of a put or call are clearly and closely related to its debt host requires only an assessment of the four-step decision sequence outlined in FASB ASC paragraph 815-15-25-24. Additionally, entities are not required to separately assess whether the contingency itself is clearly and closely related. The ASU is effective for interim and annual periods in fiscal years beginning after December 15, 2016. This new accounting standard is not expected to have a material impact on the Company’s condensed consolidated financial statements when it becomes effective. In March 2016, the FASB issued Accounting Standards Update 2016-07, I nvestments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (ASU 2016-07). ASU 2016-07 simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. This new accounting standard is not expected to have a material impact on the Company’s condensed consolidated financial statements when it becomes effective. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. This new accounting standard is not expected to have a material impact on the Company’s condensed consolidated financial statements when it becomes effective. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 amends the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force (ASU 2016-15). ASU 2016-15 intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective 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 condensed consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update 2016-17, Consolidation (Topic 810): Interests held through Related Parties that are under Common Control (ASU 2016-17). ASU 2016-17 alters how the Company needs to consider indirect interests in a variable interest entity held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. ASU 2016-17 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements.

Restricted cash and cash equiva

Restricted cash and cash equivalents and restricted investments	9 Months Ended
	Sep. 30, 2016
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents and restricted investments	Restricted cash and cash equivalents and restricted investments as of September 30, 2016 and December 31, 2015 consisted of the following: September 30, December 31, ($ in thousands) Restricted cash securing letter of credit facilities (1) $ 195,257 $ 270,755 Restricted cash securing other reinsurance contracts (2) 170,194 60,160 Total restricted cash and cash equivalents 365,451 330,915 Restricted investments securing other reinsurance contracts (2) 333,742 292,111 Total restricted cash and cash equivalents and restricted investments $ 699,193 $ 623,026 (1) 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 several years. (2) 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 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 several years.

Investments

Investments	9 Months Ended
	Sep. 30, 2016
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: September 30, December 31, Assets ($ in thousands) Total investments in securities $ 2,724,518 $ 2,290,779 Cash and cash equivalents 11 57 Restricted cash and cash equivalents 365,451 330,915 Due from brokers 284,170 326,971 Derivative assets 22,565 35,337 Interest and dividends receivable 11,756 10,687 Total assets 3,408,471 2,994,746 Liabilities and non-controlling interest Accounts payable and accrued expenses 783 770 Securities sold, not yet purchased 198,393 314,353 Securities sold under an agreement to repurchase 55,880 8,944 Due to brokers 894,856 574,962 Derivative liabilities 11,472 15,392 Performance fee payable to related party 24,846 — Interest and dividends payable 737 1,345 Non-controlling interest 18,630 16,157 Total liabilities and non-controlling interest 1,205,597 931,923 Total net investments managed by Third Point LLC $ 2,202,874 $ 2,062,823 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 September 30, 2016 , securities valued at $ 380.1 million ( December 31, 2015 - $ 570.9 million), representing 13.8% ( December 31, 2015 - 24.5% ) of investments in securities and derivative assets, and $ 2.0 million ( December 31, 2015 - $ 1.5 million), representing 0.9% ( December 31, 2015 - 0.4% ) of securities sold, not yet purchased and derivative liabilities, are valued based on broker quotes. 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 investment 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 September 30, 2016 , the Company had $ 48.0 million ( December 31, 2015 - $ 31.0 million) of investments fair valued by the Company’s Investment Manager representing approximately 1.7% ( December 31, 2015 - 1.3% ) of total investments in securities and derivative assets of which 99.4% were also separately valued by third party valuation firms using information obtained from the Company’s Investment Manager. 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 condensed 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 an industry recognized third party valuation vendor 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. 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. As of September 30, 2016 and December 31, 2015 , the Company’s asset-backed securities (“ABS”) holdings were as follows: September 30, 2016 December 31, 2015 ($ in thousands) Re-REMIC (1) $ 50,318 18.7 % $ 195,889 39.6 % Subprime RMBS 118,787 44.1 % 174,777 35.3 % Collateralized debt obligations 14,208 5.3 % 50,455 10.2 % Market place loans 35,971 13.4 % 13,247 2.7 % Other (2) 49,934 18.5 % 60,355 12.2 % $ 269,218 100.0 % $ 494,723 100.0 % (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, Non-U.S. RMBS and student loans ABS. As of September 30, 2016 , all of the Company’s ABS holdings were private-label issued, non-investment grade securities, and none of these securities were guaranteed by a government sponsored entity. 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 (“NAV”) 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 condensed consolidated statements of income (loss) . The Company made a $25.0 million investment in the Kiskadee Diversified Fund Ltd. (the “Kiskadee Fund”), a fund vehicle managed by Hiscox Insurance Company (Bermuda) Limited. The Kiskadee Fund invests in property catastrophe exposures through collateralized reinsurance transactions and other insurance-linked investments. As of September 30, 2016 , the Company had no remaining commitments. For the nine months ended September 30, 2016 , the Company made withdrawals of $0.3 million ( 2015 - $ nil ). The Company has elected the fair value option for this investment. This investment is included in investment in funds valued at NAV and is excluded from the presentation of investments categorized by the level of the fair value hierarchy. 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, and was $27.2 million as of September 30, 2016 . The resulting net gains or losses are reflected in the condensed consolidated statements of income (loss) . 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 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 September 30, 2016 and December 31, 2015 : September 30, 2016 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets ($ in thousands) Equity securities $ 1,578,758 $ 4,131 $ — $ 1,582,889 Private common equity securities — — 3,433 3,433 Private preferred equity securities — — 36,616 36,616 Total equities 1,578,758 4,131 40,049 1,622,938 Asset-backed securities — 266,423 2,795 269,218 Bank debt — 50,215 — 50,215 Corporate bonds — 224,612 8,333 232,945 U.S. Treasury securities — 257,678 — 257,678 Sovereign debt — 269,076 — 269,076 Total debt securities — 1,068,004 11,128 1,079,132 Options 4,349 2,006 — 6,355 Rights and warrants 118 — — 118 Trade claims — 8,773 — 8,773 Total other investments 4,467 10,779 — 15,246 Derivative assets (free standing) 1,572 20,993 — 22,565 $ 1,584,797 $ 1,103,907 $ 51,177 2,739,881 Investments in funds valued at NAV 34,418 Total assets $ 2,774,299 Liabilities Equity securities $ 166,423 $ — $ — $ 166,423 Corporate bonds — 20,995 — 20,995 Options 4,954 6,021 — 10,975 Total securities sold, not yet purchased 171,377 27,016 — 198,393 Derivative liabilities (free standing) 763 9,383 1,326 11,472 Derivative liabilities (embedded) — — 6,296 6,296 Total liabilities $ 172,140 $ 36,399 $ 7,622 $ 216,161 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 debt — 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 Options — 8,911 — 8,911 Rights and warrants 416 — — 416 Trade claims — 8,329 — 8,329 Total other investments 416 17,240 — 17,656 Derivative assets (free standing) — 35,337 — 35,337 $ 1,182,281 $ 1,093,951 $ 42,085 2,318,317 Investments in funds valued at NAV 34,264 Total assets $ 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 During the nine months ended September 30, 2016 , the Company made no significant reclassifications of assets or liabilities between Levels 1 and 2. During the year ended December 31, 2015 , the Company reclassified $4.0 million of equity securities from Level 2 to Level 1 equity securities. These reclassifications were the result of the issuer’s IPO, with quoted prices having become available in an active market as of the reporting date and transfers due to restriction change. The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the three and nine months ended September 30, 2016 and 2015 : July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) September 30, ($ in thousands) Assets Private common equity securities $ 3,170 $ — $ 60 $ — $ 203 $ 3,433 Private preferred equity securities 31,079 — 2,646 (60 ) 2,951 36,616 Asset-backed securities 2,814 (213 ) 225 (334 ) 303 2,795 Corporate bonds 3,110 — 4,967 — 256 8,333 Sovereign debt 2 — — (2 ) — — Total assets $ 40,175 $ (213 ) $ 7,898 $ (396 ) $ 3,713 $ 51,177 Liabilities Derivative liabilities (free standing) $ (1,220 ) $ — $ — $ (106 ) $ — $ (1,326 ) Derivative liabilities (embedded) (6,335 ) — — — 39 (6,296 ) Total liabilities $ (7,555 ) $ — $ — $ (106 ) $ 39 $ (7,622 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) September 30, ($ in thousands) Assets Private common equity securities $ 4,357 $ — $ 60 $ — $ (984 ) $ 3,433 Private preferred equity securities 24,178 — 14,900 (60 ) (2,402 ) 36,616 Asset-backed securities 2,617 1,967 1,001 (1,941 ) (849 ) 2,795 Bank debt 7,660 (7,660 ) — — — — Corporate bonds 3,252 — 5,166 (80 ) (5 ) 8,333 Sovereign debt 21 — — (20 ) (1 ) — Total assets $ 42,085 $ (5,693 ) $ 21,127 $ (2,101 ) $ (4,241 ) $ 51,177 Liabilities Derivative liabilities (free standing) $ (1,020 ) $ — $ — $ (306 ) $ — $ (1,326 ) Derivative liabilities (embedded) (5,563 ) — — (861 ) 128 (6,296 ) Total liabilities $ (6,583 ) $ — $ — $ (1,167 ) $ 128 $ (7,622 ) July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) September 30, ($ in thousands) Assets Private common equity securities $ 962 $ — $ — $ — $ (361 ) $ 601 Private preferred equity securities 13,474 — 5,084 — (295 ) 18,263 Asset-backed securities 1,843 916 1,125 (62 ) 36 3,858 Bank debt 7,404 — — — 277 7,681 Corporate bonds 2,772 — — (107 ) 570 3,235 Sovereign debt 18 — — — (1 ) 17 Total assets $ 26,473 $ 916 $ 6,209 $ (169 ) $ 226 $ 33,655 Liabilities Derivative liabilities (free standing) $ (1,020 ) $ — $ — $ — $ — $ (1,020 ) Derivative liabilities (embedded) (9,817 ) — — (2,354 ) 2,096 (10,075 ) Total liabilities $ (10,837 ) $ — $ — $ (2,354 ) $ 2,096 $ (11,095 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) September 30, ($ in thousands) Assets Private common equity securities $ 1,443 $ — $ — $ — $ (842 ) $ 601 Private preferred equity securities — — 13,586 — 4,677 18,263 Asset-backed securities 4,720 (3,599 ) 2,024 (1,061 ) 1,774 3,858 Bank debt — — 7,634 — 47 7,681 Corporate bonds 3,799 — — (259 ) (305 ) 3,235 Sovereign debt — 19 — — (2 ) 17 Total assets $ 9,962 $ (3,580 ) $ 23,244 $ (1,320 ) $ 5,349 $ 33,655 Liabilities Derivative liabilities (free standing) $ (962 ) $ — $ — $ (174 ) $ 116 $ (1,020 ) Derivative liabilities (embedded) (9,289 ) — — (3,152 ) 2,366 (10,075 ) Total liabilities $ (10,251 ) $ — $ — $ (3,326 ) $ 2,482 $ (11,095 ) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income (loss) in the condensed consolidated statements of income (loss) . Total change in unrealized gains (losses) on fair value of assets using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2016 was $ 3.4 million and $ (4.1) million , respectively ( 2015 - $ 1.4 million and $5.3 million , respectively). For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and liabilities that were transferred out of Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred out of Level 3 at the beginning of the period. The following table summarizes information about the significant unobservable inputs used in determining the fair value of the Level 3 investments held by the Company. Level 3 investments not presented in the table below generally do not have any unobservable inputs to disclose, as they are valued primarily using dealer quotes or at cost. September 30, 2016 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and observable (O) inputs Range Derivative liabilities (embedded) $ 6,296 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) 3.3 - 4.3 years Interest Rates (O) U.S. Treasury Spot Rates Private equity investments $ 35,185 Market approach Discount (U) 10.0 - 25.0% December 31, 2015 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and Range Corporate bond $ 2,444 Discounted cash flow Yield (U) 10.4 - 11.4% Duration (U) 3.0 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 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. For the nine months ended September 30, 2016 and 2015 , there were no changes in the valuation techniques as they relate to the above. Private equity investments The Company’s private equity investments include investments in four privately held companies with a total fair value of $35.2 million as of September 30, 2016 . T he Company measures the fair value of these investments using a market approach where it uses the last transaction price adjusting for market comparable changes.

Securities purchased under an a

Securities purchased under an agreement to sell, securities sold under an agreement to repurchase and securities lending transactions	9 Months Ended
	Sep. 30, 2016
Securities Purchased under Agreements to Resell [Abstract]
Securities purchased under an agreement to sell, securities sold under an agreement to repurchase and securities lending transactions	The Company may enter into repurchase and reverse repurchase agreements with financial institutions in which the financial institution agrees to resell or repurchase securities and the Company agrees to repurchase or resell such securities at a mutually agreed price upon maturity. These agreements are generally collateralized by corporate or government bonds or asset-backed securities. As the Company held only repurchase agreements as of September 30, 2016 , these positions are not affected by counterparty netting agreements. Interest payable and receivable related to these transactions are included in interest payable and receivable in the condensed consolidated balance sheets. Foreign currency gains (losses) on reverse repurchase agreements and repurchase agreements for the three and nine months ended September 30, 2016 and 2015 , which are included in net investment income (loss) in the condensed consolidated statements of income (loss) , consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Foreign currency gains (losses) on reverse repurchase agreements $ — $ 65 $ — $ (2,227 ) Foreign currency gains (losses) on repurchase agreements $ — $ (377 ) $ — $ (41 ) 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 condensed 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 September 30, 2016 and December 31, 2015 : September 30, 2016 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Securities sold under an agreement to repurchase Non-U.S. sovereign debt $ — $ — $ 123,286 $ — $ 123,286 Securities lending transactions U.S. Treasury and agency securities $ 1,007 $ — $ — $ — $ 1,007 December 31, 2015 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Securities sold under an agreement to repurchase Non-U.S. sovereign debt $ — $ — $ 8,944 $ — $ 8,944 Securities lending transactions Corporate bonds $ 112 $ — $ — $ — $ 112

Due from_to brokers

Due from/to brokers	9 Months Ended
	Sep. 30, 2016
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. As of September 30, 2016 and December 31, 2015 , the Company’s due from/to brokers were comprised of the following: September 30, December 31, ($ in thousands) Due from brokers Cash held at brokers (1) $ 212,317 $ 249,871 Receivable from unsettled trades 71,853 77,100 $ 284,170 $ 326,971 Due to brokers Borrowing from prime brokers $ 813,668 $ 572,688 Payable from unsettled trades 81,188 2,274 $ 894,856 $ 574,962 (1) As of September 30, 2016 , the Company’s cash held at brokers includes a total non-U.S. currency receivable balance of $1.5 million ( December 31, 2015 - receivable of $9.8 million ). The Company uses prime brokerage borrowing arrangements to provide collateral for its letter of credit facilities and to fund trust accounts securing certain reinsurance contracts. As of September 30, 2016 , the Company had $699.2 million ( December 31, 2015 - $623.0 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 activities. 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 condensed consolidated statements of income (loss) .

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2016
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 condensed consolidated balance sheets, categorized by primary underlying risk. Balances are presented on a gross basis. As of September 30, 2016 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Commodity Price Commodity Future Options - Purchased USD $ 1,573 $ 18,480 Credit Credit Default Swaps - Protection Purchased USD 12,672 83,165 Equity Price Contracts for Differences - Long Contracts EUR/GBP 513 45,099 Contracts for Differences - Short Contracts CHF/EUR/GBP 2,142 16,790 Total Return Swaps - Long Contracts JPY/USD 2,331 50,710 Interest Rates Interest Rate Swaptions JPY/USD 1,702 1,076,528 Treasury Futures - Short Contracts USD 1,217 106,948 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CNH/EUR/GBP 125 45,453 Foreign Currency Options - Purchased SAR 290 124,405 Total Derivative Assets $ 22,565 $ 1,567,578 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Commodity Price Commodity Future Options - Purchased USD $ 763 $ 33,600 Credit Credit Default Swaps - Protection Purchased USD 2,852 41,743 Credit Default Swaps - Protection Sold USD 1,978 3,917 Equity Price Contracts for Differences - Long Contracts EUR/ GBP/USD 582 18,136 Contracts for Differences - Short Contracts CHF/EUR/SEK/USD 1,556 44,251 Total Return Swaps - Long Contracts USD 1,374 17,538 Total Return Swaps - Short Contracts JPY 852 18,229 Interest Rates Interest Rate Swaptions JPY/USD 357 1,075,183 Treasury Futures - Short Contracts USD 26 33,699 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CAD/CNH/EUR/JPY/MXN/SAR 1,132 196,593 Total Derivative Liabilities (free standing) $ 11,472 $ 1,482,889 Embedded derivative liabilities in reinsurance contracts (3) USD $ 6,296 $ 20,000 Total Derivative Liabilities (embedded) $ 6,296 $ 20,000 (1) CAD = Canadian Dollar, CHF = Swiss Franc, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, JPY = Japanese Yen, MXN = Mexican Peso, SAR = Saudi Arabian Riyal, SEK = Swedish Krona, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of September 30, 2016 , 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 condensed consolidated balance sheet. 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, 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, 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 condensed consolidated balance sheet. The following table sets forth, by major risk type, the Company’s realized and unrealized gains (losses) relating to derivatives for the three and nine months ended September 30, 2016 and 2015 . Realized and unrealized gains (losses) related to free standing derivatives are included in net investment income (loss) in the condensed consolidated statements of income (loss) . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the condensed consolidated statements of income (loss) . Three months ended September 30, 2016 September 30, 2015 Free standing Derivatives - Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Credit ($ in thousands) Commodity Future Options - Purchased $ (475 ) $ (1,310 ) $ — $ — Credit Credit Default Swaps - Protection Purchased (887 ) (433 ) 1,232 3,026 Credit Default Swaps - Protection Sold 38 (7 ) 322 (556 ) Equity Price Contracts for Differences - Long Contracts 1,666 791 512 (12,058 ) Contracts for Differences - Short Contracts (3,767 ) (2,166 ) 14,087 2,505 Total Return Swaps - Long Contracts 2,172 3,174 3,477 3,451 Total Return Swaps - Short Contracts (4,392 ) 831 (108 ) 869 Interest Rates Bond Futures - Short Contracts — — (1,702 ) 232 Commodity Futures - Short Contracts 870 — — — Interest Rate Swaps — — 119 (530 ) Interest Rate Swaptions (244 ) 216 265 (978 ) Total Return Swaps - Long Contracts 268 (261 ) — — Total Return Swaps - Short Contracts (100 ) 65 — — Treasury Futures - Short Contracts 14 1,191 (2,746 ) (600 ) Foreign Currency Exchange Rates Foreign Currency Forward (4,110 ) 2,838 2,656 (1,134 ) Foreign Currency Options - Purchased — (384 ) 307 1,373 Foreign Currency Options - Sold — (1 ) — — $ (8,947 ) $ 4,544 $ 18,421 $ (4,400 ) Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ 39 $ — $ 366 Embedded derivatives in deposit contracts — — — 1,730 Total Derivative Liabilities (embedded) $ — $ 39 $ — $ 2,096 Nine months ended 2016 2015 Free standing Derivatives - Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Commodity Price ($ in thousands) Commodity Future Options - Purchased $ 106 $ 490 $ (286 ) $ 285 Commodity Future Options - Sold — — 272 (269 ) Credit Credit Default Swaps - Protection Purchased 5,520 (5,420 ) 617 3,431 Credit Default Swaps - Protection Sold (4,129 ) 4,245 2,017 (1,916 ) Equity Price Contracts for Differences - Long Contracts (756 ) 412 (335 ) (7,602 ) Contracts for Differences - Short Contracts 803 (1,888 ) 12,150 3,925 Total Return Swaps - Long Contracts (2,654 ) 3,974 2,859 (2,857 ) Total Return Swaps - Short Contracts (3,701 ) (931 ) (159 ) 31 Index Index Futures - Long Contracts — — 1,144 — Interest Rates Bond Futures - Short Contracts — — (1,702 ) (457 ) Commodities Futures - Short Contracts (281 ) (52 ) (201 ) 143 Fixed Income Swap - Short Contracts (94 ) — — — Interest Rate Swaps — — 119 — Interest Rate Swaptions (356 ) 171 (286 ) (419 ) Treasury Futures - Short Contracts 14 1,191 (2,685 ) (165 ) Foreign Currency Exchange Rates Foreign Currency Forward (13,014 ) (1,913 ) 20,071 (3,984 ) Foreign Currency Options - Purchased (2,040 ) (2,001 ) 1,255 (1,936 ) Foreign Currency Options - Sold 617 (183 ) 992 132 Reinsurance contract derivatives — — 30 — $ (19,965 ) $ (1,905 ) $ 35,872 $ (11,658 ) Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ 128 $ (5 ) $ 211 Embedded derivatives in deposit contracts — — — 2,160 Total Derivative Liabilities (embedded) $ — $ 128 $ (5 ) $ 2,371 *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 September 30, 2016 , the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position was $ 4.6 million ( December 31, 2015 - $1.8 million ) for which the Company posted collateral in the form of cash of $71.6 million ( December 31, 2015 - $62.6 million ) of collateral in the normal course of business. Similarly, the Company held collateral (approximately $3.9 million ) in cash from certain counterparties as of September 30, 2016 . If the credit-risk-related contingent features underlying these instruments had been triggered as of September 30, 2016 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 condensed 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 offset 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 condensed 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 September 30, 2016 and December 31, 2015 , 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 Condensed Consolidated Balance Sheet September 30, 2016 Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 326 $ 326 $ — $ — Counterparty 2 937 629 — 308 Counterparty 3 6,194 4,259 — 1,935 Counterparty 4 2,022 2,022 — — Counterparty 5 5,396 2,250 — 3,146 Counterparty 6 7,091 1,986 3,861 1,244 Counterparty 8 1,777 600 — 1,177 Counterparty 9 828 828 — — $ 24,571 $ 12,900 $ 3,861 $ 7,810 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet September 30, 2016 Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2) Financial Instruments Cash Collateral Pledged Net Amount Financial liabilities, derivative liabilities and collateral pledged ($ in thousands) Counterparty 1 $ 3,292 $ 326 $ 2,966 $ — Counterparty 2 629 629 — — Counterparty 3 4,259 4,259 — — Counterparty 4 3,218 2,022 1,196 — Counterparty 5 2,250 2,250 — — Counterparty 6 1,986 1,986 — — Counterparty 8 600 600 — — Counterparty 9 1,259 828 431 — $ 17,493 $ 12,900 $ 4,593 $ — Securities sold under an agreement to repurchase and securities lending transactions Counterparty 3 $ 986 $ 986 $ — $ — Counterparty 4 24,032 24,032 — — Counterparty 6 31,848 31,848 — — $ 56,866 $ 56,866 $ — $ — (1) The Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheets presented above includes the fair value of Derivative Contract assets as well as gross OTC option contract assets of $2.0 million included in Other Investments in the Condensed Consolidated Balance Sheets. (2) The Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $6.0 million included in Securities sold, not yet purchased in the Condensed Consolidated Balance Sheets. Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2015 Derivative Contracts Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ 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 $ 44,248 $ 17,300 $ 2,187 $ 24,761 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2015 Derivative Contracts Gross Amounts of Liabilities Presented in the Condensed 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 8 3,659 2,669 — 990 Counterparty 9 542 542 — — Counterparty 15 153 6 147 — $ 19,059 $ 17,307 $ 762 $ 990 Securities sold under an agreement to repurchase and securities lending transactions Counterparty 3 $ 114 $ — $ 112 $ 2 Counterparty 4 8,944 8,944 — — $ 9,058 $ 8,944 $ 112 $ 2 (1) The Gross Amounts of Assets Presented in the Condensed 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 Condensed Consolidated Balance Sheets. (2) The Gross Amounts of Liabilities Presented in the Condensed 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 Condensed Consolidated Balance Sheets.

