SiriusPoint (SPNT) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 04, 2017
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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		107,282,333

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Equity securities, trading, at fair value (cost - $1,264,750; 2016 - $1,385,866)	$ 1,484,378	$ 1,506,854
Debt securities, trading, at fair value (cost - $919,246; 2016 - $1,036,716)	921,221	1,057,957
Other investments, at fair value	72,020	82,701
Total investments in securities	2,477,619	2,647,512
Cash and cash equivalents	11,829	9,951
Restricted cash and cash equivalents	334,813	298,940
Due from brokers	387,102	284,591
Derivative assets, at fair value	34,122	27,432
Interest and dividends receivable	8,003	6,505
Reinsurance balances receivable	421,034	381,951
Deferred acquisition costs, net	220,754	221,618
Other assets	14,079	17,144
Total assets	3,909,355	3,895,644
Liabilities
Accounts payable and accrued expenses	11,509	10,321
Reinsurance balances payable	51,173	43,171
Deposit liabilities	105,778	104,905
Unearned premium reserves	565,243	557,076
Loss and loss adjustment expense reserves	625,786	605,129
Securities sold, not yet purchased, at fair value	217,836	92,668
Securities sold under an agreement to repurchase	16,524	0
Due to brokers	639,320	899,601
Derivative liabilities, at fair value	10,839	16,050
Performance fee payable to related party	30,857	0
Interest and dividends payable	2,361	3,443
Senior notes payable, net of deferred costs	113,599	113,555
Total liabilities	2,390,825	2,445,919
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, 107,182,083 (2016 - 106,501,299))	10,718	10,650
Treasury Stock, Value	(26,273)	(7,389)
Additional paid-in capital	1,096,828	1,094,568
Retained earnings	420,408	316,222
Shareholders’ equity attributable to shareholders	1,501,681	1,414,051
Non-controlling interests	16,849	35,674
Total shareholders’ equity	1,518,530	1,449,725
Total liabilities and shareholders’ equity	$ 3,909,355	$ 3,895,644

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Assets
Equity securities, trading, cost	$ 1,264,750	$ 1,385,866
Debt securities, trading, cost	$ 919,246	$ 1,036,716
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)	107,182,083	106,501,299
Common share, shares outstanding (in shares)	107,182,083	106,501,299
Treasury Stock, Shares	2,177,639	644,768

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Gross premiums written	$ 146,354	$ 197,156
Gross premiums ceded	(1,125)	0
Net premiums written	145,229	197,156
Change in net unearned premium reserves	(7,220)	(60,354)
Net premiums earned	138,009	136,802
Net investment income (loss)	128,510	(40,110)
Total revenues	266,519	96,692
Expenses
Loss and loss adjustment expenses incurred, net	85,895	84,676
Acquisition costs, net	54,452	51,687
General and administrative expenses	10,572	11,288
Other expenses	2,901	2,706
Interest expense	2,026	2,048
Foreign exchange gain (loss)	15	(2,386)
Total expenses	155,861	150,019
Income (loss) before income tax (expense) benefit	110,658	(53,327)
Income tax (expense) benefit	(5,298)	1,929
Income (loss) including non-controlling interests	105,360	(51,398)
(Income) loss attributable to non-controlling interests	(1,174)	269
Net income (loss)	$ 104,186	$ (51,129)
Earnings (loss) per share
Basic (in dollars per share)	$ 1	$ (0.49)
Diluted (in dollars per share)	$ 0.98	$ (0.49)
Weighted average number of ordinary shares used in the determination of earnings (loss) per share
Basic (in shares)	104,013,871	104,257,874
Diluted (in shares)	105,701,599	104,257,874

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common shares	Treasury shares	Additional paid-in capital	Retained earnings	Non-controlling interests
Balance, beginning of period at Dec. 31, 2015		$ 10,548	$ 0	$ 1,080,591	$ 288,587	$ 16,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares		73		(74)
Repurchase of common shares			0
Share compensation expense				2,651
Net income (loss)	$ (51,129)				(51,398)
(Income) loss attributable to non-controlling interests	269				269
Non-controlling interest in investment affiliate, net						0
Income (loss) attributable to non-controlling interests	(51,398)					(269)
Balance. end of period at Mar. 31, 2016	1,347,135	10,621	0	1,083,168	237,458	15,888
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity					1,331,247
Total shareholders’ equity	1,414,051
Balance, beginning of period at Dec. 31, 2016	1,449,725	10,650	(7,389)	1,094,568	316,222	35,674
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares		68		430
Repurchase of common shares			(18,884)
Share compensation expense				1,830
Net income (loss)	104,186				105,360
(Income) loss attributable to non-controlling interests	(1,174)				(1,174)
Non-controlling interest in investment affiliate, net						(19,999)
Income (loss) attributable to non-controlling interests	105,360					1,174
Balance. end of period at Mar. 31, 2017	1,518,530	$ 10,718	$ (26,273)	$ 1,096,828	420,408	$ 16,849
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	$ 1,501,681				$ 1,501,681

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Cash Flows [Abstract]
Income (loss) including non-controlling interests	$ 105,360	$ (51,398)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities:
Share compensation expense	1,830	2,651
Net interest expense on deposit liabilities	409	471
Net unrealized (gain) loss on investments and derivatives	(95,703)	55,627
Net realized gain on investments and derivatives	(61,028)	(24,510)
Net foreign exchange (gains) losses	15	(2,386)
Amortization of premium and accretion of discount, net	(665)	2,542
Changes in assets and liabilities:
Reinsurance balances receivable	(37,281)	(31,603)
Deferred acquisition costs, net	864	(19,596)
Other assets	3,075	(4,453)
Interest and dividends receivable, net	(2,580)	(5,408)
Unearned premium reserves	8,167	60,260
Loss and loss adjustment expense reserves	(18,798)	(26,136)
Accounts payable and accrued expenses	1,179	(2,397)
Reinsurance balances payable	8,051	6,892
Performance fee payable to related party	30,857	0
Net cash provided by (used in) operating activities	(18,652)	12,828
Investing activities
Purchases of investments	(613,020)	(1,189,432)
Proceeds from sales of investments	940,797	771,687
Purchases of investments to cover short sales	(120,014)	(459,901)
Proceeds from short sales of investments	232,856	386,054
Change in due to/from brokers, net	(362,792)	288,507
Increase in securities sold under an agreement to repurchase	16,524	161,361
Change in restricted cash and cash equivalents	(35,873)	13,992
Net cash provided by (used in) investing activities	58,478	(27,732)
Financing activities
Proceeds from issuance of common shares, net of costs	498	0
Purchases of common shares under share repurchase program	(18,884)	0
Increase in deposit liabilities, net	437	2,155
Non-controlling interest in investment affiliate, net	(19,999)	0
Net cash provided by (used in) financing activities	(37,948)	2,155
Net increase (decrease) in cash and cash equivalents	1,878	(12,749)
Cash and cash equivalents at beginning of period	9,951	20,407
Cash and cash equivalents at end of period	11,829	7,658
Supplementary information
Interest paid in cash	6,773	8,445
Income taxes paid in cash	$ 1,355	$ 1,177

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Third Point Reinsurance Ltd. (together with its wholly and majority owned subsidiaries, the “Company”) was incorporated under the laws of Bermuda on October 6, 2011. Through its reinsurance subsidiaries, the Company is a provider of global specialty property and casualty reinsurance products. The Company operates through two licensed reinsurance subsidiaries, Third Point Reinsurance Company Ltd. (“Third Point Re”), a Bermuda reinsurance company that commenced operations in January 2012, and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”). Third Point Re USA is a Bermuda reinsurance company that was incorporated on November 21, 2014 and commenced operations in February 2015. Third Point Re USA made an election under Section 953(d) of the U.S. Internal Revenue Code of 1986, as amended, to be taxed as a U.S. entity. Third Point Re USA prices and underwrites U.S. domiciled reinsurance business from an office in the United States. Third Point Re USA is a wholly owned subsidiary of Third Point Re (USA) Holdings, Inc. (“TPRUSA”), an intermediate holding company based in the U.S., which is a wholly owned subsidiary of Third Point Re (UK) Holdings Ltd. (“Third Point Re UK”), an intermediate holding company based in the United Kingdom. Third Point Re UK is a wholly owned subsidiary of Third Point Reinsurance Ltd. In 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, 2016 (the “ 2016 10-K”), as filed with the U.S. Securities and Exchange Commission on February 24, 2017. 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 three months ended March 31, 2017 are not necessarily indicative of the results expected for the full calendar year.

Significant accounting policies

Significant accounting policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Significant accounting policies	Recently issued accounting standards Issued and effective as of March 31, 2017 In March 2016, the Financial Accounting Standards Board (“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 did not have a material impact 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. This new accounting standard did not have a material impact on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323) (ASU 2017-03). ASU 2017-03 makes certain technical corrections to the FASB Accounting Standards Codification. The amendments are effective upon issuance of this ASU 2017-03. The Company did not have any accounting changes or error corrections for which this standard applied. Issued but not yet effective as of March 31, 2017 In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842): Section A - Leases, Section B - Conforming Amendments Related to Leases and Section C - Background Information and Basis for Conclusions (ASU 2016-02). ASU 2016-02 intends to improve financial reporting about leasing transactions. The new standard affects all entities that lease assets such as real estate, airplanes and manufacturing equipment. ASU 2016-01 will require entities that lease assets, referred to as “lessees”, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s condensed consolidated financial statements as a result of the limited number of leases the Company currently has in place. 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 March 2017, the FASB issued Accounting Standards Update 2017-08, Premium Amortization on Purchased Callable Debt Securities (ASU 2017-08). ASU 2017-08 is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities.The amendments are effective for interim and annual periods beginning after December 15, 2018. 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	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents and restricted investments	Restricted cash and cash equivalents and restricted investments as of March 31, 2017 and December 31, 2016 consisted of the following: March 31, December 31, ($ in thousands) Restricted cash securing letter of credit facilities (1) $ 220,729 $ 231,822 Restricted cash securing other reinsurance contracts (2) 114,084 67,118 Total restricted cash and cash equivalents 334,813 298,940 Restricted investments securing other reinsurance contracts (2) 385,354 427,308 Total restricted cash and cash equivalents and restricted investments $ 720,167 $ 726,248 (1) Restricted cash securing letter of credit facilities primarily pertains to letters of credit issued to clients and cash securing these obligations that the Company will not be released 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	3 Months Ended
	Mar. 31, 2017
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: March 31, December 31, Assets ($ in thousands) Total investments in securities $ 2,451,029 $ 2,619,839 Cash and cash equivalents 6 5 Restricted cash and cash equivalents 334,813 298,940 Due from brokers 387,102 284,591 Derivative assets 34,122 27,432 Interest and dividends receivable 8,003 6,505 Total assets 3,215,075 3,237,312 Liabilities and non-controlling interest Accounts payable and accrued expenses 1,889 1,374 Securities sold, not yet purchased 217,836 92,668 Securities sold under an agreement to repurchase 16,524 — Due to brokers 639,320 899,601 Derivative liabilities 10,839 16,050 Performance fee payable to related party 30,857 — Interest and dividends payable 1,347 386 Non-controlling interest 16,849 35,674 Total liabilities and non-controlling interest 935,461 1,045,753 Total net investments managed by Third Point LLC $ 2,279,614 $ 2,191,559 Investments are carried at fair value. The fair values of investments are estimated using prices obtained from third-party pricing services, when available. However, situations may arise where the Company believes that the fair value provided by the third-party pricing service does not represent current market conditions. In those situations, Third Point LLC may use dealer quotes to value the investments. 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 March 31, 2017 , securities valued at $ 300.6 million ( December 31, 2016 - $ 315.3 million), representing 12.1% ( December 31, 2016 - 11.9% ) of investments in securities and derivative assets, and $ 2.0 million ( December 31, 2016 - $ 2.0 million), representing 0.9% ( December 31, 2016 - 1.8% ) 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, as determined by Third Point LLC. Valuation techniques used by Third Point LLC may include market approach, last transaction analysis, liquidation analysis and/or using 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 March 31, 2017 , the Company had $ 63.6 million ( December 31, 2016 - $ 63.2 million) of investments fair valued by the Company’s Investment Manager representing approximately 2.6% ( December 31, 2016 - 2.4% ) of total investments in securities and derivative assets of which 99.7% were also separately valued by third party valuation firms using information obtained from the Company’s Investment Manager. As a result of the inherent uncertainty of valuation for private securities, the estimated fair value may differ materially from the value that would have been used had a ready market existed for these investments. 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. Third Point LLC 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. 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) . These investments are included in investment in funds valued at NAV and excluded from the presentation of investments categorized by the level of the fair value hierarchy. These investments are non-redeemable and distributions are made by the investment funds as underlying investments are monetized. As of March 31, 2017 and December 31, 2016 , the Company’s asset-backed securities (“ABS”) holdings were as follows: March 31, 2017 December 31, 2016 ($ in thousands) Reperforming loans $ 142,976 60.3 % $ 44,359 17.4 % Subprime RMBS 5,372 2.3 % 117,152 46.0 % Market place loans 57,746 24.4 % 44,143 17.3 % Other (1) 30,918 13.0 % 49,198 19.3 % $ 237,012 100.0 % $ 254,852 100.0 % (1) Other includes: U.S. Alt-A positions, collateralized debt obligations, commercial mortgage-backed securities, non-U.S. RMBS and student loans ABS. As of March 31, 2017 , 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. In 2015, 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 March 31, 2017 , the Company had no remaining commitments. For the three months ended March 31, 2017 , the Company made withdrawals of $1.4 million ( 2016 - $ 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 $26.6 million as of March 31, 2017 (December 2016 - $27.7 million ). The resulting net gains or losses are reflected in the condensed consolidated statements of income (loss) . In November 2016, the Company submitted a request to fully redeem its investment in the Kiskadee Fund. The Company expects to receive the distributions in 2017 and 2018. 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 March 31, 2017 and December 31, 2016 : March 31, 2017 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets ($ in thousands) Equity securities $ 1,424,882 $ 2,343 $ — $ 1,427,225 Private common equity securities — 432 4,745 5,177 Private preferred equity securities — 3,626 48,350 51,976 Total equities 1,424,882 6,401 53,095 1,484,378 Asset-backed securities — 216,227 20,785 237,012 Bank debt — 24,052 8,722 32,774 Corporate bonds — 161,047 8,984 170,031 U.S. Treasury securities — 293,243 — 293,243 Sovereign debt — 188,161 — 188,161 Total debt securities — 882,730 38,491 921,221 Options 3,024 4,606 — 7,630 Rights and warrants — 44 — 44 Trade claims — 8,072 — 8,072 Total other investments 3,024 12,722 — 15,746 Derivative assets (free standing) 495 33,627 — 34,122 $ 1,428,401 $ 935,480 $ 91,586 2,455,467 Investments in funds valued at NAV 56,274 Total assets $ 2,511,741 Liabilities Equity securities $ 182,934 $ — $ — $ 182,934 Corporate bonds — 25,558 — 25,558 Options 3,123 6,221 — 9,344 Total securities sold, not yet purchased 186,057 31,779 — 217,836 Derivative liabilities (free standing) 378 9,135 1,326 10,839 Derivative liabilities (embedded) — — 111 111 Total liabilities $ 186,435 $ 40,914 $ 1,437 $ 228,786 December 31, 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 $ 1,450,966 $ 2,255 $ — $ 1,453,221 Private common equity securities — — 4,799 4,799 Private preferred equity securities — — 48,834 48,834 Total equities 1,450,966 2,255 53,633 1,506,854 Asset-backed securities — 237,224 17,628 254,852 Bank debt — 48,546 8,350 56,896 Corporate bonds — 209,025 9,255 218,280 U.S. Treasury securities — 327,016 — 327,016 Sovereign debt — 200,913 — 200,913 Total debt securities — 1,022,724 35,233 1,057,957 Options 343 681 — 1,024 Trade claims — 9,022 — 9,022 Total other investments 343 9,703 — 10,046 Derivative assets (free standing) 961 26,471 — 27,432 $ 1,452,270 $ 1,061,153 $ 88,866 2,602,289 Investments in funds valued at NAV 72,655 Total assets $ 2,674,944 Liabilities Equity securities $ 71,457 $ — $ — $ 71,457 Corporate bonds — 17,683 — 17,683 Options — 3,528 — 3,528 Total securities sold, not yet purchased 71,457 21,211 — 92,668 Derivative liabilities (free standing) 1,608 13,116 1,326 16,050 Derivative liabilities (embedded) — — 92 92 Total liabilities $ 73,065 $ 34,327 $ 1,418 $ 108,810 During the three months ended March 31, 2017 and during the year ended December 31, 2016 , the Company made no significant reclassifications of assets or liabilities between Levels 1 and 2. The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the three months ended March 31, 2017 and 2016 : January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) March 31, ($ in thousands) Assets Private common equity securities $ 4,799 $ — $ — $ — $ (54 ) $ 4,745 Private preferred equity securities 48,834 — — (371 ) (113 ) 48,350 Asset-backed securities 17,628 1,347 13,252 (10,796 ) (646 ) 20,785 Bank debt 8,350 — — (254 ) 626 8,722 Corporate bonds 9,255 — — (266 ) (5 ) 8,984 Total assets $ 88,866 $ 1,347 $ 13,252 $ (11,687 ) $ (192 ) $ 91,586 Liabilities Derivative liabilities (free standing) $ (1,326 ) $ — $ — $ — $ — $ (1,326 ) Derivative liabilities (embedded) (92 ) — — — (19 ) (111 ) Total liabilities $ (1,418 ) $ — $ — $ — $ (19 ) $ (1,437 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) March 31, ($ in thousands) Assets Private common equity securities $ 4,357 $ — $ — $ — $ (219 ) $ 4,138 Private preferred equity securities 24,178 — 2,111 — (1,185 ) 25,104 Asset-backed securities 2,617 168 192 (228 ) (520 ) 2,229 Bank debt 7,660 (7,660 ) — — — — Corporate bonds 3,252 — — (32 ) (262 ) 2,958 Sovereign debt 21 — — (20 ) (1 ) — Total assets $ 42,085 $ (7,492 ) $ 2,303 $ (280 ) $ (2,187 ) $ 34,429 Liabilities Derivative liabilities (free standing) $ (1,020 ) $ — $ — $ (66 ) $ — $ (1,086 ) Derivative liabilities (embedded) (5,563 ) — — — 235 (5,328 ) Total liabilities $ (6,583 ) $ — $ — $ (66 ) $ 235 $ (6,414 ) (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 losses on fair value of assets using significant unobservable inputs (Level 3) for the three months ended March 31, 2017 was $ 1.3 million ( 2016 - $ 1.7 million). For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and liabilities that were transferred out of Level 3 during the 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. March 31, 2017 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and observable (O) inputs Range Derivative liabilities (embedded) $ 111 Discounted cash flow Contractual variable annual investment credit (U) 0.0% - 2.5% Mean monthly investment return (U) 0.8 % Duration from inception of contracts (U) 5.0 years Duration from valuation date (U) 3.8 years Interest rates (O) U.S. Treasury spot rates Private equity investments $ 35,933 Market approach Volatility (U) 21.0% - 69.0% Time to exit (U) 1.0 - 3.0 years Multiple (U) 1.9 - 7.3x December 31, 2016 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and Range Derivative liabilities (embedded) $ 92 Discounted cash flow Contractual Variable Annual Investment Credit (U) 0.0% - 2.5% Mean Monthly Investment Return (U) 0.8 % Duration from Inception of Contracts (U) 5.0 years Duration from Valuation Date (U) 3.0 years Interest Rates (O) U.S. Treasury spot rates Private equity investments $ 47,608 Market approach Discount (U) 5.0% - 25.0% Volatility (U) 40.0% - 60.0% Time to exit (U) 0.4 - 2.8 years Multiple (U) 2.0 - 3.8x 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. Private equity investments The Company’s private equity investments include investments in five privately held companies with a total fair value of $35.9 million as of March 31, 2017 . T he Company measures the fair value of these investments using a market approach which typically utilizes guideline comparable company trading multiples and/or a discounted cash flow analysis. Under the guideline comparable company multiples approach, the Company determines comparable public companies based on industry, size, developmental stage, strategy, etc., and then calculates a trading multiple for each comparable company. The trading multiple may then be discounted for various considerations as appropriate. The concluded multiple is then applied to the subject company to calculate the value of the subject company. The discounted cash flow model involves using the financial information of the portfolio companies to develop revenue and income projections for the subject company for future years based on information on growth rates relative to the company’s development stage. The enterprise value of the subject company is calculated by discounting the projected cash flows and the terminal value to net present value. The fair value of the company’s debt is reduced from the enterprise value to determine the equity value. For the three months ended March 31, 2017 and 2016 , there were no changes in the valuation techniques as they relate to the above.