Loss and loss adjustment expens

Loss and loss adjustment expense reserves	9 Months Ended
	Sep. 30, 2016
Insurance Loss Reserves [Abstract]
Loss and loss adjustment expense reserves	As of September 30, 2016 and December 31, 2015 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: September 30, December 31, ($ in thousands) Case loss and loss adjustment expense reserves $ 103,884 $ 87,186 Incurred but not reported loss and loss adjustment expense reserves 459,657 375,690 Deferred gains on retroactive reinsurance contracts 2,141 3,171 $ 565,682 $ 466,047 The following table represents the activity in the loss and loss adjustment expense reserves for the nine months ended September 30, 2016 and 2015 : 2016 2015 ($ in thousands) Gross reserves for loss and loss adjustment expenses, beginning of period $ 466,047 $ 277,362 Less: loss and loss adjustment expenses recoverable, beginning of period (125 ) (814 ) Net reserves for loss and loss adjustment expenses, beginning of period 465,922 276,548 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 250,097 324,951 Prior years 24,610 (8,443 ) Amortization of deferred gains on retroactive reinsurance contracts (885 ) (172 ) Total incurred loss and loss adjustment expenses 273,822 316,336 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (58,523 ) (58,315 ) Prior years (104,161 ) (113,137 ) Total net paid losses (162,684 ) (171,452 ) Foreign currency translation (11,379 ) (967 ) Net reserve for loss and loss adjustment expenses, end of period 565,681 420,465 Plus: loss and loss adjustment expenses recoverable, end of period 1 184 Gross reserve for loss and loss adjustment expenses, end of period $ 565,682 $ 420,649 Changes in the Company’s loss and loss adjustment expense reserves result from re-estimating loss reserves and from changes in premium estimates. Furthermore, many of the Company’s 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 $24.6 million increase in prior years’ reserves for the nine months ended September 30, 2016 includes $15.0 million of net adverse reserve development related to re-estimating loss reserves and $9.7 million of additional loss reserves resulting from increase s in premium estimates on certain contracts. The net increase in loss reserves 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 $15.0 million of net adverse prior years’ reserve development for the nine months ended September 30, 2016 was accompanied by net decreases of $2.5 million in acquisition costs, resulting in a net increase of $12.5 million in net underwriting loss. The net underwriting loss impact of the adverse loss development was primarily due to: ◦ $4.8 million of net adverse underwriting loss development relating to one multi-line contract written since 2014. This contract contains underlying commercial auto physical damage and auto extended warranty exposure. The adverse loss experience is a result of an increase in the number of reported claims and inadequate pricing in certain segments of the underlying business; ◦ $3.5 million of net adverse underwriting loss development relating to our Florida homeowners’ reinsurance contracts primarily as a result of higher than anticipated water damage claims and an increase in the practice of assignment of benefits whereby homeowners assign their rights for filing and settling claims to attorneys and public adjusters, which has led to increases in the frequency of claims reported as well as the severity of losses and loss adjustment expenses. Contracts for which we experienced this adverse loss development have not been renewed; ◦ $3.3 million of net adverse underwriting loss development relating to a workers’ compensation contract written in 2012, 2013, and 2014 under which we have been experiencing claims developing with higher than anticipated severity, which led to an increase in our previous loss assumptions on this contract; and ◦ $3.1 million of net adverse underwriting loss development relating to non-standard auto contracts, primarily due to the inability of cedents to promptly react to increasing frequency and severity trends, resulting in underpriced business and adverse selection. • The $9.7 million increase in loss and loss adjustment expenses incurred related to the increase in premium estimates on certain contracts was accompanied by a $5.1 million increase in acquisition costs, for a total of $14.8 million increase in loss and loss adjustment expenses incurred and acquisition costs. The related increase in earned premium related to the increase in premium estimates was $14.8 million , resulting in minimal impact in net underwriting loss for the nine months ended September 30, 2016 . • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium estimates was an increase in net underwriting loss of $12.5 million for the nine months ended September 30, 2016 . The $8.4 million decrease in prior years’ reserves for the nine months ended September 30, 2015 reflects $8.8 million of favorable reserve development partially offset by $0.4 million of additional loss reserves resulting from increases in premium estimates on certain contracts. The prior years’ reserve development is explained as follows: • The $8.8 million of net favorable prior years’ reserve development for the nine months ended September 30, 2015 was accompanied by net increases of $13.3 million in acquisition costs, resulting in a net increase of $4.5 million in net underwriting loss. The $4.5 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, auto and property contracts that did not result in offsetting changes in acquisition costs.

Management, performance and fou

Management, performance and founders fees	9 Months Ended
	Sep. 30, 2016
Management, Performance and Founders Fees [Abstract]
Management, performance and founders fees	Third Point Reinsurance Ltd., Third Point Re, TPRUSA 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 (“TP GP”) under which Third Point LLC manages certain jointly held assets. Pursuant to the Investment Agreements, 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 that 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 September 30, 2016 , the Loss Recovery Account for Third Point Re’s investment account was $ nil (December 31, 2015 - $5.0 million ) and for Third Point Re USA’s investment account was $ nil (December 31, 2015 - $1.2 million ). The loss carryforward amounts were not recorded in the Company’s consolidated balance sheets. Additionally, a total management fee equal to 2% annually of the Third Point Re’s and Third Point Re USA’s share of the investment assets managed by Third Point LLC is paid to Third Point LLC and certain founding investors. Management fees are paid monthly, whereas performance fees are paid annually, in arrears. Investment fee expenses related to the Investment Agreements, which are included in net investment income (loss) in the condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2016 and 2015 are as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Management fees - Third Point LLC $ 1,638 $ 1,645 $ 4,741 $ 4,753 Management fees - Founders (1) 9,322 9,320 26,905 26,935 Performance fees - Third Point Advisors LLC 21,892 (24,197 ) 24,846 862 $ 32,852 $ (13,232 ) $ 56,492 $ 32,550 (1) KEP TP Bermuda Ltd., KIA TP Bermuda Ltd., Pine Brook LVR, L.P., P RE Opportunities Ltd. and Dowling Capital Partners I, L.P., collectively the “Founders”, receive a share of the management fees in proportion to their initial investments in Third Point Reinsurance Ltd. until December 22, 2016. The negative performance fees for the three months ended September 30, 2015 were due to the net investment loss in the period which resulted in the reversal of performance fees accrued in the first six months of 2015. As of September 30, 2016 , $24.8 million related to performance fees due under the Investment Agreements was included in performance fee payable to related party in the condensed consolidated balance sheets. As of December 31, 2015 , $0.9 million related to performance fees earned by TP GP were included in non-controlling interests. On June 22, 2016, Third Point Reinsurance Ltd., Third Point Re, TPRUSA and Third Point Re USA entered into amended and restated Joint Venture and Investment Management Agreements with Third Point LLC and TP GP for an additional five year term, effective on December 22, 2016, the end of the term of the current agreements. These agreements have similar terms to the existing agreements, however, the management fee will be reduced from 2% to 1.5%.

Deposit contracts

Deposit contracts	9 Months Ended
	Sep. 30, 2016
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	The Company’s deposit liability contracts generally 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 condensed consolidated statements of income (loss) . The following table represents activity in the deposit liabilities for the nine months ended September 30, 2016 and year ended December 31, 2015 : September 30, December 31, ($ in thousands) Balance, beginning of period $ 83,955 $ 145,430 Consideration received 16,325 21,246 Consideration receivable 6,137 — Net investment expense (income) allocation and change in fair value of embedded derivatives (507 ) 2,207 Payments (397 ) (84,928 ) Foreign currency translation (306 ) — Balance, end of period $ 105,207 $ 83,955

Senior notes payable and letter

Senior notes payable and letter of credit facilities	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Senior notes payable and letter of credit facilities	Senior Notes payable As of September 30, 2016 , 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 September 30, 2016 , the Company had capitalized $1.5 million of costs associated with the Notes, which are presented as a direct deduction from the principal amount of the Notes on the condensed consolidated balance sheets. As of September 30, 2016 , the Notes had an estimated fair value of $105.4 million . The fair value measurements were based on observable inputs and therefore would be considered to be Level 2. The Company was in compliance with all of the debt covenants as of September 30, 2016 and December 31, 2015. Letters of credit As of September 30, 2016 , the Company had entered into the following letter of credit facilities: Facility Utilized Collateral September 30, 2016 ($ in thousands) BNP Paribas $ 50,000 $ 17,990 $ 17,990 Citibank 300,000 150,227 150,227 J.P. Morgan 50,000 8 8 Lloyds Bank (1) 125,000 27,032 27,032 $ 525,000 $ 195,257 $ 195,257 (1) In August 2016, the Lloyds Bank facility of $100.0 million with Third Point Re was terminated and two new facilities were entered into, $75.0 million with Third Point Re and $50.0 million with Third Point Re USA. 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	9 Months Ended
	Sep. 30, 2016
Net Investment Income [Abstract]
Net investment income (loss)	Net investment income (loss) for the three and nine months ended September 30, 2016 and 2015 consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Net investment income (loss) by type ($ in thousands) Net realized gains on investments and investment derivatives $ 20,688 $ 3,157 $ 62,642 $ 91,759 Net unrealized gains (losses) on investments and investment derivatives 90,709 (216,226 ) 89,470 (168,468 ) Net losses on foreign currencies (1,191 ) (1,705 ) (2,158 ) (1,215 ) Dividend and interest income 15,238 10,380 56,262 28,500 Dividends paid on securities sold, not yet purchased (324 ) (247 ) (1,284 ) (669 ) Management and performance fees (32,852 ) 13,232 (56,492 ) (32,550 ) Other expenses (4,508 ) (2,550 ) (14,926 ) (8,037 ) Net investment income (loss) on investments managed by Third Point LLC 87,760 (193,959 ) 133,514 (90,680 ) Net gain on investment in Kiskadee Fund 596 801 1,078 984 Net investment income related to Catastrophe Reinsurer and Catastrophe Fund — 2 — 69 $ 88,356 $ (193,156 ) $ 134,592 $ (89,627 ) Three months ended Nine months ended September 30, September 30, September 30, September 30, Net investment income (loss) by asset class ($ in thousands) Net investment gains (losses) on equity securities $ 94,100 $ (211,253 ) $ 112,690 $ (132,310 ) Net investment gains (losses) on debt s ecurities 58,912 (17,233 ) 143,780 46,665 Net investment losses on other investments (11,633 ) (1,611 ) (25,197 ) (28,611 ) Net investment gains (losses) on investment derivatives (4,403 ) 14,021 (21,870 ) 24,214 Net investment gains (losses) on securities sold, not yet purchased (10,683 ) 13,610 (4,513 ) 39,974 Net investment losses on cash, including foreign exchange losses (3,279 ) (2,295 ) (7,638 ) (916 ) Net investment gains (losses) on securities purchased under an agreement t o resell 1,443 27 — (2,287 ) Net investment losses on securities sold under an agreement to repurchase (1,813 ) (347 ) (1,937 ) (86 ) Management and performance fees (32,852 ) 13,232 (56,492 ) (32,550 ) Other investment expenses (1,436 ) (1,307 ) (4,231 ) (3,720 ) $ 88,356 $ (193,156 ) $ 134,592 $ (89,627 )

Other expenses

Other expenses	9 Months Ended
	Sep. 30, 2016
Other Income and Expenses [Abstract]
Other expenses	Other expenses for the three and nine months ended September 30, 2016 and 2015 consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Deposit liabilities investment expense (income) $ (1,838 ) $ 1,187 $ (507 ) $ 3,170 Reinsurance contracts investment expense 2,224 1,579 6,861 4,882 Change in fair value of embedded derivatives in deposit and reinsurance contracts (39 ) (2,096 ) (128 ) (2,366 ) $ 347 $ 670 $ 6,226 $ 5,686

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income taxes	We provide for income tax expense or benefit based upon pre-tax income or loss reported in the condensed 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 tax 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 Third Point Re UK, 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 September 30, 2016 , the Company has accrued $1.7 million for uncertain tax positions. For the three and nine months ended September 30, 2016 and 2015 , the Company recorded income tax expense, as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries $ 1,372 $ (9,206 ) $ 1,053 $ (8,512 ) Change in uncertain tax positions 138 35 158 (615 ) Withholding taxes on certain investment transactions 974 1,390 4,654 3,359 $ 2,484 $ (7,781 ) $ 5,865 $ (5,768 ) (1) As of September 30, 2016 , the Company has recorded $5.6 million (December 31, 2015 - $6.6 million ) of net deferred tax assets, which are included in other assets in the condensed consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , the net deferred tax asset was primarily the result of operating losses in the Company’s U.S. subsidiaries. The Company believes that it is more likely than not that the tax benefit will be realized.

Share capital

Share capital	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Share capital	The following tables are a summary of the common shares issued and outstanding and shares repurchased held as treasury shares as of and for the nine months ended September 30, 2016 and 2015 : Common shares 2016 2015 Balance, beginning of period 105,479,341 104,473,402 Options exercised 388,152 433,279 Restricted shares granted 47,712 110,853 Performance restricted shares granted, net of forfeitures 468,723 461,807 Balance, end of period 106,383,928 105,479,341 Treasury shares 2016 2015 Balance, beginning of period — — Repurchase of common shares 644,768 — Balance, end of period 644,768 — 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. No preference shares have been issued to date. Share repurchases On May 4, 2016, the Company’s Board of Directors authorized a common share repurchase program for up to an aggregate of $100.0 million of the Company’s outstanding common shares. Under the common share repurchase program, the Company may repurchase shares from time to time in privately negotiated transactions or in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. During the three months ended September 30, 2016 , the Company did not repurchase any of its common shares. During the nine months ended September 30, 2016 , the Company repurchased 644,768 of its common shares in the open market for an aggregate cost of $ 7.4 million at a weighted average cost, including commissions, of $ 11.46 per share. Common shares repurchased by the Company were not canceled and are classified as treasury shares. As of September 30, 2016 , the Company may repurchase up to an aggregate of $ 92.6 million of additional common shares under its share repurchase program.

Share-based compensation

Share-based compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	The following table provides the total share-based compensation expense included in general and administrative expenses during the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Management and director options $ 1,660 $ 1,555 $ 4,769 $ 4,709 Restricted shares with service condition 387 386 979 1,566 Restricted shares with service and performance condition (153 ) 866 848 2,330 $ 1,894 $ 2,807 $ 6,596 $ 8,605 As of September 30, 2016 , the Company had $ 7.0 million ( December 31, 2015 - $13.1 million ) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.4 years ( December 31, 2015 - 1.3 years ). Management and director options The management and director options activity for the nine months ended September 30, 2016 and year ended December 31, 2015 were as follows: Number of options Weighted average exercise price Balances as of January 1, 2015 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 Forfeited (139,534 ) 18.00 Exercised (388,152 ) 10.00 Balances as of September 30, 2016 9,722,900 $ 13.60 As of September 30, 2016 , the weighted average remaining contractual term for options outstanding was 5.0 years ( December 31, 2015 - 6.0 years ). The following table summarizes information about the Company’s management and director share options outstanding as of September 30, 2016 : 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 5,400,241 $ 10.03 5.1 years 4,339,775 $ 10.03 $15.05 - $16.89 2,196,214 15.94 5.0 years 1,717,145 15.98 $20.00 - $25.05 2,126,445 20.23 4.9 years 1,689,238 20.12 9,722,900 $ 13.60 5.0 years 7,746,158 $ 13.55 Restricted shares with service condition Restricted share award activity for the nine months ended September 30, 2016 and year ended December 31, 2015 were as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2015 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 Granted 47,712 11.37 Balance as of September 30, 2016 348,755 $ 11.15 Restricted shares with service condition 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 shares with service and performance condition Restricted share award activity for the restricted shares with a service and performance condition for the nine months ended September 30, 2016 and year ended December 31, 2015 were as follows: Number of non- vested restricted shares Number of non- vested restricted shares probable of vesting Weighted average grant date fair value of shares probable of vesting Balance as of January 1, 2015 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 n/a (78,128 ) 14.60 Balance as of December 31, 2015 921,553 536,234 14.24 Granted 653,958 435,971 11.40 Forfeited (185,235 ) (77,962 ) 13.16 Change in estimated restricted shares considered probable of vesting n/a (305,621 ) (12.46 ) Balance as of September 30, 2016 1,390,276 588,622 $ 12.93

Non-controlling interests

Non-controlling interests	9 Months Ended
	Sep. 30, 2016
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 condensed consolidated balance sheets as a separate component of shareholders’ equity. Non-controlling interests as of September 30, 2016 and December 31, 2015 is as follows: September 30, December 31, ($ in thousands) Joint Ventures - Third Point Advisors LLC shares $ 18,630 $ 16,157 $ 18,630 $ 16,157 Income attributable to non-controlling interests for the three and nine months ended September 30, 2016 and 2015 was as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Catastrophe Fund $ — $ (139 ) $ — $ (123 ) Catastrophe Fund Manager — — — (33 ) Joint Ventures - Third Point Advisors LLC shares 967 (1,582 ) 1,473 (507 ) $ 967 $ (1,721 ) $ 1,473 $ (663 ) As of September 30, 2016 , the joint ventures created through the Investment Agreements ( Note 9 ) have been considered variable interest entities and have been consolidated in accordance with ASC 810, Consolidation (ASC 810). 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 interests in the condensed consolidated statements of shareholders’ equity. For the nine months ended September 30, 2016 , a net contribution of $1.0 million ( 2015 - $24.1 million) was made by TP GP. As of September 30, 2016 , the following entities were not consolidated as per ASC 810: 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 September 30, 2016 , Third Point Re held a 13.8% ( December 31, 2015 - 10.8% ) 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 condensed consolidated balance sheets. The Company has elected the fair value option for this investment and records changes in fair value in the condensed consolidated statements of income (loss) . As of September 30, 2016 , the estimated fair value of the investment in the limited partnership was $ 0.9 million ( December 31, 2015 - $ 2.4 million). The Cayman HoldCo made net distributions of $2.0 million to the Company during the period ended September 30, 2016 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. (the “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, 2015 - $11.4 million ) in the Hellenic Fund. No capital distributions or calls were made during the nine months ended September 30, 2016 and 2015 . As of September 30, 2016 , the estimated fair value of Third Point Re’s investment in the Hellenic Fund was $5.7 million ( December 31, 2015 - $5.4 million), representing a 3.0% interest ( December 31, 2015 - 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 condensed consolidated balance sheets. The Company has elected the fair value option for this investment and records the change in the fair value in the condensed 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	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per share	The following sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, September 30, September 30, September 30, Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding, net of treasury shares 103,780,196 104,117,448 104,055,946 103,931,871 Dilutive effect of options 940,627 — 570,580 — Dilutive effect of warrants 912,286 — 682,594 — Dilutive effect of restricted shares with service and performance condition 162,204 — 281,548 — Diluted number of common shares outstanding 105,795,313 104,117,448 105,590,668 103,931,871 Basic earnings (loss) per common share: Net income (loss) $ 72,081 $ (195,715 ) $ 74,328 $ (129,583 ) Income allocated to participating shares (241 ) — (233 ) — Net income (loss) available to common shareholders $ 71,840 $ (195,715 ) $ 74,095 $ (129,583 ) Basic earnings (loss) per common share $ 0.69 $ (1.88 ) $ 0.71 $ (1.25 ) Diluted earnings (loss) per common share: Net income (loss) $ 72,081 $ (195,715 ) $ 74,328 $ (129,583 ) Income allocated to participating shares (237 ) — (229 ) — Net income (loss) available to common shareholders $ 71,844 $ (195,715 ) $ 74,099 $ (129,583 ) Diluted earnings (loss) per common share $ 0.68 $ (1.88 ) $ 0.70 $ (1.25 ) For the three months ended September 30, 2016 , anti-dilutive options of 4,322,659 were excluded from the computation of diluted earnings per share. For the three months ended September 30, 2015 , anti-dilutive options and restricted shares with service and performance condition of 4,811,305 were excluded from the computation of diluted loss per share. For the nine months ended September 30, 2016 , anti-dilutive options of 4,384,788 were excluded from the computation of diluted earnings per share. For the nine months ended September 30, 2015 , anti-dilutive options and restricted shares with service and performance condition of 4,109,979 were excluded from the computation of diluted loss per share. As a result of the net loss for the three and nine months ended September 30, 2015 , all outstanding options and warrants totaling 10,539,427 and 10,744,049 , respectively, are considered anti-dilutive and excluded from the computation of diluted loss per common share. No allocation of the net loss has been made to participating shares in the calculation of diluted net loss per common share.

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related party transactions	In addition to the transactions disclosed in Notes 4 , 9 and 17 to these condensed consolidated financial statements, the following transaction is classified as a related party transaction, as the counterparties have 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”) and Third Point Ventures LLC (“Ventures LLC” and, together with Loan LLC, “Nominees”) serve as nominees of the Company and other affiliated investment management clients of the Investment Manager for certain investments. The Nominees have appointed the Investment Manager as its true and lawful agent and attorney. As of September 30, 2016 , Loan LLC held $ 103.3 million ( December 31, 2015 - $ 65.0 million) and Ventures LLC held $16.9 million ( December 31, 2015 - $ nil ) of the Company’s investments, which are included in investments in securities and derivative contracts in the condensed consolidated balance sheets. The Company’s pro rata interest in the underlying investments registered in the name of the Nominees and the related income and expense are reflected in the condensed consolidated balance sheets and the condensed consolidated statements of income (loss) .

Financial instruments with off-

Financial instruments with off-balance sheet risk or concentrations of credit risk	9 Months Ended
	Sep. 30, 2016
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 condensed consolidated balance sheets. Securities sold, not yet purchased are recorded as liabilities in the condensed 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 condensed consolidated balance sheets. The Company’s investments in securities and commodities 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 condensed 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 September 30, 2016 , the investment portfolio had a maximum payout amount of approximately $ 537.7 million ( December 31, 2015 - $ 42.2 million) relating to written put option contracts with expiration ranging from one month to four 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 September 30, 2016 was $ 6.7 million ( December 31, 2015 - $ 2.6 million) and is included in securities sold, not yet purchased in the condensed 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 September 30, 2016 , 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 September 30, 2016 and December 31, 2015 : September 30, 2016 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) $ — $ 3,917 $ 3,917 $ — $ 1,978 $ (1,978 ) $ — $ 3,917 $ 3,917 $ — $ 1,978 $ (1,978 ) 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 ) (1) As of September 30, 2016 and December 31, 2015 , 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 September 30, 2016 . 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 condensed consolidated balance sheets. As of September 30, 2016 , the Company’s maximum counterparty credit risk exposure was $ 24.6 million ( December 31, 2015 - $ 24.8 million).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 September 30, 2016 , the Company had one unfunded capital commitment of $ 3.5 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 condensed 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	9 Months Ended
	Sep. 30, 2016
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 one operating segment, Property and Casualty Reinsurance. 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 (losses) and income tax (expense) benefit. As of December 31, 2015, all investments in the Catastrophe Fund had been redeemed. In February 2016, the Company completed the dissolution of the Catastrophe Fund and Catastrophe Reinsurer. As a result, there is no further activity in the Catastrophe Risk Management segment. The following is a summary of the Company’s operating segment results for the three and nine months ended September 30, 2016 and 2015 : Three months ended September 30, 2016 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 142,573 $ — $ — $ 142,573 Gross premiums ceded (927 ) — — (927 ) Net premiums written 141,646 — — 141,646 Change in net unearned premium reserves (13,463 ) — — (13,463 ) Net premiums earned 128,183 — — 128,183 Expenses Loss and loss adjustment expenses incurred, net 85,015 — — 85,015 Acquisition costs, net 45,127 — — 45,127 General and administrative expenses 6,380 — 5,974 12,354 Total expenses 136,522 — 5,974 142,496 Net underwriting loss (8,339 ) n/a n/a n/a Net investment income 22,031 — 66,325 88,356 Other expenses (347 ) — — (347 ) Interest expense — — (2,069 ) (2,069 ) Foreign exchange gains — — 3,905 3,905 Income tax expense — — (2,484 ) (2,484 ) Segment income (loss) including non-controlling interests 13,345 — 59,703 73,048 Segment income attributable to non-controlling interes ts — — (967 ) (967 ) Segment income (loss) $ 13,345 $ — $ 58,736 $ 72,081 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 66.3 % Acquisition cost ratio 35.2 % Composite ratio 101.5 % General and administrative expense ratio 5.0 % Combined ratio 106.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2016 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 536,595 $ — $ — $ 536,595 Gross premiums ceded (2,352 ) — — (2,352 ) Net premiums written 534,243 — — 534,243 Change in net unearned premium reserves (136,136 ) — — (136,136 ) Net premiums earned 398,107 — — 398,107 Expenses Loss and loss adjustment expenses incurred, net 273,822 — — 273,822 Acquisition costs, net 145,296 — — 145,296 General and administrative expenses 19,527 — 14,358 33,885 Total expenses 438,645 — 14,358 453,003 Net underwriting loss (40,538 ) n/a n/a n/a Net investment inco me 32,868 — 101,724 134,592 Other expenses (6,226 ) — — (6,226 ) Interest expense — — (6,163 ) (6,163 ) Foreign exchange gains — — 14,359 14,359 Income tax expense — — (5,865 ) (5,865 ) Segment income (loss) including non-controlling interests (13,896 ) — 89,697 75,801 Segment income attributable to non-controlling interes ts — — (1,473 ) (1,473 ) Segment income (loss) $ (13,896 ) $ — $ 88,224 $ 74,328 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 68.8 % Acquisition cost ratio 36.5 % Composite ratio 105.3 % General and administrative expense ratio 4.9 % Combined ratio 110.2 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Three months ended September 30, 2015 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 205,729 $ (146 ) $ — $ 205,583 Gross premiums ceded (375 ) — — (375 ) Net premiums written 205,354 (146 ) — 205,208 Change in net unearned premium reserves 3,597 — — 3,597 Net premiums earned 208,951 (146 ) — 208,805 Expenses Loss and loss adjustment expenses incurred, net 158,387 150 — 158,537 Acquisition costs, net 50,527 (18 ) — 50,509 General and administrative expenses 5,872 32 3,918 9,822 Total expenses 214,786 164 3,918 218,868 Net underwriting loss (5,835 ) n/a n/a n/a Net investment income (loss) (51,988 ) 1 (141,169 ) (193,156 ) Other expenses (670 ) — — (670 ) Interest expense — — (2,074 ) (2,074 ) Foreign exchange gains — — 746 746 Income tax benefit — — 7,781 7,781 Segment income (loss) including non-controlling interests (58,493 ) (309 ) (138,634 ) (197,436 ) Segment loss attributable to non-controlling interests — 140 1,581 1,721 Segment income (loss) $ (58,493 ) $ (169 ) $ (137,053 ) $ (195,715 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 75.8 % Acquisition cost ratio 24.2 % Composite ratio 100.0 % General and administrative expense ratio 2.8 % Combined ratio 102.8 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2015 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 603,303 $ (44 ) $ — $ 603,259 Gross premiums ceded (1,852 ) — — (1,852 ) Net premiums written 601,451 (44 ) — 601,407 Change in net unearned premium reserves (133,001 ) 52 — (132,949 ) Net premiums earned 468,450 8 — 468,458 Expenses Loss and loss adjustment expenses incurred, net 316,186 150 — 316,336 Acquisition costs, net 152,665 (1 ) — 152,664 General and administrative expenses 18,681 463 16,653 35,797 Total expenses 487,532 612 16,653 504,797 Net underwriting loss (19,082 ) n/a n/a n/a Net investment income (loss) (23,623 ) 69 (66,073 ) (89,627 ) Other expenses (5,686 ) — — (5,686 ) Interest expense — — (5,162 ) (5,162 ) Foreign exchange gains — — 800 800 Income tax benefit — — 5,768 5,768 Segment loss including non-controlling interests (48,391 ) (535 ) (81,320 ) (130,246 ) Segment loss attributable to non-controlling interests — 156 507 663 Segment loss $ (48,391 ) $ (379 ) $ (80,813 ) $ (129,583 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 67.5 % Acquisition cost ratio 32.6 % Composite ratio 100.1 % General and administrative expense ratio 4.0 % Combined ratio 104.1 % (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 three and nine months ended September 30, 2016 and 2015 as a percentage of total gross premiums written in the relevant period: Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Largest contract 42.4 % 44.5 % 20.9 % 15.5 % Second largest contract 26.8 % 27.1 % 11.3 % 15.2 % Third largest contract 10.1 % 11.3 % n/a n/a Total for contracts contributing greater than 10% each 79.3 % 82.9 % 32.2 % 30.7 % Total for contracts contributing less than 10% each 20.7 % 17.1 % 67.8 % 69.3 % 100.0 % 100.0 % 100.0 % 100.0 % The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 ($ in thousands) Property $ 56,632 39.7 % $ 21,863 10.6 % $ 63,714 11.9 % $ 70,854 11.7 % Casualty 26,640 18.7 % 161,980 78.9 % 187,146 34.9 % 320,990 53.2 % Specialty 59,301 41.6 % 21,886 10.6 % 285,735 53.2 % 211,459 35.1 % Total property and casualty reinsurance 142,573 100.0 % 205,729 100.1 % 536,595 100.0 % 603,303 100.0 % Catastrophe risk management — — % (146 ) (0.1 )% — — % (44 ) — % $ 142,573 100.0 % $ 205,583 100.0 % $ 536,595 100.0 % $ 603,259 100.0 % The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 ($ in thousands) Prospective $ 142,573 100.0 % $ 114,029 55.5 % $ 536,595 100.0 % $ 495,195 82.1 % Retroactive (1) — — % 91,554 44.5 % — — % 108,064 17.9 % $ 142,573 100.0 % $ 205,583 100.0 % $ 536,595 100.0 % $ 603,259 100.0 % (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 the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 ($ in thousands) Largest broker $ 95,073 66.7 % $ 91,554 44.5 % $ 186,737 34.8 % $ 173,888 28.8 % Second largest broker 27,461 19.3 % 83,588 40.7 % 180,631 33.7 % 128,512 21.3 % Third largest broker n/a n/a n/a n/a 89,756 16.7 % 91,554 15.2 % Other 20,039 14.0 % 30,441 14.8 % 79,471 14.8 % 209,305 34.7 % $ 142,573 100.0 % $ 205,583 100.0 % $ 536,595 100.0 % $ 603,259 100.0 % The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 ($ in thousands) United States $ 123,233 86.4 % $ 52,515 25.5 % $ 290,971 54.2 % $ 242,382 40.2 % Bermuda 18,538 13.0 % 60,239 29.3 % 65,078 12.1 % 104,288 17.3 % United Kingdom 802 0.6 % 92,829 45.2 % 180,546 33.7 % 256,589 42.5 % $ 142,573 100.0 % $ 205,583 100.0 % $ 536,595 100.0 % $ 603,259 100.0 %

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Sep. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Supplemental Guarantor Information	fully and unconditionally guarantees the $115.0 million of Notes issued by TPRUSA, a wholly owned subsidiary. The following information sets forth condensed consolidating balance sheets as of September 30, 2016 and December 31, 2015 , condensed consolidating statements of income (loss) for the three and nine months ended September 30, 2016 and 2015 and condensed consolidating statements of cash flows for the nine months ended September 30, 2016 and 2015 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. CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,622,938 $ — $ 1,622,938 Debt securities — — 1,079,132 — 1,079,132 Other investments — — 49,664 — 49,664 Total investments in securities — — 2,751,734 — 2,751,734 Cash and cash equivalents 1,565 — 19,417 — 20,982 Restricted cash and cash equivalents — — 365,451 — 365,451 Investment in subsidiaries 1,456,397 272,817 165,234 (1,894,448 ) — Due from brokers — — 284,170 — 284,170 Derivative assets, at fair value — — 22,565 — 22,565 Interest and dividends receivable — — 11,756 — 11,756 Reinsurance balances receivable — — 448,450 — 448,450 Deferred acquisition costs, net — — 255,379 — 255,379 Amounts due from (to) affiliates (1 ) (8,297 ) 8,298 — — Other assets 751 4,784 11,566 — 17,101 Total assets $ 1,458,712 $ 269,304 $ 4,344,020 $ (1,894,448 ) $ 4,177,588 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,575 $ 60 $ 11,873 $ — $ 13,508 Reinsurance balances payable — — 47,713 — 47,713 Deposit liabilities — — 105,207 — 105,207 Unearned premium reserves — — 668,980 — 668,980 Loss and loss adjustment expense reserves — — 565,682 — 565,682 Securities sold, not yet purchased, at fair value — — 198,393 — 198,393 Securities sold under an agreement to repurchase — — 55,880 — 55,880 Due to brokers — — 894,856 — 894,856 Derivative liabilities, at fair value — — 11,472 — 11,472 Performance fee payable to related party — — 24,846 — 24,846 Interest and dividends payable — 1,034 738 — 1,772 Senior notes payable, net of deferred costs — 113,510 — — 113,510 Total liabilities 1,575 114,604 2,585,640 — 2,701,819 Shareholders’ equity Common shares 10,638 — 1,250 (1,250 ) 10,638 Treasury shares (7,389 ) — — — (7,389 ) Additional paid-in capital 1,090,973 165,337 1,526,547 (1,691,882 ) 1,090,975 Retained earnings (deficit) 362,915 (10,637 ) 211,953 (201,316 ) 362,915 Shareholders’ equity attributable to shareholders 1,457,137 154,700 1,739,750 (1,894,448 ) 1,457,139 Non-controlling interests — — 18,630 — 18,630 Total shareholders’ equity 1,457,137 154,700 1,758,380 (1,894,448 ) 1,475,769 Total liabilities and shareholders’ equity $ 1,458,712 $ 269,304 $ 4,344,020 $ (1,894,448 ) $ 4,177,588 CONDENSED 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 Amounts due from (to) affiliates (346 ) (230 ) 576 — — Other assets 564 2,613 8,964 — 12,141 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 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 142,573 $ — $ 142,573 Gross premiums ceded — — (927 ) — (927 ) Net premiums written — — 141,646 — 141,646 Change in net unearned premium reserves — — (13,463 ) — (13,463 ) Net premiums earned — — 128,183 — 128,183 Net investment inco me — — 88,356 — 88,356 Equity in earnings (losses) of sub sidiaries 73,268 3,916 (35 ) (77,149 ) — Total revenues 73,268 3,916 216,504 (77,149 ) 216,539 Expenses Loss and loss adjustment expenses incurred, net — — 85,015 — 85,015 Acquisition costs, net — — 45,127 — 45,127 General and administrative expenses 1,187 11 11,156 — 12,354 Other expenses — — 347 — 347 Interest expense — 2,069 — — 2,069 Foreign exchange gains — — (3,905 ) — (3,905 ) Total expenses 1,187 2,080 137,740 — 141,007 Income before income tax expense 72,081 1,836 78,764 (77,149 ) 75,532 Income tax (expens e) benefit — 728 (3,212 ) — (2,484 ) Income including non-controlling interests 72,081 2,564 75,552 (77,149 ) 73,048 Income attributable to non-controlling interests — — (967 ) — (967 ) Net income $ 72,081 $ 2,564 $ 74,585 $ (77,149 ) $ 72,081 CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 536,595 $ — $ 536,595 Gross premiums ceded — — (2,352 ) — (2,352 ) Net premiums written — — 534,243 — 534,243 Change in net unearned premium reserves — — (136,136 ) — (136,136 ) Net premiums earned — — 398,107 — 398,107 Net investment income — — 134,592 — 134,592 Equity in earnings (losses) of s ubsidiaries 77,829 6,015 (78 ) (83,766 ) — Total revenues 77,829 6,015 532,621 (83,766 ) 532,699 Expenses Loss and loss adjustment expenses incurred, net — — 273,822 — 273,822 Acquisition costs, net — — 145,296 — 145,296 General and administrative expenses 3,501 41 30,343 — 33,885 Other expenses — — 6,226 — 6,226 Interest expense — 6,163 — — 6,163 Foreign exchange gains — — (14,359 ) — (14,359 ) Total expenses 3,501 6,204 441,328 — 451,033 Income (loss) before income tax (expense) benefit 74,328 (189 ) 91,293 (83,766 ) 81,666 Income tax (expense) benefit — 2,171 (8,036 ) — (5,865 ) Income including non-controlling interests 74,328 1,982 83,257 (83,766 ) 75,801 Income attributable to non-controlling interests — — (1,473 ) — (1,473 ) Net income $ 74,328 $ 1,982 $ 81,784 $ (83,766 ) $ 74,328 CONDENSED CONSOLIDATING STATEMENT OF LOSS Three months ended September 30, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 205,583 $ — $ 205,583 Gross premiums ceded — — (375 ) — (375 ) Net premiums written — — 205,208 — 205,208 Change in net unearned premium reserves — — 3,597 — 3,597 Net premiums earned — — 208,805 — 208,805 Net investment loss — — (193,156 ) — (193,156 ) Equity in earnings of subsidiaries (194,608 ) (17,987 ) — 212,595 — Total revenues (194,608 ) (17,987 ) 15,649 212,595 15,649 Expenses Loss and loss adjustment expenses incurred, net — — 158,537 — 158,537 Acquisition costs, net — — 50,509 — 50,509 General and administrative expenses 1,107 3 8,712 — 9,822 Other expenses — — 670 — 670 Interest expense — 2,074 — — 2,074 Foreign exchange gains — — (746 ) — (746 ) Total expenses 1,107 2,077 217,682 — 220,866 Loss before income tax benefit (195,715 ) (20,064 ) (202,033 ) 212,595 (205,217 ) Income tax benefit — 2,572 5,209 — 7,781 Loss including non-controlling interests (195,715 ) (17,492 ) (196,824 ) 212,595 (197,436 ) Loss attributable to non-controlling interests — — 1,721 — 1,721 Net loss $ (195,715 ) $ (17,492 ) $ (195,103 ) $ 212,595 $ (195,715 ) CONDENSED CONSOLIDATING STATEMENT OF LOSS Nine months ended September 30, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 603,259 $ — $ 603,259 Gross premiums ceded — — (1,852 ) — (1,852 ) Net premiums written — — 601,407 — 601,407 Change in net unearned premium reserves — — (132,949 ) — (132,949 ) Net premiums earned — — 468,458 — 468,458 Net investment loss — — (89,627 ) — (89,627 ) Equity in earnings of subsidiaries (122,501 ) (12,770 ) — 135,271 — Total revenues (122,501 ) (12,770 ) 378,831 135,271 378,831 Expenses Loss and loss adjustment expenses incurred, net — — 316,336 — 316,336 Acquisition costs, net — — 152,664 — 152,664 General and administrative expenses 7,082 223 28,492 — 35,797 Other expenses — — 5,686 — 5,686 Interest expense — 5,162 — — 5,162 Foreign exchange gains — — (800 ) — (800 ) Total expenses 7,082 5,385 502,378 — 514,845 Loss before income tax benefit (129,583 ) (18,155 ) (123,547 ) 135,271 (136,014 ) Income tax benefit — 1,884 3,884 — 5,768 Loss including non-controlling interests (129,583 ) (16,271 ) (119,663 ) 135,271 (130,246 ) Loss attributable to non-controlling interests — — 663 — 663 Net loss $ (129,583 ) $ (16,271 ) $ (119,000 ) $ 135,271 $ (129,583 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income including non-controlling interes ts $ 74,328 $ 1,982 $ 83,257 $ (83,766 ) $ 75,801 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (77,829 ) (6,015 ) 78 83,766 — Share compensation expense 362 6,234 — 6,596 Net interest expense on deposit liabilities (507 ) — (507 ) Net unrealized gain on investments and derivatives — — (90,675 ) — (90,675 ) Net realized gain on investments and derivatives — — (62,316 ) — (62,316 ) Net foreign exchange gains — — (14,359 ) — (14,359 ) Amortization of premium and accretion of discount, net — 133 4,821 — 4,954 Changes in assets and liabilities: Reinsurance balances receivable — — (145,593 ) — (145,593 ) Deferred acquisition costs, net — — (58,286 ) — (58,286 ) Other assets (187 ) (2,171 ) (2,602 ) — (4,960 ) Interest and dividends receivable, net — (2,021 ) (1,676 ) — (3,697 ) Unearned premium reserves — — 137,270 — 137,270 Loss and loss adjustment expense reserves — — 111,014 — 111,014 Accounts payable and accrued expenses (1,561 ) 20 3,059 — 1,518 Reinsurance balances payable — — 24,013 — 24,013 Performance fees payable to related party — — 24,846 — 24,846 Amounts due from (to) affiliates (345 ) 8,067 (7,722 ) — — Net cash provided by (used in) operating activities (5,232 ) (5 ) 10,856 — 5,619 Investing activities Purchases of investments — — (2,803,862 ) — (2,803,862 ) Proceeds from sales of investments — — 2,533,656 — 2,533,656 Purchases of investments to cover short sales — — (978,039 ) — (978,039 ) Proceeds from short sales of investments — — 854,689 — 854,689 Change in due to/from brokers, net — — 362,695 — 362,695 Increase in securities sold under an agreement to repurchase — — 46,936 — 46,936 Change in restricted cash and cash equivalents — — (34,536 ) — (34,536 ) Contributed capital to subsidiaries (5,000 ) 5,000 — — — Contributed capital from parent and/or subsidiaries — (5,000 ) 5,000 — — Net cash provided by (used in) investing activities (5,000 ) — (13,461 ) — (18,461 ) Financing activities Proceeds from issuance of common shares, net of costs 3,878 — — — 3,878 Purchases of common shares under share repurchase program (7,389 ) — — — (7,389 ) Increase in deposit liabilities, net — — 15,928 — 15,928 Non-controlling interest in investment affiliate, net — — 1,000 — 1,000 Dividend received by (paid to) parent 15,000 — (15,000 ) — — Net cash provided by (used in) financing activities 11,489 — 1,928 — 13,417 Net increase (decrease) in cash and cash equivalents 1,257 (5 ) (677 ) — 575 Cash and cash equivalents at beginning of period 308 5 20,094 — 20,407 Cash and cash equivalents at end of period $ 1,565 $ — $ 19,417 $ — $ 20,982 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months ended September 30, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Loss including non-controlling interests $ (129,583 ) $ (16,271 ) $ (119,663 ) $ 135,271 $ (130,246 ) Adjustments to reconcile loss including non-controlling interests to net cash provided by (used in) operating activities Equity in earnings of subsidiaries 122,501 12,770 — (135,271 ) — Share compensation expense 362 — 8,243 — 8,605 Net interest expense on deposit liabilities — — 3,170 — 3,170 Net unrealized loss on investments and derivatives — — 165,202 — 165,202 Net realized gain on investments and derivatives — — (91,712 ) — (91,712 ) Foreign exchange gains included in net loss — — (800 ) — (800 ) Amortization of premium and accretion of discount, net — 112 366 — 478 Changes in assets and liabilities: Reinsurance balances receivable — — 2,585 — 2,585 Deferred acquisition costs, net — — (36,550 ) — (36,550 ) Other assets (192 ) (1,218 ) (9,487 ) — (10,897 ) Interest and dividends receivable, net — 1,026 (7,478 ) — (6,452 ) Unearned premium reserves — — 133,756 — 133,756 Loss and loss adjustment expense reserves — — 144,253 — 144,253 Accounts payable and accrued expenses 3,575 (463 ) (899 ) — 2,213 Reinsurance balances payable — — 7,916 — 7,916 Amounts due from (to) affiliates 1,380 (173 ) (1,207 ) — — Net cash provided by (used in) operating activities (1,957 ) (4,217 ) 197,695 — 191,521 Investing activities Purchases of investments — — (2,621,367 ) — (2,621,367 ) Proceeds from sales of investments — — 2,274,201 — 2,274,201 Purchases of investments to cover short sales — — (371,635 ) — (371,635 ) Proceeds from short sales of investments — — 488,601 — 488,601 Change in due to/from brokers, net — — 137,054 — 137,054 Decrease in securities purchased under an agreement to sell — — 29,852 — 29,852 Change in restricted cash and cash equivalents — — (187,121 ) — (187,121 ) Contributed capital (to) from subsidiaries (158,000 ) (266,975 ) (25 ) 425,000 — Contributed capital from parent — 158,000 267,000 (425,000 ) — Net cash provided by (used in) investing activities (158,000 ) (108,975 ) 16,560 — (250,415 ) Financing activities Proceeds from issuance of common shares, net of costs 4,334 — — — 4,334 Proceeds from issuance of senior notes payable — 113,220 — — 113,220 Increase in deposit liabilities, net — — 6,975 — 6,975 Non-controlling interest in investment affiliate, net — — (24,137 ) — (24,137 ) Non-controlling interest in Catastrophe Fund — — (59,705 ) — (59,705 ) Non-controlling interest in Catastrophe Manager — — 292 — 292 Dividend received by (paid to) parent 158,000 — (158,000 ) — — Net cash provided by (used in) financing activities 162,334 113,220 (234,575 ) — 40,979 Net increase in cash and cash equivalents 2,377 28 (20,320 ) — (17,915 ) Cash and cash equivalents at beginning of period 140 — 28,594 — 28,734 Cash and cash equivalents at end of period $ 2,517 $ 28 $ 8,274 $ — $ 10,819

Significant accounting polici30

Significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Recently issued accounting standards	Recently issued accounting standards Issued and effective as of September 30, 2016 In February 2015, the Financial Accounting Standards Board (“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 financial statements issued for fiscal years beginning after December 15, 2015, and interim period within those fiscal years. This pronouncement did not 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 eliminates 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. The Company has removed investments measured at NAV from the fair value hierarchy disclosure in its condensed consolidated financial statements. Issued but not yet effective as of September 30, 2016 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 annual periods beginning after December 15, 2016. Early adoption is permitted. 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 thereafter. In March 2016, the FASB issued Accounting Standards Update 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (ASU 2016-06). ASU 2016-06 clarifies that determining whether the economic characteristics of a put or call are clearly and closely related to its debt host requires only an assessment of the four-step decision sequence outlined in FASB ASC paragraph 815-15-25-24. Additionally, entities are not required to separately assess whether the contingency itself is clearly and closely related. The ASU is effective for interim and annual periods in fiscal years beginning after December 15, 2016. This new accounting standard is not expected to have a material impact on the Company’s condensed consolidated financial statements when it becomes effective. In March 2016, the FASB issued Accounting Standards Update 2016-07, I nvestments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (ASU 2016-07). ASU 2016-07 simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. This new accounting standard is not expected to have a material impact on the Company’s condensed consolidated financial statements when it becomes effective. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. This new accounting standard is not expected to have a material impact on the Company’s condensed consolidated financial statements when it becomes effective. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 amends the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force (ASU 2016-15). ASU 2016-15 intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective 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 condensed consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update 2016-17, Consolidation (Topic 810): Interests held through Related Parties that are under Common Control (ASU 2016-17). ASU 2016-17 alters how the Company needs to consider indirect interests in a variable interest entity held through an entity under common control. The new guidance amends ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, issued in February 2015. ASU 2016-17 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements.

Restricted cash and cash equi31

Restricted cash and cash equivalents and restricted investments (Tables)	9 Months Ended
	Sep. 30, 2016
Cash and Cash Equivalents [Abstract]
Schedule of restricted cash and cash equivalents	Restricted cash and cash equivalents and restricted investments as of September 30, 2016 and December 31, 2015 consisted of the following: September 30, December 31, ($ in thousands) Restricted cash securing letter of credit facilities (1) $ 195,257 $ 270,755 Restricted cash securing other reinsurance contracts (2) 170,194 60,160 Total restricted cash and cash equivalents 365,451 330,915 Restricted investments securing other reinsurance contracts (2) 333,742 292,111 Total restricted cash and cash equivalents and restricted investments $ 699,193 $ 623,026 (1) 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 several years. (2) 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 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 several years.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of the separate account 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: September 30, December 31, Assets ($ in thousands) Total investments in securities $ 2,724,518 $ 2,290,779 Cash and cash equivalents 11 57 Restricted cash and cash equivalents 365,451 330,915 Due from brokers 284,170 326,971 Derivative assets 22,565 35,337 Interest and dividends receivable 11,756 10,687 Total assets 3,408,471 2,994,746 Liabilities and non-controlling interest Accounts payable and accrued expenses 783 770 Securities sold, not yet purchased 198,393 314,353 Securities sold under an agreement to repurchase 55,880 8,944 Due to brokers 894,856 574,962 Derivative liabilities 11,472 15,392 Performance fee payable to related party 24,846 — Interest and dividends payable 737 1,345 Non-controlling interest 18,630 16,157 Total liabilities and non-controlling interest 1,205,597 931,923 Total net investments managed by Third Point LLC $ 2,202,874 $ 2,062,823
Schedule of the largest concentration of the Company's asset-backed securities	As of September 30, 2016 and December 31, 2015 , the Company’s asset-backed securities (“ABS”) holdings were as follows: September 30, 2016 December 31, 2015 ($ in thousands) Re-REMIC (1) $ 50,318 18.7 % $ 195,889 39.6 % Subprime RMBS 118,787 44.1 % 174,777 35.3 % Collateralized debt obligations 14,208 5.3 % 50,455 10.2 % Market place loans 35,971 13.4 % 13,247 2.7 % Other (2) 49,934 18.5 % 60,355 12.2 % $ 269,218 100.0 % $ 494,723 100.0 % (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, 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 September 30, 2016 and December 31, 2015 : September 30, 2016 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets ($ in thousands) Equity securities $ 1,578,758 $ 4,131 $ — $ 1,582,889 Private common equity securities — — 3,433 3,433 Private preferred equity securities — — 36,616 36,616 Total equities 1,578,758 4,131 40,049 1,622,938 Asset-backed securities — 266,423 2,795 269,218 Bank debt — 50,215 — 50,215 Corporate bonds — 224,612 8,333 232,945 U.S. Treasury securities — 257,678 — 257,678 Sovereign debt — 269,076 — 269,076 Total debt securities — 1,068,004 11,128 1,079,132 Options 4,349 2,006 — 6,355 Rights and warrants 118 — — 118 Trade claims — 8,773 — 8,773 Total other investments 4,467 10,779 — 15,246 Derivative assets (free standing) 1,572 20,993 — 22,565 $ 1,584,797 $ 1,103,907 $ 51,177 2,739,881 Investments in funds valued at NAV 34,418 Total assets $ 2,774,299 Liabilities Equity securities $ 166,423 $ — $ — $ 166,423 Corporate bonds — 20,995 — 20,995 Options 4,954 6,021 — 10,975 Total securities sold, not yet purchased 171,377 27,016 — 198,393 Derivative liabilities (free standing) 763 9,383 1,326 11,472 Derivative liabilities (embedded) — — 6,296 6,296 Total liabilities $ 172,140 $ 36,399 $ 7,622 $ 216,161 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 debt — 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 Options — 8,911 — 8,911 Rights and warrants 416 — — 416 Trade claims — 8,329 — 8,329 Total other investments 416 17,240 — 17,656 Derivative assets (free standing) — 35,337 — 35,337 $ 1,182,281 $ 1,093,951 $ 42,085 2,318,317 Investments in funds valued at NAV 34,264 Total assets $ 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
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 three and nine months ended September 30, 2016 and 2015 : July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) September 30, ($ in thousands) Assets Private common equity securities $ 3,170 $ — $ 60 $ — $ 203 $ 3,433 Private preferred equity securities 31,079 — 2,646 (60 ) 2,951 36,616 Asset-backed securities 2,814 (213 ) 225 (334 ) 303 2,795 Corporate bonds 3,110 — 4,967 — 256 8,333 Sovereign debt 2 — — (2 ) — — Total assets $ 40,175 $ (213 ) $ 7,898 $ (396 ) $ 3,713 $ 51,177 Liabilities Derivative liabilities (free standing) $ (1,220 ) $ — $ — $ (106 ) $ — $ (1,326 ) Derivative liabilities (embedded) (6,335 ) — — — 39 (6,296 ) Total liabilities $ (7,555 ) $ — $ — $ (106 ) $ 39 $ (7,622 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) September 30, ($ in thousands) Assets Private common equity securities $ 4,357 $ — $ 60 $ — $ (984 ) $ 3,433 Private preferred equity securities 24,178 — 14,900 (60 ) (2,402 ) 36,616 Asset-backed securities 2,617 1,967 1,001 (1,941 ) (849 ) 2,795 Bank debt 7,660 (7,660 ) — — — — Corporate bonds 3,252 — 5,166 (80 ) (5 ) 8,333 Sovereign debt 21 — — (20 ) (1 ) — Total assets $ 42,085 $ (5,693 ) $ 21,127 $ (2,101 ) $ (4,241 ) $ 51,177 Liabilities Derivative liabilities (free standing) $ (1,020 ) $ — $ — $ (306 ) $ — $ (1,326 ) Derivative liabilities (embedded) (5,563 ) — — (861 ) 128 (6,296 ) Total liabilities $ (6,583 ) $ — $ — $ (1,167 ) $ 128 $ (7,622 ) July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) September 30, ($ in thousands) Assets Private common equity securities $ 962 $ — $ — $ — $ (361 ) $ 601 Private preferred equity securities 13,474 — 5,084 — (295 ) 18,263 Asset-backed securities 1,843 916 1,125 (62 ) 36 3,858 Bank debt 7,404 — — — 277 7,681 Corporate bonds 2,772 — — (107 ) 570 3,235 Sovereign debt 18 — — — (1 ) 17 Total assets $ 26,473 $ 916 $ 6,209 $ (169 ) $ 226 $ 33,655 Liabilities Derivative liabilities (free standing) $ (1,020 ) $ — $ — $ — $ — $ (1,020 ) Derivative liabilities (embedded) (9,817 ) — — (2,354 ) 2,096 (10,075 ) Total liabilities $ (10,837 ) $ — $ — $ (2,354 ) $ 2,096 $ (11,095 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) September 30, ($ in thousands) Assets Private common equity securities $ 1,443 $ — $ — $ — $ (842 ) $ 601 Private preferred equity securities — — 13,586 — 4,677 18,263 Asset-backed securities 4,720 (3,599 ) 2,024 (1,061 ) 1,774 3,858 Bank debt — — 7,634 — 47 7,681 Corporate bonds 3,799 — — (259 ) (305 ) 3,235 Sovereign debt — 19 — — (2 ) 17 Total assets $ 9,962 $ (3,580 ) $ 23,244 $ (1,320 ) $ 5,349 $ 33,655 Liabilities Derivative liabilities (free standing) $ (962 ) $ — $ — $ (174 ) $ 116 $ (1,020 ) Derivative liabilities (embedded) (9,289 ) — — (3,152 ) 2,366 (10,075 ) Total liabilities $ (10,251 ) $ — $ — $ (3,326 ) $ 2,482 $ (11,095 ) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income (loss) in the condensed 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 or at cost. September 30, 2016 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and observable (O) inputs Range Derivative liabilities (embedded) $ 6,296 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) 3.3 - 4.3 years Interest Rates (O) U.S. Treasury Spot Rates Private equity investments $ 35,185 Market approach Discount (U) 10.0 - 25.0% December 31, 2015 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and Range Corporate bond $ 2,444 Discounted cash flow Yield (U) 10.4 - 11.4% Duration (U) 3.0 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

Securities purchased under an33

Securities purchased under an agreement to sell, securities sold under an agreement to repurchase and securities lending transactions (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of Repurchase Agreements	The following table presents the remaining contractual maturity of the repurchase agreements and securities lending transactions by class of collateral pledged as of September 30, 2016 and December 31, 2015 : September 30, 2016 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Securities sold under an agreement to repurchase Non-U.S. sovereign debt $ — $ — $ 123,286 $ — $ 123,286 Securities lending transactions U.S. Treasury and agency securities $ 1,007 $ — $ — $ — $ 1,007 December 31, 2015 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Securities sold under an agreement to repurchase Non-U.S. sovereign debt $ — $ — $ 8,944 $ — $ 8,944 Securities lending transactions Corporate bonds $ 112 $ — $ — $ — $ 112 Foreign currency gains (losses) on reverse repurchase agreements and repurchase agreements for the three and nine months ended September 30, 2016 and 2015 , which are included in net investment income (loss) in the condensed consolidated statements of income (loss) , consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Foreign currency gains (losses) on reverse repurchase agreements $ — $ 65 $ — $ (2,227 ) Foreign currency gains (losses) on repurchase agreements $ — $ (377 ) $ — $ (41 )

Due from_to brokers (Tables)

Due from/to brokers (Tables)	9 Months Ended
	Sep. 30, 2016
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Due to (from) Brokers	As of September 30, 2016 and December 31, 2015 , the Company’s due from/to brokers were comprised of the following: September 30, December 31, ($ in thousands) Due from brokers Cash held at brokers (1) $ 212,317 $ 249,871 Receivable from unsettled trades 71,853 77,100 $ 284,170 $ 326,971 Due to brokers Borrowing from prime brokers $ 813,668 $ 572,688 Payable from unsettled trades 81,188 2,274 $ 894,856 $ 574,962 (1) As of September 30, 2016 , the Company’s cash held at brokers includes a total non-U.S. currency receivable balance of $1.5 million ( December 31, 2015 - receivable of $9.8 million ).