Securities purchased under an a

Securities purchased under an agreement to sell, securities sold under an agreement to repurchase and securities lending transactions	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , these positions were 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. 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 March 31, 2017 and December 31, 2016 : March 31, 2017 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Repurchase agreements Corporate securities $ — $ 7,261 $ — $ — $ 7,261 Non-U.S. sovereign debt — 12,612 — — 12,612 $ — $ 19,873 $ — $ — $ 19,873 December 31, 2016 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Securities lending transactions Corporate bonds $ 310 $ — $ — $ — $ 310

Due from_to brokers

Due from/to brokers	3 Months Ended
	Mar. 31, 2017
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 are available as collateral against investments in securities sold, not yet purchased and derivative positions, if required. As of March 31, 2017 and December 31, 2016 , the Company’s due from/to brokers were comprised of the following: March 31, December 31, ($ in thousands) Due from brokers Cash held at brokers $ 300,390 $ 240,205 Receivable from unsettled trades (1) 86,712 44,386 $ 387,102 $ 284,591 Due to brokers Borrowing from prime brokers (2) $ 608,711 $ 855,576 Payable from unsettled trades 30,609 44,025 $ 639,320 $ 899,601 (1) Receivables relating to securities previously owned by the Company are recorded as receivable from unsettled trades in due from brokers in the Company’s condensed consolidated balance sheets. During the year ended December 31, 2015, the Company’s investment manager, Third Point LLC, exercised appraisal rights relating to an underlying investment, which was bought by a private equity firm. The Company is currently awaiting a court decision regarding the sale price and as such, as of March 31, 2017 , $37.6 million ( December 31, 2016 - $37.6 million ) was included in receivable from unsettled trades in due from brokers. (2) As of March 31, 2017 , the Company’s borrowing from prime brokers includes a total non-U.S. currency balance of $41.7 million ( December 31, 2016 - $22.0 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 March 31, 2017 , the Company had $720.2 million ( December 31, 2016 - $726.2 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/USD $ 12,310 $ 91,939 Equity Price Contracts for Differences - Long Contracts CHF/EUR/GBP/USD 7,690 275,530 Contracts for Differences - Short Contracts SEK 25 2,640 Total Return Swaps - Long Contracts BRL/USD 3,954 106,755 Interest Rates Interest Rate Swaps GBP/USD 2,971 296,161 Interest Rate Swaptions JPY/USD 5,389 1,549,489 Sovereign Debt Futures - Short Contracts EUR/USD 495 229,805 Foreign Currency Exchange Rates Foreign Currency Forward Contracts EUR/USD 1,158 91,753 Foreign Currency Options - Purchased HKD/USD 130 66,079 Total Derivative Assets $ 34,122 $ 2,710,151 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased USD $ 2,153 $ 33,643 Credit Default Swaps - Protection Sold USD 1,958 3,936 Equity Price Contracts for Differences - Long Contracts CHF/USD 448 64,440 Contracts for Differences - Short Contracts EUR/SEK 8 4,376 Total Return Swaps - Long Contracts BRL/USD 10 5,252 Total Return Swaps - Short Contracts JPY/USD 1,532 57,783 Interest Rates Interest Rate Swaps GBP/HKD/USD 865 676,070 Interest Rate Swaptions JPY/USD 2,358 3,033,835 Sovereign Debt Futures - Short Contracts EUR/USD 378 176,688 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CNH/GBP/HKD/JPY/SAR 1,129 623,663 Total Derivative Liabilities (free standing) $ 10,839 $ 4,679,686 Embedded derivative liabilities in reinsurance contracts (3) USD $ 111 $ 20,000 Total Derivative Liabilities (embedded) $ 111 $ 20,000 (1) BRL = Brazilian Real, CHF = Swiss Franc, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, HKD = Hong Kong Dollar, JPY = Japanese Yen, SAR = Saudi Arabian Riyal, SEK = Swedish Krona, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of March 31, 2017 , 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 sheets. As of December 31, 2016 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/ USD $ 10,905 $ 84,327 Equity Price Contracts for Differences - Long Contracts EUR/ GBP 1,765 36,879 Total Return Swaps - Long Contracts BRL/ USD 617 19,140 Total Return Swaps - Short Contracts JPY 183 8,696 Interest Rates Interest Rate Swaps GBP/USD 2,462 195,571 Interest Rate Swaptions JPY / USD 5,354 424,816 Sovereign Debt Futures - Short Contracts USD 961 107,591 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CAD/ CNH/ GBP/ MXN 653 47,754 Foreign Currency Options - Purchased CNH/EUR/HKD/JPY/SAR 4,532 501,465 Total Derivative Assets $ 27,432 $ 1,426,239 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased USD $ 3,286 $ 43,184 Credit Default Swaps - Protection Sold USD 1,952 3,943 Equity Price Contracts for Differences - Long Contracts GBP — 67 Contracts for Differences - Short Contracts EUR / ZAR 1,106 11,424 Total Return Swaps - Long Contracts USD 1,675 26,800 Total Return Swaps - Short Contracts JPY / USD 1,302 10,095 Interest Rates Interest Rate Swaps GBP 722 59,115 Interest Rate Swaptions JPY/USD 1,056 417,052 Sovereign Debt Futures - Short Contracts EUR / GBP 1,608 159,923 Foreign Currency Exchange Rates Foreign Currency Forward Contracts EUR /JPY /SAR 2,009 214,854 Foreign Currency Options - Sold CNH/JPY 1,334 363,840 Total Derivative Liabilities (free standing) $ 16,050 $ 1,310,297 Embedded derivative liabilities in reinsurance contracts (3) USD $ 92 $ 20,000 Total Derivative Liabilities (embedded) $ 92 $ 20,000 (1) BRL = Brazilian Real, CAD = Canadian Dollar, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, HKD = Hong Kong Dollar, JPY = Japanese Yen, MXN = Mexican Peso, SAR = Saudi Arabian Riyal, USD = US Dollar, ZAR = South African Rand (2) The absolute notional exposure represents the Company’s derivative activity as of December 31, 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 sheets. The following table sets forth, by major risk type, the Company’s realized and unrealized gains (losses) relating to derivatives for the three months ended March 31, 2017 and 2016 . 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) . 2017 2016 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 $ — $ — $ (253 ) $ (580 ) Credit Credit Default Swaps - Protection Purchased (1,328 ) 1,620 7,685 (7,024 ) Credit Default Swaps - Protection Sold 19 (24 ) (4,358 ) 4,444 Equity Price Contracts for Differences - Long Contracts 7,870 5,476 (725 ) (564 ) Contracts for Differences - Short Contracts (3,212 ) 1,124 2,253 (6,303 ) Total Return Swaps - Long Contracts 3,801 5,002 (10,518 ) 4,657 Total Return Swaps - Short Contracts (2,729 ) (413 ) 1,228 (2,368 ) Interest Rates Commodity Futures - Short Contracts — — (1,152 ) (52 ) Fixed Income Swap - Short Contracts — — 22 (72 ) Interest Rate Swaps 1,453 365 — — Interest Rate Swaptions 1,242 (1,769 ) (112 ) 39 Sovereign Debt Futures - Short Contracts (1,782 ) 764 — — Foreign Currency Exchange Rates Foreign Currency Forward Contracts (5,874 ) 1,385 (3,096 ) (12,373 ) Foreign Currency Options - Purchased (4,869 ) 502 (1,181 ) (1,972 ) Foreign Currency Options - Sold 2,185 (80 ) 505 (81 ) $ (3,224 ) $ 13,952 $ (9,702 ) $ (22,249 ) Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ (19 ) $ — $ 235 *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 and futures contracts in accordance with bilateral collateral agreements. As of March 31, 2017 , the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position was $ 2.0 million ( December 31, 2016 - $6.1 million ) for which the Company posted collateral in the form of cash of $93.2 million ( December 31, 2016 - $48.8 million ) of collateral in the normal course of business. Similarly, the Company held collateral (approximately $3.8 million ) in cash from certain counterparties as of March 31, 2017 . If the credit-risk-related contingent features underlying these instruments had been triggered as of March 31, 2017 and the Company had to settle these instruments immediately, no additional amounts would be required to be posted that would exceed the settlement amounts of open derivative contracts or in the case of cross margining relationships, the assets in the Company’s prime brokerage accounts are sufficient to offset the derivative liabilities. The Company’s derivatives do not qualify as hedges for financial reporting purposes and are recorded in the condensed consolidated financial statements on a gross basis and not offset against any collateral pledged or received. Pursuant to ISDA master agreements and other counterparty agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to offset against payments owed to the defaulting party or collateral held by the non-defaulting party. The Company has pledged cash collateral to counterparties to support the current value of amounts due to the counterparties based on the value of the underlying security. As of March 31, 2017 and December 31, 2016 , the gross and net amounts of derivative instruments and repurchase and reverse repurchase agreements that are subject to enforceable master netting arrangements or similar agreements were as follows: Gross Amounts not Offset in the Condensed Consolidated Balance Sheet March 31, 2017 Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 893 $ 893 $ — $ — Counterparty 2 2,880 2,697 — 183 Counterparty 3 10,968 4,443 — 6,525 Counterparty 4 2,826 1,896 — 930 Counterparty 5 8,122 2,263 — 5,859 Counterparty 6 6,235 56 3,822 2,357 Counterparty 8 4,063 267 — 3,796 Counterparty 9 2,739 2,562 — 177 $ 38,726 $ 15,077 $ 3,822 $ 19,827 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet March 31, 2017 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 $ 2,876 $ 893 $ 1,983 $ — Counterparty 2 2,697 2,697 — — Counterparty 3 4,443 4,443 — — Counterparty 4 1,896 1,896 — — Counterparty 5 2,263 2,263 — — Counterparty 6 56 56 — — Counterparty 8 267 267 — — Counterparty 9 2,562 2,562 — — $ 17,060 $ 15,077 $ 1,983 $ — Securities sold under an agreement to repurchase Counterparty 4 $ 8,837 $ 8,837 $ — $ — Counterparty 6 7,687 7,687 — — $ 16,524 $ 16,524 $ — $ — (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 $4.6 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 $6.2 million included in Securities sold, not yet purchased in the condensed consolidated balance sheets. Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2016 Derivative Contracts Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 535 $ 535 $ — $ — Counterparty 2 3,147 607 — 2,540 Counterparty 3 8,652 4,760 — 3,892 Counterparty 4 1,639 1,639 — — Counterparty 5 7,336 3,027 — 4,309 Counterparty 6 6,262 2,599 3,383 280 Counterparty 7 227 — 197 30 Counterparty 8 277 277 — — Counterparty 9 37 37 — — $ 28,112 $ 13,481 $ 3,580 $ 11,051 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2016 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 $ 2,959 $ 535 $ 2,424 $ — Counterparty 2 607 607 — — Counterparty 3 4,760 4,760 — — Counterparty 4 3,827 1,639 2,188 — Counterparty 5 3,027 3,027 — — Counterparty 6 2,599 2,599 — — Counterparty 8 977 277 — 700 Counterparty 9 822 37 785 — $ 19,578 $ 13,481 $ 5,397 $ 700 Securities lending transactions Counterparty 3 $ 302 $ 302 $ — $ — $ 302 $ 302 $ — $ — (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 $0.7 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 $3.5 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	3 Months Ended
	Mar. 31, 2017
Insurance Loss Reserves [Abstract]
Loss and loss adjustment expense reserves	As of March 31, 2017 and December 31, 2016 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: March 31, December 31, ($ in thousands) Case loss and loss adjustment expense reserves $ 110,201 $ 80,370 Incurred but not reported loss and loss adjustment expense reserves 513,778 522,818 Deferred gains on retroactive reinsurance contracts 1,807 1,941 $ 625,786 $ 605,129 The following table represents the activity in the loss and loss adjustment expense reserves for the three months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Gross reserves for loss and loss adjustment expenses, beginning of period $ 605,129 $ 466,047 Less: loss and loss adjustment expenses recoverable, beginning of period (1 ) (125 ) Net reserves for loss and loss adjustment expenses, beginning of period 605,128 465,922 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 85,284 79,921 Prior years 772 4,941 Amortization of deferred gains on retroactive reinsurance contracts (161 ) (186 ) Total incurred loss and loss adjustment expenses 85,895 84,676 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (5,101 ) (6,097 ) Prior years (62,046 ) (52,319 ) Total net paid losses (67,147 ) (58,416 ) Foreign currency translation 1,858 (2,276 ) Net reserve for loss and loss adjustment expenses, end of period 625,734 489,906 Plus: loss and loss adjustment expenses recoverable, end of period 52 1 Gross reserve for loss and loss adjustment expenses, end of period $ 625,786 $ 489,907 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 $0.8 million increase in prior years’ reserves for the three months ended March 31, 2017 includes $2.4 million of additional loss reserves resulting from increase s in premium estimates on certain contracts, partially offset by $1.6 million of net favorable reserve development related to re-estimating loss reserves. 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 $2.4 million increase in loss and loss adjustment expenses incurred related to the increase in premium estimates on certain contracts was accompanied by a $1.0 million increase in acquisition costs, for a total of $3.4 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in earned premium related to the increase in premium estimates was $3.4 million , resulting in minimal impact in net underwriting loss for the three months ended March 31, 2017 . • The $1.6 million of net favorable prior years’ reserve development for the three months ended March 31, 2017 was accompanied by net increase s of $1.6 million in acquisition costs, resulting in minimal impact in net underwriting loss. • In total, there was minimal change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium estimates for the three months ended March 31, 2017 . The $4.9 million increase in prior years’ reserves for the three months ended March 31, 2016 includes $0.1 million of net favorable reserve development related to re-estimating loss reserves and $5.0 million of additional loss reserves resulting from increases 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 $0.1 million of net favorable prior years’ reserve development for the three months ended March 31, 2016 was accompanied by net decreases of $0.1 million in acquisition costs, resulting in a net decrease of $0.2 million in net underwriting loss. • The $5.0 million increase in loss and loss adjustment expenses incurred related to the increase in premium estimates on certain contracts was accompanied by a $3.0 million increase in acquisition costs, for a total of $8.0 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 $8.5 million , resulting in a $0.5 million decrease in net underwriting loss for the three months ended March 31, 2016. • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium estimates was a decrease of $0.7 million for the three months ended March 31, 2016.

Management, performance and fou

Management, performance and founders fees	3 Months Ended
	Mar. 31, 2017
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 remaining 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. Additionally, Third Point LLC is entitled to receive management fees, which are paid monthly, whereas performance fees are paid annually, in arrears. Pursuant to the Investment Agreements a total management fee of 1.5% ( 2.0% up to December 22, 2016), of net investments managed by Third Point LLC was paid to Third Point LLC and certain founding investors. 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 months ended March 31, 2017 and 2016 are as follows: 2017 2016 ($ in thousands) Management fees - Third Point LLC $ 8,467 $ 1,521 Management fees - Founders (1) — 8,621 Performance fees - Third Point Advisors LLC 30,858 — $ 39,325 $ 10,142 (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”, received a share of the management fees in proportion to their initial investments in Third Point Reinsurance Ltd. until December 22, 2016. As of March 31, 2017 , $30.9 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, 2016 , $17.3 million related to performance fees earned by TP GP were included in non-controlling interests.