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2016
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 condensed consolidated balance sheets, categorized by primary underlying risk. Balances are presented on a gross basis. As of September 30, 2016 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Commodity Price Commodity Future Options - Purchased USD $ 1,573 $ 18,480 Credit Credit Default Swaps - Protection Purchased USD 12,672 83,165 Equity Price Contracts for Differences - Long Contracts EUR/GBP 513 45,099 Contracts for Differences - Short Contracts CHF/EUR/GBP 2,142 16,790 Total Return Swaps - Long Contracts JPY/USD 2,331 50,710 Interest Rates Interest Rate Swaptions JPY/USD 1,702 1,076,528 Treasury Futures - Short Contracts USD 1,217 106,948 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CNH/EUR/GBP 125 45,453 Foreign Currency Options - Purchased SAR 290 124,405 Total Derivative Assets $ 22,565 $ 1,567,578 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Commodity Price Commodity Future Options - Purchased USD $ 763 $ 33,600 Credit Credit Default Swaps - Protection Purchased USD 2,852 41,743 Credit Default Swaps - Protection Sold USD 1,978 3,917 Equity Price Contracts for Differences - Long Contracts EUR/ GBP/USD 582 18,136 Contracts for Differences - Short Contracts CHF/EUR/SEK/USD 1,556 44,251 Total Return Swaps - Long Contracts USD 1,374 17,538 Total Return Swaps - Short Contracts JPY 852 18,229 Interest Rates Interest Rate Swaptions JPY/USD 357 1,075,183 Treasury Futures - Short Contracts USD 26 33,699 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CAD/CNH/EUR/JPY/MXN/SAR 1,132 196,593 Total Derivative Liabilities (free standing) $ 11,472 $ 1,482,889 Embedded derivative liabilities in reinsurance contracts (3) USD $ 6,296 $ 20,000 Total Derivative Liabilities (embedded) $ 6,296 $ 20,000 (1) CAD = Canadian Dollar, CHF = Swiss Franc, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, JPY = Japanese Yen, MXN = Mexican Peso, SAR = Saudi Arabian Riyal, SEK = Swedish Krona, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of September 30, 2016 , 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 condensed consolidated balance sheet. 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, 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, 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 condensed consolidated balance sheet.
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 three and nine months ended September 30, 2016 and 2015 . Realized and unrealized gains (losses) related to free standing derivatives are included in net investment income (loss) in the condensed consolidated statements of income (loss) . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the condensed consolidated statements of income (loss) . Three months ended September 30, 2016 September 30, 2015 Free standing Derivatives - Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Credit ($ in thousands) Commodity Future Options - Purchased $ (475 ) $ (1,310 ) $ — $ — Credit Credit Default Swaps - Protection Purchased (887 ) (433 ) 1,232 3,026 Credit Default Swaps - Protection Sold 38 (7 ) 322 (556 ) Equity Price Contracts for Differences - Long Contracts 1,666 791 512 (12,058 ) Contracts for Differences - Short Contracts (3,767 ) (2,166 ) 14,087 2,505 Total Return Swaps - Long Contracts 2,172 3,174 3,477 3,451 Total Return Swaps - Short Contracts (4,392 ) 831 (108 ) 869 Interest Rates Bond Futures - Short Contracts — — (1,702 ) 232 Commodity Futures - Short Contracts 870 — — — Interest Rate Swaps — — 119 (530 ) Interest Rate Swaptions (244 ) 216 265 (978 ) Total Return Swaps - Long Contracts 268 (261 ) — — Total Return Swaps - Short Contracts (100 ) 65 — — Treasury Futures - Short Contracts 14 1,191 (2,746 ) (600 ) Foreign Currency Exchange Rates Foreign Currency Forward (4,110 ) 2,838 2,656 (1,134 ) Foreign Currency Options - Purchased — (384 ) 307 1,373 Foreign Currency Options - Sold — (1 ) — — $ (8,947 ) $ 4,544 $ 18,421 $ (4,400 ) Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ 39 $ — $ 366 Embedded derivatives in deposit contracts — — — 1,730 Total Derivative Liabilities (embedded) $ — $ 39 $ — $ 2,096 Nine months ended 2016 2015 Free standing Derivatives - Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Commodity Price ($ in thousands) Commodity Future Options - Purchased $ 106 $ 490 $ (286 ) $ 285 Commodity Future Options - Sold — — 272 (269 ) Credit Credit Default Swaps - Protection Purchased 5,520 (5,420 ) 617 3,431 Credit Default Swaps - Protection Sold (4,129 ) 4,245 2,017 (1,916 ) Equity Price Contracts for Differences - Long Contracts (756 ) 412 (335 ) (7,602 ) Contracts for Differences - Short Contracts 803 (1,888 ) 12,150 3,925 Total Return Swaps - Long Contracts (2,654 ) 3,974 2,859 (2,857 ) Total Return Swaps - Short Contracts (3,701 ) (931 ) (159 ) 31 Index Index Futures - Long Contracts — — 1,144 — Interest Rates Bond Futures - Short Contracts — — (1,702 ) (457 ) Commodities Futures - Short Contracts (281 ) (52 ) (201 ) 143 Fixed Income Swap - Short Contracts (94 ) — — — Interest Rate Swaps — — 119 — Interest Rate Swaptions (356 ) 171 (286 ) (419 ) Treasury Futures - Short Contracts 14 1,191 (2,685 ) (165 ) Foreign Currency Exchange Rates Foreign Currency Forward (13,014 ) (1,913 ) 20,071 (3,984 ) Foreign Currency Options - Purchased (2,040 ) (2,001 ) 1,255 (1,936 ) Foreign Currency Options - Sold 617 (183 ) 992 132 Reinsurance contract derivatives — — 30 — $ (19,965 ) $ (1,905 ) $ 35,872 $ (11,658 ) Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ 128 $ (5 ) $ 211 Embedded derivatives in deposit contracts — — — 2,160 Total Derivative Liabilities (embedded) $ — $ 128 $ (5 ) $ 2,371 *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 September 30, 2016 and December 31, 2015 , 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 Condensed Consolidated Balance Sheet September 30, 2016 Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 326 $ 326 $ — $ — Counterparty 2 937 629 — 308 Counterparty 3 6,194 4,259 — 1,935 Counterparty 4 2,022 2,022 — — Counterparty 5 5,396 2,250 — 3,146 Counterparty 6 7,091 1,986 3,861 1,244 Counterparty 8 1,777 600 — 1,177 Counterparty 9 828 828 — — $ 24,571 $ 12,900 $ 3,861 $ 7,810 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet September 30, 2016 Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2) Financial Instruments Cash Collateral Pledged Net Amount Financial liabilities, derivative liabilities and collateral pledged ($ in thousands) Counterparty 1 $ 3,292 $ 326 $ 2,966 $ — Counterparty 2 629 629 — — Counterparty 3 4,259 4,259 — — Counterparty 4 3,218 2,022 1,196 — Counterparty 5 2,250 2,250 — — Counterparty 6 1,986 1,986 — — Counterparty 8 600 600 — — Counterparty 9 1,259 828 431 — $ 17,493 $ 12,900 $ 4,593 $ — Securities sold under an agreement to repurchase and securities lending transactions Counterparty 3 $ 986 $ 986 $ — $ — Counterparty 4 24,032 24,032 — — Counterparty 6 31,848 31,848 — — $ 56,866 $ 56,866 $ — $ — (1) The Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheets presented above includes the fair value of Derivative Contract assets as well as gross OTC option contract assets of $2.0 million included in Other Investments in the Condensed Consolidated Balance Sheets. (2) The Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $6.0 million included in Securities sold, not yet purchased in the Condensed Consolidated Balance Sheets. Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2015 Derivative Contracts Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ 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 $ 44,248 $ 17,300 $ 2,187 $ 24,761 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2015 Derivative Contracts Gross Amounts of Liabilities Presented in the Condensed 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 8 3,659 2,669 — 990 Counterparty 9 542 542 — — Counterparty 15 153 6 147 — $ 19,059 $ 17,307 $ 762 $ 990 Securities sold under an agreement to repurchase and securities lending transactions Counterparty 3 $ 114 $ — $ 112 $ 2 Counterparty 4 8,944 8,944 — — $ 9,058 $ 8,944 $ 112 $ 2 (1) The Gross Amounts of Assets Presented in the Condensed 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 Condensed Consolidated Balance Sheets. (2) The Gross Amounts of Liabilities Presented in the Condensed 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 Condensed Consolidated Balance Sheets.

Loss and loss adjustment expe36

Loss and loss adjustment expense reserves (Tables)	9 Months Ended
	Sep. 30, 2016
Insurance Loss Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of September 30, 2016 and December 31, 2015 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: September 30, December 31, ($ in thousands) Case loss and loss adjustment expense reserves $ 103,884 $ 87,186 Incurred but not reported loss and loss adjustment expense reserves 459,657 375,690 Deferred gains on retroactive reinsurance contracts 2,141 3,171 $ 565,682 $ 466,047
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 nine months ended September 30, 2016 and 2015 : 2016 2015 ($ in thousands) Gross reserves for loss and loss adjustment expenses, beginning of period $ 466,047 $ 277,362 Less: loss and loss adjustment expenses recoverable, beginning of period (125 ) (814 ) Net reserves for loss and loss adjustment expenses, beginning of period 465,922 276,548 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 250,097 324,951 Prior years 24,610 (8,443 ) Amortization of deferred gains on retroactive reinsurance contracts (885 ) (172 ) Total incurred loss and loss adjustment expenses 273,822 316,336 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (58,523 ) (58,315 ) Prior years (104,161 ) (113,137 ) Total net paid losses (162,684 ) (171,452 ) Foreign currency translation (11,379 ) (967 ) Net reserve for loss and loss adjustment expenses, end of period 565,681 420,465 Plus: loss and loss adjustment expenses recoverable, end of period 1 184 Gross reserve for loss and loss adjustment expenses, end of period $ 565,682 $ 420,649

Management, performance and f37

Management, performance and founders fees (Tables)	9 Months Ended
	Sep. 30, 2016
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 condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2016 and 2015 are as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Management fees - Third Point LLC $ 1,638 $ 1,645 $ 4,741 $ 4,753 Management fees - Founders (1) 9,322 9,320 26,905 26,935 Performance fees - Third Point Advisors LLC 21,892 (24,197 ) 24,846 862 $ 32,852 $ (13,232 ) $ 56,492 $ 32,550 (1) KEP TP Bermuda Ltd., KIA TP Bermuda Ltd., Pine Brook LVR, L.P., P RE Opportunities Ltd. and Dowling Capital Partners I, L.P., collectively the “Founders”, receive a share of the management fees in proportion to their initial investments in Third Point Reinsurance Ltd. until December 22, 2016.

Deposit contracts (Tables)

Deposit contracts (Tables)	9 Months Ended
	Sep. 30, 2016
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity in the deposit liabilities for the nine months ended September 30, 2016 and year ended December 31, 2015 : September 30, December 31, ($ in thousands) Balance, beginning of period $ 83,955 $ 145,430 Consideration received 16,325 21,246 Consideration receivable 6,137 — Net investment expense (income) allocation and change in fair value of embedded derivatives (507 ) 2,207 Payments (397 ) (84,928 ) Foreign currency translation (306 ) — Balance, end of period $ 105,207 $ 83,955

Senior notes payable and lett39

Senior notes payable and letter of credit facilities (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of credit facilities	As of September 30, 2016 , the Company had entered into the following letter of credit facilities: Facility Utilized Collateral September 30, 2016 ($ in thousands) BNP Paribas $ 50,000 $ 17,990 $ 17,990 Citibank 300,000 150,227 150,227 J.P. Morgan 50,000 8 8 Lloyds Bank (1) 125,000 27,032 27,032 $ 525,000 $ 195,257 $ 195,257 (1) In August 2016, the Lloyds Bank facility of $100.0 million with Third Point Re was terminated and two new facilities were entered into, $75.0 million with Third Point Re and $50.0 million with Third Point Re USA.

Net investment income (Tables)

Net investment income (Tables)	9 Months Ended
	Sep. 30, 2016
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income (loss) for the three and nine months ended September 30, 2016 and 2015 consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Net investment income (loss) by type ($ in thousands) Net realized gains on investments and investment derivatives $ 20,688 $ 3,157 $ 62,642 $ 91,759 Net unrealized gains (losses) on investments and investment derivatives 90,709 (216,226 ) 89,470 (168,468 ) Net losses on foreign currencies (1,191 ) (1,705 ) (2,158 ) (1,215 ) Dividend and interest income 15,238 10,380 56,262 28,500 Dividends paid on securities sold, not yet purchased (324 ) (247 ) (1,284 ) (669 ) Management and performance fees (32,852 ) 13,232 (56,492 ) (32,550 ) Other expenses (4,508 ) (2,550 ) (14,926 ) (8,037 ) Net investment income (loss) on investments managed by Third Point LLC 87,760 (193,959 ) 133,514 (90,680 ) Net gain on investment in Kiskadee Fund 596 801 1,078 984 Net investment income related to Catastrophe Reinsurer and Catastrophe Fund — 2 — 69 $ 88,356 $ (193,156 ) $ 134,592 $ (89,627 ) Three months ended Nine months ended September 30, September 30, September 30, September 30, Net investment income (loss) by asset class ($ in thousands) Net investment gains (losses) on equity securities $ 94,100 $ (211,253 ) $ 112,690 $ (132,310 ) Net investment gains (losses) on debt s ecurities 58,912 (17,233 ) 143,780 46,665 Net investment losses on other investments (11,633 ) (1,611 ) (25,197 ) (28,611 ) Net investment gains (losses) on investment derivatives (4,403 ) 14,021 (21,870 ) 24,214 Net investment gains (losses) on securities sold, not yet purchased (10,683 ) 13,610 (4,513 ) 39,974 Net investment losses on cash, including foreign exchange losses (3,279 ) (2,295 ) (7,638 ) (916 ) Net investment gains (losses) on securities purchased under an agreement t o resell 1,443 27 — (2,287 ) Net investment losses on securities sold under an agreement to repurchase (1,813 ) (347 ) (1,937 ) (86 ) Management and performance fees (32,852 ) 13,232 (56,492 ) (32,550 ) Other investment expenses (1,436 ) (1,307 ) (4,231 ) (3,720 ) $ 88,356 $ (193,156 ) $ 134,592 $ (89,627 )

Other expenses (Tables)

Other expenses (Tables)	9 Months Ended
	Sep. 30, 2016
Other Income and Expenses [Abstract]
Schedule of other expenses	Other expenses for the three and nine months ended September 30, 2016 and 2015 consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Deposit liabilities investment expense (income) $ (1,838 ) $ 1,187 $ (507 ) $ 3,170 Reinsurance contracts investment expense 2,224 1,579 6,861 4,882 Change in fair value of embedded derivatives in deposit and reinsurance contracts (39 ) (2,096 ) (128 ) (2,366 ) $ 347 $ 670 $ 6,226 $ 5,686

Income taxes (Tables)

Income taxes (Tables)	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of income tax expenses	For the three and nine months ended September 30, 2016 and 2015 , the Company recorded income tax expense, as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries $ 1,372 $ (9,206 ) $ 1,053 $ (8,512 ) Change in uncertain tax positions 138 35 158 (615 ) Withholding taxes on certain investment transactions 974 1,390 4,654 3,359 $ 2,484 $ (7,781 ) $ 5,865 $ (5,768 ) (1) As of September 30, 2016 , the Company has recorded $5.6 million (December 31, 2015 - $6.6 million ) of net deferred tax assets, which are included in other assets in the condensed consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , the net deferred tax asset was primarily the result of operating losses in the Company’s U.S. subsidiaries. The Company believes that it is more likely than not that the tax benefit will be realized.

Share capital (Tables)

Share capital (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of Common Stock and Treasury Stock Outstanding	The following tables are a summary of the common shares issued and outstanding and shares repurchased held as treasury shares as of and for the nine months ended September 30, 2016 and 2015 : Common shares 2016 2015 Balance, beginning of period 105,479,341 104,473,402 Options exercised 388,152 433,279 Restricted shares granted 47,712 110,853 Performance restricted shares granted, net of forfeitures 468,723 461,807 Balance, end of period 106,383,928 105,479,341 Treasury shares 2016 2015 Balance, beginning of period — — Repurchase of common shares 644,768 — Balance, end of period 644,768 —

Share-based compensation (Table

Share-based compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share-based compensation expense	The following table provides the total share-based compensation expense included in general and administrative expenses during the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Management and director options $ 1,660 $ 1,555 $ 4,769 $ 4,709 Restricted shares with service condition 387 386 979 1,566 Restricted shares with service and performance condition (153 ) 866 848 2,330 $ 1,894 $ 2,807 $ 6,596 $ 8,605
Schedule of management and director options activity	The management and director options activity for the nine months ended September 30, 2016 and year ended December 31, 2015 were as follows: Number of options Weighted average exercise price Balances as of January 1, 2015 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 Forfeited (139,534 ) 18.00 Exercised (388,152 ) 10.00 Balances as of September 30, 2016 9,722,900 $ 13.60
Schedule of management and director options outstanding	The following table summarizes information about the Company’s management and director share options outstanding as of September 30, 2016 : 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 5,400,241 $ 10.03 5.1 years 4,339,775 $ 10.03 $15.05 - $16.89 2,196,214 15.94 5.0 years 1,717,145 15.98 $20.00 - $25.05 2,126,445 20.23 4.9 years 1,689,238 20.12 9,722,900 $ 13.60 5.0 years 7,746,158 $ 13.55
Schedule of restricted shares with service condition activity	Restricted share award activity for the nine months ended September 30, 2016 and year ended December 31, 2015 were as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2015 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 Granted 47,712 11.37 Balance as of September 30, 2016 348,755 $ 11.15
Schedule of restricted shares with performance condition activity	Restricted share award activity for the restricted shares with a service and performance condition for the nine months ended September 30, 2016 and year ended December 31, 2015 were as follows: Number of non- vested restricted shares Number of non- vested restricted shares probable of vesting Weighted average grant date fair value of shares probable of vesting Balance as of January 1, 2015 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 n/a (78,128 ) 14.60 Balance as of December 31, 2015 921,553 536,234 14.24 Granted 653,958 435,971 11.40 Forfeited (185,235 ) (77,962 ) 13.16 Change in estimated restricted shares considered probable of vesting n/a (305,621 ) (12.46 ) Balance as of September 30, 2016 1,390,276 588,622 $ 12.93

Non-controlling interests (Tabl

Non-controlling interests (Tables)	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Schedule of noncontrolling 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 condensed consolidated balance sheets as a separate component of shareholders’ equity. Non-controlling interests as of September 30, 2016 and December 31, 2015 is as follows: September 30, December 31, ($ in thousands) Joint Ventures - Third Point Advisors LLC shares $ 18,630 $ 16,157 $ 18,630 $ 16,157 Income attributable to non-controlling interests for the three and nine months ended September 30, 2016 and 2015 was as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, ($ in thousands) Catastrophe Fund $ — $ (139 ) $ — $ (123 ) Catastrophe Fund Manager — — — (33 ) Joint Ventures - Third Point Advisors LLC shares 967 (1,582 ) 1,473 (507 ) $ 967 $ (1,721 ) $ 1,473 $ (663 )

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2016
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 common share for the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, September 30, September 30, September 30, Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding, net of treasury shares 103,780,196 104,117,448 104,055,946 103,931,871 Dilutive effect of options 940,627 — 570,580 — Dilutive effect of warrants 912,286 — 682,594 — Dilutive effect of restricted shares with service and performance condition 162,204 — 281,548 — Diluted number of common shares outstanding 105,795,313 104,117,448 105,590,668 103,931,871 Basic earnings (loss) per common share: Net income (loss) $ 72,081 $ (195,715 ) $ 74,328 $ (129,583 ) Income allocated to participating shares (241 ) — (233 ) — Net income (loss) available to common shareholders $ 71,840 $ (195,715 ) $ 74,095 $ (129,583 ) Basic earnings (loss) per common share $ 0.69 $ (1.88 ) $ 0.71 $ (1.25 ) Diluted earnings (loss) per common share: Net income (loss) $ 72,081 $ (195,715 ) $ 74,328 $ (129,583 ) Income allocated to participating shares (237 ) — (229 ) — Net income (loss) available to common shareholders $ 71,844 $ (195,715 ) $ 74,099 $ (129,583 ) Diluted earnings (loss) per common share $ 0.68 $ (1.88 ) $ 0.70 $ (1.25 )

Financial instruments with of47

Financial instruments with off-balance sheet risk or concentrations of credit risk (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and December 31, 2015 : September 30, 2016 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) $ — $ 3,917 $ 3,917 $ — $ 1,978 $ (1,978 ) $ — $ 3,917 $ 3,917 $ — $ 1,978 $ (1,978 ) 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 ) (1) As of September 30, 2016 and December 31, 2015 , 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.

Segment reporting (Tables)

Segment reporting (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of operating segments	The following is a summary of the Company’s operating segment results for the three and nine months ended September 30, 2016 and 2015 : Three months ended September 30, 2016 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 142,573 $ — $ — $ 142,573 Gross premiums ceded (927 ) — — (927 ) Net premiums written 141,646 — — 141,646 Change in net unearned premium reserves (13,463 ) — — (13,463 ) Net premiums earned 128,183 — — 128,183 Expenses Loss and loss adjustment expenses incurred, net 85,015 — — 85,015 Acquisition costs, net 45,127 — — 45,127 General and administrative expenses 6,380 — 5,974 12,354 Total expenses 136,522 — 5,974 142,496 Net underwriting loss (8,339 ) n/a n/a n/a Net investment income 22,031 — 66,325 88,356 Other expenses (347 ) — — (347 ) Interest expense — — (2,069 ) (2,069 ) Foreign exchange gains — — 3,905 3,905 Income tax expense — — (2,484 ) (2,484 ) Segment income (loss) including non-controlling interests 13,345 — 59,703 73,048 Segment income attributable to non-controlling interes ts — — (967 ) (967 ) Segment income (loss) $ 13,345 $ — $ 58,736 $ 72,081 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 66.3 % Acquisition cost ratio 35.2 % Composite ratio 101.5 % General and administrative expense ratio 5.0 % Combined ratio 106.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2016 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 536,595 $ — $ — $ 536,595 Gross premiums ceded (2,352 ) — — (2,352 ) Net premiums written 534,243 — — 534,243 Change in net unearned premium reserves (136,136 ) — — (136,136 ) Net premiums earned 398,107 — — 398,107 Expenses Loss and loss adjustment expenses incurred, net 273,822 — — 273,822 Acquisition costs, net 145,296 — — 145,296 General and administrative expenses 19,527 — 14,358 33,885 Total expenses 438,645 — 14,358 453,003 Net underwriting loss (40,538 ) n/a n/a n/a Net investment inco me 32,868 — 101,724 134,592 Other expenses (6,226 ) — — (6,226 ) Interest expense — — (6,163 ) (6,163 ) Foreign exchange gains — — 14,359 14,359 Income tax expense — — (5,865 ) (5,865 ) Segment income (loss) including non-controlling interests (13,896 ) — 89,697 75,801 Segment income attributable to non-controlling interes ts — — (1,473 ) (1,473 ) Segment income (loss) $ (13,896 ) $ — $ 88,224 $ 74,328 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 68.8 % Acquisition cost ratio 36.5 % Composite ratio 105.3 % General and administrative expense ratio 4.9 % Combined ratio 110.2 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Three months ended September 30, 2015 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 205,729 $ (146 ) $ — $ 205,583 Gross premiums ceded (375 ) — — (375 ) Net premiums written 205,354 (146 ) — 205,208 Change in net unearned premium reserves 3,597 — — 3,597 Net premiums earned 208,951 (146 ) — 208,805 Expenses Loss and loss adjustment expenses incurred, net 158,387 150 — 158,537 Acquisition costs, net 50,527 (18 ) — 50,509 General and administrative expenses 5,872 32 3,918 9,822 Total expenses 214,786 164 3,918 218,868 Net underwriting loss (5,835 ) n/a n/a n/a Net investment income (loss) (51,988 ) 1 (141,169 ) (193,156 ) Other expenses (670 ) — — (670 ) Interest expense — — (2,074 ) (2,074 ) Foreign exchange gains — — 746 746 Income tax benefit — — 7,781 7,781 Segment income (loss) including non-controlling interests (58,493 ) (309 ) (138,634 ) (197,436 ) Segment loss attributable to non-controlling interests — 140 1,581 1,721 Segment income (loss) $ (58,493 ) $ (169 ) $ (137,053 ) $ (195,715 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 75.8 % Acquisition cost ratio 24.2 % Composite ratio 100.0 % General and administrative expense ratio 2.8 % Combined ratio 102.8 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2015 Property and Casualty Reinsurance Catastrophe Risk Management Corporate Total Revenues ($ in thousands) Gross premiums written $ 603,303 $ (44 ) $ — $ 603,259 Gross premiums ceded (1,852 ) — — (1,852 ) Net premiums written 601,451 (44 ) — 601,407 Change in net unearned premium reserves (133,001 ) 52 — (132,949 ) Net premiums earned 468,450 8 — 468,458 Expenses Loss and loss adjustment expenses incurred, net 316,186 150 — 316,336 Acquisition costs, net 152,665 (1 ) — 152,664 General and administrative expenses 18,681 463 16,653 35,797 Total expenses 487,532 612 16,653 504,797 Net underwriting loss (19,082 ) n/a n/a n/a Net investment income (loss) (23,623 ) 69 (66,073 ) (89,627 ) Other expenses (5,686 ) — — (5,686 ) Interest expense — — (5,162 ) (5,162 ) Foreign exchange gains — — 800 800 Income tax benefit — — 5,768 5,768 Segment loss including non-controlling interests (48,391 ) (535 ) (81,320 ) (130,246 ) Segment loss attributable to non-controlling interests — 156 507 663 Segment loss $ (48,391 ) $ (379 ) $ (80,813 ) $ (129,583 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 67.5 % Acquisition cost ratio 32.6 % Composite ratio 100.1 % General and administrative expense ratio 4.0 % Combined ratio 104.1 % (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 three and nine months ended September 30, 2016 and 2015 as a percentage of total gross premiums written in the relevant period: Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Largest contract 42.4 % 44.5 % 20.9 % 15.5 % Second largest contract 26.8 % 27.1 % 11.3 % 15.2 % Third largest contract 10.1 % 11.3 % n/a n/a Total for contracts contributing greater than 10% each 79.3 % 82.9 % 32.2 % 30.7 % Total for contracts contributing less than 10% each 20.7 % 17.1 % 67.8 % 69.3 % 100.0 % 100.0 % 100.0 % 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 three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 ($ in thousands) Property $ 56,632 39.7 % $ 21,863 10.6 % $ 63,714 11.9 % $ 70,854 11.7 % Casualty 26,640 18.7 % 161,980 78.9 % 187,146 34.9 % 320,990 53.2 % Specialty 59,301 41.6 % 21,886 10.6 % 285,735 53.2 % 211,459 35.1 % Total property and casualty reinsurance 142,573 100.0 % 205,729 100.1 % 536,595 100.0 % 603,303 100.0 % Catastrophe risk management — — % (146 ) (0.1 )% — — % (44 ) — % $ 142,573 100.0 % $ 205,583 100.0 % $ 536,595 100.0 % $ 603,259 100.0 % The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 ($ in thousands) Prospective $ 142,573 100.0 % $ 114,029 55.5 % $ 536,595 100.0 % $ 495,195 82.1 % Retroactive (1) — — % 91,554 44.5 % — — % 108,064 17.9 % $ 142,573 100.0 % $ 205,583 100.0 % $ 536,595 100.0 % $ 603,259 100.0 % (1) Includes all retroactive exposure in reinsurance contracts.
Schedule of breakdown of the Company’s gross premiums written from brokers	The following table sets forth the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 ($ in thousands) Largest broker $ 95,073 66.7 % $ 91,554 44.5 % $ 186,737 34.8 % $ 173,888 28.8 % Second largest broker 27,461 19.3 % 83,588 40.7 % 180,631 33.7 % 128,512 21.3 % Third largest broker n/a n/a n/a n/a 89,756 16.7 % 91,554 15.2 % Other 20,039 14.0 % 30,441 14.8 % 79,471 14.8 % 209,305 34.7 % $ 142,573 100.0 % $ 205,583 100.0 % $ 536,595 100.0 % $ 603,259 100.0 %
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 three and nine months ended September 30, 2016 and 2015 : Three months ended Nine months ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 ($ in thousands) United States $ 123,233 86.4 % $ 52,515 25.5 % $ 290,971 54.2 % $ 242,382 40.2 % Bermuda 18,538 13.0 % 60,239 29.3 % 65,078 12.1 % 104,288 17.3 % United Kingdom 802 0.6 % 92,829 45.2 % 180,546 33.7 % 256,589 42.5 % $ 142,573 100.0 % $ 205,583 100.0 % $ 536,595 100.0 % $ 603,259 100.0 %

Supplemental Guarantor Inform49

Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,622,938 $ — $ 1,622,938 Debt securities — — 1,079,132 — 1,079,132 Other investments — — 49,664 — 49,664 Total investments in securities — — 2,751,734 — 2,751,734 Cash and cash equivalents 1,565 — 19,417 — 20,982 Restricted cash and cash equivalents — — 365,451 — 365,451 Investment in subsidiaries 1,456,397 272,817 165,234 (1,894,448 ) — Due from brokers — — 284,170 — 284,170 Derivative assets, at fair value — — 22,565 — 22,565 Interest and dividends receivable — — 11,756 — 11,756 Reinsurance balances receivable — — 448,450 — 448,450 Deferred acquisition costs, net — — 255,379 — 255,379 Amounts due from (to) affiliates (1 ) (8,297 ) 8,298 — — Other assets 751 4,784 11,566 — 17,101 Total assets $ 1,458,712 $ 269,304 $ 4,344,020 $ (1,894,448 ) $ 4,177,588 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,575 $ 60 $ 11,873 $ — $ 13,508 Reinsurance balances payable — — 47,713 — 47,713 Deposit liabilities — — 105,207 — 105,207 Unearned premium reserves — — 668,980 — 668,980 Loss and loss adjustment expense reserves — — 565,682 — 565,682 Securities sold, not yet purchased, at fair value — — 198,393 — 198,393 Securities sold under an agreement to repurchase — — 55,880 — 55,880 Due to brokers — — 894,856 — 894,856 Derivative liabilities, at fair value — — 11,472 — 11,472 Performance fee payable to related party — — 24,846 — 24,846 Interest and dividends payable — 1,034 738 — 1,772 Senior notes payable, net of deferred costs — 113,510 — — 113,510 Total liabilities 1,575 114,604 2,585,640 — 2,701,819 Shareholders’ equity Common shares 10,638 — 1,250 (1,250 ) 10,638 Treasury shares (7,389 ) — — — (7,389 ) Additional paid-in capital 1,090,973 165,337 1,526,547 (1,691,882 ) 1,090,975 Retained earnings (deficit) 362,915 (10,637 ) 211,953 (201,316 ) 362,915 Shareholders’ equity attributable to shareholders 1,457,137 154,700 1,739,750 (1,894,448 ) 1,457,139 Non-controlling interests — — 18,630 — 18,630 Total shareholders’ equity 1,457,137 154,700 1,758,380 (1,894,448 ) 1,475,769 Total liabilities and shareholders’ equity $ 1,458,712 $ 269,304 $ 4,344,020 $ (1,894,448 ) $ 4,177,588 CONDENSED 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 Amounts due from (to) affiliates (346 ) (230 ) 576 — — Other assets 564 2,613 8,964 — 12,141 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 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 142,573 $ — $ 142,573 Gross premiums ceded — — (927 ) — (927 ) Net premiums written — — 141,646 — 141,646 Change in net unearned premium reserves — — (13,463 ) — (13,463 ) Net premiums earned — — 128,183 — 128,183 Net investment inco me — — 88,356 — 88,356 Equity in earnings (losses) of sub sidiaries 73,268 3,916 (35 ) (77,149 ) — Total revenues 73,268 3,916 216,504 (77,149 ) 216,539 Expenses Loss and loss adjustment expenses incurred, net — — 85,015 — 85,015 Acquisition costs, net — — 45,127 — 45,127 General and administrative expenses 1,187 11 11,156 — 12,354 Other expenses — — 347 — 347 Interest expense — 2,069 — — 2,069 Foreign exchange gains — — (3,905 ) — (3,905 ) Total expenses 1,187 2,080 137,740 — 141,007 Income before income tax expense 72,081 1,836 78,764 (77,149 ) 75,532 Income tax (expens e) benefit — 728 (3,212 ) — (2,484 ) Income including non-controlling interests 72,081 2,564 75,552 (77,149 ) 73,048 Income attributable to non-controlling interests — — (967 ) — (967 ) Net income $ 72,081 $ 2,564 $ 74,585 $ (77,149 ) $ 72,081 CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 536,595 $ — $ 536,595 Gross premiums ceded — — (2,352 ) — (2,352 ) Net premiums written — — 534,243 — 534,243 Change in net unearned premium reserves — — (136,136 ) — (136,136 ) Net premiums earned — — 398,107 — 398,107 Net investment income — — 134,592 — 134,592 Equity in earnings (losses) of s ubsidiaries 77,829 6,015 (78 ) (83,766 ) — Total revenues 77,829 6,015 532,621 (83,766 ) 532,699 Expenses Loss and loss adjustment expenses incurred, net — — 273,822 — 273,822 Acquisition costs, net — — 145,296 — 145,296 General and administrative expenses 3,501 41 30,343 — 33,885 Other expenses — — 6,226 — 6,226 Interest expense — 6,163 — — 6,163 Foreign exchange gains — — (14,359 ) — (14,359 ) Total expenses 3,501 6,204 441,328 — 451,033 Income (loss) before income tax (expense) benefit 74,328 (189 ) 91,293 (83,766 ) 81,666 Income tax (expense) benefit — 2,171 (8,036 ) — (5,865 ) Income including non-controlling interests 74,328 1,982 83,257 (83,766 ) 75,801 Income attributable to non-controlling interests — — (1,473 ) — (1,473 ) Net income $ 74,328 $ 1,982 $ 81,784 $ (83,766 ) $ 74,328
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 142,573 $ — $ 142,573 Gross premiums ceded — — (927 ) — (927 ) Net premiums written — — 141,646 — 141,646 Change in net unearned premium reserves — — (13,463 ) — (13,463 ) Net premiums earned — — 128,183 — 128,183 Net investment inco me — — 88,356 — 88,356 Equity in earnings (losses) of sub sidiaries 73,268 3,916 (35 ) (77,149 ) — Total revenues 73,268 3,916 216,504 (77,149 ) 216,539 Expenses Loss and loss adjustment expenses incurred, net — — 85,015 — 85,015 Acquisition costs, net — — 45,127 — 45,127 General and administrative expenses 1,187 11 11,156 — 12,354 Other expenses — — 347 — 347 Interest expense — 2,069 — — 2,069 Foreign exchange gains — — (3,905 ) — (3,905 ) Total expenses 1,187 2,080 137,740 — 141,007 Income before income tax expense 72,081 1,836 78,764 (77,149 ) 75,532 Income tax (expens e) benefit — 728 (3,212 ) — (2,484 ) Income including non-controlling interests 72,081 2,564 75,552 (77,149 ) 73,048 Income attributable to non-controlling interests — — (967 ) — (967 ) Net income $ 72,081 $ 2,564 $ 74,585 $ (77,149 ) $ 72,081 CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 536,595 $ — $ 536,595 Gross premiums ceded — — (2,352 ) — (2,352 ) Net premiums written — — 534,243 — 534,243 Change in net unearned premium reserves — — (136,136 ) — (136,136 ) Net premiums earned — — 398,107 — 398,107 Net investment income — — 134,592 — 134,592 Equity in earnings (losses) of s ubsidiaries 77,829 6,015 (78 ) (83,766 ) — Total revenues 77,829 6,015 532,621 (83,766 ) 532,699 Expenses Loss and loss adjustment expenses incurred, net — — 273,822 — 273,822 Acquisition costs, net — — 145,296 — 145,296 General and administrative expenses 3,501 41 30,343 — 33,885 Other expenses — — 6,226 — 6,226 Interest expense — 6,163 — — 6,163 Foreign exchange gains — — (14,359 ) — (14,359 ) Total expenses 3,501 6,204 441,328 — 451,033 Income (loss) before income tax (expense) benefit 74,328 (189 ) 91,293 (83,766 ) 81,666 Income tax (expense) benefit — 2,171 (8,036 ) — (5,865 ) Income including non-controlling interests 74,328 1,982 83,257 (83,766 ) 75,801 Income attributable to non-controlling interests — — (1,473 ) — (1,473 ) Net income $ 74,328 $ 1,982 $ 81,784 $ (83,766 ) $ 74,328 CONDENSED CONSOLIDATING STATEMENT OF LOSS Three months ended September 30, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 205,583 $ — $ 205,583 Gross premiums ceded — — (375 ) — (375 ) Net premiums written — — 205,208 — 205,208 Change in net unearned premium reserves — — 3,597 — 3,597 Net premiums earned — — 208,805 — 208,805 Net investment loss — — (193,156 ) — (193,156 ) Equity in earnings of subsidiaries (194,608 ) (17,987 ) — 212,595 — Total revenues (194,608 ) (17,987 ) 15,649 212,595 15,649 Expenses Loss and loss adjustment expenses incurred, net — — 158,537 — 158,537 Acquisition costs, net — — 50,509 — 50,509 General and administrative expenses 1,107 3 8,712 — 9,822 Other expenses — — 670 — 670 Interest expense — 2,074 — — 2,074 Foreign exchange gains — — (746 ) — (746 ) Total expenses 1,107 2,077 217,682 — 220,866 Loss before income tax benefit (195,715 ) (20,064 ) (202,033 ) 212,595 (205,217 ) Income tax benefit — 2,572 5,209 — 7,781 Loss including non-controlling interests (195,715 ) (17,492 ) (196,824 ) 212,595 (197,436 ) Loss attributable to non-controlling interests — — 1,721 — 1,721 Net loss $ (195,715 ) $ (17,492 ) $ (195,103 ) $ 212,595 $ (195,715 ) CONDENSED CONSOLIDATING STATEMENT OF LOSS Nine months ended September 30, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 603,259 $ — $ 603,259 Gross premiums ceded — — (1,852 ) — (1,852 ) Net premiums written — — 601,407 — 601,407 Change in net unearned premium reserves — — (132,949 ) — (132,949 ) Net premiums earned — — 468,458 — 468,458 Net investment loss — — (89,627 ) — (89,627 ) Equity in earnings of subsidiaries (122,501 ) (12,770 ) — 135,271 — Total revenues (122,501 ) (12,770 ) 378,831 135,271 378,831 Expenses Loss and loss adjustment expenses incurred, net — — 316,336 — 316,336 Acquisition costs, net — — 152,664 — 152,664 General and administrative expenses 7,082 223 28,492 — 35,797 Other expenses — — 5,686 — 5,686 Interest expense — 5,162 — — 5,162 Foreign exchange gains — — (800 ) — (800 ) Total expenses 7,082 5,385 502,378 — 514,845 Loss before income tax benefit (129,583 ) (18,155 ) (123,547 ) 135,271 (136,014 ) Income tax benefit — 1,884 3,884 — 5,768 Loss including non-controlling interests (129,583 ) (16,271 ) (119,663 ) 135,271 (130,246 ) Loss attributable to non-controlling interests — — 663 — 663 Net loss $ (129,583 ) $ (16,271 ) $ (119,000 ) $ 135,271 $ (129,583 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income including non-controlling interes ts $ 74,328 $ 1,982 $ 83,257 $ (83,766 ) $ 75,801 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (77,829 ) (6,015 ) 78 83,766 — Share compensation expense 362 6,234 — 6,596 Net interest expense on deposit liabilities (507 ) — (507 ) Net unrealized gain on investments and derivatives — — (90,675 ) — (90,675 ) Net realized gain on investments and derivatives — — (62,316 ) — (62,316 ) Net foreign exchange gains — — (14,359 ) — (14,359 ) Amortization of premium and accretion of discount, net — 133 4,821 — 4,954 Changes in assets and liabilities: Reinsurance balances receivable — — (145,593 ) — (145,593 ) Deferred acquisition costs, net — — (58,286 ) — (58,286 ) Other assets (187 ) (2,171 ) (2,602 ) — (4,960 ) Interest and dividends receivable, net — (2,021 ) (1,676 ) — (3,697 ) Unearned premium reserves — — 137,270 — 137,270 Loss and loss adjustment expense reserves — — 111,014 — 111,014 Accounts payable and accrued expenses (1,561 ) 20 3,059 — 1,518 Reinsurance balances payable — — 24,013 — 24,013 Performance fees payable to related party — — 24,846 — 24,846 Amounts due from (to) affiliates (345 ) 8,067 (7,722 ) — — Net cash provided by (used in) operating activities (5,232 ) (5 ) 10,856 — 5,619 Investing activities Purchases of investments — — (2,803,862 ) — (2,803,862 ) Proceeds from sales of investments — — 2,533,656 — 2,533,656 Purchases of investments to cover short sales — — (978,039 ) — (978,039 ) Proceeds from short sales of investments — — 854,689 — 854,689 Change in due to/from brokers, net — — 362,695 — 362,695 Increase in securities sold under an agreement to repurchase — — 46,936 — 46,936 Change in restricted cash and cash equivalents — — (34,536 ) — (34,536 ) Contributed capital to subsidiaries (5,000 ) 5,000 — — — Contributed capital from parent and/or subsidiaries — (5,000 ) 5,000 — — Net cash provided by (used in) investing activities (5,000 ) — (13,461 ) — (18,461 ) Financing activities Proceeds from issuance of common shares, net of costs 3,878 — — — 3,878 Purchases of common shares under share repurchase program (7,389 ) — — — (7,389 ) Increase in deposit liabilities, net — — 15,928 — 15,928 Non-controlling interest in investment affiliate, net — — 1,000 — 1,000 Dividend received by (paid to) parent 15,000 — (15,000 ) — — Net cash provided by (used in) financing activities 11,489 — 1,928 — 13,417 Net increase (decrease) in cash and cash equivalents 1,257 (5 ) (677 ) — 575 Cash and cash equivalents at beginning of period 308 5 20,094 — 20,407 Cash and cash equivalents at end of period $ 1,565 $ — $ 19,417 $ — $ 20,982
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months ended September 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income including non-controlling interes ts $ 74,328 $ 1,982 $ 83,257 $ (83,766 ) $ 75,801 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (77,829 ) (6,015 ) 78 83,766 — Share compensation expense 362 6,234 — 6,596 Net interest expense on deposit liabilities (507 ) — (507 ) Net unrealized gain on investments and derivatives — — (90,675 ) — (90,675 ) Net realized gain on investments and derivatives — — (62,316 ) — (62,316 ) Net foreign exchange gains — — (14,359 ) — (14,359 ) Amortization of premium and accretion of discount, net — 133 4,821 — 4,954 Changes in assets and liabilities: Reinsurance balances receivable — — (145,593 ) — (145,593 ) Deferred acquisition costs, net — — (58,286 ) — (58,286 ) Other assets (187 ) (2,171 ) (2,602 ) — (4,960 ) Interest and dividends receivable, net — (2,021 ) (1,676 ) — (3,697 ) Unearned premium reserves — — 137,270 — 137,270 Loss and loss adjustment expense reserves — — 111,014 — 111,014 Accounts payable and accrued expenses (1,561 ) 20 3,059 — 1,518 Reinsurance balances payable — — 24,013 — 24,013 Performance fees payable to related party — — 24,846 — 24,846 Amounts due from (to) affiliates (345 ) 8,067 (7,722 ) — — Net cash provided by (used in) operating activities (5,232 ) (5 ) 10,856 — 5,619 Investing activities Purchases of investments — — (2,803,862 ) — (2,803,862 ) Proceeds from sales of investments — — 2,533,656 — 2,533,656 Purchases of investments to cover short sales — — (978,039 ) — (978,039 ) Proceeds from short sales of investments — — 854,689 — 854,689 Change in due to/from brokers, net — — 362,695 — 362,695 Increase in securities sold under an agreement to repurchase — — 46,936 — 46,936 Change in restricted cash and cash equivalents — — (34,536 ) — (34,536 ) Contributed capital to subsidiaries (5,000 ) 5,000 — — — Contributed capital from parent and/or subsidiaries — (5,000 ) 5,000 — — Net cash provided by (used in) investing activities (5,000 ) — (13,461 ) — (18,461 ) Financing activities Proceeds from issuance of common shares, net of costs 3,878 — — — 3,878 Purchases of common shares under share repurchase program (7,389 ) — — — (7,389 ) Increase in deposit liabilities, net — — 15,928 — 15,928 Non-controlling interest in investment affiliate, net — — 1,000 — 1,000 Dividend received by (paid to) parent 15,000 — (15,000 ) — — Net cash provided by (used in) financing activities 11,489 — 1,928 — 13,417 Net increase (decrease) in cash and cash equivalents 1,257 (5 ) (677 ) — 575 Cash and cash equivalents at beginning of period 308 5 20,094 — 20,407 Cash and cash equivalents at end of period $ 1,565 $ — $ 19,417 $ — $ 20,982 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months ended September 30, 2015 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Loss including non-controlling interests $ (129,583 ) $ (16,271 ) $ (119,663 ) $ 135,271 $ (130,246 ) Adjustments to reconcile loss including non-controlling interests to net cash provided by (used in) operating activities Equity in earnings of subsidiaries 122,501 12,770 — (135,271 ) — Share compensation expense 362 — 8,243 — 8,605 Net interest expense on deposit liabilities — — 3,170 — 3,170 Net unrealized loss on investments and derivatives — — 165,202 — 165,202 Net realized gain on investments and derivatives — — (91,712 ) — (91,712 ) Foreign exchange gains included in net loss — — (800 ) — (800 ) Amortization of premium and accretion of discount, net — 112 366 — 478 Changes in assets and liabilities: Reinsurance balances receivable — — 2,585 — 2,585 Deferred acquisition costs, net — — (36,550 ) — (36,550 ) Other assets (192 ) (1,218 ) (9,487 ) — (10,897 ) Interest and dividends receivable, net — 1,026 (7,478 ) — (6,452 ) Unearned premium reserves — — 133,756 — 133,756 Loss and loss adjustment expense reserves — — 144,253 — 144,253 Accounts payable and accrued expenses 3,575 (463 ) (899 ) — 2,213 Reinsurance balances payable — — 7,916 — 7,916 Amounts due from (to) affiliates 1,380 (173 ) (1,207 ) — — Net cash provided by (used in) operating activities (1,957 ) (4,217 ) 197,695 — 191,521 Investing activities Purchases of investments — — (2,621,367 ) — (2,621,367 ) Proceeds from sales of investments — — 2,274,201 — 2,274,201 Purchases of investments to cover short sales — — (371,635 ) — (371,635 ) Proceeds from short sales of investments — — 488,601 — 488,601 Change in due to/from brokers, net — — 137,054 — 137,054 Decrease in securities purchased under an agreement to sell — — 29,852 — 29,852 Change in restricted cash and cash equivalents — — (187,121 ) — (187,121 ) Contributed capital (to) from subsidiaries (158,000 ) (266,975 ) (25 ) 425,000 — Contributed capital from parent — 158,000 267,000 (425,000 ) — Net cash provided by (used in) investing activities (158,000 ) (108,975 ) 16,560 — (250,415 ) Financing activities Proceeds from issuance of common shares, net of costs 4,334 — — — 4,334 Proceeds from issuance of senior notes payable — 113,220 — — 113,220 Increase in deposit liabilities, net — — 6,975 — 6,975 Non-controlling interest in investment affiliate, net — — (24,137 ) — (24,137 ) Non-controlling interest in Catastrophe Fund — — (59,705 ) — (59,705 ) Non-controlling interest in Catastrophe Manager — — 292 — 292 Dividend received by (paid to) parent 158,000 — (158,000 ) — — Net cash provided by (used in) financing activities 162,334 113,220 (234,575 ) — 40,979 Net increase in cash and cash equivalents 2,377 28 (20,320 ) — (17,915 ) Cash and cash equivalents at beginning of period 140 — 28,594 — 28,734 Cash and cash equivalents at end of period $ 2,517 $ 28 $ 8,274 $ — $ 10,819