Deposit contracts

Deposit contracts	3 Months Ended
	Mar. 31, 2017
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	The following table represents activity for the deposit contracts for the three months ended March 31, 2017 and year ended December 31, 2016 : March 31, December 31, ($ in thousands) Balance, beginning of period $ 104,905 $ 83,955 Consideration received 1,371 22,463 Net investment expense (income) allocation and change in fair value of embedded derivatives 409 (164 ) Payments (934 ) (915 ) Foreign currency translation 27 (434 ) Balance, end of period $ 105,778 $ 104,905

Senior notes payable and letter

Senior notes payable and letter of credit facilities	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Senior notes payable and letter of credit facilities	Senior Notes payable As of March 31, 2017 , 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 March 31, 2017 , the Company had capitalized $1.4 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 March 31, 2017 , the Notes had an estimated fair value of $112.6 million ( December 31, 2016 - $103.4 million ). The fair value measurements were based on observable inputs and therefore were considered to be Level 2. The Company was in compliance with all of the debt covenants as of March 31, 2017 and December 31, 2016 . Letters of credit As of March 31, 2017 , the Company had entered into the following letter of credit facilities: Facility (1) Utilized Collateral March 31, 2017 ($ in thousands) Citibank $ 300,000 $ 147,456 $ 147,456 J.P. Morgan 50,000 9 9 Lloyds Bank 125,000 73,264 73,264 $ 475,000 $ 220,729 $ 220,729 (1) On March 31, 2017, the BNP Paribas facility of $50.0 million with Third Point Re USA was not renewed. 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	3 Months Ended
	Mar. 31, 2017
Net Investment Income [Abstract]
Net investment income (loss)	Net investment income (loss) for the three months ended March 31, 2017 and 2016 consisted of the following: 2017 2016 Net investment income (loss) by type ($ in thousands) Net realized gains on investments and investment derivatives $ 61,026 $ 23,242 Net unrealized gains (losses) on investments and investment derivatives 95,455 (54,842 ) Net losses on foreign currencies (552 ) (166 ) Dividend and interest income 17,267 7,672 Dividends paid on securities sold, not yet purchased (525 ) (434 ) Management and performance fees (39,325 ) (10,142 ) Other expenses (5,103 ) (5,687 ) Net investment income (loss) on investments managed by Third Point LLC 128,243 (40,357 ) Net gain on investment in Kiskadee Fund 267 247 $ 128,510 $ (40,110 ) 2017 2016 Net investment income (loss) by asset class ($ in thousands) Net investment gains (losses) on equity securities $ 151,493 $ (2,231 ) Net investment gains on debt securities 23,503 12,149 Net investment losses on other investments (3,696 ) (8,496 ) Net investment gains (losses) on investment derivatives 10,728 (31,951 ) Net investment gains (losses) on securities sold, not yet purchased (9,384 ) 4,304 Net investment income (loss) on cash, including foreign exchange gain (loss) (2,936 ) (1,715 ) Net investment losses on securities sold under an agreement to repurchase (20 ) (697 ) Management and performance fees (39,325 ) (10,142 ) Other investment expenses (1,853 ) (1,331 ) $ 128,510 $ (40,110 )

Other expenses

Other expenses	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Other expenses	Other expenses for the three months ended March 31, 2017 and 2016 consisted of the following: 2017 2016 ($ in thousands) Deposit liabilities investment expense $ 409 $ 471 Reinsurance contracts investment expense 2,473 2,470 Change in fair value of embedded derivatives in deposit and reinsurance contracts 19 (235 ) $ 2,901 $ 2,706

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income taxes	The Company provides 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. As of March 31, 2017, the Company has income tax returns open for examination in the United States for the tax years 2015 and 2016. 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 March 31, 2017 , the Company has accrued $1.8 million (December 31, 2016 - $1.6 million ) for uncertain tax positions. For the three months ended March 31, 2017 and 2016 , the Company recorded income tax expense (benefit), as follows: 2017 2016 ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ 4,182 $ (3,120 ) Change in uncertain tax positions 126 — Withholding taxes on certain investment transactions 990 1,191 $ 5,298 $ (1,929 ) (1) As of March 31, 2017 , the Company has recorded $3.7 million (December 31, 2016 - $7.9 million ) of net deferred tax assets, which are included in other assets in the condensed consolidated balance sheets. As of March 31, 2017 and December 31, 2016 , 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	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Share capital	The following tables present a summary of the common shares issued and outstanding and shares repurchased held as treasury shares as of and for the three months ended March 31, 2017 and 2016 : Common shares 2017 2016 Balance, beginning of period 106,501,299 105,479,341 Options exercised 50,000 79,832 Performance restricted shares granted, net of forfeitures 630,784 653,958 Balance, end of period 107,182,083 106,213,131 Treasury shares 2017 2016 Balance, beginning of period 644,768 — Repurchase of common shares 1,532,871 — Balance, end of period 2,177,639 — 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 March 31, 2017 , the Company repurchased 1,532,871 of its common shares in the open market for $ 18.9 million at a weighted average cost, including commissions, of $ 12.32 per share. Common shares repurchased by the Company were not canceled and are classified as treasury shares. As of March 31, 2017 , the Company may repurchase up to an aggregate of $73.7 million of additional common shares under its share repurchase program.

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Management and director options $ 347 $ 1,555 Restricted shares with service condition 124 206 Restricted shares with service and performance condition 1,359 890 $ 1,830 $ 2,651 As of March 31, 2017 , the Company had $ 9.8 million ( December 31, 2016 - $4.6 million ) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.7 years ( December 31, 2016 - 1.4 years ). Management and director options The management and director options activity for the three months ended March 31, 2017 and year ended December 31, 2016 were as follows: Number of options Weighted average exercise price Balances as of January 1, 2016 10,250,586 $ 13.52 Forfeited (139,534 ) 18.00 Exercised (514,059 ) 10.00 Balances as of January 1, 2017 9,596,993 13.64 Exercised (50,000 ) 10.00 Balances as of March 31, 2017 9,546,993 $ 13.66 As of March 31, 2017 , the weighted average remaining contractual term for options outstanding was 4.6 years ( December 31, 2016 - 4.9 years ). The following table summarizes information about the Company’s management and director share options outstanding as of March 31, 2017 : 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 5,224,334 $ 10.04 4.8 years 5,070,845 $ 10.02 $15.05 - $16.89 2,196,214 15.94 4.5 years 2,061,330 15.96 $20.00 - $25.05 2,126,445 20.23 4.5 years 2,019,469 20.14 9,546,993 $ 13.66 4.6 years 9,151,644 $ 13.59 Restricted shares with service condition Restricted share award activity for the three months ended March 31, 2017 and year ended December 31, 2016 was as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2016 301,043 $ 11.12 Granted 47,712 11.37 Vested (47,712 ) 11.37 Balance as of January 1, 2017 301,043 11.12 Vested (223,125 ) 10.07 Balance as of March 31, 2017 77,918 $ 14.12 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 three months ended March 31, 2017 and year ended December 31, 2016 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, 2016 921,553 536,234 $ 14.24 Granted 653,958 435,974 11.40 Forfeited (193,771 ) (119,009 ) 13.16 Change in estimated restricted shares considered probable of vesting n/a (275,713 ) 13.06 Balance as of January 1, 2017 1,381,740 577,486 12.91 Granted 871,723 581,147 12.20 Forfeited (240,939 ) — 14.60 Vested (136,618 ) (136,618 ) 14.60 Change in estimated restricted shares considered probable of vesting n/a 3,207 14.60 Balance as of March 31, 2017 1,875,906 1,025,222 $ 12.29

Non-controlling interests

Non-controlling interests	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 were $16.8 million ( December 31, 2016 - $35.7 million ). Income attributable to non-controlling interests for the three months ended March 31, 2017 was $1.2 million ( 2016 - $1.2 million ). As of March 31, 2017 , 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 three months ended March 31, 2017 , distributions of $20.0 million ( 2016 - $nil million) were made by TP GP. As of March 31, 2017 , the following entities were not consolidated as per ASC 810: 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 March 31, 2017 , Third Point Re held a 13.9% ( December 31, 2016 - 13.8% ) 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 March 31, 2017 , the estimated fair value of the investment in the limited partnership was $ 18.0 million ( December 31, 2016 - $ 37.6 million). The Company received net distributions of $19.6 million from the Cayman HoldCo during the period ended March 31, 2017 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. 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 $ 10.6 million ( December 31, 2016 - $10.6 million ) in the Hellenic Fund. No capital distributions or calls were made during the three months ended March 31, 2017 and 2016 . As of March 31, 2017 , the estimated fair value of Third Point Re’s investment in the Hellenic Fund was $6.1 million ( December 31, 2016 - $5.5 million), representing a 2.8% interest ( December 31, 2016 - 2.8% ). 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. TP DR Holdings LLC The Company holds an equity and debt investment in TP DR Holdings LLC (“TP DR”), which is an affiliate of the Investment Manager. In December 2016, TP DR was formed as a limited liability company under the laws of the Cayman Islands to invest and own 100% equity interest in DCA Holdings Six Ltd. and its wholly owned subsidiary group. TP DR’s principal objective is to own, develop and manage properties in the Dominican Republic. The Company invests in TP DR alongside other investment funds managed by the Investment Manager and third-party investors. As of March 31, 2017 , Third Point Re held a 7.0% equity ( December 31, 2016 - 7.2% ) and 13.3% debt interest ( December 31, 2016 - 13.7% ) in TP DR. The Company has elected the fair value option for its investments in TP DR and records changes in fair value in the condensed consolidated statements of income (loss) . The Company accounts for its equity investment in TP DR under the variable interest model, in which the Company is not the primary beneficiary, at fair value in the condensed consolidated balance sheets. As of March 31, 2017 , the estimated fair value of the investment was $10.5 million ( December 31, 2016 - $9.5 million ), corresponding to $2.1 million of equity ( December 31, 2016 - $0.9 million ) and $8.4 million of debt interest ( December 31, 2016 - $8.6 million ). The Company has no further commitments or guarantees with respect to TP DR. The valuation policy with respect to this investment in investment funds 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.

Earnings (loss)per share

Earnings (loss)per share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings (loss) per share	The following sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2017 and 2016 : 2017 2016 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 104,013,871 104,257,874 Dilutive effect of options 781,568 — Dilutive effect of warrants 722,816 — Dilutive effect of restricted shares with service and performance condition 183,344 — Diluted number of common shares outstanding 105,701,599 104,257,874 Basic earnings (loss) per common share: Net income (loss) $ 104,186 $ (51,129 ) Income allocated to participating shares (139 ) — Net income (loss) available to common shareholders $ 104,047 $ (51,129 ) Basic earnings (loss) per common share $ 1.00 $ (0.49 ) Diluted earnings (loss) per common share: Net income (loss) $ 104,186 $ (51,129 ) Income allocated to participating shares (136 ) — Net income (loss) available to common shareholders $ 104,050 $ (51,129 ) Diluted earnings (loss) per common share $ 0.98 $ (0.49 ) For the three months ended March 31, 2017 , anti-dilutive options of 4,322,659 were excluded from the computation of diluted earnings per share. As a result of the net loss for the three months ended March 31, 2016 , all outstanding options, warrants and restricted shares with service and performance conditions totaling 15,072,870 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , Loan LLC held $ 109.3 million ( December 31, 2016 - $ 124.1 million) and Ventures LLC held $22.4 million ( December 31, 2016 - $ 22.6 million ) 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , the investment portfolio had a maximum payout amount of approximately $ 353.4 million ( December 31, 2016 - $ 87.5 million) relating to written put option contracts with expiration ranging from two months to ten 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 March 31, 2017 was $ 6.9 million ( December 31, 2016 - $ 1.3 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 March 31, 2017 , 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 March 31, 2017 and December 31, 2016 : March 31, 2017 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on underlying (basis points) 0-5 years 5 years or Total Written Asset Liability Net Asset/(Liability) ($ in thousands) Single name (0 - 250) $ — $ 3,936 $ 3,936 $ — $ 1,958 $ (1,958 ) December 31, 2016 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on underlying (basis points) 0-5 years 5 years or Total Written Asset Liability Net Asset/(Liability) ($ in thousands) Single name (0 - 250) $ — $ 3,943 $ 3,943 $ — $ 1,952 $ (1,952 ) (1) As of March 31, 2017 and December 31, 2016 , 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 Investments In addition to off-balance sheet risks related to specific financial instruments, the Company may be subject to concentrations of credit risk with certain counterparties. Substantially all securities transactions and individual counterparty concentrations are with major securities firms, such as prime brokers or their affiliates. 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 March 31, 2017 , the Company’s maximum counterparty credit risk exposure was $ 38.7 million ( December 31, 2016 - $ 28.1 million). Underwriting The Company is exposed to credit risk in several reinsurance contracts with companies that write credit risk insurance, which primarily consists of mortgage insurance credit risk. Loss experience in these lines of business is cyclical and is affected by the state of the general economic environment. The Company provides its clients in these lines of business with reinsurance protection against credit deterioration, defaults or other types of financial non-performance. The Company mitigates the risks associated with these credit-sensitive lines of business through the use of risk management techniques such as risk diversification and monitoring of risk aggregations. The Company has exposure to credit risk as it relates to its business written through brokers, if any of the Company’s brokers are unable to fulfill their contractual obligations with respect to payments to the Company. In addition, in some jurisdictions, if the broker fails to make payments to the insured under the Company’s policy, the Company may remain liable to the insured for the deficiency. The Company’s exposure to such credit risk is somewhat mitigated in certain jurisdictions by contractual terms. The Company has exposure to credit risk related to balances receivable under our reinsurance contracts, including premiums receivable, and the possibility that counterparties may default on their obligations to the Company. The risk of counterparty default is partially mitigated by the fact that any amount owed from a reinsurance counterparty would be netted against any losses the Company would pay in the future. The Company monitors the collectability of these balances on a regular basis.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , the Company had one unfunded capital commitment of $ 3.2 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 In February 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	3 Months Ended
	Mar. 31, 2017
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. The following is a summary of the Company’s operating segment results for the three months ended March 31, 2017 and 2016 : Three months ended March 31, 2017 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 146,354 $ — $ 146,354 Gross premiums ceded (1,125 ) — (1,125 ) Net premiums written 145,229 — 145,229 Change in net unearned premium reserves (7,220 ) — (7,220 ) Net premiums earned 138,009 — 138,009 Expenses Loss and loss adjustment expenses incurred, net 85,895 — 85,895 Acquisition costs, net 54,452 — 54,452 General and administrative expenses 6,312 4,260 10,572 Total expenses 146,659 4,260 150,919 Net underwriting loss (8,650 ) n/a n/a Net investment income 36,120 92,390 128,510 Other expenses (2,901 ) — (2,901 ) Interest expense — (2,026 ) (2,026 ) Foreign exchange losses — (15 ) (15 ) Income tax expense — (5,298 ) (5,298 ) Segment income (loss) including non-controlling interests 24,569 80,791 105,360 Segment income attributable to non-controlling interes ts — (1,174 ) (1,174 ) Segment income (loss) $ 24,569 $ 79,617 $ 104,186 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 62.2 % Acquisition cost ratio 39.5 % Composite ratio 101.7 % General and administrative expense ratio 4.6 % Combined ratio 106.3 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Three months ended March 31, 2016 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 197,156 $ — $ 197,156 Gross premiums ceded — — — Net premiums written 197,156 — 197,156 Change in net unearned premium reserves (60,354 ) — (60,354 ) Net premiums earned 136,802 — 136,802 Expenses Loss and loss adjustment expenses incurred, net 84,676 — 84,676 Acquisition costs, net 51,687 — 51,687 General and administrative expenses 7,062 4,226 11,288 Total expenses 143,425 4,226 147,651 Net underwriting loss (6,623 ) n/a n/a Net investment loss (8,261 ) (31,849 ) (40,110 ) Other expenses (2,706 ) — (2,706 ) Interest expense — (2,048 ) (2,048 ) Foreign exchange gains — 2,386 2,386 Income tax benefit — 1,929 1,929 Segment income (loss) including non-controlling interests (17,590 ) (33,808 ) (51,398 ) Segment (income) loss attributable to non-controlling interests — 269 269 Segment income (loss) $ (17,590 ) $ (33,539 ) $ (51,129 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 61.9 % Acquisition cost ratio 37.8 % Composite ratio 99.7 % General and administrative expense ratio 5.2 % Combined ratio 104.9 % (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 months ended March 31, 2017 and 2016 as a percentage of total gross premiums written in the relevant period: 2017 2016 Largest contract 36.9 % 48.0 % Second largest contract 12.9 % 16.3 % Third largest contract 11.5 % 13.8 % Fourth largest contract n/a 10.7 % Total for contracts contributing greater than 10% each 61.3 % 88.8 % Total for contracts contributing less than 10% each 38.7 % 11.2 % 100.0 % 100.0 % The following table provides a breakdown of the Company’s gross premiums written by line of business for the three months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Property $ 12 — % $ (175 ) (0.1 )% Casualty 87,205 59.6 % 11,377 5.8 % Specialty 59,137 40.4 % 185,954 94.3 % $ 146,354 100.0 % $ 197,156 100.0 % The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the three months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Prospective $ 146,354 100.0 % $ 197,156 100.0 % Retroactive (1) — — % — — % $ 146,354 100.0 % $ 197,156 100.0 % (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 months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Largest broker $ 67,689 46.3 % $ 128,171 65.0 % Second largest broker 24,149 16.5 % 31,665 16.1 % Third largest broker 16,029 11.0 % 21,746 11.0 % Other 38,487 26.2 % 15,574 7.9 % $ 146,354 100.0 % $ 197,156 100.0 % The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the three months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) United States $ 42,430 29.0 % $ 43,291 22.0 % Bermuda 54,075 36.9 % — — % United Kingdom 49,849 34.1 % 153,865 78.0 % $ 146,354 100.0 % $ 197,156 100.0 %