Restricted cash and cash equi50

Restricted cash and cash equivalents and restricted investments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 365,451	$ 330,915
Restricted Investments	333,742	292,111
Total restricted cash and cash equivalents and investments	699,193	623,026
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	195,257	270,755
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 170,194	$ 60,160

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Total assets	$ 3,408,471	$ 2,994,746
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	1,205,597	931,923
Total net investments managed by Third Point LLC	2,202,874	2,062,823
Total investments in securities
Assets
Total assets	2,724,518	2,290,779
Cash and cash equivalents
Assets
Total assets	11	57
Restricted cash and cash equivalents
Assets
Total assets	365,451	330,915
Due from brokers
Assets
Total assets	284,170	326,971
Derivative assets
Assets
Total assets	22,565	35,337
Interest and dividends receivable
Assets
Total assets	11,756	10,687
Accounts payable and accrued expenses
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	783	770
Net investment gains (losses) on securities sold, not yet purchased
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	198,393	314,353
Net investment losses on securities sold under an agreement to repurchase
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	55,880	8,944
Due to brokers
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	894,856	574,962
Derivative liabilities
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	11,472	15,392
Performance fee payable to related party
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	24,846	0
Interest and dividends payable
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	737	1,345
Non-controlling interest
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	$ 18,630	$ 16,157

Investments - Schedule of the l

Investments - Schedule of the largest concentration of asset-backed securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 269,218	$ 494,723
Portfolio Concentration Risk | Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 269,218	$ 494,723
Concentration risk, percentage	100.00%	100.00%
Portfolio Concentration Risk | Asset-backed securities | Re-REMIC
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 50,318	$ 195,889
Concentration risk, percentage	18.70%	39.60%
Portfolio Concentration Risk | Asset-backed securities | Subprime RMBS
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 118,787	$ 174,777
Concentration risk, percentage	44.10%	35.30%
Portfolio Concentration Risk | Asset-backed securities | Collateralized debt obligations
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 14,208	$ 50,455
Concentration risk, percentage	5.30%	10.20%
Portfolio Concentration Risk | Asset-backed securities | Market place loans
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 35,971	$ 13,247
Concentration risk, percentage	13.40%	2.70%
Portfolio Concentration Risk | Asset-backed securities | Other
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 49,934	$ 60,355
Concentration risk, percentage	18.50%	12.20%

Investments - Schedule of inves

Investments - Schedule of investments, categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Equity securities	$ 1,582,889	$ 1,201,623
Private common equity securities	3,433	5,276
Private preferred equity securities	36,616	24,178
Total equities	1,622,938	1,231,077
Asset-backed securities	269,218	494,723
Bank debt	50,215	9,818
Corporate bonds	232,945	83,190
U.S. Treasury securities	257,678	186,471
Sovereign debt	269,076	260,045
Total debt securities	1,079,132	1,034,247
Options	6,355	8,911
Rights and warrants	118	416
Trade claims	8,773	8,329
Total other investments	15,246	17,656
Derivative assets, at fair value	22,565	35,337
Total assets	2,739,881	2,318,317
Investments in funds valued at NAV	34,418	34,264
Assets Including Alternative Investments, Fair Value Disclosure	2,774,299	2,352,581
Liabilities
Equity securities	166,423	228,009
Sovereign debt		5,856
Corporate bonds	20,995	76,131
Options	10,975	4,357
Total securities sold, not yet purchased	198,393	314,353
Derivative liabilities, at fair value	11,472	15,392
Derivative liabilities (embedded)	6,296	5,563
Total liabilities	216,161	335,308
Asset transfers from level 2 to level 1		4,000
Quoted prices in active markets (Level 1)
Assets
Equity securities	1,578,758	1,181,865
Private common equity securities	0	0
Private preferred equity securities	0	0
Total equities	1,578,758	1,181,865
Asset-backed securities	0	0
Bank debt	0	0
Corporate bonds	0	0
U.S. Treasury securities	0	0
Sovereign debt	0	0
Total debt securities	0	0
Options	4,349	0
Rights and warrants	118	416
Trade claims	0	0
Total other investments	4,467	416
Derivative assets, at fair value	1,572	0
Total assets	1,584,797	1,182,281
Liabilities
Equity securities	166,423	228,009
Sovereign debt		0
Corporate bonds	0	0
Options	4,954	690
Total securities sold, not yet purchased	171,377	228,699
Derivative liabilities, at fair value	763	0
Derivative liabilities (embedded)	0	0
Total liabilities	172,140	228,699
Significant other observable inputs (Level 2)
Assets
Equity securities	4,131	19,758
Private common equity securities	0	919
Private preferred equity securities	0	0
Total equities	4,131	20,677
Asset-backed securities	266,423	492,106
Bank debt	50,215	2,158
Corporate bonds	224,612	79,938
U.S. Treasury securities	257,678	186,471
Sovereign debt	269,076	260,024
Total debt securities	1,068,004	1,020,697
Options	2,006	8,911
Rights and warrants	0	0
Trade claims	8,773	8,329
Total other investments	10,779	17,240
Derivative assets, at fair value	20,993	35,337
Total assets	1,103,907	1,093,951
Liabilities
Equity securities	0	0
Sovereign debt		5,856
Corporate bonds	20,995	76,131
Options	6,021	3,667
Total securities sold, not yet purchased	27,016	85,654
Derivative liabilities, at fair value	9,383	14,372
Derivative liabilities (embedded)	0	0
Total liabilities	36,399	100,026
Significant unobservable inputs (Level 3)
Assets
Equity securities	0	0
Private common equity securities	3,433	4,357
Private preferred equity securities	36,616	24,178
Total equities	40,049	28,535
Asset-backed securities	2,795	2,617
Bank debt	0	7,660
Corporate bonds	8,333	3,252
U.S. Treasury securities	0	0
Sovereign debt	0	21
Total debt securities	11,128	13,550
Options	0	0
Rights and warrants	0	0
Trade claims	0	0
Total other investments	0	0
Derivative assets, at fair value	0	0
Total assets	51,177	42,085
Liabilities
Equity securities	0	0
Sovereign debt		0
Corporate bonds	0	0
Options	0	0
Total securities sold, not yet purchased	0	0
Derivative liabilities, at fair value	1,326	1,020
Derivative liabilities (embedded)	6,296	5,563
Total liabilities	$ 7,622	$ 6,583

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	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Assets
Asset fair value, beginning balance	$ 40,175	$ 26,473	$ 42,085	$ 9,962
Transfers in to (out of) Level 3	(213)	916	(5,693)	(3,580)
Purchases	7,898	6,209	21,127	23,244
Sales	(396)	(169)	(2,101)	(1,320)
Realized and Unrealized Gains (Losses)	3,713	226	(4,241)	5,349
Asset fair value, ending balance	51,177	33,655	51,177	33,655
Liabilities
Liability fair value, beginning balance	(7,555)	(10,837)	(6,583)	(10,251)
Transfers in to (out of) Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	(106)	(2,354)	(1,167)	(3,326)
Realized and Unrealized Gains(Losses)	39	2,096	128	2,482
Liability fair value, ending balance	(7,622)	(11,095)	(7,622)	(11,095)
Derivative liabilities (free standing)
Liabilities
Liability fair value, beginning balance	(1,220)	(1,020)	(1,020)	(962)
Transfers in to (out of) Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	(106)	0	(306)	(174)
Realized and Unrealized Gains(Losses)	0	0	0	116
Liability fair value, ending balance	(1,326)	(1,020)	(1,326)	(1,020)
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(6,335)	(9,817)	(5,563)	(9,289)
Transfers in to (out of) Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	(2,354)	(861)	(3,152)
Realized and Unrealized Gains(Losses)	39	2,096	128	2,366
Liability fair value, ending balance	(6,296)	(10,075)	(6,296)	(10,075)
Private common equity securities
Assets
Asset fair value, beginning balance	3,170	962	4,357	1,443
Transfers in to (out of) Level 3	0	0	0	0
Purchases	60	0	60	0
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	203	(361)	(984)	(842)
Asset fair value, ending balance	3,433	601	3,433	601
Private preferred equity securities
Assets
Asset fair value, beginning balance	31,079	13,474	24,178	0
Transfers in to (out of) Level 3	0	0	0	0
Purchases	2,646	5,084	14,900	13,586
Sales	(60)	0	(60)	0
Realized and Unrealized Gains (Losses)	2,951	(295)	(2,402)	4,677
Asset fair value, ending balance	36,616	18,263	36,616	18,263
Asset-backed securities
Assets
Asset fair value, beginning balance	2,814	1,843	2,617	4,720
Transfers in to (out of) Level 3	(213)	916	1,967	(3,599)
Purchases	225	1,125	1,001	2,024
Sales	(334)	(62)	(1,941)	(1,061)
Realized and Unrealized Gains (Losses)	303	36	(849)	1,774
Asset fair value, ending balance	2,795	3,858	2,795	3,858
Bank debt
Assets
Asset fair value, beginning balance		7,404	7,660	0
Transfers in to (out of) Level 3		0	(7,660)	0
Purchases		0	0	7,634
Sales		0	0	0
Realized and Unrealized Gains (Losses)		277	0	47
Asset fair value, ending balance	0	7,681	0	7,681
Corporate bonds
Assets
Asset fair value, beginning balance	3,110	2,772	3,252	3,799
Transfers in to (out of) Level 3	0	0	0	0
Purchases	4,967	0	5,166	0
Sales	0	(107)	(80)	(259)
Realized and Unrealized Gains (Losses)	256	570	(5)	(305)
Asset fair value, ending balance	8,333	3,235	8,333	3,235
Sovereign debt
Assets
Asset fair value, beginning balance	2	18	21	0
Transfers in to (out of) Level 3	0	0	0	19
Purchases	0	0	0	0
Sales	(2)	0	(20)	0
Realized and Unrealized Gains (Losses)	0	(1)	(1)	(2)
Asset fair value, ending balance	$ 0	$ 17	$ 0	$ 17

Investments - Schedule of unobs

Investments - Schedule of unobservable inputs (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	$ 232,945	$ 83,190
Derivative liabilities (embedded)	6,296	5,563
Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	8,333	3,252
Derivative liabilities (embedded)	$ 6,296	5,563
Discounted cash flow | Corporate bonds | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds		$ 2,444
Mean Monthly Investment Return	1.20%	1.20%
Credit spreads		9.86%
Duration		3 years
Discounted cash flow | Corporate bonds | Significant unobservable inputs (Level 3) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield		10.40%
Volatility		25.00%
Contractual Variable Annual Investment Credit	0.00%	0.00%
Duration Until Contract Settlement	5 years	5 years
Duration From Valuation Date	3 years 3 months	4 years
Discounted cash flow | Corporate bonds | Significant unobservable inputs (Level 3) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield		11.40%
Volatility		35.00%
Contractual Variable Annual Investment Credit	2.50%	2.50%
Duration Until Contract Settlement	5 years 6 months	5 years 6 months
Duration From Valuation Date	4 years 3 months	5 years
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, Fair Value Disclosure	$ 35,185
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount Rate	10.00%
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount Rate	25.00%

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investment [Line Items]
Securities valued based on dealer quotes or other quoted market prices for similar securities	$ 380,100		$ 380,100		$ 570,900
Percent of securities valued based on dealer quotes or other quoted market prices for similar securities	13.80%		13.80%		24.50%
Securities sold, not yet purchased, valued based on dealer quotes or other quoted market prices for similar securities	$ 2,000		$ 2,000		$ 1,500
Percent of securities sold, not yet purchased, valued based on dealer quotes or other quoted market prices for similar securities	0.90%		0.90%		0.40%
investments fair valued by the Company’s Investment Manager	1.70%		1.70%		1.30%
Private securities, percent fair valued by third party valuation firm	99.40%		99.40%
Asset transfers from level 2 to level 1					$ 4,000
Private common equity securities	$ 48,000		$ 48,000		31,000
Investments in funds valued at NAV	34,418		34,418		$ 34,264
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	3,400	$ 1,400	(4,100)	$ 5,300
Investment in Kiskadee Fund
Investment [Line Items]
Committed capital	25,000		25,000
Withdrawal from investment			300	$ 0
Investments in funds valued at NAV	27,200		27,200
Private Equity Funds | Significant unobservable inputs (Level 3) | Market Approach Valuation Technique
Investment [Line Items]
Investments, Fair Value Disclosure	$ 35,185		$ 35,185

Securities purchased under an57

Securities purchased under an agreement to sell, securities sold under an agreement to repurchase and securities lending transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investment Holdings [Line Items]
Foreign exchange gain (loss)	$ 3,905	$ 746	$ 14,359	$ 800
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 Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	123,286		$ 123,286		$ 8,944
Corporate bonds
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement					112
US Treasury Securities [Member]
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	1,007		1,007
Overnights and continuous | Sovereign debt
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0		0		0
Overnights and continuous | Corporate bonds
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement					112
Overnights and continuous | US Treasury Securities [Member]
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	1,007		1,007
Up to 30 days | Sovereign debt
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0		0		0
Up to 30 days | Corporate bonds
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement					0
Up to 30 days | US Treasury Securities [Member]
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0		0
30 - 90 days | Sovereign debt
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	123,286		123,286		8,944
30 - 90 days | Corporate bonds
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement					0
30 - 90 days | US Treasury Securities [Member]
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0		0
Greater than 90 days | Sovereign debt
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0		0		0
Greater than 90 days | Corporate bonds
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement					$ 0
Greater than 90 days | US Treasury Securities [Member]
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0		0
Reverse repurchase agreements
Investment Holdings [Line Items]
Foreign exchange gain (loss)	0	65	0	(2,227)
Repurchase agreements
Investment Holdings [Line Items]
Foreign exchange gain (loss)	$ 0	$ (377)	$ 0	$ (41)

Due from_to brokers (Details)

Due from/to brokers (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Due from brokers
Cash held at brokers	$ 212,317	$ 249,871
Receivable from unsettled trades	71,853	77,100
Due from brokers	284,170	326,971
Due to brokers
Borrowing from prime brokers	813,668	572,688
Payable from unsettled trades	81,188	2,274
Payables to Broker-Dealers and Clearing Organizations	894,856	574,962
Collateral	699,200	623,000
Non-US
Due from brokers
Cash held at brokers	$ 1,500	$ 9,800

Derivatives - Schedule of listi

Derivatives - Schedule of listing currency, fair value and notional amounts of derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Derivative [Line Items]
OTC Option Asset	$ 2,000		$ 2,000		$ 8,900
Derivative assets, at fair value	22,565		22,565		35,337
Derivative Assets, Notional Amount	1,567,578		1,567,578		783,557
Derivative liabilities, at fair value	11,472		11,472		15,392
Derivative Liabilities, Notional Amount	1,482,889		1,482,889		586,325
Realized Gain (Loss)	(8,947)	$ 18,421	(19,965)	$ 35,872
Unrealized Gain (Loss)	4,544	(4,400)	(1,905)	(11,658)
OTC Option Liability	6,000		6,000		3,700
Credit Default Swaps - Protection Purchased
Derivative [Line Items]
Derivative assets, at fair value	12,672		12,672		21,692
Derivative Assets, Notional Amount	83,165		83,165		183,125
Derivative liabilities, at fair value	2,852		2,852		3,449
Derivative Liabilities, Notional Amount	41,743		41,743		38,455
Realized Gain (Loss)	(887)	1,232	5,520	617
Unrealized Gain (Loss)	(433)	3,026	(5,420)	3,431
Commodity Contract
Derivative [Line Items]
Derivative liabilities, at fair value	763		763
Derivative Liabilities, Notional Amount	33,600		33,600
Commodity Contract | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	1,573		1,573
Derivative Assets, Notional Amount	18,480		18,480
Commodity Contract | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	870	0	(281)	(201)
Unrealized Gain (Loss)	0	0	(52)	143
Fixed Income Swap | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)			(94)	0
Unrealized Gain (Loss)			0	0
Credit Default Swaps - Protection Sold
Derivative [Line Items]
Derivative liabilities, at fair value	1,978		1,978		2,054
Derivative Liabilities, Notional Amount	3,917		3,917		6,436
Realized Gain (Loss)	38	322	(4,129)	2,017
Unrealized Gain (Loss)	(7)	(556)	4,245	(1,916)
Contracts for Differences | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	513		513		631
Derivative Assets, Notional Amount	45,099		45,099		41,686
Derivative liabilities, at fair value	582		582		1,111
Derivative Liabilities, Notional Amount	18,136		18,136		2,311
Realized Gain (Loss)	1,666	512	(756)	(335)
Unrealized Gain (Loss)	791	(12,058)	412	(7,602)
Contracts for Differences | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	2,142		2,142		5,884
Derivative Assets, Notional Amount	16,790		16,790		80,027
Derivative liabilities, at fair value	1,556		1,556		3,411
Derivative Liabilities, Notional Amount	44,251		44,251		50,471
Realized Gain (Loss)	(3,767)	14,087	803	12,150
Unrealized Gain (Loss)	(2,166)	2,505	(1,888)	3,925
Total Return Swaps | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	2,331		2,331		415
Derivative Assets, Notional Amount	50,710		50,710		58,799
Derivative liabilities, at fair value	1,374		1,374		3,430
Derivative Liabilities, Notional Amount	17,538		17,538		163,224
Realized Gain (Loss)	2,172	3,477	(2,654)	2,859
Unrealized Gain (Loss)	3,174	3,451	3,974	(2,857)
Total Return Swaps | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value					466
Derivative Assets, Notional Amount					9,457
Derivative liabilities, at fair value	852		852		386
Derivative Liabilities, Notional Amount	18,229		18,229		19,318
Realized Gain (Loss)	(4,392)	(108)	(3,701)	(159)
Unrealized Gain (Loss)	831	869	(931)	31
Interest Rate Swaps
Derivative [Line Items]
Derivative liabilities, at fair value					18
Derivative Liabilities, Notional Amount					13,069
Realized Gain (Loss)	0	119	0	119
Unrealized Gain (Loss)	0	(530)	0	0
Interest Rate Swaptions
Derivative [Line Items]
Derivative assets, at fair value	1,702		1,702		90
Derivative Assets, Notional Amount	1,076,528		1,076,528		43,831
Derivative liabilities, at fair value	357		357		17
Derivative Liabilities, Notional Amount	1,075,183		1,075,183		87,499
Realized Gain (Loss)	(244)	265	(356)	(286)
Unrealized Gain (Loss)	216	(978)	171	(419)
Total Return Swaps | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss)	268	0
Unrealized Gain (Loss)	(261)	0
Total Return Swaps | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	(100)	0
Unrealized Gain (Loss)	65	0
Foreign Currency Forward
Derivative [Line Items]
Derivative assets, at fair value	125		125		1,947
Derivative Assets, Notional Amount	45,453		45,453		155,518
Derivative liabilities, at fair value	1,132		1,132		1,041
Derivative Liabilities, Notional Amount	196,593		196,593		87,127
Realized Gain (Loss)	(4,110)	2,656	(13,014)	20,071
Unrealized Gain (Loss)	2,838	(1,134)	(1,913)	(3,984)
Foreign Currency Options
Derivative [Line Items]
Derivative assets, at fair value	290		290		4,141
Derivative Assets, Notional Amount	124,405		124,405		193,613
Derivative liabilities, at fair value					475
Derivative Liabilities, Notional Amount					118,415
Foreign Currency Options | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss)	0	307	(2,040)	1,255
Unrealized Gain (Loss)	(384)	1,373	(2,001)	(1,936)
Foreign Currency Options | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	0	0	617	992
Unrealized Gain (Loss)	(1)	0	(183)	132
Other Contract [Member]
Derivative [Line Items]
Realized Gain (Loss)			0	30
Unrealized Gain (Loss)			0	0
Commodity Future
Derivative [Line Items]
Realized Gain (Loss)	(475)	0
Unrealized Gain (Loss)	(1,310)	0
Commodity Future | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss)			106	(286)
Unrealized Gain (Loss)			490	285
Commodity Future | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)			0	272
Unrealized Gain (Loss)			0	(269)
Index Futures | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss)			0	1,144
Unrealized Gain (Loss)			0	0
Bond Futures | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value					71
Derivative Assets, Notional Amount					17,501
Realized Gain (Loss)	0	(1,702)	0	(1,702)
Unrealized Gain (Loss)	0	232	0	(457)
Embedded derivatives in reinsurance contracts
Derivative [Line Items]
Derivative liabilities, at fair value	6,296		6,296		5,563
Derivative Liabilities, Notional Amount	20,000		20,000		20,000
Realized Gain (Loss)	0	0	0	(5)
Unrealized Gain (Loss)	39	366	128	211
Embedded derivatives in deposit contracts
Derivative [Line Items]
Realized Gain (Loss)	0	0	0	0
Unrealized Gain (Loss)	0	1,730	0	2,160
Derivative liabilities (embedded)
Derivative [Line Items]
Derivative liabilities, at fair value	6,296		6,296		5,563
Derivative Liabilities, Notional Amount	20,000		20,000		$ 20,000
Realized Gain (Loss)	0	0	0	(5)
Unrealized Gain (Loss)	39	2,096	128	2,371
Treasury Futures | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	1,217		1,217
Derivative Assets, Notional Amount	106,948		106,948
Derivative liabilities, at fair value	26		26
Derivative Liabilities, Notional Amount	33,699		33,699
Realized Gain (Loss)	14	(2,746)	14	(2,685)
Unrealized Gain (Loss)	$ 1,191	$ (600)	$ 1,191	$ (165)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
OTC Option Asset	$ 2	$ 8.9
OTC Option Liability	6	3.7
Derivative with Credit Risk Feature, Net	4.6	1.8
Derivative Instruments with Credit-Risk-Related Contingent Features [Member]
Derivative [Line Items]
Derivative, Collateral, Right to Reclaim Cash	71.6	$ 62.6
Derivative, Collateral, Obligation to Return Cash	$ 3.9

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	Sep. 30, 2016	Dec. 31, 2015
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	$ 22,565	$ 35,337
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	11,472	15,392
Counterparty 1
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	3,292
Financial Instruments	326
Cash Collateral Received	2,966
Net Amount	0
Counterparty 2
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	629
Financial Instruments	629
Cash Collateral Received	0
Net Amount	0
Counterparty 3
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	4,259
Financial Instruments	4,259
Cash Collateral Received	0
Net Amount	0
Counterparty 4
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	3,218
Financial Instruments	2,022
Cash Collateral Received	1,196
Net Amount	0
Counterparty 5
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	2,250
Financial Instruments	2,250
Cash Collateral Received	0
Net Amount	0
Counterparty 6
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	1,986
Financial Instruments	1,986
Cash Collateral Received	0
Net Amount	0
Counterparty 8
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	600
Financial Instruments	600
Cash Collateral Received	0
Net Amount	0
Counterparty 9
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	1,259
Financial Instruments	828
Cash Collateral Received	431
Net Amount	0
Counterparty 15
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		153
Financial Instruments		6
Cash Collateral Received		147
Net Amount		0
1 derivative not included as counterparty
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	17,493
Financial Instruments	12,900
Cash Collateral Received	4,593
Net Amount	0
Financial assets, derivative assets and collateral received
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	24,571	44,248
Financial Instruments	12,900	17,300
Cash Collateral Received	3,861	2,187
Net Amount	7,810	24,761
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		19,059
Financial Instruments		17,307
Cash Collateral Received		762
Net Amount		990
Financial assets, derivative assets and collateral received | Counterparty 1
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	326	2,171
Financial Instruments	326	2,171
Cash Collateral Received	0	0
Net Amount	0	0
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		2,626
Financial Instruments		2,171
Cash Collateral Received		455
Net Amount		0
Financial assets, derivative assets and collateral received | Counterparty 2
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	937	4,959
Financial Instruments	629	1,243
Cash Collateral Received	0	0
Net Amount	308	3,716
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		1,243
Financial Instruments		1,243
Cash Collateral Received		0
Net Amount		0
Financial assets, derivative assets and collateral received | Counterparty 3
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	6,194	6,347
Financial Instruments	4,259	2,335
Cash Collateral Received	0	0
Net Amount	1,935	4,012
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		2,335
Financial Instruments		2,335
Cash Collateral Received		0
Net Amount		0
Financial assets, derivative assets and collateral received | Counterparty 4
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	2,022	3,679
Financial Instruments	2,022	2,656
Cash Collateral Received	0	0
Net Amount	0	1,023
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		2,816
Financial Instruments		2,656
Cash Collateral Received		160
Net Amount		0
Financial assets, derivative assets and collateral received | Counterparty 5
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	5,396	14,181
Financial Instruments	2,250	4,027
Cash Collateral Received	0	0
Net Amount	3,146	10,154
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		4,028
Financial Instruments		4,028
Cash Collateral Received		0
Net Amount		0
Financial assets, derivative assets and collateral received | Counterparty 6
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	7,091	7,351
Financial Instruments	1,986	1,657
Cash Collateral Received	3,861	1,993
Net Amount	1,244	3,701
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		1,657
Financial Instruments		1,657
Cash Collateral Received		0
Net Amount		0
Financial assets, derivative assets and collateral received | Counterparty 7
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)		882
Financial Instruments		0
Cash Collateral Received		194
Net Amount		688
Financial assets, derivative assets and collateral received | Counterparty 8
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	1,777	2,669
Financial Instruments	600	2,669
Cash Collateral Received	0	0
Net Amount	1,177	0
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		3,659
Financial Instruments		2,669
Cash Collateral Received		0
Net Amount		990
Financial assets, derivative assets and collateral received | Counterparty 9
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	828	2,009
Financial Instruments	828	542
Cash Collateral Received	0	0
Net Amount	0	1,467
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		542
Financial Instruments		542
Cash Collateral Received		0
Net Amount		0
Securities lending transactions | Counterparty 3
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	986
Financial Instruments	986
Cash Collateral Received	0
Net Amount	0
Securities lending transactions | Counterparty 6
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	31,848
Financial Instruments	31,848
Cash Collateral Received	0
Net Amount	0
Securities lending transactions | 1 derivative not included as counterparty
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	56,866
Financial Instruments	56,866
Cash Collateral Received	0
Net Amount	0
Net investment losses on securities sold under an agreement to repurchase | Counterparty 3
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		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 Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	24,032	8,944
Financial Instruments	24,032	8,944
Cash Collateral Received	0	0
Net Amount	$ 0	0
Net investment losses on securities sold under an agreement to repurchase | 1 derivative not included as counterparty
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		9,058
Financial Instruments		8,944
Cash Collateral Received		112
Net Amount		$ 2