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 , condensed consolidating statements of income (loss) and condensed consolidating statements of cash flows for the three months ended March 31, 2017 and 2016 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 March 31, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,484,378 $ — $ 1,484,378 Debt securities — — 921,221 — 921,221 Other investments — — 72,020 — 72,020 Total investments in securities — — 2,477,619 — 2,477,619 Cash and cash equivalents 60 80 11,689 — 11,829 Restricted cash and cash equivalents — — 334,813 — 334,813 Investment in subsidiaries 1,520,278 270,455 165,473 (1,956,206 ) — Due from brokers — — 387,102 — 387,102 Derivative assets, at fair value — — 34,122 — 34,122 Interest and dividends receivable — — 8,003 — 8,003 Reinsurance balances receivable — — 421,034 — 421,034 Deferred acquisition costs, net — — 220,754 — 220,754 Amounts due from (to) affiliates (17,919 ) (4,128 ) 22,047 — — Other assets 493 6,220 7,366 — 14,079 Total assets $ 1,502,912 $ 272,627 $ 4,090,022 $ (1,956,206 ) $ 3,909,355 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,231 $ 40 $ 10,238 $ — $ 11,509 Reinsurance balances payable — — 51,173 — 51,173 Deposit liabilities — — 105,778 — 105,778 Unearned premium reserves — — 565,243 — 565,243 Loss and loss adjustment expense reserves — — 625,786 — 625,786 Securities sold, not yet purchased, at fair value — — 217,836 — 217,836 Securities sold under an agreement to repurchase — — 16,524 — 16,524 Due to brokers — — 639,320 — 639,320 Derivative liabilities, at fair value — — 10,839 — 10,839 Performance fee payable to related party — — 30,857 — 30,857 Interest and dividends payable — 1,015 1,346 — 2,361 Senior notes payable, net of deferred costs — 113,599 — — 113,599 Total liabilities 1,231 114,654 2,274,940 — 2,390,825 Shareholders’ equity Common shares 10,718 — 1,250 (1,250 ) 10,718 Treasury shares (26,273 ) — — — (26,273 ) Additional paid-in capital 1,096,828 165,600 1,530,801 (1,696,401 ) 1,096,828 Retained earnings (deficit) 420,408 (7,627 ) 266,182 (258,555 ) 420,408 Shareholders’ equity attributable to shareholders 1,501,681 157,973 1,798,233 (1,956,206 ) 1,501,681 Non-controlling interests — — 16,849 — 16,849 Total shareholders’ equity 1,501,681 157,973 1,815,082 (1,956,206 ) 1,518,530 Total liabilities and shareholders’ equity $ 1,502,912 $ 272,627 $ 4,090,022 $ (1,956,206 ) $ 3,909,355 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,506,854 $ — $ 1,506,854 Debt securities — — 1,057,957 — 1,057,957 Other investments — — 82,701 — 82,701 Total investments in securities — — 2,647,512 — 2,647,512 Cash and cash equivalents 1,629 79 8,243 — 9,951 Restricted cash and cash equivalents — — 298,940 — 298,940 Investment in subsidiaries 1,413,078 269,622 165,324 (1,848,024 ) — Due from brokers — — 284,591 — 284,591 Derivative assets, at fair value — — 27,432 — 27,432 Interest and dividends receivable — — 6,505 — 6,505 Reinsurance balances receivable — — 381,951 — 381,951 Deferred acquisition costs, net — — 221,618 — 221,618 Amounts due from (to) affiliates (142 ) (8,394 ) 8,536 — — Other assets 637 5,507 11,000 — 17,144 Total assets $ 1,415,202 $ 266,814 $ 4,061,652 $ (1,848,024 ) $ 3,895,644 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,151 $ 40 $ 9,130 $ — $ 10,321 Reinsurance balances payable — — 43,171 — 43,171 Deposit liabilities — — 104,905 — 104,905 Unearned premium reserves — — 557,076 — 557,076 Loss and loss adjustment expense reserves — — 605,129 — 605,129 Securities sold, not yet purchased, at fair value — — 92,668 — 92,668 Due to brokers — — 899,601 — 899,601 Derivative liabilities, at fair value — — 16,050 — 16,050 Interest and dividends payable — 3,057 386 — 3,443 Senior notes payable, net of deferred costs — 113,555 — — 113,555 Total liabilities 1,151 116,652 2,328,116 — 2,445,919 Shareholders’ equity Common shares 10,650 — 1,250 (1,250 ) 10,650 Treasury shares (7,389 ) — — — (7,389 ) Additional paid-in capital 1,094,568 165,456 1,528,827 (1,694,283 ) 1,094,568 Retained earnings (deficit) 316,222 (15,294 ) 167,785 (152,491 ) 316,222 Shareholders’ equity attributable to shareholders 1,414,051 150,162 1,697,862 (1,848,024 ) 1,414,051 Non-controlling interests — — 35,674 — 35,674 Total shareholders’ equity 1,414,051 150,162 1,733,536 (1,848,024 ) 1,449,725 Total liabilities and shareholders’ equity $ 1,415,202 $ 266,814 $ 4,061,652 $ (1,848,024 ) $ 3,895,644 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended March 31, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 146,354 $ — $ 146,354 Gross premiums ceded — — (1,125 ) — (1,125 ) Net premiums written — — 145,229 — 145,229 Change in net unearned premium reserves — — (7,220 ) — (7,220 ) Net premiums earned — — 138,009 — 138,009 Net investment inco me — — 128,510 — 128,510 Equity in earnings of subsidiaries 105,370 8,989 5 (114,364 ) — Total revenues 105,370 8,989 266,524 (114,364 ) 266,519 Expenses Loss and loss adjustment expenses incurred, net — — 85,895 — 85,895 Acquisition costs, net — — 54,452 — 54,452 General and administrative expenses 1,184 8 9,380 — 10,572 Other expenses — — 2,901 — 2,901 Interest expense — 2,026 — — 2,026 Foreign exchange losse s — — 15 — 15 Total expenses 1,184 2,034 152,643 — 155,861 Income before income tax expense 104,186 6,955 113,881 (114,364 ) 110,658 Income tax (expens e) benefit — 712 (6,010 ) — (5,298 ) Income including non-controlling interests 104,186 7,667 107,871 (114,364 ) 105,360 Income attributable to non-controlling interests — — (1,174 ) — (1,174 ) Net income $ 104,186 $ 7,667 $ 106,697 $ (114,364 ) $ 104,186 CONDENSED CONSOLIDATING STATEMENT OF LOSS Three months ended March 31, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 197,156 $ — $ 197,156 Gross premiums ceded — — — — — Net premiums written — — 197,156 — 197,156 Change in net unearned premium reserves — — (60,354 ) — (60,354 ) Net premiums earned — — 136,802 — 136,802 Net investment income (loss) — — (40,110 ) — (40,110 ) Equity in losses of subsidiaries (50,154 ) (4,452 ) (31 ) 54,637 — Total revenues (50,154 ) (4,452 ) 96,661 54,637 96,692 Expenses Loss and loss adjustment expenses incurred, net — — 84,676 — 84,676 Acquisition costs, net — — 51,687 — 51,687 General and administrative expenses 975 2 10,311 — 11,288 Other expenses — — 2,706 — 2,706 Interest expense — 2,048 — — 2,048 Foreign exchange gains — — (2,386 ) — (2,386 ) Total expenses 975 2,050 146,994 — 150,019 Loss before income tax benefit (51,129 ) (6,502 ) (50,333 ) 54,637 (53,327 ) Income tax benefit — 718 1,211 — 1,929 Loss including non-controlling interests (51,129 ) (5,784 ) (49,122 ) 54,637 (51,398 ) Loss attributable to non-controlling interests — — 269 — 269 Net loss $ (51,129 ) $ (5,784 ) $ (48,853 ) $ 54,637 $ (51,129 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months ended March 31, 2017 (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 $ 104,186 $ 7,667 $ 107,871 $ (114,364 ) $ 105,360 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (105,370 ) (8,989 ) (5 ) 114,364 — Share compensation expense — — 1,830 — 1,830 Net interest expense on deposit liabilities — — 409 — 409 Net unrealized gain on investments and derivatives — — (95,703 ) — (95,703 ) Net realized gain on investments and derivatives — — (61,028 ) — (61,028 ) Net foreign exchange losses — — 15 — 15 Amortization of premium and accretion of discount, net — 44 (709 ) — (665 ) Changes in assets and liabilities: Reinsurance balances receivable — — (37,281 ) — (37,281 ) Deferred acquisition costs, net — — 864 — 864 Other assets 144 (713 ) 3,644 — 3,075 Interest and dividends receivable, net — (2,042 ) (538 ) — (2,580 ) Unearned premium reserves — — 8,167 — 8,167 Loss and loss adjustment expense reserves — — 18,798 — 18,798 Accounts payable and accrued expenses 80 — 1,099 — 1,179 Reinsurance balances payable — — 8,051 — 8,051 Performance fees payable to related party — — 30,857 — 30,857 Amounts due from (to) affiliates 17,777 (4,266 ) (13,511 ) — — Net cash provided by (used in) operating activities 16,817 (8,299 ) (27,170 ) — (18,652 ) Investing activities Purchases of investments — — (613,020 ) — (613,020 ) Proceeds from sales of investments — — 940,797 — 940,797 Purchases of investments to cover short sales — — (120,014 ) — (120,014 ) Proceeds from short sales of investments — — 232,856 — 232,856 Change in due to/from brokers, net — — (362,792 ) — (362,792 ) Increase in securities sold under an agreement to repurchase — — 16,524 — 16,524 Change in restricted cash and cash equivalents — — (35,873 ) — (35,873 ) Net cash provided by (used in) investing activities — — 58,478 — 58,478 Financing activities Proceeds from issuance of common shares, net of costs 498 — — — 498 Purchases of common shares under share repurchase program (18,884 ) — — — (18,884 ) Increase in deposit liabilities, net — — 437 — 437 Non-controlling interest in investment affiliate, net — — (19,999 ) — (19,999 ) Dividend received by (paid to) parent — 8,300 (8,300 ) — — Net cash provided by (used in) financing activities (18,386 ) 8,300 (27,862 ) — (37,948 ) Net increase (decrease) in cash and cash equivalents (1,569 ) 1 3,446 — 1,878 Cash and cash equivalents at beginning of period 1,629 79 8,243 — 9,951 Cash and cash equivalents at end of period $ 60 $ 80 $ 11,689 $ — $ 11,829 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months ended March 31, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Loss including non-controlling interests $ (51,129 ) $ (5,784 ) $ (49,122 ) $ 54,637 $ (51,398 ) Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities Equity in losses of subsidiaries 50,154 4,452 31 (54,637 ) — Share compensation expense — — 2,651 — 2,651 Interest expense on deposit liabilities — — 471 — 471 Net unrealized loss on investments and derivatives — — 55,627 — 55,627 Net realized gain on investments and derivatives — — (24,510 ) — (24,510 ) Foreign exchange gains included in net income — — (2,386 ) — (2,386 ) Amortization of premium and accretion of discount, net — 44 2,498 — 2,542 Changes in assets and liabilities: Reinsurance balances receivable — — (31,603 ) — (31,603 ) Deferred acquisition costs, net — — (19,596 ) — (19,596 ) Other assets 142 (718 ) (3,877 ) — (4,453 ) Interest and dividends receivable, net — (2,021 ) (3,387 ) — (5,408 ) Unearned premium reserves — — 60,260 — 60,260 Loss and loss adjustment expense reserves — — 26,136 — 26,136 Accounts payable and accrued expenses (350 ) — (2,047 ) — (2,397 ) Reinsurance balances payable — — 6,892 — 6,892 Amounts due from (to) affiliates 914 4,025 (4,939 ) — — Net cash provided by (used in) operating activities (269 ) (2 ) 13,099 — 12,828 Investing activities Purchases of investments — — (1,189,432 ) — (1,189,432 ) Proceeds from sales of investments — — 771,687 — 771,687 Purchases of investments to cover short sales — — (459,901 ) — (459,901 ) Proceeds from short sales of investments — — 386,054 — 386,054 Change in due to/from brokers, net — — 288,507 — 288,507 Increase in securities sold under an agreement to repurchase — — 161,361 — 161,361 Change in restricted cash and cash equivalents — — 13,992 — 13,992 Contributed capital to subsidiaries (5,000 ) (5,000 ) — 10,000 — Contributed capital from parent and/or subsidiaries — 5,000 5,000 (10,000 ) — Net cash provided by (used in) investing activities (5,000 ) — (22,732 ) — (27,732 ) Financing activities Increase in deposit liabilities — — 2,155 — 2,155 Dividend received by (paid to) parent 5,000 — (5,000 ) — — Net cash provided by (used in) financing activities 5,000 — (2,845 ) — 2,155 Net increase in cash and cash equivalents (269 ) (2 ) (12,478 ) — (12,749 ) Cash and cash equivalents at beginning of period 308 5 20,094 — 20,407 Cash and cash equivalents at end of period $ 39 $ 3 $ 7,616 $ — $ 7,658

Significant accounting polici30

Significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Recently issued accounting standards	Recently issued accounting standards Issued and effective as of March 31, 2017 In March 2016, the Financial Accounting Standards Board (“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 did not have a material impact 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. This new accounting standard did not have a material impact on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323) (ASU 2017-03). ASU 2017-03 makes certain technical corrections to the FASB Accounting Standards Codification. The amendments are effective upon issuance of this ASU 2017-03. The Company did not have any accounting changes or error corrections for which this standard applied. Issued but not yet effective as of March 31, 2017 In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842): Section A - Leases, Section B - Conforming Amendments Related to Leases and Section C - Background Information and Basis for Conclusions (ASU 2016-02). ASU 2016-02 intends to improve financial reporting about leasing transactions. The new standard affects all entities that lease assets such as real estate, airplanes and manufacturing equipment. ASU 2016-01 will require entities that lease assets, referred to as “lessees”, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s condensed consolidated financial statements as a result of the limited number of leases the Company currently has in place. 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 March 2017, the FASB issued Accounting Standards Update 2017-08, Premium Amortization on Purchased Callable Debt Securities (ASU 2017-08). ASU 2017-08 is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities.The amendments are effective for interim and annual periods beginning after December 15, 2018. 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)	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
Schedule of restricted cash and cash equivalents	Restricted cash and cash equivalents and restricted investments as of March 31, 2017 and December 31, 2016 consisted of the following: March 31, December 31, ($ in thousands) Restricted cash securing letter of credit facilities (1) $ 220,729 $ 231,822 Restricted cash securing other reinsurance contracts (2) 114,084 67,118 Total restricted cash and cash equivalents 334,813 298,940 Restricted investments securing other reinsurance contracts (2) 385,354 427,308 Total restricted cash and cash equivalents and restricted investments $ 720,167 $ 726,248 (1) Restricted cash securing letter of credit facilities primarily pertains to letters of credit issued to clients and cash securing these obligations that the Company will not be released 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)	3 Months Ended
	Mar. 31, 2017
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: March 31, December 31, Assets ($ in thousands) Total investments in securities $ 2,451,029 $ 2,619,839 Cash and cash equivalents 6 5 Restricted cash and cash equivalents 334,813 298,940 Due from brokers 387,102 284,591 Derivative assets 34,122 27,432 Interest and dividends receivable 8,003 6,505 Total assets 3,215,075 3,237,312 Liabilities and non-controlling interest Accounts payable and accrued expenses 1,889 1,374 Securities sold, not yet purchased 217,836 92,668 Securities sold under an agreement to repurchase 16,524 — Due to brokers 639,320 899,601 Derivative liabilities 10,839 16,050 Performance fee payable to related party 30,857 — Interest and dividends payable 1,347 386 Non-controlling interest 16,849 35,674 Total liabilities and non-controlling interest 935,461 1,045,753 Total net investments managed by Third Point LLC $ 2,279,614 $ 2,191,559
Schedule of the largest concentration of the Company's asset-backed securities	As of March 31, 2017 and December 31, 2016 , the Company’s asset-backed securities (“ABS”) holdings were as follows: March 31, 2017 December 31, 2016 ($ in thousands) Reperforming loans $ 142,976 60.3 % $ 44,359 17.4 % Subprime RMBS 5,372 2.3 % 117,152 46.0 % Market place loans 57,746 24.4 % 44,143 17.3 % Other (1) 30,918 13.0 % 49,198 19.3 % $ 237,012 100.0 % $ 254,852 100.0 % (1) Other includes: U.S. Alt-A positions, collateralized debt obligations, 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 March 31, 2017 and December 31, 2016 : March 31, 2017 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets ($ in thousands) Equity securities $ 1,424,882 $ 2,343 $ — $ 1,427,225 Private common equity securities — 432 4,745 5,177 Private preferred equity securities — 3,626 48,350 51,976 Total equities 1,424,882 6,401 53,095 1,484,378 Asset-backed securities — 216,227 20,785 237,012 Bank debt — 24,052 8,722 32,774 Corporate bonds — 161,047 8,984 170,031 U.S. Treasury securities — 293,243 — 293,243 Sovereign debt — 188,161 — 188,161 Total debt securities — 882,730 38,491 921,221 Options 3,024 4,606 — 7,630 Rights and warrants — 44 — 44 Trade claims — 8,072 — 8,072 Total other investments 3,024 12,722 — 15,746 Derivative assets (free standing) 495 33,627 — 34,122 $ 1,428,401 $ 935,480 $ 91,586 2,455,467 Investments in funds valued at NAV 56,274 Total assets $ 2,511,741 Liabilities Equity securities $ 182,934 $ — $ — $ 182,934 Corporate bonds — 25,558 — 25,558 Options 3,123 6,221 — 9,344 Total securities sold, not yet purchased 186,057 31,779 — 217,836 Derivative liabilities (free standing) 378 9,135 1,326 10,839 Derivative liabilities (embedded) — — 111 111 Total liabilities $ 186,435 $ 40,914 $ 1,437 $ 228,786 December 31, 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 $ 1,450,966 $ 2,255 $ — $ 1,453,221 Private common equity securities — — 4,799 4,799 Private preferred equity securities — — 48,834 48,834 Total equities 1,450,966 2,255 53,633 1,506,854 Asset-backed securities — 237,224 17,628 254,852 Bank debt — 48,546 8,350 56,896 Corporate bonds — 209,025 9,255 218,280 U.S. Treasury securities — 327,016 — 327,016 Sovereign debt — 200,913 — 200,913 Total debt securities — 1,022,724 35,233 1,057,957 Options 343 681 — 1,024 Trade claims — 9,022 — 9,022 Total other investments 343 9,703 — 10,046 Derivative assets (free standing) 961 26,471 — 27,432 $ 1,452,270 $ 1,061,153 $ 88,866 2,602,289 Investments in funds valued at NAV 72,655 Total assets $ 2,674,944 Liabilities Equity securities $ 71,457 $ — $ — $ 71,457 Corporate bonds — 17,683 — 17,683 Options — 3,528 — 3,528 Total securities sold, not yet purchased 71,457 21,211 — 92,668 Derivative liabilities (free standing) 1,608 13,116 1,326 16,050 Derivative liabilities (embedded) — — 92 92 Total liabilities $ 73,065 $ 34,327 $ 1,418 $ 108,810
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 months ended March 31, 2017 and 2016 : January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) March 31, ($ in thousands) Assets Private common equity securities $ 4,799 $ — $ — $ — $ (54 ) $ 4,745 Private preferred equity securities 48,834 — — (371 ) (113 ) 48,350 Asset-backed securities 17,628 1,347 13,252 (10,796 ) (646 ) 20,785 Bank debt 8,350 — — (254 ) 626 8,722 Corporate bonds 9,255 — — (266 ) (5 ) 8,984 Total assets $ 88,866 $ 1,347 $ 13,252 $ (11,687 ) $ (192 ) $ 91,586 Liabilities Derivative liabilities (free standing) $ (1,326 ) $ — $ — $ — $ — $ (1,326 ) Derivative liabilities (embedded) (92 ) — — — (19 ) (111 ) Total liabilities $ (1,418 ) $ — $ — $ — $ (19 ) $ (1,437 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) March 31, ($ in thousands) Assets Private common equity securities $ 4,357 $ — $ — $ — $ (219 ) $ 4,138 Private preferred equity securities 24,178 — 2,111 — (1,185 ) 25,104 Asset-backed securities 2,617 168 192 (228 ) (520 ) 2,229 Bank debt 7,660 (7,660 ) — — — — Corporate bonds 3,252 — — (32 ) (262 ) 2,958 Sovereign debt 21 — — (20 ) (1 ) — Total assets $ 42,085 $ (7,492 ) $ 2,303 $ (280 ) $ (2,187 ) $ 34,429 Liabilities Derivative liabilities (free standing) $ (1,020 ) $ — $ — $ (66 ) $ — $ (1,086 ) Derivative liabilities (embedded) (5,563 ) — — — 235 (5,328 ) Total liabilities $ (6,583 ) $ — $ — $ (66 ) $ 235 $ (6,414 ) (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. March 31, 2017 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and observable (O) inputs Range Derivative liabilities (embedded) $ 111 Discounted cash flow Contractual variable annual investment credit (U) 0.0% - 2.5% Mean monthly investment return (U) 0.8 % Duration from inception of contracts (U) 5.0 years Duration from valuation date (U) 3.8 years Interest rates (O) U.S. Treasury spot rates Private equity investments $ 35,933 Market approach Volatility (U) 21.0% - 69.0% Time to exit (U) 1.0 - 3.0 years Multiple (U) 1.9 - 7.3x December 31, 2016 Assets Fair value ($ in thousands) Valuation technique Unobservable (U) and Range Derivative liabilities (embedded) $ 92 Discounted cash flow Contractual Variable Annual Investment Credit (U) 0.0% - 2.5% Mean Monthly Investment Return (U) 0.8 % Duration from Inception of Contracts (U) 5.0 years Duration from Valuation Date (U) 3.0 years Interest Rates (O) U.S. Treasury spot rates Private equity investments $ 47,608 Market approach Discount (U) 5.0% - 25.0% Volatility (U) 40.0% - 60.0% Time to exit (U) 0.4 - 2.8 years Multiple (U) 2.0 - 3.8x

Securities purchased under an33

Securities purchased under an agreement to sell, securities sold under an agreement to repurchase and securities lending transactions (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 : March 31, 2017 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Repurchase agreements Corporate securities $ — $ 7,261 $ — $ — $ 7,261 Non-U.S. sovereign debt — 12,612 — — 12,612 $ — $ 19,873 $ — $ — $ 19,873 December 31, 2016 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Securities lending transactions Corporate bonds $ 310 $ — $ — $ — $ 310

Due from_to brokers (Tables)

Due from/to brokers (Tables)	3 Months Ended
	Mar. 31, 2017
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Due to (from) Brokers	As of March 31, 2017 and December 31, 2016 , the Company’s due from/to brokers were comprised of the following: March 31, December 31, ($ in thousands) Due from brokers Cash held at brokers $ 300,390 $ 240,205 Receivable from unsettled trades (1) 86,712 44,386 $ 387,102 $ 284,591 Due to brokers Borrowing from prime brokers (2) $ 608,711 $ 855,576 Payable from unsettled trades 30,609 44,025 $ 639,320 $ 899,601 (1) Receivables relating to securities previously owned by the Company are recorded as receivable from unsettled trades in due from brokers in the Company’s condensed consolidated balance sheets. During the year ended December 31, 2015, the Company’s investment manager, Third Point LLC, exercised appraisal rights relating to an underlying investment, which was bought by a private equity firm. The Company is currently awaiting a court decision regarding the sale price and as such, as of March 31, 2017 , $37.6 million ( December 31, 2016 - $37.6 million ) was included in receivable from unsettled trades in due from brokers. (2) As of March 31, 2017 , the Company’s borrowing from prime brokers includes a total non-U.S. currency balance of $41.7 million ( December 31, 2016 - $22.0 million ).

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/USD $ 12,310 $ 91,939 Equity Price Contracts for Differences - Long Contracts CHF/EUR/GBP/USD 7,690 275,530 Contracts for Differences - Short Contracts SEK 25 2,640 Total Return Swaps - Long Contracts BRL/USD 3,954 106,755 Interest Rates Interest Rate Swaps GBP/USD 2,971 296,161 Interest Rate Swaptions JPY/USD 5,389 1,549,489 Sovereign Debt Futures - Short Contracts EUR/USD 495 229,805 Foreign Currency Exchange Rates Foreign Currency Forward Contracts EUR/USD 1,158 91,753 Foreign Currency Options - Purchased HKD/USD 130 66,079 Total Derivative Assets $ 34,122 $ 2,710,151 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased USD $ 2,153 $ 33,643 Credit Default Swaps - Protection Sold USD 1,958 3,936 Equity Price Contracts for Differences - Long Contracts CHF/USD 448 64,440 Contracts for Differences - Short Contracts EUR/SEK 8 4,376 Total Return Swaps - Long Contracts BRL/USD 10 5,252 Total Return Swaps - Short Contracts JPY/USD 1,532 57,783 Interest Rates Interest Rate Swaps GBP/HKD/USD 865 676,070 Interest Rate Swaptions JPY/USD 2,358 3,033,835 Sovereign Debt Futures - Short Contracts EUR/USD 378 176,688 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CNH/GBP/HKD/JPY/SAR 1,129 623,663 Total Derivative Liabilities (free standing) $ 10,839 $ 4,679,686 Embedded derivative liabilities in reinsurance contracts (3) USD $ 111 $ 20,000 Total Derivative Liabilities (embedded) $ 111 $ 20,000 (1) BRL = Brazilian Real, CHF = Swiss Franc, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, HKD = Hong Kong Dollar, JPY = Japanese Yen, SAR = Saudi Arabian Riyal, SEK = Swedish Krona, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of March 31, 2017 , 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 sheets. As of December 31, 2016 Listing currency (1) Fair Value Notional Amounts (2) Derivative Assets by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/ USD $ 10,905 $ 84,327 Equity Price Contracts for Differences - Long Contracts EUR/ GBP 1,765 36,879 Total Return Swaps - Long Contracts BRL/ USD 617 19,140 Total Return Swaps - Short Contracts JPY 183 8,696 Interest Rates Interest Rate Swaps GBP/USD 2,462 195,571 Interest Rate Swaptions JPY / USD 5,354 424,816 Sovereign Debt Futures - Short Contracts USD 961 107,591 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CAD/ CNH/ GBP/ MXN 653 47,754 Foreign Currency Options - Purchased CNH/EUR/HKD/JPY/SAR 4,532 501,465 Total Derivative Assets $ 27,432 $ 1,426,239 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased USD $ 3,286 $ 43,184 Credit Default Swaps - Protection Sold USD 1,952 3,943 Equity Price Contracts for Differences - Long Contracts GBP — 67 Contracts for Differences - Short Contracts EUR / ZAR 1,106 11,424 Total Return Swaps - Long Contracts USD 1,675 26,800 Total Return Swaps - Short Contracts JPY / USD 1,302 10,095 Interest Rates Interest Rate Swaps GBP 722 59,115 Interest Rate Swaptions JPY/USD 1,056 417,052 Sovereign Debt Futures - Short Contracts EUR / GBP 1,608 159,923 Foreign Currency Exchange Rates Foreign Currency Forward Contracts EUR /JPY /SAR 2,009 214,854 Foreign Currency Options - Sold CNH/JPY 1,334 363,840 Total Derivative Liabilities (free standing) $ 16,050 $ 1,310,297 Embedded derivative liabilities in reinsurance contracts (3) USD $ 92 $ 20,000 Total Derivative Liabilities (embedded) $ 92 $ 20,000 (1) BRL = Brazilian Real, CAD = Canadian Dollar, CNH = Chinese Yuan, EUR = Euro, GBP = British Pound, HKD = Hong Kong Dollar, JPY = Japanese Yen, MXN = Mexican Peso, SAR = Saudi Arabian Riyal, USD = US Dollar, ZAR = South African Rand (2) The absolute notional exposure represents the Company’s derivative activity as of December 31, 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 sheets.
Schedule of realized and unrealized gains (losses) relating to trading activities	The following table sets forth, by major risk type, the Company’s realized and unrealized gains (losses) relating to derivatives for the three months ended March 31, 2017 and 2016 . 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) . 2017 2016 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 $ — $ — $ (253 ) $ (580 ) Credit Credit Default Swaps - Protection Purchased (1,328 ) 1,620 7,685 (7,024 ) Credit Default Swaps - Protection Sold 19 (24 ) (4,358 ) 4,444 Equity Price Contracts for Differences - Long Contracts 7,870 5,476 (725 ) (564 ) Contracts for Differences - Short Contracts (3,212 ) 1,124 2,253 (6,303 ) Total Return Swaps - Long Contracts 3,801 5,002 (10,518 ) 4,657 Total Return Swaps - Short Contracts (2,729 ) (413 ) 1,228 (2,368 ) Interest Rates Commodity Futures - Short Contracts — — (1,152 ) (52 ) Fixed Income Swap - Short Contracts — — 22 (72 ) Interest Rate Swaps 1,453 365 — — Interest Rate Swaptions 1,242 (1,769 ) (112 ) 39 Sovereign Debt Futures - Short Contracts (1,782 ) 764 — — Foreign Currency Exchange Rates Foreign Currency Forward Contracts (5,874 ) 1,385 (3,096 ) (12,373 ) Foreign Currency Options - Purchased (4,869 ) 502 (1,181 ) (1,972 ) Foreign Currency Options - Sold 2,185 (80 ) 505 (81 ) $ (3,224 ) $ 13,952 $ (9,702 ) $ (22,249 ) Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ (19 ) $ — $ 235 *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 March 31, 2017 and December 31, 2016 , 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 March 31, 2017 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 $ 893 $ 893 $ — $ — Counterparty 2 2,880 2,697 — 183 Counterparty 3 10,968 4,443 — 6,525 Counterparty 4 2,826 1,896 — 930 Counterparty 5 8,122 2,263 — 5,859 Counterparty 6 6,235 56 3,822 2,357 Counterparty 8 4,063 267 — 3,796 Counterparty 9 2,739 2,562 — 177 $ 38,726 $ 15,077 $ 3,822 $ 19,827 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet March 31, 2017 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 $ 2,876 $ 893 $ 1,983 $ — Counterparty 2 2,697 2,697 — — Counterparty 3 4,443 4,443 — — Counterparty 4 1,896 1,896 — — Counterparty 5 2,263 2,263 — — Counterparty 6 56 56 — — Counterparty 8 267 267 — — Counterparty 9 2,562 2,562 — — $ 17,060 $ 15,077 $ 1,983 $ — Securities sold under an agreement to repurchase Counterparty 4 $ 8,837 $ 8,837 $ — $ — Counterparty 6 7,687 7,687 — — $ 16,524 $ 16,524 $ — $ — (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 $4.6 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 $6.2 million included in Securities sold, not yet purchased in the condensed consolidated balance sheets. Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2016 Derivative Contracts Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 535 $ 535 $ — $ — Counterparty 2 3,147 607 — 2,540 Counterparty 3 8,652 4,760 — 3,892 Counterparty 4 1,639 1,639 — — Counterparty 5 7,336 3,027 — 4,309 Counterparty 6 6,262 2,599 3,383 280 Counterparty 7 227 — 197 30 Counterparty 8 277 277 — — Counterparty 9 37 37 — — $ 28,112 $ 13,481 $ 3,580 $ 11,051 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2016 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 $ 2,959 $ 535 $ 2,424 $ — Counterparty 2 607 607 — — Counterparty 3 4,760 4,760 — — Counterparty 4 3,827 1,639 2,188 — Counterparty 5 3,027 3,027 — — Counterparty 6 2,599 2,599 — — Counterparty 8 977 277 — 700 Counterparty 9 822 37 785 — $ 19,578 $ 13,481 $ 5,397 $ 700 Securities lending transactions Counterparty 3 $ 302 $ 302 $ — $ — $ 302 $ 302 $ — $ — (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 $0.7 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 $3.5 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)	3 Months Ended
	Mar. 31, 2017
Insurance Loss Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of March 31, 2017 and December 31, 2016 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: March 31, December 31, ($ in thousands) Case loss and loss adjustment expense reserves $ 110,201 $ 80,370 Incurred but not reported loss and loss adjustment expense reserves 513,778 522,818 Deferred gains on retroactive reinsurance contracts 1,807 1,941 $ 625,786 $ 605,129
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 three months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Gross reserves for loss and loss adjustment expenses, beginning of period $ 605,129 $ 466,047 Less: loss and loss adjustment expenses recoverable, beginning of period (1 ) (125 ) Net reserves for loss and loss adjustment expenses, beginning of period 605,128 465,922 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 85,284 79,921 Prior years 772 4,941 Amortization of deferred gains on retroactive reinsurance contracts (161 ) (186 ) Total incurred loss and loss adjustment expenses 85,895 84,676 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (5,101 ) (6,097 ) Prior years (62,046 ) (52,319 ) Total net paid losses (67,147 ) (58,416 ) Foreign currency translation 1,858 (2,276 ) Net reserve for loss and loss adjustment expenses, end of period 625,734 489,906 Plus: loss and loss adjustment expenses recoverable, end of period 52 1 Gross reserve for loss and loss adjustment expenses, end of period $ 625,786 $ 489,907

Management, performance and f37

Management, performance and founders fees (Tables)	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 and 2016 are as follows: 2017 2016 ($ in thousands) Management fees - Third Point LLC $ 8,467 $ 1,521 Management fees - Founders (1) — 8,621 Performance fees - Third Point Advisors LLC 30,858 — $ 39,325 $ 10,142 (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”, received 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)	3 Months Ended
	Mar. 31, 2017
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity for the deposit contracts for the three months ended March 31, 2017 and year ended December 31, 2016 : March 31, December 31, ($ in thousands) Balance, beginning of period $ 104,905 $ 83,955 Consideration received 1,371 22,463 Net investment expense (income) allocation and change in fair value of embedded derivatives 409 (164 ) Payments (934 ) (915 ) Foreign currency translation 27 (434 ) Balance, end of period $ 105,778 $ 104,905

Senior notes payable and lett39

Senior notes payable and letter of credit facilities (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of credit facilities	As of March 31, 2017 , the Company had entered into the following letter of credit facilities: Facility (1) Utilized Collateral March 31, 2017 ($ in thousands) Citibank $ 300,000 $ 147,456 $ 147,456 J.P. Morgan 50,000 9 9 Lloyds Bank 125,000 73,264 73,264 $ 475,000 $ 220,729 $ 220,729

Net investment income (Tables)

Net investment income (Tables)	3 Months Ended
	Mar. 31, 2017
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income (loss) for the three months ended March 31, 2017 and 2016 consisted of the following: 2017 2016 Net investment income (loss) by type ($ in thousands) Net realized gains on investments and investment derivatives $ 61,026 $ 23,242 Net unrealized gains (losses) on investments and investment derivatives 95,455 (54,842 ) Net losses on foreign currencies (552 ) (166 ) Dividend and interest income 17,267 7,672 Dividends paid on securities sold, not yet purchased (525 ) (434 ) Management and performance fees (39,325 ) (10,142 ) Other expenses (5,103 ) (5,687 ) Net investment income (loss) on investments managed by Third Point LLC 128,243 (40,357 ) Net gain on investment in Kiskadee Fund 267 247 $ 128,510 $ (40,110 ) 2017 2016 Net investment income (loss) by asset class ($ in thousands) Net investment gains (losses) on equity securities $ 151,493 $ (2,231 ) Net investment gains on debt securities 23,503 12,149 Net investment losses on other investments (3,696 ) (8,496 ) Net investment gains (losses) on investment derivatives 10,728 (31,951 ) Net investment gains (losses) on securities sold, not yet purchased (9,384 ) 4,304 Net investment income (loss) on cash, including foreign exchange gain (loss) (2,936 ) (1,715 ) Net investment losses on securities sold under an agreement to repurchase (20 ) (697 ) Management and performance fees (39,325 ) (10,142 ) Other investment expenses (1,853 ) (1,331 ) $ 128,510 $ (40,110 )

Other expenses (Tables)

Other expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Schedule of other expenses	Other expenses for the three months ended March 31, 2017 and 2016 consisted of the following: 2017 2016 ($ in thousands) Deposit liabilities investment expense $ 409 $ 471 Reinsurance contracts investment expense 2,473 2,470 Change in fair value of embedded derivatives in deposit and reinsurance contracts 19 (235 ) $ 2,901 $ 2,706

Income taxes (Tables)

Income taxes (Tables)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of income tax expenses	For the three months ended March 31, 2017 and 2016 , the Company recorded income tax expense (benefit), as follows: 2017 2016 ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ 4,182 $ (3,120 ) Change in uncertain tax positions 126 — Withholding taxes on certain investment transactions 990 1,191 $ 5,298 $ (1,929 ) (1) As of March 31, 2017 , the Company has recorded $3.7 million (December 31, 2016 - $7.9 million ) of net deferred tax assets, which are included in other assets in the condensed consolidated balance sheets. As of March 31, 2017 and December 31, 2016 , 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)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Common Stock and Treasury Stock Outstanding	The following tables present a summary of the common shares issued and outstanding and shares repurchased held as treasury shares as of and for the three months ended March 31, 2017 and 2016 : Common shares 2017 2016 Balance, beginning of period 106,501,299 105,479,341 Options exercised 50,000 79,832 Performance restricted shares granted, net of forfeitures 630,784 653,958 Balance, end of period 107,182,083 106,213,131 Treasury shares 2017 2016 Balance, beginning of period 644,768 — Repurchase of common shares 1,532,871 — Balance, end of period 2,177,639 —

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Management and director options $ 347 $ 1,555 Restricted shares with service condition 124 206 Restricted shares with service and performance condition 1,359 890 $ 1,830 $ 2,651
Schedule of management and director options activity	The management and director options activity for the three months ended March 31, 2017 and year ended December 31, 2016 were as follows: Number of options Weighted average exercise price Balances as of January 1, 2016 10,250,586 $ 13.52 Forfeited (139,534 ) 18.00 Exercised (514,059 ) 10.00 Balances as of January 1, 2017 9,596,993 13.64 Exercised (50,000 ) 10.00 Balances as of March 31, 2017 9,546,993 $ 13.66
Schedule of management and director options outstanding	The following table summarizes information about the Company’s management and director share options outstanding as of March 31, 2017 : 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 5,224,334 $ 10.04 4.8 years 5,070,845 $ 10.02 $15.05 - $16.89 2,196,214 15.94 4.5 years 2,061,330 15.96 $20.00 - $25.05 2,126,445 20.23 4.5 years 2,019,469 20.14 9,546,993 $ 13.66 4.6 years 9,151,644 $ 13.59
Schedule of restricted shares with service condition activity	Restricted share award activity for the three months ended March 31, 2017 and year ended December 31, 2016 was as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2016 301,043 $ 11.12 Granted 47,712 11.37 Vested (47,712 ) 11.37 Balance as of January 1, 2017 301,043 11.12 Vested (223,125 ) 10.07 Balance as of March 31, 2017 77,918 $ 14.12
Schedule of restricted shares with performance condition activity	Restricted share award activity for the restricted shares with a service and performance condition for the three months ended March 31, 2017 and year ended December 31, 2016 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, 2016 921,553 536,234 $ 14.24 Granted 653,958 435,974 11.40 Forfeited (193,771 ) (119,009 ) 13.16 Change in estimated restricted shares considered probable of vesting n/a (275,713 ) 13.06 Balance as of January 1, 2017 1,381,740 577,486 12.91 Granted 871,723 581,147 12.20 Forfeited (240,939 ) — 14.60 Vested (136,618 ) (136,618 ) 14.60 Change in estimated restricted shares considered probable of vesting n/a 3,207 14.60 Balance as of March 31, 2017 1,875,906 1,025,222 $ 12.29

Earnings (loss)per share (Table

Earnings (loss)per share (Tables)	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 and 2016 : 2017 2016 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 104,013,871 104,257,874 Dilutive effect of options 781,568 — Dilutive effect of warrants 722,816 — Dilutive effect of restricted shares with service and performance condition 183,344 — Diluted number of common shares outstanding 105,701,599 104,257,874 Basic earnings (loss) per common share: Net income (loss) $ 104,186 $ (51,129 ) Income allocated to participating shares (139 ) — Net income (loss) available to common shareholders $ 104,047 $ (51,129 ) Basic earnings (loss) per common share $ 1.00 $ (0.49 ) Diluted earnings (loss) per common share: Net income (loss) $ 104,186 $ (51,129 ) Income allocated to participating shares (136 ) — Net income (loss) available to common shareholders $ 104,050 $ (51,129 ) Diluted earnings (loss) per common share $ 0.98 $ (0.49 )