Loss and loss adjustment expe62

Loss and loss adjustment expense reserves - Schedule of loss and loss adjustment expense reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 103,884	$ 87,186
Incurred but not reported loss and loss adjustment expense reserves	459,657	375,690
Deferred gains on retroactive reinsurance contracts	2,141	3,171
Loss and loss adjustment expense reserves	$ 565,682	$ 466,047

Loss and loss adjustment expe63

Loss and loss adjustment expense reserves - Schedule of activity in the reserve for losses and loss adjustment expenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for loss and loss adjustment expenses, beginning of period	$ 466,047	$ 277,362
Less: loss and loss adjustment expenses recoverable, beginning of period	(125)	(814)
Net reserves for loss and loss adjustment expenses, beginning of period	465,922	276,548
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	250,097	324,951
Prior years	24,610	(8,443)
Amortization of deferred gains on retroactive reinsurance contracts	(885)	(172)
Total incurred loss and loss adjustment expenses	273,822	316,336
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(58,523)	(58,315)
Prior years	(104,161)	(113,137)
Total net paid losses	(162,684)	(171,452)
Foreign currency translation	(11,379)	(967)
Net reserve for loss and loss adjustment expenses, end of period	465,922	276,548	$ 565,681	$ 420,465
Plus: loss and loss adjustment expenses recoverable, end of period	1	184
Gross reserve for loss and loss adjustment expenses, end of period	565,682	420,649
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates	14,800
Change In Policy Acquisition Costs	(5,100)
Increase in net underwriting loss	12,500
Ratio Split [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	(2,500)	(13,300)
Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact	12,500	4,500
Impact On Underwriting Income [Member] | Premium Adjustments on Certain Contracts [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact	14,800
Favorable Reserve Development [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	15,000	8,800
Premium Adjustments on Certain Contracts [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	$ 9,700	$ 400

Management, performance and f64

Management, performance and founders fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Performance fee payable to related party	$ 24,846		$ 24,846		$ 0
Third Point Advisors LLC
Related Party Transaction [Line Items]
Annual investment performance fee	20.00%		20.00%
TP LLC and Various Third Point Re Founders
Related Party Transaction [Line Items]
Annual investment management fee	2.00%		2.00%
Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 32,852	$ (13,232)	$ 56,492	$ 32,550
Net investment income | Third Point LLC
Related Party Transaction [Line Items]
Investment fee expenses	1,638	1,645	4,741	4,753
Net investment income | Founders
Related Party Transaction [Line Items]
Investment fee expenses	9,322	9,320	26,905	26,935
Net investment income | Third Point Advisors LLC
Related Party Transaction [Line Items]
Investment fee expenses	21,892	$ (24,197)	24,846	$ 862	900
Third Point Re
Related Party Transaction [Line Items]
Loss Recovery Reserve	0		0		5,000
Third Point Re USA
Related Party Transaction [Line Items]
Loss Recovery Reserve	$ 0		$ 0		$ 1,200

Deposit contracts (Details)

Deposit contracts (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Deposit Contracts, Liabilities [Roll Forward]
Balance, beginning of period	$ 83,955	$ 145,430
Consideration received	16,325	21,246
Consideration receivable	6,137	0
Net investment expense (income) allocation and change in fair value of embedded derivatives	(507)	2,207
Payments	(397)	(84,928)
Foreign currency translation	(306)	0
Balance, end of period	$ 105,207	$ 83,955

Senior notes payable and lett66

Senior notes payable and letter of credit facilities (Senior notes payable) (Details) - Senior unsecured notes - 7% Senior Unsecured Notes	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Debt issued	$ 115,000,000
Interest rate	7.00%
Debt issuance cost	$ 1,500,000
Debt fair value	$ 105,400,000

Senior notes payable and lett67

Senior notes payable and letter of credit facilities (Letters of credit) (Details)	Sep. 30, 2016USD ($)	Aug. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Collateral	$ 699,200,000		$ 623,000,000
Letter of credit
Line of Credit Facility [Line Items]
Facility	525,000,000
Utilized	195,257,000
Collateral	195,257,000
BNP Paribas | Letter of credit
Line of Credit Facility [Line Items]
Facility	50,000,000
Utilized	17,990,000
Collateral	17,990,000
Citibank | Letter of credit
Line of Credit Facility [Line Items]
Facility	300,000,000
Utilized	150,227,000
Collateral	150,227,000
J.P. Morgan | Letter of credit
Line of Credit Facility [Line Items]
Facility	50,000,000
Utilized	8,000
Collateral	8,000
Lloyds Bank | Letter of credit
Line of Credit Facility [Line Items]
Facility	125,000,000	$ 100,000,000
Utilized	27,032,000
Collateral	$ 27,032,000
Number of new facilities | facility		2
Third Point Re | Lloyds Bank | Letter of credit
Line of Credit Facility [Line Items]
Facility		$ 75,000,000
Third Point Re USA | Lloyds Bank | Letter of credit
Line of Credit Facility [Line Items]
Facility		$ 50,000,000

Net investment income (Details)

Net investment income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Investment Income [Abstract]
Net realized gains on investments and investment derivatives	$ 20,688	$ 3,157	$ 62,642	$ 91,759
Net unrealized gains (losses) on investments and investment derivatives	90,709	(216,226)	89,470	(168,468)
Net losses on foreign currencies	(1,191)	(1,705)	(2,158)	(1,215)
Dividend and interest income	15,238	10,380	56,262	28,500
Dividends paid on securities sold, not yet purchased	(324)	(247)	(1,284)	(669)
Management and performance fees	(32,852)	13,232	(56,492)	(32,550)
Other expenses	(4,508)	(2,550)	(14,926)	(8,037)
Net investment income (loss) on investments managed by Third Point LLC	87,760	(193,959)	133,514	(90,680)
Net gain on investment in Kiskadee Fund	596	801	1,078	984
Net gain on reinsurance contract derivatives written by the Catastrophe Reinsurer	0	2	0	69
Net investment income	88,356	(193,156)	134,592	(89,627)
Net investment gains (losses) on equity securities
Schedule of Cost-method Investments [Line Items]
Change in net investment income	94,100	(211,253)	112,690	(132,310)
Net investment gains (losses) on debt securities
Schedule of Cost-method Investments [Line Items]
Change in net investment income	58,912	(17,233)	143,780	46,665
Net investment losses on other investments
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(11,633)	(1,611)	(25,197)	(28,611)
Net investment gains (losses) on investment derivatives
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(4,403)	14,021	(21,870)	24,214
Net investment gains (losses) on securities sold, not yet purchased
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(10,683)	13,610	(4,513)	39,974
Net investment losses on cash, including foreign exchange losses
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(3,279)	(2,295)	(7,638)	(916)
Net investment gains (losses) on securities purchased under an agreement to resell
Schedule of Cost-method Investments [Line Items]
Change in net investment income	1,443	27	0	(2,287)
Net investment losses on securities sold under an agreement to repurchase
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(1,813)	(347)	(1,937)	(86)
Management and performance fees
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(32,852)	13,232	(56,492)	(32,550)
Other investment expenses
Schedule of Cost-method Investments [Line Items]
Change in net investment income	$ (1,436)	$ (1,307)	$ (4,231)	$ (3,720)

Other expenses (Details)

Other expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other Income and Expenses [Abstract]
Deposit liabilities investment expense (income)	$ (1,838)	$ 1,187	$ (507)	$ 3,170
Reinsurance contracts investment expense	2,224	1,579	6,861	4,882
Change in fair value of embedded derivatives in deposit and reinsurance contracts	(39)	(2,096)	(128)	(2,366)
Other expenses	$ 347	$ 670	$ 6,226	$ 5,686

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax [Line Items]
Provision for uncertain tax positions	$ 1,700		$ 1,700
Income tax expense	2,484	$ (7,781)	5,865	$ (5,768)
Deferred Tax Assets, Gross	5,600		5,600		$ 6,600
income tax expense - subsidiary [Member]
Income Tax [Line Items]
Income tax expense	1,372	(9,206)	1,053	(8,512)
Uncertain tax positions [Member]
Income Tax [Line Items]
Income tax expense	138	35	158	(615)
Withholding taxes [Member]
Income Tax [Line Items]
Income tax expense	$ 974	$ 1,390	$ 4,654	$ 3,359

Share capital - Common shares a

Share capital - Common shares and treasury shares (Details) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, beginning of period	105,479,341	104,473,402
Balance, end of period	106,383,928	105,479,341
Balance, beginning of period	0	0
Repurchase of common shares	644,768	0
Balance, end of period	644,768	0
Options exercised
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	388,152	433,279
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	47,712	110,853
Performance restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	468,723	461,807

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Jul. 15, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share compensation expense	$ 7	$ 13.1
Unamortized share compensation expense, period of recognition	1 year 5 months	1 year 4 months
Omnibus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares made available			21,627,906
Restricted shares with service and performance condition
Fair value assumptions
Remaining contractual life	5 years 10 days	6 years

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Authorized share capital	$ 33	$ 33
Common share, shares authorized (in shares)	300,000,000	300,000,000	300,000,000
Common share, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Preference shares, shares authorized (in shares)	30,000,000	30,000,000	30,000,000
Preference shares, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Common share, shares issued (in shares)	106,383,928	106,383,928	105,479,341
Common share, shares outstanding (in shares)	106,383,928	106,383,928	105,479,341	105,479,341	104,473,402
Preference shares, shares issued (in shares)	0	0	0
Preference shares, shares outstanding (in shares)	0	0	0
Stock Repurchased and Retired During Period, Shares	644,768	644,768
Payments for Repurchase of Common Stock	$ 7.4	$ 7.4
Treasury Stock Acquired, Average Cost Per Share	$ 11.46	$ 11.46

Share-based compensation - Sche

Share-based compensation - Schedule of share-based comp expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,894	$ 2,807	$ 6,596	$ 8,605
Restricted shares with service and performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	1,660	1,555	4,769	4,709
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	387	386	979	1,566
Management and director options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ (153)	$ 866	$ 848	$ 2,330

Share capital -Share repurchase

Share capital -Share repurchase (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	May 04, 2016
Share repurchase [Abstract]
Repurchase program, authorized amount			$ 100
Stock Repurchased and Retired During Period, Shares	644,768	644,768
Payments for Repurchase of Common Stock	$ 7.4	$ 7.4
Treasury Stock Acquired, Average Cost Per Share	$ 11.46	$ 11.46
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 92.6	$ 92.6

Share-based compensation - Sc76

Share-based compensation - Schedule of management and director options activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Number of options (in shares)
Outstanding (in shares)	10,250,586	10,990,841
Forfeited (in shares)	(139,534)	(306,976)
Exercised (in shares)	(388,152)	(433,279)
Outstanding (in shares)	9,722,900	10,250,586
Weighted average exercise price (in dollars per share)
Outstanding (in dollars per share)	$ 13.52	$ 13.41
Forfeited (in dollars per share)	18	14.36
Exercised (in dollars per share)	10	10
Outstanding (in dollars per share)	$ 13.60	$ 13.52

Share-based compensation - Sc77

Share-based compensation - Schedule of management and director options outstanding (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in shares)	9,722,900	10,250,586	10,990,841
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.60	$ 13.52	$ 13.41
Restricted shares with service and performance condition
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in shares)	9,722,900
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.60
Remaining contractual life	5 years 10 days	6 years
Options exercisable (in shares)	7,746,158
Options exercisable, weighted average exercise price (in dollars per share)	$ 13.55
Restricted shares with service and performance condition | $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)	5,400,241
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.03
Remaining contractual life	5 years 1 month 13 days
Options exercisable (in shares)	4,339,775
Options exercisable, weighted average exercise price (in dollars per share)	$ 10.03
Restricted shares with service and performance condition | $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)	2,196,214
Options outstanding, weighted average exercise price (in dollars per share)	$ 15.94
Remaining contractual life	4 years 11 months 19 days
Options exercisable (in shares)	1,717,145
Options exercisable, weighted average exercise price (in dollars per share)	$ 15.98
Restricted shares with service and performance condition | $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)	2,126,445
Options outstanding, weighted average exercise price (in dollars per share)	$ 20.23
Remaining contractual life	4 years 10 months 20 days
Options exercisable (in shares)	1,689,238
Options exercisable, weighted average exercise price (in dollars per share)	$ 20.12

Share-based compensation - Sc78

Share-based compensation - Schedule of restricted shares with service condition award activity (Details) - Restricted shares with service condition - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Number of non-vested restricted shares (in shares)
Outstanding, beginning of period (in shares)	301,043	616,114
Granted (in shares)	47,712	118,120
Forfeited (in shares)		(7,267)
Vested (in shares)		(425,924)
Outstanding, end of period (in shares)	348,755	301,043
Weighted average grant data fair value (in dollars per share)
Outstanding (in dollars per share)	$ 11.31	$ 10.10
Granted (in dollars per share)	11.37	13.06
Forfeited (in dollars per share)		13.76
Vested (in dollars per share)		10.37
Outstanding (in dollars per share)	$ 11.15	$ 11.31

Share-based compensation - Sc79

Share-based compensation - Schedule of restricted shares with service and performance condition (Details) - Management and director options - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Number of non-vested restricted shares (in shares)
Outstanding, beginning of period (in shares)	921,553	459,746	459,746
Granted (in shares)	653,958		514,276
Forfeited (in shares)	(185,235)		(52,469)
Outstanding, end of period (in shares)	1,390,276		921,553
Number of non-vested restricted shares probable of vesting
Outstanding, beginning of period (in shares)	536,234	306,496	306,496
Granted (in shares)	435,971		342,846
Forfeited (in shares)	(77,962)		(34,980)
Change in estimated restricted shares considered probably of vesting (in shares)	(305,621)	(78,128)
Outstanding, end of period (in shares)	588,622		536,234
Weighted average grant data fair value (in dollars per share)
Outstanding (in dollars per share)	$ 14.24	$ 14.60	$ 14.60
Granted (in dollars per share)	11.40		14
Forfeited (in dollars per share)	13.16		14.29
Change in estimated restricted shares considered probable of vesting (in dollars per share)	(12.46)	$ 14.60
Outstanding (in dollars per share)	$ 12.93		$ 14.24

Non-controlling interests - Sch

Non-controlling interests - Schedule of Noncontrolling Interest (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 18,630	$ 16,157
Joint Ventures - Third Point Advisors LLC shares
Noncontrolling Interest [Line Items]
Non-controlling Interests	$ 18,630	$ 16,157

Non-controlling interests - Inc

Non-controlling interests - Income Attributable to Non-controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	$ 967	$ (1,721)	$ 1,473	$ (663)
Catastrophe Fund
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	0	(139)	0	(123)
Catastrophe Fund Manager
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	0	0	0	(33)
Joint Ventures - Third Point Advisors LLC shares
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	$ 967	$ (1,582)	$ 1,473	$ (507)

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Joint Ventures - Third Point Advisors LLC shares
Noncontrolling Interest [Line Items]
Distributions	$ 1,000,000		$ 24.1
Cayman Holdco [Member]
Noncontrolling Interest [Line Items]
Ownership percentage	13.80%		10.80%
Estimated fair value of investment	$ 900,000		$ 2,400,000
Proceeds from Limited Partnership Investments	$ 2,000,000
Third Point Hellenic Recovery US Feeder Fund, L.P. [Member]
Noncontrolling Interest [Line Items]
Ownership percentage	3.00%		3.00%
Estimated fair value of investment	$ 5,700,000		$ 5,400,000
Proceeds from Limited Partnership Investments	0	$ 0
Noncontrolling interest, increase from contributed capital	11,400,000		$ 11,400,000
Committed capital, amount called	$ 0	$ 0

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding, net of treasury shares	103,780,196	104,117,448	104,055,946	103,931,871
Dilutive effect of options	940,627	0	570,580	0
Dilutive effect of warrants	912,286	0	682,594	0
Dilutive effect of restricted shares with service and performance condition	162,204	0	281,548	0
Diluted number of common shares outstanding	105,795,313	104,117,448	105,590,668	103,931,871
Basic earnings (loss) per common share:
Net income (loss)	$ 72,081	$ (195,715)	$ 74,328	$ (129,583)
Income allocated to participating shares	(241)	0	(233)	0
Net income (loss) available to common shareholders	$ 71,840	$ (195,715)	$ 74,095	$ (129,583)
Basic earnings (loss) per common share	$ 0.69	$ (1.88)	$ 0.71	$ (1.25)
Earnings per share, diluted [Abstract]
Net income (loss)	$ 72,081	$ (195,715)	$ 74,328	$ (129,583)
Income allocated to participating shares	(237)	0	(229)	0
Net income (loss) available to common shareholders	$ 71,844	$ (195,715)	$ 74,099	$ (129,583)
Diluted earnings (loss) per common share	$ 0.68	$ (1.88)	$ 0.70	$ (1.25)
Options
Earnings per share, diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share	4,322,659	4,811,305	4,384,788	4,109,979

Related party transactions (Det

Related party transactions (Details) - Investments in securities, commodities, and derivative contracts - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Third Point Loan L.L.C
Related Party Transaction [Line Items]
Estimated fair value of investment	$ 103.3	$ 65
Third Point Ventures L.L.C.
Related Party Transaction [Line Items]
Estimated fair value of investment	$ 16.9	$ 0

Financial instruments with of85

Financial instruments with off-balance sheet risk or concentrations of credit risk (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Guarantor Obligations [Line Items]
Asset	$ 22,565	$ 35,337
Liability	11,472	15,392
Written credit derivatives
Guarantor Obligations [Line Items]
0-5 years	0	3,558
5 years or Greater Expiring Through 2046	3,917	2,878
Total Written Credit Default Swaps	3,917	6,436
Asset	0	0
Liability	1,978	2,054
Net Asset/(Liability)	(1,978)	(2,054)
Written credit derivatives | Single name (0 - 250)
Guarantor Obligations [Line Items]
0-5 years		0
5 years or Greater Expiring Through 2046		2,878
Total Written Credit Default Swaps		2,878
Asset		0
Liability		1,480
Net Asset/(Liability)		(1,480)
Written credit derivatives | Single name (251-500)
Guarantor Obligations [Line Items]
0-5 years		3,558
5 years or Greater Expiring Through 2046		0
Total Written Credit Default Swaps		3,558
Asset		0
Liability		574
Net Asset/(Liability)		(574)
Credit risk exposure
Guarantor Obligations [Line Items]
Maximum counterparty credit risk exposure	24,600	24,800
Written put options
Guarantor Obligations [Line Items]
Option contracts maximum payout	537,700	42,200
Written put options | Securities sold, not yet purchased
Guarantor Obligations [Line Items]
Options contracts at fair value	$ 6,700	$ 2,600
Written put options | Minimum
Guarantor Obligations [Line Items]
Option contracts maximum payout term	1 month
Written put options | Maximum
Guarantor Obligations [Line Items]
Option contracts maximum payout term	4 months

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2016USD ($)
Other Commitments [Line Items]
Unfunded capital commitments	$ 3,500,000
Senior unsecured notes | 7% Senior Unsecured Notes
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		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Segment Reporting Information [Line Items]
Gross premiums written	$ 142,573	$ 205,583	$ 536,595	$ 603,259
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%	100.00%	100.00%
Gross premiums ceded	$ (927)	$ (375)	$ (2,352)	$ (1,852)
Net premiums written	141,646	205,208	534,243	601,407
Change in net unearned premium reserves	(13,463)	3,597	(136,136)	(132,949)
Net premiums earned	128,183	208,805	398,107	468,458
Loss and loss adjustment expenses incurred, net	85,015	158,537	273,822	316,336
Acquisition costs, net	45,127	50,509	145,296	152,664
General and administrative expenses	12,354	9,822	33,885	35,797
Total expenses	142,496	218,868	453,003	504,797
Net investment income (loss)	88,356	(193,156)	134,592	(89,627)
Other expenses	(347)	(670)	(6,226)	(5,686)
Interest expense	(2,069)	(2,074)	(6,163)	(5,162)
Foreign exchange gains	3,905	746	14,359	800
Income tax (expense) benefit	(2,484)	7,781	(5,865)	5,768
Income (loss) including non-controlling interests	73,048	(197,436)	75,801	(130,246)
(Income) loss attributable to non-controlling interests	(967)	1,721	(1,473)	663
Net income (loss)	72,081	(195,715)	74,328	(129,583)
Prospective Reinsurance Contract [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 142,573	$ 114,029	$ 536,595	$ 495,195
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	55.50%	100.00%	82.10%
Retroactive Reinsurance Contract [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 0	$ 91,554	$ 0	$ 108,064
Gross Premiums As Percentage Of Total Gross Premiums	0.00%	44.50%	0.00%	17.90%
Corporate
Segment Reporting Information [Line Items]
Gross premiums written	$ 0	$ 0	$ 0	$ 0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	5,974	3,918	14,358	16,653
Total expenses	5,974	3,918	14,358	16,653
Net investment income (loss)	66,325	(141,169)	101,724	(66,073)
Other expenses	0	0	0	0
Interest expense	(2,069)	(2,074)	(6,163)	(5,162)
Foreign exchange gains	3,905	746	14,359	800
Income tax (expense) benefit	(2,484)	7,781	(5,865)	5,768
Income (loss) including non-controlling interests	59,703	(138,634)	89,697	(81,320)
(Income) loss attributable to non-controlling interests	(967)	1,581	(1,473)	507
Net income (loss)	58,736	(137,053)	88,224	(80,813)
Property and Casualty Reinsurance
Segment Reporting Information [Line Items]
Gross premiums written	142,573	$ 205,729	536,595	$ 603,303
Gross Premiums As Percentage Of Total Gross Premiums		100.10%		100.00%
Property and Casualty Reinsurance | Property
Segment Reporting Information [Line Items]
Gross premiums written	$ 56,632	$ 21,863	$ 63,714	$ 70,854
Gross Premiums As Percentage Of Total Gross Premiums	39.70%	10.60%	11.90%	11.70%
Property and Casualty Reinsurance | Casualty
Segment Reporting Information [Line Items]
Gross premiums written	$ 26,640	$ 161,980	$ 187,146	$ 320,990
Gross Premiums As Percentage Of Total Gross Premiums	18.70%	78.90%	34.90%	53.20%
Property and Casualty Reinsurance | Specialty
Segment Reporting Information [Line Items]
Gross premiums written	$ 59,301	$ 21,886	$ 285,735	$ 211,459
Gross Premiums As Percentage Of Total Gross Premiums	41.60%	10.60%	53.20%	35.10%
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	$ 142,573	$ 205,729	$ 536,595	$ 603,303
Gross premiums ceded	(927)	(375)	(2,352)	(1,852)
Net premiums written	141,646	205,354	534,243	601,451
Change in net unearned premium reserves	(13,463)	3,597	(136,136)	(133,001)
Net premiums earned	128,183	208,951	398,107	468,450
Loss and loss adjustment expenses incurred, net	85,015	158,387	273,822	316,186
Acquisition costs, net	45,127	50,527	145,296	152,665
General and administrative expenses	6,380	5,872	19,527	18,681
Total expenses	136,522	214,786	438,645	487,532
Net underwriting loss	8,339	5,835	40,538	19,082
Net investment income (loss)	22,031	(51,988)	32,868	(23,623)
Other expenses	(347)	(670)	(6,226)	(5,686)
Interest expense	0	0	0	0
Foreign exchange gains	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Income (loss) including non-controlling interests	13,345	(58,493)	(13,896)	(48,391)
(Income) loss attributable to non-controlling interests	0	0	0	0
Net income (loss)	$ 13,345	$ (58,493)	$ (13,896)	$ (48,391)
Loss ratio	66.30%	75.80%	68.80%	67.50%
Acquisition cost ratio	35.20%	24.20%	36.50%	32.60%
Composite ratio	101.50%	100.00%	105.30%	100.10%
General and administrative expense ratio	5.00%	2.80%	4.90%	4.00%
Combined ratio	106.50%	102.80%	110.20%	104.10%
Catastrophe Risk Management
Segment Reporting Information [Line Items]
Gross premiums written	$ 0	$ (146)	$ 0	$ (44)
Gross Premiums As Percentage Of Total Gross Premiums	0.00%	(0.10%)	0.00%	0.00%
Catastrophe Risk Management | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	$ 0	$ (146)	$ 0	$ (44)
Gross premiums ceded	0	0	0	0
Net premiums written	0	(146)	0	(44)
Change in net unearned premium reserves	0	0	0	52
Net premiums earned	0	(146)	0	8
Loss and loss adjustment expenses incurred, net	0	150	0	150
Acquisition costs, net	0	(18)	0	(1)
General and administrative expenses	0	32	0	463
Total expenses	0	164	0	612
Net investment income (loss)	0	1	0	69
Other expenses	0	0	0	0
Interest expense	0	0	0	0
Foreign exchange gains	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Income (loss) including non-controlling interests	0	(309)	0	(535)
(Income) loss attributable to non-controlling interests	0	140	0	156
Net income (loss)	$ 0	$ (169)	$ 0	$ (379)