Financial instruments with of46

Financial instruments with off-balance sheet risk or concentrations of credit risk (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 : March 31, 2017 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on underlying (basis points) 0-5 years 5 years or Total Written Asset Liability Net Asset/(Liability) ($ in thousands) Single name (0 - 250) $ — $ 3,936 $ 3,936 $ — $ 1,958 $ (1,958 ) December 31, 2016 Maximum Payout/ Notional Amount (by period of expiration) Fair Value of Written Credit Derivatives (2) Credit Spreads on underlying (basis points) 0-5 years 5 years or Total Written Asset Liability Net Asset/(Liability) ($ in thousands) Single name (0 - 250) $ — $ 3,943 $ 3,943 $ — $ 1,952 $ (1,952 ) (1) As of March 31, 2017 and December 31, 2016 , 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)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of operating segments	The following is a summary of the Company’s operating segment results for the three months ended March 31, 2017 and 2016 : Three months ended March 31, 2017 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 146,354 $ — $ 146,354 Gross premiums ceded (1,125 ) — (1,125 ) Net premiums written 145,229 — 145,229 Change in net unearned premium reserves (7,220 ) — (7,220 ) Net premiums earned 138,009 — 138,009 Expenses Loss and loss adjustment expenses incurred, net 85,895 — 85,895 Acquisition costs, net 54,452 — 54,452 General and administrative expenses 6,312 4,260 10,572 Total expenses 146,659 4,260 150,919 Net underwriting loss (8,650 ) n/a n/a Net investment income 36,120 92,390 128,510 Other expenses (2,901 ) — (2,901 ) Interest expense — (2,026 ) (2,026 ) Foreign exchange losses — (15 ) (15 ) Income tax expense — (5,298 ) (5,298 ) Segment income (loss) including non-controlling interests 24,569 80,791 105,360 Segment income attributable to non-controlling interes ts — (1,174 ) (1,174 ) Segment income (loss) $ 24,569 $ 79,617 $ 104,186 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 62.2 % Acquisition cost ratio 39.5 % Composite ratio 101.7 % General and administrative expense ratio 4.6 % Combined ratio 106.3 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Three months ended March 31, 2016 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 197,156 $ — $ 197,156 Gross premiums ceded — — — Net premiums written 197,156 — 197,156 Change in net unearned premium reserves (60,354 ) — (60,354 ) Net premiums earned 136,802 — 136,802 Expenses Loss and loss adjustment expenses incurred, net 84,676 — 84,676 Acquisition costs, net 51,687 — 51,687 General and administrative expenses 7,062 4,226 11,288 Total expenses 143,425 4,226 147,651 Net underwriting loss (6,623 ) n/a n/a Net investment loss (8,261 ) (31,849 ) (40,110 ) Other expenses (2,706 ) — (2,706 ) Interest expense — (2,048 ) (2,048 ) Foreign exchange gains — 2,386 2,386 Income tax benefit — 1,929 1,929 Segment income (loss) including non-controlling interests (17,590 ) (33,808 ) (51,398 ) Segment (income) loss attributable to non-controlling interests — 269 269 Segment income (loss) $ (17,590 ) $ (33,539 ) $ (51,129 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 61.9 % Acquisition cost ratio 37.8 % Composite ratio 99.7 % General and administrative expense ratio 5.2 % Combined ratio 104.9 % (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 months ended March 31, 2017 and 2016 as a percentage of total gross premiums written in the relevant period: 2017 2016 Largest contract 36.9 % 48.0 % Second largest contract 12.9 % 16.3 % Third largest contract 11.5 % 13.8 % Fourth largest contract n/a 10.7 % Total for contracts contributing greater than 10% each 61.3 % 88.8 % Total for contracts contributing less than 10% each 38.7 % 11.2 % 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 months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Property $ 12 — % $ (175 ) (0.1 )% Casualty 87,205 59.6 % 11,377 5.8 % Specialty 59,137 40.4 % 185,954 94.3 % $ 146,354 100.0 % $ 197,156 100.0 % The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the three months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Prospective $ 146,354 100.0 % $ 197,156 100.0 % Retroactive (1) — — % — — % $ 146,354 100.0 % $ 197,156 100.0 % (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 months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) Largest broker $ 67,689 46.3 % $ 128,171 65.0 % Second largest broker 24,149 16.5 % 31,665 16.1 % Third largest broker 16,029 11.0 % 21,746 11.0 % Other 38,487 26.2 % 15,574 7.9 % $ 146,354 100.0 % $ 197,156 100.0 %
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 months ended March 31, 2017 and 2016 : 2017 2016 ($ in thousands) United States $ 42,430 29.0 % $ 43,291 22.0 % Bermuda 54,075 36.9 % — — % United Kingdom 49,849 34.1 % 153,865 78.0 % $ 146,354 100.0 % $ 197,156 100.0 %

Supplemental Guarantor Inform48

Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,484,378 $ — $ 1,484,378 Debt securities — — 921,221 — 921,221 Other investments — — 72,020 — 72,020 Total investments in securities — — 2,477,619 — 2,477,619 Cash and cash equivalents 60 80 11,689 — 11,829 Restricted cash and cash equivalents — — 334,813 — 334,813 Investment in subsidiaries 1,520,278 270,455 165,473 (1,956,206 ) — Due from brokers — — 387,102 — 387,102 Derivative assets, at fair value — — 34,122 — 34,122 Interest and dividends receivable — — 8,003 — 8,003 Reinsurance balances receivable — — 421,034 — 421,034 Deferred acquisition costs, net — — 220,754 — 220,754 Amounts due from (to) affiliates (17,919 ) (4,128 ) 22,047 — — Other assets 493 6,220 7,366 — 14,079 Total assets $ 1,502,912 $ 272,627 $ 4,090,022 $ (1,956,206 ) $ 3,909,355 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,231 $ 40 $ 10,238 $ — $ 11,509 Reinsurance balances payable — — 51,173 — 51,173 Deposit liabilities — — 105,778 — 105,778 Unearned premium reserves — — 565,243 — 565,243 Loss and loss adjustment expense reserves — — 625,786 — 625,786 Securities sold, not yet purchased, at fair value — — 217,836 — 217,836 Securities sold under an agreement to repurchase — — 16,524 — 16,524 Due to brokers — — 639,320 — 639,320 Derivative liabilities, at fair value — — 10,839 — 10,839 Performance fee payable to related party — — 30,857 — 30,857 Interest and dividends payable — 1,015 1,346 — 2,361 Senior notes payable, net of deferred costs — 113,599 — — 113,599 Total liabilities 1,231 114,654 2,274,940 — 2,390,825 Shareholders’ equity Common shares 10,718 — 1,250 (1,250 ) 10,718 Treasury shares (26,273 ) — — — (26,273 ) Additional paid-in capital 1,096,828 165,600 1,530,801 (1,696,401 ) 1,096,828 Retained earnings (deficit) 420,408 (7,627 ) 266,182 (258,555 ) 420,408 Shareholders’ equity attributable to shareholders 1,501,681 157,973 1,798,233 (1,956,206 ) 1,501,681 Non-controlling interests — — 16,849 — 16,849 Total shareholders’ equity 1,501,681 157,973 1,815,082 (1,956,206 ) 1,518,530 Total liabilities and shareholders’ equity $ 1,502,912 $ 272,627 $ 4,090,022 $ (1,956,206 ) $ 3,909,355 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,506,854 $ — $ 1,506,854 Debt securities — — 1,057,957 — 1,057,957 Other investments — — 82,701 — 82,701 Total investments in securities — — 2,647,512 — 2,647,512 Cash and cash equivalents 1,629 79 8,243 — 9,951 Restricted cash and cash equivalents — — 298,940 — 298,940 Investment in subsidiaries 1,413,078 269,622 165,324 (1,848,024 ) — Due from brokers — — 284,591 — 284,591 Derivative assets, at fair value — — 27,432 — 27,432 Interest and dividends receivable — — 6,505 — 6,505 Reinsurance balances receivable — — 381,951 — 381,951 Deferred acquisition costs, net — — 221,618 — 221,618 Amounts due from (to) affiliates (142 ) (8,394 ) 8,536 — — Other assets 637 5,507 11,000 — 17,144 Total assets $ 1,415,202 $ 266,814 $ 4,061,652 $ (1,848,024 ) $ 3,895,644 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,151 $ 40 $ 9,130 $ — $ 10,321 Reinsurance balances payable — — 43,171 — 43,171 Deposit liabilities — — 104,905 — 104,905 Unearned premium reserves — — 557,076 — 557,076 Loss and loss adjustment expense reserves — — 605,129 — 605,129 Securities sold, not yet purchased, at fair value — — 92,668 — 92,668 Due to brokers — — 899,601 — 899,601 Derivative liabilities, at fair value — — 16,050 — 16,050 Interest and dividends payable — 3,057 386 — 3,443 Senior notes payable, net of deferred costs — 113,555 — — 113,555 Total liabilities 1,151 116,652 2,328,116 — 2,445,919 Shareholders’ equity Common shares 10,650 — 1,250 (1,250 ) 10,650 Treasury shares (7,389 ) — — — (7,389 ) Additional paid-in capital 1,094,568 165,456 1,528,827 (1,694,283 ) 1,094,568 Retained earnings (deficit) 316,222 (15,294 ) 167,785 (152,491 ) 316,222 Shareholders’ equity attributable to shareholders 1,414,051 150,162 1,697,862 (1,848,024 ) 1,414,051 Non-controlling interests — — 35,674 — 35,674 Total shareholders’ equity 1,414,051 150,162 1,733,536 (1,848,024 ) 1,449,725 Total liabilities and shareholders’ equity $ 1,415,202 $ 266,814 $ 4,061,652 $ (1,848,024 ) $ 3,895,644 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended March 31, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 146,354 $ — $ 146,354 Gross premiums ceded — — (1,125 ) — (1,125 ) Net premiums written — — 145,229 — 145,229 Change in net unearned premium reserves — — (7,220 ) — (7,220 ) Net premiums earned — — 138,009 — 138,009 Net investment inco me — — 128,510 — 128,510 Equity in earnings of subsidiaries 105,370 8,989 5 (114,364 ) — Total revenues 105,370 8,989 266,524 (114,364 ) 266,519 Expenses Loss and loss adjustment expenses incurred, net — — 85,895 — 85,895 Acquisition costs, net — — 54,452 — 54,452 General and administrative expenses 1,184 8 9,380 — 10,572 Other expenses — — 2,901 — 2,901 Interest expense — 2,026 — — 2,026 Foreign exchange losse s — — 15 — 15 Total expenses 1,184 2,034 152,643 — 155,861 Income before income tax expense 104,186 6,955 113,881 (114,364 ) 110,658 Income tax (expens e) benefit — 712 (6,010 ) — (5,298 ) Income including non-controlling interests 104,186 7,667 107,871 (114,364 ) 105,360 Income attributable to non-controlling interests — — (1,174 ) — (1,174 ) Net income $ 104,186 $ 7,667 $ 106,697 $ (114,364 ) $ 104,186
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended March 31, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 146,354 $ — $ 146,354 Gross premiums ceded — — (1,125 ) — (1,125 ) Net premiums written — — 145,229 — 145,229 Change in net unearned premium reserves — — (7,220 ) — (7,220 ) Net premiums earned — — 138,009 — 138,009 Net investment inco me — — 128,510 — 128,510 Equity in earnings of subsidiaries 105,370 8,989 5 (114,364 ) — Total revenues 105,370 8,989 266,524 (114,364 ) 266,519 Expenses Loss and loss adjustment expenses incurred, net — — 85,895 — 85,895 Acquisition costs, net — — 54,452 — 54,452 General and administrative expenses 1,184 8 9,380 — 10,572 Other expenses — — 2,901 — 2,901 Interest expense — 2,026 — — 2,026 Foreign exchange losse s — — 15 — 15 Total expenses 1,184 2,034 152,643 — 155,861 Income before income tax expense 104,186 6,955 113,881 (114,364 ) 110,658 Income tax (expens e) benefit — 712 (6,010 ) — (5,298 ) Income including non-controlling interests 104,186 7,667 107,871 (114,364 ) 105,360 Income attributable to non-controlling interests — — (1,174 ) — (1,174 ) Net income $ 104,186 $ 7,667 $ 106,697 $ (114,364 ) $ 104,186 CONDENSED CONSOLIDATING STATEMENT OF LOSS Three months ended March 31, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 197,156 $ — $ 197,156 Gross premiums ceded — — — — — Net premiums written — — 197,156 — 197,156 Change in net unearned premium reserves — — (60,354 ) — (60,354 ) Net premiums earned — — 136,802 — 136,802 Net investment income (loss) — — (40,110 ) — (40,110 ) Equity in losses of subsidiaries (50,154 ) (4,452 ) (31 ) 54,637 — Total revenues (50,154 ) (4,452 ) 96,661 54,637 96,692 Expenses Loss and loss adjustment expenses incurred, net — — 84,676 — 84,676 Acquisition costs, net — — 51,687 — 51,687 General and administrative expenses 975 2 10,311 — 11,288 Other expenses — — 2,706 — 2,706 Interest expense — 2,048 — — 2,048 Foreign exchange gains — — (2,386 ) — (2,386 ) Total expenses 975 2,050 146,994 — 150,019 Loss before income tax benefit (51,129 ) (6,502 ) (50,333 ) 54,637 (53,327 ) Income tax benefit — 718 1,211 — 1,929 Loss including non-controlling interests (51,129 ) (5,784 ) (49,122 ) 54,637 (51,398 ) Loss attributable to non-controlling interests — — 269 — 269 Net loss $ (51,129 ) $ (5,784 ) $ (48,853 ) $ 54,637 $ (51,129 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months ended March 31, 2017 (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 $ 104,186 $ 7,667 $ 107,871 $ (114,364 ) $ 105,360 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (105,370 ) (8,989 ) (5 ) 114,364 — Share compensation expense — — 1,830 — 1,830 Net interest expense on deposit liabilities — — 409 — 409 Net unrealized gain on investments and derivatives — — (95,703 ) — (95,703 ) Net realized gain on investments and derivatives — — (61,028 ) — (61,028 ) Net foreign exchange losses — — 15 — 15 Amortization of premium and accretion of discount, net — 44 (709 ) — (665 ) Changes in assets and liabilities: Reinsurance balances receivable — — (37,281 ) — (37,281 ) Deferred acquisition costs, net — — 864 — 864 Other assets 144 (713 ) 3,644 — 3,075 Interest and dividends receivable, net — (2,042 ) (538 ) — (2,580 ) Unearned premium reserves — — 8,167 — 8,167 Loss and loss adjustment expense reserves — — 18,798 — 18,798 Accounts payable and accrued expenses 80 — 1,099 — 1,179 Reinsurance balances payable — — 8,051 — 8,051 Performance fees payable to related party — — 30,857 — 30,857 Amounts due from (to) affiliates 17,777 (4,266 ) (13,511 ) — — Net cash provided by (used in) operating activities 16,817 (8,299 ) (27,170 ) — (18,652 ) Investing activities Purchases of investments — — (613,020 ) — (613,020 ) Proceeds from sales of investments — — 940,797 — 940,797 Purchases of investments to cover short sales — — (120,014 ) — (120,014 ) Proceeds from short sales of investments — — 232,856 — 232,856 Change in due to/from brokers, net — — (362,792 ) — (362,792 ) Increase in securities sold under an agreement to repurchase — — 16,524 — 16,524 Change in restricted cash and cash equivalents — — (35,873 ) — (35,873 ) Net cash provided by (used in) investing activities — — 58,478 — 58,478 Financing activities Proceeds from issuance of common shares, net of costs 498 — — — 498 Purchases of common shares under share repurchase program (18,884 ) — — — (18,884 ) Increase in deposit liabilities, net — — 437 — 437 Non-controlling interest in investment affiliate, net — — (19,999 ) — (19,999 ) Dividend received by (paid to) parent — 8,300 (8,300 ) — — Net cash provided by (used in) financing activities (18,386 ) 8,300 (27,862 ) — (37,948 ) Net increase (decrease) in cash and cash equivalents (1,569 ) 1 3,446 — 1,878 Cash and cash equivalents at beginning of period 1,629 79 8,243 — 9,951 Cash and cash equivalents at end of period $ 60 $ 80 $ 11,689 $ — $ 11,829
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months ended March 31, 2017 (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 $ 104,186 $ 7,667 $ 107,871 $ (114,364 ) $ 105,360 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (105,370 ) (8,989 ) (5 ) 114,364 — Share compensation expense — — 1,830 — 1,830 Net interest expense on deposit liabilities — — 409 — 409 Net unrealized gain on investments and derivatives — — (95,703 ) — (95,703 ) Net realized gain on investments and derivatives — — (61,028 ) — (61,028 ) Net foreign exchange losses — — 15 — 15 Amortization of premium and accretion of discount, net — 44 (709 ) — (665 ) Changes in assets and liabilities: Reinsurance balances receivable — — (37,281 ) — (37,281 ) Deferred acquisition costs, net — — 864 — 864 Other assets 144 (713 ) 3,644 — 3,075 Interest and dividends receivable, net — (2,042 ) (538 ) — (2,580 ) Unearned premium reserves — — 8,167 — 8,167 Loss and loss adjustment expense reserves — — 18,798 — 18,798 Accounts payable and accrued expenses 80 — 1,099 — 1,179 Reinsurance balances payable — — 8,051 — 8,051 Performance fees payable to related party — — 30,857 — 30,857 Amounts due from (to) affiliates 17,777 (4,266 ) (13,511 ) — — Net cash provided by (used in) operating activities 16,817 (8,299 ) (27,170 ) — (18,652 ) Investing activities Purchases of investments — — (613,020 ) — (613,020 ) Proceeds from sales of investments — — 940,797 — 940,797 Purchases of investments to cover short sales — — (120,014 ) — (120,014 ) Proceeds from short sales of investments — — 232,856 — 232,856 Change in due to/from brokers, net — — (362,792 ) — (362,792 ) Increase in securities sold under an agreement to repurchase — — 16,524 — 16,524 Change in restricted cash and cash equivalents — — (35,873 ) — (35,873 ) Net cash provided by (used in) investing activities — — 58,478 — 58,478 Financing activities Proceeds from issuance of common shares, net of costs 498 — — — 498 Purchases of common shares under share repurchase program (18,884 ) — — — (18,884 ) Increase in deposit liabilities, net — — 437 — 437 Non-controlling interest in investment affiliate, net — — (19,999 ) — (19,999 ) Dividend received by (paid to) parent — 8,300 (8,300 ) — — Net cash provided by (used in) financing activities (18,386 ) 8,300 (27,862 ) — (37,948 ) Net increase (decrease) in cash and cash equivalents (1,569 ) 1 3,446 — 1,878 Cash and cash equivalents at beginning of period 1,629 79 8,243 — 9,951 Cash and cash equivalents at end of period $ 60 $ 80 $ 11,689 $ — $ 11,829 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months ended March 31, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Loss including non-controlling interests $ (51,129 ) $ (5,784 ) $ (49,122 ) $ 54,637 $ (51,398 ) Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities Equity in losses of subsidiaries 50,154 4,452 31 (54,637 ) — Share compensation expense — — 2,651 — 2,651 Interest expense on deposit liabilities — — 471 — 471 Net unrealized loss on investments and derivatives — — 55,627 — 55,627 Net realized gain on investments and derivatives — — (24,510 ) — (24,510 ) Foreign exchange gains included in net income — — (2,386 ) — (2,386 ) Amortization of premium and accretion of discount, net — 44 2,498 — 2,542 Changes in assets and liabilities: Reinsurance balances receivable — — (31,603 ) — (31,603 ) Deferred acquisition costs, net — — (19,596 ) — (19,596 ) Other assets 142 (718 ) (3,877 ) — (4,453 ) Interest and dividends receivable, net — (2,021 ) (3,387 ) — (5,408 ) Unearned premium reserves — — 60,260 — 60,260 Loss and loss adjustment expense reserves — — 26,136 — 26,136 Accounts payable and accrued expenses (350 ) — (2,047 ) — (2,397 ) Reinsurance balances payable — — 6,892 — 6,892 Amounts due from (to) affiliates 914 4,025 (4,939 ) — — Net cash provided by (used in) operating activities (269 ) (2 ) 13,099 — 12,828 Investing activities Purchases of investments — — (1,189,432 ) — (1,189,432 ) Proceeds from sales of investments — — 771,687 — 771,687 Purchases of investments to cover short sales — — (459,901 ) — (459,901 ) Proceeds from short sales of investments — — 386,054 — 386,054 Change in due to/from brokers, net — — 288,507 — 288,507 Increase in securities sold under an agreement to repurchase — — 161,361 — 161,361 Change in restricted cash and cash equivalents — — 13,992 — 13,992 Contributed capital to subsidiaries (5,000 ) (5,000 ) — 10,000 — Contributed capital from parent and/or subsidiaries — 5,000 5,000 (10,000 ) — Net cash provided by (used in) investing activities (5,000 ) — (22,732 ) — (27,732 ) Financing activities Increase in deposit liabilities — — 2,155 — 2,155 Dividend received by (paid to) parent 5,000 — (5,000 ) — — Net cash provided by (used in) financing activities 5,000 — (2,845 ) — 2,155 Net increase in cash and cash equivalents (269 ) (2 ) (12,478 ) — (12,749 ) Cash and cash equivalents at beginning of period 308 5 20,094 — 20,407 Cash and cash equivalents at end of period $ 39 $ 3 $ 7,616 $ — $ 7,658