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - Gross Premiums Written	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Contract Concentration Risk | Largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage	42.40%	44.50%	20.90%	15.50%
Contract Concentration Risk | Second largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage	26.80%	27.10%	11.30%	15.20%
Contract Concentration Risk | Third largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10.10%	11.30%
Contract Concentration Risk | Total for contracts contributing greater than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	79.30%	82.90%	32.20%	30.70%
Contract Concentration Risk | Total for contracts contributing less than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	20.70%	17.10%	67.80%	69.30%

Segment reporting - Customer Co

Segment reporting - Customer Concentration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue, Major Customer [Line Items]
Gross premiums written	$ 142,573	$ 205,583	$ 536,595	$ 603,259
Gross Premiums Written
Revenue, Major Customer [Line Items]
Gross premiums written	$ 142,573	$ 205,583	$ 536,595	$ 603,259
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Gross Premiums Written | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Gross premiums written	$ 142,573	$ 205,583	$ 536,595	$ 603,259
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Gross Premiums Written | Customer Concentration Risk | Largest broker
Revenue, Major Customer [Line Items]
Gross premiums written	$ 95,073	$ 91,554	$ 186,737	$ 173,888
Concentration risk, percentage	66.70%	44.50%	34.80%	28.80%
Gross Premiums Written | Customer Concentration Risk | Second largest broker
Revenue, Major Customer [Line Items]
Gross premiums written	$ 27,461	$ 83,588	$ 180,631	$ 128,512
Concentration risk, percentage	19.30%	40.70%	33.70%	21.30%
Gross Premiums Written | Customer Concentration Risk | Third largest broker
Revenue, Major Customer [Line Items]
Gross premiums written			$ 89,756	$ 91,554
Concentration risk, percentage			16.70%	15.20%
Gross Premiums Written | Customer Concentration Risk | Other
Revenue, Major Customer [Line Items]
Gross premiums written	$ 20,039	$ 30,441	$ 79,471	$ 209,305
Concentration risk, percentage	14.00%	14.80%	14.80%	34.70%

Segment reporting - Geographic

Segment reporting - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue from External Customer [Line Items]
Gross premiums written	$ 142,573	$ 205,583	$ 536,595	$ 603,259
Gross Premiums Written
Revenue from External Customer [Line Items]
Gross premiums written	$ 142,573	$ 205,583	$ 536,595	$ 603,259
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Gross Premiums Written | Income tax expense - U.K. subsidiaries
Revenue from External Customer [Line Items]
Gross premiums written	$ 802	$ 92,829	$ 180,546	$ 256,589
Concentration risk, percentage	0.60%	45.20%	33.70%	42.50%
Gross Premiums Written | Bermuda
Revenue from External Customer [Line Items]
Gross premiums written	$ 18,538	$ 60,239	$ 65,078	$ 104,288
Concentration risk, percentage	13.00%	29.30%	12.10%	17.30%
Gross Premiums Written | Income tax expense (benefit) related to U.S. and U.K. subsidiaries
Revenue from External Customer [Line Items]
Gross premiums written	$ 123,233	$ 52,515	$ 290,971	$ 242,382
Concentration risk, percentage	86.40%	25.50%	54.20%	40.20%

Supplemental Guarantor Inform91

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets
Equity securities	$ 1,622,938	$ 1,231,077
Debt securities	1,079,132	1,034,247
Other investments, at fair value	49,664	51,920
Total investments in securities	2,751,734	2,317,244
Cash and cash equivalents	20,982	20,407	$ 10,819	$ 28,734
Restricted cash and cash equivalents	365,451	330,915
Investment in subsidiaries	0	0
Due from brokers	284,170	326,971
Derivative assets, at fair value	22,565	35,337
Interest and dividends receivable	11,756	10,687
Reinsurance balances receivable	448,450	294,313
Deferred acquisition costs, net	255,379	197,093
Amounts due from (to) affiliates	0	0
Other assets	17,101	12,141
Total assets	4,177,588	3,545,108
Liabilities
Accounts payable and accrued expenses	13,508	11,966
Reinsurance balances payable	47,713	24,119
Deposit liabilities	105,207	83,955		145,430
Unearned premium reserves	668,980	531,710
Loss and loss adjustment expense reserves	565,682	466,047
Securities sold, not yet purchased, at fair value	198,393	314,353
Securities sold under an agreement to repurchase	55,880	8,944
Due to brokers	894,856	574,962
Derivative liabilities, at fair value	11,472	15,392
Due to Related Parties	(24,846)	0
Interest and dividends payable	1,772	4,400
Senior notes payable, net of deferred costs	113,510	113,377
Total liabilities	2,701,819	2,149,225
Shareholders’ equity
Common shares	10,638	10,548
Treasury Stock, Value	(7,389)	0
Additional paid-in capital	1,090,975	1,080,591
Retained earnings	362,915	288,587
Shareholders’ equity attributable to shareholders	1,457,139	1,379,726
Non-controlling interests	18,630	16,157
Total shareholders’ equity	1,475,769	1,395,883	1,351,191
Total liabilities and shareholders’ equity	4,177,588	3,545,108
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	(1,894,448)	(1,803,012)
Due from brokers	0	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
Amounts due from (to) affiliates	0	0
Other assets	0	0
Total assets	(1,894,448)	(1,803,012)
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	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Due to Related Parties	0
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	0	0
Shareholders’ equity
Common shares	(1,250)	(1,250)
Treasury Stock, Value	0
Additional paid-in capital	(1,691,882)	(1,669,212)
Retained earnings	(201,316)	(132,550)
Shareholders’ equity attributable to shareholders	(1,894,448)	(1,803,012)
Non-controlling interests	0	0
Total shareholders’ equity	(1,894,448)	(1,803,012)
Total liabilities and shareholders’ equity	(1,894,448)	(1,803,012)
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	1,565	308	2,517	140
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	1,456,397	1,382,336
Due from brokers	0	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
Amounts due from (to) affiliates	(1)
Other assets	751	564
Total assets	1,458,712	1,382,862
Liabilities
Accounts payable and accrued expenses	1,575	3,136
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	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Due to Related Parties	0	(346)
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	1,575	3,136
Shareholders’ equity
Common shares	10,638	10,548
Treasury Stock, Value	(7,389)
Additional paid-in capital	1,090,973	1,080,591
Retained earnings	362,915	288,587
Shareholders’ equity attributable to shareholders	1,457,137	1,379,726
Non-controlling interests	0	0
Total shareholders’ equity	1,457,137	1,379,726
Total liabilities and shareholders’ equity	1,458,712	1,382,862
Issuer of Debt | 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	0	5	28	0
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	272,817	261,083
Due from brokers	0	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
Amounts due from (to) affiliates	(8,297)
Other assets	4,784	2,613
Total assets	269,304	263,471
Liabilities
Accounts payable and accrued expenses	60	40
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	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Due to Related Parties	0	(230)
Interest and dividends payable	1,034	3,055
Senior notes payable, net of deferred costs	113,510	113,377
Total liabilities	114,604	116,472
Shareholders’ equity
Common shares	0	0
Treasury Stock, Value	0
Additional paid-in capital	165,337	159,618
Retained earnings	(10,637)	(12,619)
Shareholders’ equity attributable to shareholders	154,700	146,999
Non-controlling interests	0	0
Total shareholders’ equity	154,700	146,999
Total liabilities and shareholders’ equity	269,304	263,471
Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets
Equity securities	1,622,938	1,231,077
Debt securities	1,079,132	1,034,247
Other investments, at fair value	49,664	51,920
Total investments in securities	2,751,734	2,317,244
Cash and cash equivalents	19,417	20,094	$ 8,274	$ 28,594
Restricted cash and cash equivalents	365,451	330,915
Investment in subsidiaries	165,234	159,593
Due from brokers	284,170	326,971
Derivative assets, at fair value	22,565	35,337
Interest and dividends receivable	11,756	10,687
Reinsurance balances receivable	448,450	294,313
Deferred acquisition costs, net	255,379	197,093
Amounts due from (to) affiliates	8,298	576
Other assets	11,566	8,964
Total assets	4,344,020	3,701,787
Liabilities
Accounts payable and accrued expenses	11,873	8,790
Reinsurance balances payable	47,713	24,119
Deposit liabilities	105,207	83,955
Unearned premium reserves	668,980	531,710
Loss and loss adjustment expense reserves	565,682	466,047
Securities sold, not yet purchased, at fair value	198,393	314,353
Securities sold under an agreement to repurchase	55,880	8,944
Due to brokers	894,856	574,962
Derivative liabilities, at fair value	11,472	15,392
Due to Related Parties	(24,846)
Interest and dividends payable	738	1,345
Senior notes payable, net of deferred costs	0	0
Total liabilities	2,585,640	2,029,617
Shareholders’ equity
Common shares	1,250	1,250
Treasury Stock, Value	0
Additional paid-in capital	1,526,547	1,509,594
Retained earnings	211,953	145,169
Shareholders’ equity attributable to shareholders	1,739,750	1,656,013
Non-controlling interests	18,630	16,157
Total shareholders’ equity	1,758,380	1,672,170
Total liabilities and shareholders’ equity	4,344,020	$ 3,701,787
Financial Guarantee | Issuer of Debt
Condensed Balance Sheet Statements, Captions [Line Items]
Debt obligation	$ 115,000

Supplemental Guarantor Inform92

Supplemental Guarantor Information - Condensed Consolidating Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Gross premiums written	$ 142,573	$ 205,583	$ 536,595	$ 603,259
Gross premiums ceded	(927)	(375)	(2,352)	(1,852)
Net premiums written	141,646	205,208	534,243	601,407
Change in net unearned premium reserves	(13,463)	3,597	(136,136)	(132,949)
Net premiums earned	128,183	208,805	398,107	468,458
Net investment income (loss)	88,356	(193,156)	134,592	(89,627)
Equity in earnings (losses) of subsidiaries	0	0	0	0
Total revenues	216,539	15,649	532,699	378,831
Expenses
Loss and loss adjustment expenses incurred, net	85,015	158,537	273,822	316,336
Acquisition costs, net	45,127	50,509	145,296	152,664
General and administrative expenses	12,354	9,822	33,885	35,797
Other expenses	347	670	6,226	5,686
Interest expense	2,069	2,074	6,163	5,162
Foreign exchange gain (loss)	(3,905)	(746)	(14,359)	(800)
Total expenses	141,007	220,866	451,033	514,845
Income (loss) before income tax (expense) benefit	75,532	(205,217)	81,666	(136,014)
Income tax (expense) benefit	(2,484)	7,781	(5,865)	5,768
Income (loss) including non-controlling interests	73,048	(197,436)	75,801	(130,246)
(Income) loss attributable to non-controlling interests	(967)	1,721	(1,473)	663
Net income (loss)	72,081	(195,715)	74,328	(129,583)
Eliminations
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income (loss)	0	0	0	0
Equity in earnings (losses) of subsidiaries	(77,149)	212,595	(83,766)	135,271
Total revenues	(77,149)	212,595	(83,766)	135,271
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	0	0	0	0
Other expenses	0	0	0	0
Interest expense	0	0	0	0
Foreign exchange gain (loss)	0	0	0	0
Total expenses	0	0	0	0
Income (loss) before income tax (expense) benefit	(77,149)	212,595	(83,766)	135,271
Income tax (expense) benefit	0	0	0	0
Income (loss) including non-controlling interests	(77,149)	212,595	(83,766)	135,271
(Income) loss attributable to non-controlling interests	0		0	0
Net income (loss)	(77,149)	212,595	(83,766)	135,271
Parent Guarantor | Reportable Legal Entities
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income (loss)	0	0	0	0
Equity in earnings (losses) of subsidiaries	73,268	(194,608)	77,829	(122,501)
Total revenues	73,268	(194,608)	77,829	(122,501)
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	1,187	1,107	3,501	7,082
Other expenses	0	0	0	0
Interest expense	0	0	0	0
Foreign exchange gain (loss)	0	0	0	0
Total expenses	1,187	1,107	3,501	7,082
Income (loss) before income tax (expense) benefit	72,081	(195,715)	74,328	(129,583)
Income tax (expense) benefit	0	0	0	0
Income (loss) including non-controlling interests	72,081	(195,715)	74,328	(129,583)
(Income) loss attributable to non-controlling interests	0	0	0	0
Net income (loss)	72,081	(195,715)	74,328	(129,583)
Issuer of Debt | Reportable Legal Entities
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income (loss)	0	0	0	0
Equity in earnings (losses) of subsidiaries	3,916	(17,987)	6,015	(12,770)
Total revenues	3,916	(17,987)	6,015	(12,770)
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	11	3	41	223
Other expenses	0	0	0	0
Interest expense	2,069	2,074	6,163	5,162
Foreign exchange gain (loss)	0	0	0	0
Total expenses	2,080	2,077	6,204	5,385
Income (loss) before income tax (expense) benefit	1,836	(20,064)	(189)	(18,155)
Income tax (expense) benefit	728	2,572	2,171	1,884
Income (loss) including non-controlling interests	2,564	(17,492)	1,982	(16,271)
(Income) loss attributable to non-controlling interests	0	0	0	0
Net income (loss)	2,564	(17,492)	1,982	(16,271)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written	142,573	205,583	536,595	603,259
Gross premiums ceded	(927)	(375)	(2,352)	(1,852)
Net premiums written	141,646	205,208	534,243	601,407
Change in net unearned premium reserves	(13,463)	3,597	(136,136)	(132,949)
Net premiums earned	128,183	208,805	398,107	468,458
Net investment income (loss)	88,356	(193,156)	134,592	(89,627)
Equity in earnings (losses) of subsidiaries	(35)	0	(78)	0
Total revenues	216,504	15,649	532,621	378,831
Expenses
Loss and loss adjustment expenses incurred, net	85,015	158,537	273,822	316,336
Acquisition costs, net	45,127	50,509	145,296	152,664
General and administrative expenses	11,156	8,712	30,343	28,492
Other expenses	347	670	6,226	5,686
Interest expense	0	0	0	0
Foreign exchange gain (loss)	(3,905)	(746)	(14,359)	(800)
Total expenses	137,740	217,682	441,328	502,378
Income (loss) before income tax (expense) benefit	78,764	(202,033)	91,293	(123,547)
Income tax (expense) benefit	(3,212)	5,209	(8,036)	3,884
Income (loss) including non-controlling interests	75,552	(196,824)	83,257	(119,663)
(Income) loss attributable to non-controlling interests	(967)	1,721	(1,473)	663
Net income (loss)	$ 74,585	$ (195,103)	$ 81,784	$ (119,000)

Supplemental Guarantor Inform93

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Income (loss) including non-controlling interests	$ 73,048	$ (197,436)	$ 75,801	$ (130,246)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries			0	0
Share compensation expense			6,596	8,605
Net interest (income) expense on deposit liabilities			(507)	3,170
Net unrealized (gain) loss on investments and derivatives			(90,675)	165,202
Net realized gain on investments and derivatives			(62,316)	(91,712)
Foreign exchange gain (loss)	(3,905)	(746)	(14,359)	(800)
Amortization of premium and accretion of discount, net			4,954	478
Changes in assets and liabilities:
Reinsurance balances receivable			(145,593)	2,585
Deferred acquisition costs, net			(58,286)	(36,550)
Other assets			(4,960)	(10,897)
Interest and dividends receivable, net			(3,697)	(6,452)
Unearned premium reserves			137,270	133,756
Loss and loss adjustment expense reserves			(111,014)	(144,253)
Accounts payable and accrued expenses			1,518	2,213
Reinsurance balances payable			24,013	7,916
Performance fees payable to related party			24,846	0
Increase (Decrease) in Due to Affiliates			0	0
Net cash provided by operating activities			5,619	191,521
Investing activities
Purchases of investments			(2,803,862)	(2,621,367)
Proceeds from sales of investments			2,533,656	2,274,201
Purchases of investments to cover short sales			(978,039)	(371,635)
Proceeds from short sales of investments			854,689	488,601
Change in due to/from brokers, net			362,695	137,054
Decrease in securities purchased under an agreement to sell			0	29,852
Increase in securities sold under an agreement to repurchase			46,936	0
Change in restricted cash and cash equivalents			(34,536)	(187,121)
Contributed capital to subsidiaries			0	0
Contributed capital from parent and/or subsidiaries			0	0
Net cash used in investing activities			(18,461)	(250,415)
Financing activities
Proceeds from issuance of common shares, net of costs			3,878	4,334
Proceeds from issuance of senior notes payable, net of costs				113,220
Purchases of common shares under share repurchase program			(7,389)	0
Increase in deposit liabilities, net			15,928	6,975
Non-controlling interest in investment affiliate, net			1,000	(24,137)
Non-controlling interest in Catastrophe Fund			0	(59,705)
Non-controlling interest in Catastrophe Fund Manager			0	292
Dividend received by (paid to) parent			0	0
Net cash provided by financing activities			13,417	40,979
Net increase (decrease) in cash and cash equivalents			575	(17,915)
Cash and cash equivalents at beginning of period			20,407	28,734
Cash and cash equivalents at end of period	20,982	10,819	20,982	10,819
Eliminations
Operating activities
Income (loss) including non-controlling interests	(77,149)	212,595	(83,766)	135,271
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries			83,766	(135,271)
Share compensation expense			0	0
Net interest (income) expense on deposit liabilities			0	0
Net unrealized (gain) loss on investments and derivatives			0	0
Net realized gain on investments and derivatives			0	0
Foreign exchange gain (loss)	0	0	0	0
Amortization of premium and accretion of discount, net			0	0
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Other assets			0	0
Interest and dividends receivable, net			0	0
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			0	0
Reinsurance balances payable			0	0
Performance fees payable to related party			0
Increase (Decrease) in Due to Affiliates			0	0
Net cash provided by operating activities			0	0
Investing activities
Purchases of investments			0	0
Proceeds from sales of investments			0	0
Purchases of investments to cover short sales			0	0
Proceeds from short sales of investments			0	0
Change in due to/from brokers, net			0	0
Decrease in securities purchased under an agreement to sell				0
Increase in securities sold under an agreement to repurchase			0
Change in restricted cash and cash equivalents			0	0
Contributed capital to subsidiaries			0	425,000
Contributed capital from parent and/or subsidiaries			0	(425,000)
Net cash used in investing activities			0	0
Financing activities
Proceeds from issuance of common shares, net of costs			0	0
Proceeds from issuance of senior notes payable, net of costs				0
Purchases of common shares under share repurchase program			0
Increase in deposit liabilities, net			0	0
Non-controlling interest in investment affiliate, net			0	0
Non-controlling interest in Catastrophe Fund				0
Non-controlling interest in Catastrophe Fund Manager				0
Dividend received by (paid to) parent			0	0
Net cash provided by financing activities			0	0
Net increase (decrease) in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	0	0	0	0
Parent Guarantor | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests	72,081	(195,715)	74,328	(129,583)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries			(77,829)	122,501
Share compensation expense			362	362
Net interest (income) expense on deposit liabilities				0
Net unrealized (gain) loss on investments and derivatives			0	0
Net realized gain on investments and derivatives			0	0
Foreign exchange gain (loss)	0	0	0	0
Amortization of premium and accretion of discount, net			0	0
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Other assets			(187)	(192)
Interest and dividends receivable, net			0	0
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			(1,561)	3,575
Reinsurance balances payable			0	0
Performance fees payable to related party			0
Increase (Decrease) in Due to Affiliates			(345)	1,380
Net cash provided by operating activities			(5,232)	(1,957)
Investing activities
Purchases of investments			0	0
Proceeds from sales of investments			0	0
Purchases of investments to cover short sales			0	0
Proceeds from short sales of investments			0	0
Change in due to/from brokers, net			0	0
Decrease in securities purchased under an agreement to sell				0
Increase in securities sold under an agreement to repurchase			0
Change in restricted cash and cash equivalents			0	0
Contributed capital to subsidiaries			(5,000)	(158,000)
Contributed capital from parent and/or subsidiaries			0	0
Net cash used in investing activities			(5,000)	(158,000)
Financing activities
Proceeds from issuance of common shares, net of costs			3,878	4,334
Proceeds from issuance of senior notes payable, net of costs				0
Purchases of common shares under share repurchase program			(7,389)
Increase in deposit liabilities, net			0	0
Non-controlling interest in investment affiliate, net			0	0
Non-controlling interest in Catastrophe Fund				0
Non-controlling interest in Catastrophe Fund Manager				0
Dividend received by (paid to) parent			15,000	158,000
Net cash provided by financing activities			11,489	162,334
Net increase (decrease) in cash and cash equivalents			1,257	2,377
Cash and cash equivalents at beginning of period			308	140
Cash and cash equivalents at end of period	1,565	2,517	1,565	2,517
Issuer of Debt | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests	2,564	(17,492)	1,982	(16,271)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries			(6,015)	12,770
Share compensation expense				0
Net interest (income) expense on deposit liabilities				0
Net unrealized (gain) loss on investments and derivatives			0	0
Net realized gain on investments and derivatives			0	0
Foreign exchange gain (loss)	0	0	0	0
Amortization of premium and accretion of discount, net			133	112
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Other assets			(2,171)	(1,218)
Interest and dividends receivable, net			(2,021)	1,026
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			20	(463)
Reinsurance balances payable			0	0
Performance fees payable to related party			0
Increase (Decrease) in Due to Affiliates			8,067	(173)
Net cash provided by operating activities			(5)	(4,217)
Investing activities
Purchases of investments			0	0
Proceeds from sales of investments			0	0
Purchases of investments to cover short sales			0	0
Proceeds from short sales of investments			0	0
Change in due to/from brokers, net			0	0
Decrease in securities purchased under an agreement to sell				0
Increase in securities sold under an agreement to repurchase			0
Change in restricted cash and cash equivalents			0	0
Contributed capital to subsidiaries			5,000	(266,975)
Contributed capital from parent and/or subsidiaries			(5,000)	158,000
Net cash used in investing activities			0	(108,975)
Financing activities
Proceeds from issuance of common shares, net of costs			0	0
Proceeds from issuance of senior notes payable, net of costs				113,220
Purchases of common shares under share repurchase program			0
Increase in deposit liabilities, net			0	0
Non-controlling interest in investment affiliate, net			0	0
Non-controlling interest in Catastrophe Fund				0
Non-controlling interest in Catastrophe Fund Manager				0
Dividend received by (paid to) parent			0	0
Net cash provided by financing activities			0	113,220
Net increase (decrease) in cash and cash equivalents			(5)	28
Cash and cash equivalents at beginning of period			5	0
Cash and cash equivalents at end of period	0	28	0	28
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests	75,552	(196,824)	83,257	(119,663)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by operating activities:
Equity in earnings of subsidiaries			78	0
Share compensation expense			6,234	8,243
Net interest (income) expense on deposit liabilities			(507)	3,170
Net unrealized (gain) loss on investments and derivatives			(90,675)	165,202
Net realized gain on investments and derivatives			(62,316)	(91,712)
Foreign exchange gain (loss)	(3,905)	(746)	(14,359)	(800)
Amortization of premium and accretion of discount, net			4,821	366
Changes in assets and liabilities:
Reinsurance balances receivable			(145,593)	2,585
Deferred acquisition costs, net			(58,286)	(36,550)
Other assets			(2,602)	(9,487)
Interest and dividends receivable, net			(1,676)	(7,478)
Unearned premium reserves			137,270	133,756
Loss and loss adjustment expense reserves			(111,014)	(144,253)
Accounts payable and accrued expenses			3,059	(899)
Reinsurance balances payable			24,013	7,916
Performance fees payable to related party			24,846
Increase (Decrease) in Due to Affiliates			(7,722)	(1,207)
Net cash provided by operating activities			10,856	197,695
Investing activities
Purchases of investments			(2,803,862)	(2,621,367)
Proceeds from sales of investments			2,533,656	2,274,201
Purchases of investments to cover short sales			(978,039)	(371,635)
Proceeds from short sales of investments			854,689	488,601
Change in due to/from brokers, net			362,695	137,054
Decrease in securities purchased under an agreement to sell				29,852
Increase in securities sold under an agreement to repurchase			46,936
Change in restricted cash and cash equivalents			(34,536)	(187,121)
Contributed capital to subsidiaries			0	(25)
Contributed capital from parent and/or subsidiaries			5,000	267,000
Net cash used in investing activities			(13,461)	16,560
Financing activities
Proceeds from issuance of common shares, net of costs			0	0
Proceeds from issuance of senior notes payable, net of costs				0
Purchases of common shares under share repurchase program			0
Increase in deposit liabilities, net			15,928	6,975
Non-controlling interest in investment affiliate, net			1,000	(24,137)
Non-controlling interest in Catastrophe Fund				(59,705)
Non-controlling interest in Catastrophe Fund Manager				292
Dividend received by (paid to) parent			(15,000)	(158,000)
Net cash provided by financing activities			1,928	(234,575)
Net increase (decrease) in cash and cash equivalents			(677)	(20,320)
Cash and cash equivalents at beginning of period			20,094	28,594
Cash and cash equivalents at end of period	$ 19,417	$ 8,274	$ 19,417	$ 8,274

Subsequent events (Details)

Subsequent events (Details) $ in Millions	May 04, 2016USD ($)
Subsequent Event [Line Items]
Repurchase program, authorized amount	$ 100