Restricted cash and cash equi49

Restricted cash and cash equivalents and restricted investments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 334,813	$ 298,940
Restricted Investments	385,354	427,308
Total restricted cash and cash equivalents and investments	720,167	726,248
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	220,729	231,822
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 114,084	$ 67,118

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Total assets	$ 3,215,075	$ 3,237,312
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	935,461	1,045,753
Total net investments managed by Third Point LLC	2,279,614	2,191,559
Total investments in securities
Assets
Total assets	2,451,029	2,619,839
Cash and cash equivalents
Assets
Total assets	6	5
Restricted cash and cash equivalents
Assets
Total assets	334,813	298,940
Due from brokers
Assets
Total assets	387,102	284,591
Derivative assets
Assets
Total assets	34,122	27,432
Interest and dividends receivable
Assets
Total assets	8,003	6,505
Accounts payable and accrued expenses
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	1,889	1,374
Net investment gains (losses) on securities sold, not yet purchased
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	217,836	92,668
Net investment losses on securities sold under an agreement to repurchase
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	16,524	0
Due to brokers
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	639,320	899,601
Derivative liabilities
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	10,839	16,050
Performance fee payable to related party
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	30,857	0
Interest and dividends payable
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	1,347	386
Non-controlling interest
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	$ 16,849	$ 35,674

Investments - Schedule of the l

Investments - Schedule of the largest concentration of asset-backed securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 237,012	$ 254,852
Portfolio Concentration Risk | Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 237,012	$ 254,852
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	$ 142,976	$ 44,359
Concentration risk, percentage	60.30%	17.40%
Portfolio Concentration Risk | Asset-backed securities | Subprime RMBS
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 5,372	$ 117,152
Concentration risk, percentage	2.30%	46.00%
Portfolio Concentration Risk | Asset-backed securities | Market place loans
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 57,746	$ 44,143
Concentration risk, percentage	24.40%	17.30%
Portfolio Concentration Risk | Asset-backed securities | Other
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 30,918	$ 49,198
Concentration risk, percentage	13.00%	19.30%

Investments - Schedule of inves

Investments - Schedule of investments, categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Equity securities	$ 1,427,225	$ 1,453,221
Private common equity securities	5,177	4,799
Private preferred equity securities	51,976	48,834
Total equities	1,484,378	1,506,854
Asset-backed securities	237,012	254,852
Bank debt	32,774	56,896
Corporate bonds	170,031	218,280
U.S. Treasury securities	293,243	327,016
Sovereign debt	188,161	200,913
Total debt securities	921,221	1,057,957
Options	7,630	1,024
Rights and warrants	44
Trade claims	8,072	9,022
Total other investments	15,746	10,046
Derivative assets, at fair value	34,122	27,432
Total assets	2,455,467	2,602,289
Investments in funds valued at NAV	56,274	72,655
Assets Including Alternative Investments, Fair Value Disclosure	2,511,741	2,674,944
Liabilities
Equity securities	182,934	71,457
Corporate bonds	25,558	17,683
Options	9,344	3,528
Total securities sold, not yet purchased	217,836	92,668
Derivative liabilities, at fair value	10,839	16,050
Derivative liabilities (embedded)	111	92
Total liabilities	228,786	108,810
Quoted prices in active markets (Level 1)
Assets
Equity securities	1,424,882	1,450,966
Private common equity securities	0	0
Private preferred equity securities	0	0
Total equities	1,424,882	1,450,966
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	3,024	343
Rights and warrants	0
Trade claims	0	0
Total other investments	3,024	343
Derivative assets, at fair value	495	961
Total assets	1,428,401	1,452,270
Liabilities
Equity securities	182,934	71,457
Corporate bonds	0	0
Options	3,123	0
Total securities sold, not yet purchased	186,057	71,457
Derivative liabilities, at fair value	378	1,608
Derivative liabilities (embedded)	0	0
Total liabilities	186,435	73,065
Significant other observable inputs (Level 2)
Assets
Equity securities	2,343	2,255
Private common equity securities	432	0
Private preferred equity securities	3,626	0
Total equities	6,401	2,255
Asset-backed securities	216,227	237,224
Bank debt	24,052	48,546
Corporate bonds	161,047	209,025
U.S. Treasury securities	293,243	327,016
Sovereign debt	188,161	200,913
Total debt securities	882,730	1,022,724
Options	4,606	681
Rights and warrants	44
Trade claims	8,072	9,022
Total other investments	12,722	9,703
Derivative assets, at fair value	33,627	26,471
Total assets	935,480	1,061,153
Liabilities
Equity securities	0	0
Corporate bonds	25,558	17,683
Options	6,221	3,528
Total securities sold, not yet purchased	31,779	21,211
Derivative liabilities, at fair value	9,135	13,116
Derivative liabilities (embedded)	0	0
Total liabilities	40,914	34,327
Significant unobservable inputs (Level 3)
Assets
Equity securities	0	0
Private common equity securities	4,745	4,799
Private preferred equity securities	48,350	48,834
Total equities	53,095	53,633
Asset-backed securities	20,785	17,628
Bank debt	8,722	8,350
Corporate bonds	8,984	9,255
U.S. Treasury securities	0	0
Sovereign debt	0	0
Total debt securities	38,491	35,233
Options	0	0
Rights and warrants	0
Trade claims	0	0
Total other investments	0	0
Derivative assets, at fair value	0	0
Total assets	91,586	88,866
Liabilities
Equity securities	0	0
Corporate bonds	0	0
Options	0	0
Total securities sold, not yet purchased	0	0
Derivative liabilities, at fair value	1,326	1,326
Derivative liabilities (embedded)	111	92
Total liabilities	$ 1,437	$ 1,418

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
	Mar. 31, 2017	Mar. 31, 2016
Assets
Asset fair value, beginning balance	$ 88,866	$ 42,085
Transfers in to (out of) Level 3	1,347	(7,492)
Purchases	13,252	2,303
Sales	(11,687)	(280)
Realized and Unrealized Gains (Losses)	(192)	(2,187)
Asset fair value, ending balance	91,586	34,429
Liabilities
Liability fair value, beginning balance	(1,418)	(6,583)
Transfers in to (out of) Level 3	0	0
Purchases	0	0
Sales	0	(66)
Realized and Unrealized Gains(Losses)	(19)	235
Liability fair value, ending balance	(1,437)	(6,414)
Derivative liabilities (free standing)
Liabilities
Liability fair value, beginning balance	(1,326)	(1,020)
Transfers in to (out of) Level 3	0	0
Purchases	0	0
Sales	0	(66)
Realized and Unrealized Gains(Losses)	0	0
Liability fair value, ending balance	(1,326)	(1,086)
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(92)	(5,563)
Transfers in to (out of) Level 3	0	0
Purchases	0	0
Sales	0	0
Realized and Unrealized Gains(Losses)	(19)	235
Liability fair value, ending balance	(111)	(5,328)
Private common equity securities
Assets
Asset fair value, beginning balance	4,799	4,357
Transfers in to (out of) Level 3	0	0
Purchases	0	0
Sales	0	0
Realized and Unrealized Gains (Losses)	(54)	(219)
Asset fair value, ending balance	4,745	4,138
Private preferred equity securities
Assets
Asset fair value, beginning balance	48,834	24,178
Transfers in to (out of) Level 3	0	0
Purchases	0	2,111
Sales	(371)	0
Realized and Unrealized Gains (Losses)	(113)	(1,185)
Asset fair value, ending balance	48,350	25,104
Asset-backed securities
Assets
Asset fair value, beginning balance	17,628	2,617
Transfers in to (out of) Level 3	1,347	168
Purchases	13,252	192
Sales	(10,796)	(228)
Realized and Unrealized Gains (Losses)	(646)	(520)
Asset fair value, ending balance	20,785	2,229
Bank debt
Assets
Asset fair value, beginning balance	8,350	7,660
Transfers in to (out of) Level 3	0	(7,660)
Purchases	0	0
Sales	254	0
Realized and Unrealized Gains (Losses)	626	0
Asset fair value, ending balance	8,722	0
Corporate bonds
Assets
Asset fair value, beginning balance	9,255	3,252
Transfers in to (out of) Level 3	0	0
Purchases	0	0
Sales	(266)	(32)
Realized and Unrealized Gains (Losses)	(5)	(262)
Asset fair value, ending balance	$ 8,984	2,958
Sovereign debt
Assets
Asset fair value, beginning balance		21
Transfers in to (out of) Level 3		0
Purchases		0
Sales		(20)
Realized and Unrealized Gains (Losses)		(1)
Asset fair value, ending balance		$ 0

Investments - Schedule of unobs

Investments - Schedule of unobservable inputs (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	$ 170,031		$ 218,280
Derivative liabilities (embedded)	111		92
Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	8,984		9,255
Derivative liabilities (embedded)	$ 111		$ 92
Discounted cash flow | Corporate bonds | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mean Monthly Investment Return	0.80%	0.80%
Duration Until Contract Settlement	5 years		5 years
Duration From Valuation Date	3 years 9 months		3 years
Discounted cash flow | Corporate bonds | Significant unobservable inputs (Level 3) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	0.00%		0.00%
Volatility	0.00%		0.00%
Contractual Variable Annual Investment Credit			0.00%
Discounted cash flow | Corporate bonds | Significant unobservable inputs (Level 3) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	0.00%		0.00%
Volatility	0.00%		0.00%
Contractual Variable Annual Investment Credit			2.50%
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, Fair Value Disclosure	$ 35,933		$ 47,608
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility	21.00%		40.00%
Fair Value Inputs, Discount Rate	0.00%		5.00%
Fair Value Assumptions, Exit Term	0 months		4 months 24 days
Fair Value Assumptions, Multiples	1.9		2
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility	69.00%		60.00%
Fair Value Inputs, Discount Rate	0.00%		25.00%
Fair Value Assumptions, Exit Term	0 years		2 years 9 months 18 days
Fair Value Assumptions, Multiples	7.3		3.8

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2016	Mar. 31, 2016
Investment [Line Items]
Securities valued based on dealer quotes or other quoted market prices for similar securities	$ 300,600	$ 315,300	$ 315,300
Percent of securities valued based on dealer quotes or other quoted market prices for similar securities	12.10%	11.90%	11.90%
Securities sold, not yet purchased, valued based on dealer quotes or other quoted market prices for similar securities	$ 2,000	$ 2,000	$ 2,000
Percent of securities sold, not yet purchased, valued based on dealer quotes or other quoted market prices for similar securities	0.90%	1.80%	1.80%
investments fair valued by the Company’s Investment Manager	2.60%	2.40%	2.40%
Private securities, percent fair valued by third party valuation firm	99.70%
Private common equity securities	$ 63,600	$ 63,200	$ 63,200
Investments in funds valued at NAV	56,274	72,655	72,655
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	1,300	1,700
Investment in Kiskadee Fund
Investment [Line Items]
Committed capital				$ 25,000
Withdrawal from investment	1,400		0
Investment in Kiskadee Fund | Investment in Kiskadee Fund
Investment [Line Items]
Investments in funds valued at NAV	26,600	27,700	27,700
Private Equity Funds | Significant unobservable inputs (Level 3) | Market Approach Valuation Technique
Investment [Line Items]
Investments, Fair Value Disclosure	$ 35,933	$ 47,608	$ 47,608

Securities purchased under an56

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
	Mar. 31, 2017	Dec. 31, 2016
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	$ 19,873
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
Corporate securities
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	$ 7,261
Sovereign debt
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	12,612
Corporate bonds
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement		$ 310
Overnights and continuous
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0
Overnights and continuous | Corporate securities
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0
Overnights and continuous | Sovereign debt
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0
Overnights and continuous | Corporate bonds
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement		310
Up to 30 days
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	19,873
Up to 30 days | Corporate securities
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	7,261
Up to 30 days | Sovereign debt
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	12,612
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
30 - 90 days
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0
30 - 90 days | Corporate securities
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0
30 - 90 days | Sovereign debt
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0
30 - 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
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	0
Greater than 90 days | Corporate securities
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement	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
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

Due from_to brokers (Details)

Due from/to brokers (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Due from brokers
Cash held at brokers	$ 300,390	$ 240,205
Receivable from unsettled trades (1)	86,712	44,386
Due from brokers	387,102	284,591
Due to brokers
Borrowing from prime brokers (2)	608,711	855,576
Payable from unsettled trades	30,609	44,025
Payables to Broker-Dealers and Clearing Organizations	639,320	899,601
Collateral	720,200	726,200
Non-US
Due from brokers
Cash held at brokers	41,700
United States of America, Dollars
Due from brokers
Cash held at brokers		22,000
Third Point LLC [Member]
Due from brokers
Receivable from unsettled trades (1)	$ 37,600	$ 37,600

Derivatives - Schedule of listi

Derivatives - Schedule of listing currency, fair value and notional amounts of derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivative [Line Items]
Derivative assets, at fair value	$ 34,122		$ 27,432
Derivative Assets, Notional Amount	2,710,151		1,426,239
Derivative liabilities, at fair value	10,839		16,050
Derivative Liabilities, Notional Amount	4,679,686		1,310,297
Realized Gain (Loss)	(3,224)	$ (9,702)
Unrealized Gain (Loss)	13,952	(22,249)
OTC Option Asset	4,600		700
OTC Option Liability	6,200		3,500
Credit Default Swaps - Protection Purchased
Derivative [Line Items]
Derivative assets, at fair value	12,310		10,905
Derivative Assets, Notional Amount	91,939		84,327
Derivative liabilities, at fair value	2,153		3,286
Derivative Liabilities, Notional Amount	33,643		43,184
Realized Gain (Loss)	(1,328)	7,685
Unrealized Gain (Loss)	1,620	(7,024)
Commodity Contract | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	0	(1,152)
Unrealized Gain (Loss)	0	(52)
Fixed Income Swap | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	0	22
Unrealized Gain (Loss)	0	(72)
Credit Default Swaps - Protection Sold
Derivative [Line Items]
Derivative liabilities, at fair value	1,958		1,952
Derivative Liabilities, Notional Amount	3,936		3,943
Realized Gain (Loss)	19	(4,358)
Unrealized Gain (Loss)	(24)	4,444
Contracts for Differences | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	7,690		1,765
Derivative Assets, Notional Amount	275,530		36,879
Derivative liabilities, at fair value	448		0
Derivative Liabilities, Notional Amount	64,440		67
Realized Gain (Loss)	7,870	(725)
Unrealized Gain (Loss)	5,476	(564)
Contracts for Differences | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	25
Derivative Assets, Notional Amount	2,640
Derivative liabilities, at fair value	8		1,106
Derivative Liabilities, Notional Amount	4,376		11,424
Realized Gain (Loss)	(3,212)	2,253
Unrealized Gain (Loss)	1,124	(6,303)
Total Return Swaps | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	3,954		617
Derivative Assets, Notional Amount	106,755		19,140
Derivative liabilities, at fair value	10		1,675
Derivative Liabilities, Notional Amount	5,252		26,800
Realized Gain (Loss)	3,801	(10,518)
Unrealized Gain (Loss)	5,002	4,657
Total Return Swaps | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value			183
Derivative Assets, Notional Amount			8,696
Derivative liabilities, at fair value	1,532		1,302
Derivative Liabilities, Notional Amount	57,783		10,095
Realized Gain (Loss)	(2,729)	1,228
Unrealized Gain (Loss)	(413)	(2,368)
Interest Rate Swaps
Derivative [Line Items]
Derivative assets, at fair value	2,971		2,462
Derivative Assets, Notional Amount	296,161		195,571
Derivative liabilities, at fair value	865		722
Derivative Liabilities, Notional Amount	676,070		59,115
Realized Gain (Loss)	1,453	0
Unrealized Gain (Loss)	365	0
Interest Rate Swaptions
Derivative [Line Items]
Derivative assets, at fair value	5,389		5,354
Derivative Assets, Notional Amount	1,549,489		424,816
Derivative liabilities, at fair value	2,358		1,056
Derivative Liabilities, Notional Amount	3,033,835		417,052
Realized Gain (Loss)	1,242	(112)
Unrealized Gain (Loss)	(1,769)	39
Sovereign Debt Futures | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	(1,782)	0
Unrealized Gain (Loss)	764	0
Foreign Currency Forward
Derivative [Line Items]
Derivative assets, at fair value	1,158		653
Derivative Assets, Notional Amount	91,753		47,754
Derivative liabilities, at fair value	1,129		2,009
Derivative Liabilities, Notional Amount	623,663		214,854
Realized Gain (Loss)	(5,874)	(3,096)
Unrealized Gain (Loss)	1,385	(12,373)
Foreign Currency Options
Derivative [Line Items]
Derivative assets, at fair value	130		4,532
Derivative Assets, Notional Amount	66,079		501,465
Derivative liabilities, at fair value			1,334
Derivative Liabilities, Notional Amount			363,840
Foreign Currency Options | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss)	(4,869)	(1,181)
Unrealized Gain (Loss)	502	(1,972)
Foreign Currency Options | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	2,185	505
Unrealized Gain (Loss)	(80)	(81)
Commodity Future
Derivative [Line Items]
Realized Gain (Loss)	0	(253)
Unrealized Gain (Loss)	0	(580)
Embedded derivatives in reinsurance contracts
Derivative [Line Items]
Derivative liabilities, at fair value	111		92
Derivative Liabilities, Notional Amount	20,000		20,000
Realized Gain (Loss)	0	0
Unrealized Gain (Loss)	(19)	$ 235
Derivative liabilities (embedded)
Derivative [Line Items]
Derivative liabilities, at fair value	111		92
Derivative Liabilities, Notional Amount	20,000		20,000
Treasury Futures | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	495		961
Derivative Assets, Notional Amount	229,805		107,591
Derivative liabilities, at fair value	378		1,608
Derivative Liabilities, Notional Amount	$ 176,688		$ 159,923

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
OTC Option Asset	$ 4.6	$ 0.7
OTC Option Liability	6.2	3.5
Derivative with Credit Risk Feature, Net	2	6.1
Derivative Instruments with Credit-Risk-Related Contingent Features [Member]
Derivative [Line Items]
Derivative, Collateral, Right to Reclaim Cash	93.2	$ 48.8
Derivative, Collateral, Obligation to Return Cash	$ 3.8

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	Mar. 31, 2017	Dec. 31, 2016
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1)	$ 34,122	$ 27,432
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	10,839	16,050
Counterparty 1
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	2,876
Financial Instruments	893
Cash Collateral Received	1,983
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)	2,697
Financial Instruments	2,697
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)	4,443
Financial Instruments	4,443
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)	1,896
Financial Instruments	1,896
Cash Collateral Received	0
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)	2,263
Financial Instruments	2,263
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)	56
Financial Instruments	56
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)	267
Financial Instruments	267
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)	2,562
Financial Instruments	2,562
Cash Collateral Received	0
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)	17,060
Financial Instruments	15,077
Cash Collateral Received	1,983
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)	38,726	28,112
Financial Instruments	15,077	13,481
Cash Collateral Received	3,822	3,580
Net Amount	19,827	11,051
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		19,578
Financial Instruments		13,481
Cash Collateral Received		5,397
Net Amount		700
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)	893	535
Financial Instruments	893	535
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)		2,959
Financial Instruments		535
Cash Collateral Received		2,424
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)	2,880	3,147
Financial Instruments	2,697	607
Cash Collateral Received	0	0
Net Amount	183	2,540
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		607
Financial Instruments		607
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)	10,968	8,652
Financial Instruments	4,443	4,760
Cash Collateral Received	0	0
Net Amount	6,525	3,892
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		4,760
Financial Instruments		4,760
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)	2,826	1,639
Financial Instruments	1,896	1,639
Cash Collateral Received	0	0
Net Amount	930	0
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		3,827
Financial Instruments		1,639
Cash Collateral Received		2,188
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)	8,122	7,336
Financial Instruments	2,263	3,027
Cash Collateral Received	0	0
Net Amount	5,859	4,309
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		3,027
Financial Instruments		3,027
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)	6,235	6,262
Financial Instruments	56	2,599
Cash Collateral Received	3,822	3,383
Net Amount	2,357	280
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		2,599
Financial Instruments		2,599
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)		227
Financial Instruments		0
Cash Collateral Received		197
Net Amount		30
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)	4,063	277
Financial Instruments	267	277
Cash Collateral Received	0	0
Net Amount	3,796	0
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		977
Financial Instruments		277
Cash Collateral Received		0
Net Amount		700
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)	2,739	37
Financial Instruments	2,562	37
Cash Collateral Received	0	0
Net Amount	177	0
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)		822
Financial Instruments		37
Cash Collateral Received		785
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)	7,687
Financial Instruments	7,687
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)	16,524
Financial Instruments	16,524
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)		302
Financial Instruments		302
Cash Collateral Received		0
Net Amount		0
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)	8,837
Financial Instruments	8,837
Cash Collateral Received	0
Net Amount	$ 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)		302
Financial Instruments		302
Cash Collateral Received		0
Net Amount		$ 0

Loss and loss adjustment expe61

Loss and loss adjustment expense reserves - Schedule of loss and loss adjustment expense reserves (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 110,201	$ 80,370
Incurred but not reported loss and loss adjustment expense reserves	513,778	522,818
Deferred gains on retroactive reinsurance contracts	1,807	1,941
Loss and loss adjustment expense reserves	$ 625,786	$ 605,129

Loss and loss adjustment expe62

Loss and loss adjustment expense reserves - Schedule of activity in the reserve for losses and loss adjustment expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for loss and loss adjustment expenses, beginning of period	$ 605,129	$ 466,047
Less: loss and loss adjustment expenses recoverable, beginning of period	(1)	(125)
Net reserves for loss and loss adjustment expenses, beginning of period	605,128	465,922
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	85,284	79,921
Prior years	772	4,941
Amortization of deferred gains on retroactive reinsurance contracts	(161)	(186)
Total incurred loss and loss adjustment expenses	85,895	84,676
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(5,101)	(6,097)
Prior years	(62,046)	(52,319)
Total net paid losses	(67,147)	(58,416)
Foreign currency translation	1,858	(2,276)
Net reserve for loss and loss adjustment expenses, end of period	605,128	465,922	$ 625,734	$ 489,906
Plus: loss and loss adjustment expenses recoverable, end of period	52	1
Gross reserve for loss and loss adjustment expenses, end of period	625,786	489,907
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates	3,400	(8,500)
Change In Policy Acquisition Costs	(1,000)	(3,000)
Increase in net underwriting loss		(700)
Ratio Split [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	(1,600)	(100)
Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact		200
Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact		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	3,400	8,000
Favorable Reserve Development [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	1,600	100
Premium Adjustments on Certain Contracts [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	$ 2,400	$ 5,000

Management, performance and f63

Management, performance and founders fees (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 21, 2016
Related Party Transaction [Line Items]
Performance fee payable to related party	$ 30,857		$ 0
Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 39,325	$ 10,142
TP LLC and Various Third Point Re Founders
Related Party Transaction [Line Items]
Annual investment management fee	1.50%			2.00%
Third Point LLC | Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 8,467	1,521
Founders | Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 0	8,621
Third Point Advisors LLC
Related Party Transaction [Line Items]
Annual investment performance fee	20.00%
Third Point Advisors LLC | Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 30,858	$ 0	$ 17,300

Deposit contracts (Details)

Deposit contracts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Deposit Contracts, Liabilities [Roll Forward]
Balance, beginning of period	$ 104,905	$ 83,955
Consideration received	1,371	22,463
Net investment expense (income) allocation and change in fair value of embedded derivatives	409	(164)
Payments	(934)	(915)
Foreign currency translation	27	(434)
Balance, end of period	$ 105,778	$ 104,905

Senior notes payable and lett65

Senior notes payable and letter of credit facilities (Senior notes payable) (Details) - Senior unsecured notes - 7% Senior Unsecured Notes - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Feb. 28, 2015
Debt Instrument [Line Items]
Debt issued	$ 115,000,000		$ 115,000,000
Interest rate	7.00%		7.00%
Debt issuance cost	$ 1,400,000
Debt fair value	$ 112,600,000	$ 103,400,000

Senior notes payable and lett66

Senior notes payable and letter of credit facilities (Letters of credit) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Collateral	$ 720,200,000	$ 726,200,000
Letter of credit
Line of Credit Facility [Line Items]
Facility	475,000,000
Utilized	220,729,000
Collateral	220,729,000
Letter of credit | Citibank
Line of Credit Facility [Line Items]
Facility	300,000,000
Utilized	147,456,000
Collateral	147,456,000
Letter of credit | J.P. Morgan
Line of Credit Facility [Line Items]
Facility	50,000,000
Utilized	9,000
Collateral	9,000
Letter of credit | Lloyds Bank
Line of Credit Facility [Line Items]
Facility	125,000,000
Utilized	73,264,000
Collateral	73,264,000
Letter of credit | BNP Paribas | Third Point Re USA
Line of Credit Facility [Line Items]
Facility	$ 50,000,000

Net investment income (Details)

Net investment income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Investment Income [Abstract]
Net realized gains on investments and investment derivatives	$ 61,026	$ 23,242
Net unrealized gains (losses) on investments and investment derivatives	95,455	(54,842)
Net losses on foreign currencies	(552)	(166)
Dividend and interest income	17,267	7,672
Dividends paid on securities sold, not yet purchased	(525)	(434)
Management and performance fees	(39,325)	(10,142)
Other expenses	(5,103)	(5,687)
Net investment income (loss) on investments managed by Third Point LLC	128,243	(40,357)
Net gain on investment in Kiskadee Fund	267	247
Net investment income	128,510	(40,110)
Net investment gains (losses) on equity securities
Schedule of Cost-method Investments [Line Items]
Change in net investment income	151,493	(2,231)
Net investment gains on debt securities
Schedule of Cost-method Investments [Line Items]
Change in net investment income	23,503	12,149
Net investment losses on other investments
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(3,696)	(8,496)
Net investment gains (losses) on investment derivatives
Schedule of Cost-method Investments [Line Items]
Change in net investment income	10,728	(31,951)
Net investment gains (losses) on securities sold, not yet purchased
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(9,384)	4,304
Net investment income (loss) on cash, including foreign exchange gain (loss)
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(2,936)	(1,715)
Net investment losses on securities sold under an agreement to repurchase
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(20)	(697)
Management and performance fees
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(39,325)	(10,142)
Other investment expenses
Schedule of Cost-method Investments [Line Items]
Change in net investment income	$ (1,853)	$ (1,331)

Other expenses (Details)

Other expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Deposit liabilities investment expense	$ 409	$ 471
Reinsurance contracts investment expense	2,473	2,470
Change in fair value of embedded derivatives in deposit and reinsurance contracts	19	(235)
Other expenses	$ 2,901	$ 2,706

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax [Line Items]
Provision for uncertain tax positions	$ 1,800		$ 1,600
Income tax expense	5,298	$ (1,929)
Deferred Tax Assets, Gross	3,700		$ 7,900
income tax expense - subsidiary [Member]
Income Tax [Line Items]
Income tax expense	4,182	(3,120)
Uncertain tax positions [Member]
Income Tax [Line Items]
Income tax expense	126	0
Withholding taxes [Member]
Income Tax [Line Items]
Income tax expense	$ 990	$ 1,191

Share capital - Common shares a

Share capital - Common shares and treasury shares (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, beginning of period	106,501,299	105,479,341
Balance, end of period	107,182,083	106,213,131
Balance, beginning of period	644,768	0
Repurchase of common shares	1,532,871	0
Balance, end of period	2,177,639	0
Options exercised
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	50,000	79,832
Performance restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	630,784	653,958

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share compensation expense	$ 9.8	$ 4.6
Unamortized share compensation expense, period of recognition	1 year 8 months 12 days	1 year 5 months
Management and director options
Fair value assumptions
Remaining contractual life	4 years 7 months 20 days	4 years 11 months

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Authorized share capital	$ 33,000,000
Common share, shares authorized (in shares)	300,000,000	300,000,000
Common share, par value (in dollars per share)	$ 0.10	$ 0.10
Preference shares, shares authorized (in shares)	30,000,000	30,000,000
Preference shares, par value (in dollars per share)	$ 0.10	$ 0.10
Common share, shares outstanding (in shares)	107,182,083	106,501,299	106,213,131	105,479,341
Preference shares, shares outstanding (in shares)	0	0
Stock Repurchased and Retired During Period, Shares	1,532,871
Payments for Repurchase of Common Stock	$ 18,900,000
Treasury Stock Acquired, Average Cost Per Share	$ 12.32

Share-based compensation - Sche

Share-based compensation - Schedule of share-based comp expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,830	$ 2,651
Management and director options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	347	1,555
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	124	206
Restricted shares with service and performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,359	$ 890

Share capital -Share repurchase

Share capital -Share repurchase (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	May 04, 2016
Share repurchase [Abstract]
Repurchase program, authorized amount		$ 100,000,000
Stock Repurchased and Retired During Period, Shares	1,532,871
Payments for Repurchase of Common Stock	$ 18,900,000
Treasury Stock Acquired, Average Cost Per Share	$ 12.32
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 73,726,864

Share-based compensation - Sc75

Share-based compensation - Schedule of management and director options activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Number of options (in shares)
Outstanding (in shares)	9,596,993	10,250,586
Forfeited (in shares)		(139,534)
Exercised (in shares)	(50,000)	(514,059)
Outstanding (in shares)	9,546,993	9,596,993
Weighted average exercise price (in dollars per share)
Outstanding (in dollars per share)	$ 13.64	$ 13.52
Forfeited (in dollars per share)		18
Exercised (in dollars per share)	10	10
Outstanding (in dollars per share)	$ 13.66	$ 13.64

Share-based compensation - Sc76

Share-based compensation - Schedule of management and director options outstanding (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in shares)	9,546,993	9,596,993	10,250,586
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.66	$ 13.64	$ 13.52
Management and director options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in shares)	9,546,993
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.66
Remaining contractual life	4 years 7 months 20 days	4 years 11 months
Options exercisable (in shares)	9,151,644
Options exercisable, weighted average exercise price (in dollars per share)	$ 13.59
Management and director options | $10.00 - $10.89
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price, lower limit (in dollars per share)	10
Exercise price, upper limit (in dollars per share)	$ 10.89
Options outstanding (in shares)	5,224,334
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.04
Remaining contractual life	4 years 9 months 7 days
Options exercisable (in shares)	5,070,845
Options exercisable, weighted average exercise price (in dollars per share)	$ 10.02
Management and director options | $15.05 - $16.89
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price, lower limit (in dollars per share)	15.05
Exercise price, upper limit (in dollars per share)	$ 16.89
Options outstanding (in shares)	2,196,214
Options outstanding, weighted average exercise price (in dollars per share)	$ 15.94
Remaining contractual life	4 years 6 months 10 days
Options exercisable (in shares)	2,061,330
Options exercisable, weighted average exercise price (in dollars per share)	$ 15.96
Management and director options | $20.00 - $25.05
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price, lower limit (in dollars per share)	20
Exercise price, upper limit (in dollars per share)	$ 25.05
Options outstanding (in shares)	2,126,445
Options outstanding, weighted average exercise price (in dollars per share)	$ 20.23
Remaining contractual life	4 years 5 months 15 days
Options exercisable (in shares)	2,019,469
Options exercisable, weighted average exercise price (in dollars per share)	$ 20.14

Share-based compensation - Sc77

Share-based compensation - Schedule of restricted shares with service condition award activity (Details) - Restricted shares with service condition - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Number of non-vested restricted shares (in shares)
Outstanding, beginning of period (in shares)	301,043	301,043
Granted (in shares)		47,712
Vested (in shares)	(223,125)	(47,712)
Outstanding, end of period (in shares)	77,918	301,043
Weighted average grant data fair value (in dollars per share)
Outstanding (in dollars per share)	$ 11.12	$ 11.12
Granted (in dollars per share)		11.37
Vested (in dollars per share)	10.07	11.37
Outstanding (in dollars per share)	$ 14.12	$ 11.12

Share-based compensation - Sc78

Share-based compensation - Schedule of restricted shares with service and performance condition (Details) - Restricted shares with service and performance condition - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Number of non-vested restricted shares (in shares)
Outstanding, beginning of period (in shares)	1,381,740	921,553
Granted (in shares)	871,723	653,958
Forfeited (in shares)	(240,939)	(193,771)
Vested (in shares)	(136,618)
Outstanding, end of period (in shares)	1,875,906	1,381,740
Number of non-vested restricted shares probable of vesting
Outstanding, beginning of period (in shares)	577,486	536,234
Granted (in shares)	581,147	435,974
Forfeited (in shares)	0	(119,009)
Vested (in shares)	$ (136,618)
Change in estimated restricted shares considered probably of vesting (in shares)	3,207	(275,713)
Outstanding, end of period (in shares)	1,025,222	577,486
Weighted average grant data fair value (in dollars per share)
Outstanding (in dollars per share)	$ 12.91	$ 14.24
Granted (in dollars per share)	12.20	11.40
Forfeited (in dollars per share)	14.60	13.16
Change in estimated restricted shares considered probable of vesting (in dollars per share)	14.60	13.06
Outstanding (in dollars per share)	12.29	$ 12.91
Vested (in dollars per share)	$ 14.60

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 16,849,000		$ 35,674,000
Income (loss) attributable to non-controlling interests	1,200,000	$ 1,200,000
Joint Ventures - Third Point Advisors LLC shares
Noncontrolling Interest [Line Items]
Distributions	$ 19,999,000		$ 0
Cayman Holdco [Member]
Noncontrolling Interest [Line Items]
Ownership percentage	13.90%		13.80%
Estimated fair value of investment	$ 18,000,000		$ 37,600,000
Proceeds from Limited Partnership Investments	$ 19,600,000
Third Point Hellenic Recovery US Feeder Fund, L.P. [Member]
Noncontrolling Interest [Line Items]
Ownership percentage	2.80%		2.80%
Estimated fair value of investment	$ 6,100,000		$ 5,500,000
Proceeds from Limited Partnership Investments	0		0
Noncontrolling interest, increase from contributed capital	10,600,000		10,600,000
Committed capital, amount called	$ 0		$ 0
TP DR Holdings LLC [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	100.00%
Equity method investment, interest in equity	7.00%		7.20%
Equity method investment, interest in debt	13.30%		13.70%
Equity method investments, fair value disclosure	$ 10,500,000		$ 9,500,000
Equity method investment summarized financial information, equity	2,100,000		900,000
Equity method investment, summarized financial information, liabilities	$ 8,400,000		$ 8,600,000

Earnings (loss)per share (Detai

Earnings (loss)per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding, net of treasury shares	104,013,871	104,257,874
Dilutive effect of options	781,568	0
Dilutive effect of warrants	722,816	0
Dilutive effect of restricted shares with service and performance condition	183,344	0
Diluted number of common shares outstanding	105,701,599	104,257,874
Basic earnings (loss) per common share:
Net income (loss)	$ 104,186	$ (51,129)
Income allocated to participating shares	(139)	0
Net income (loss) available to common shareholders	$ 104,047	$ (51,129)
Basic earnings (loss) per common share	$ 1	$ (0.49)
Earnings per share, diluted [Abstract]
Net income (loss)	$ 104,186	$ (51,129)
Income allocated to participating shares	(136)	0
Net income (loss) available to common shareholders	$ 104,050	$ (51,129)
Diluted earnings (loss) per common share	$ 0.98	$ (0.49)
Options
Earnings per share, diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share	4,322,659	15,072,870

Related party transactions (Det

Related party transactions (Details) - Investments in securities, commodities, and derivative contracts - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Third Point Loan L.L.C
Related Party Transaction [Line Items]
Estimated fair value of investment	$ 109.3	$ 124.1
Third Point Ventures L.L.C.
Related Party Transaction [Line Items]
Estimated fair value of investment	$ 22.4	$ 22.6

Financial instruments with of82

Financial instruments with off-balance sheet risk or concentrations of credit risk (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Guarantor Obligations [Line Items]
Asset	$ 34,122	$ 27,432
Liability	10,839	16,050
Written credit derivatives | Single name (0 - 250)
Guarantor Obligations [Line Items]
0-5 years	0	0
5 years or Greater Expiring Through 2046	3,936	3,943
Total Written Credit Default Swaps	3,936	3,943
Asset	0	0
Liability	1,958	1,952
Net Asset/(Liability)	(1,958)	(1,952)
Credit risk exposure
Guarantor Obligations [Line Items]
Maximum counterparty credit risk exposure	38,700	28,100
Written put options
Guarantor Obligations [Line Items]
Option contracts maximum payout	353,400	87,500
Written put options | Securities sold, not yet purchased
Guarantor Obligations [Line Items]
Options contracts at fair value	$ 6,900	$ 1,300
Written put options | Minimum
Guarantor Obligations [Line Items]
Option contracts maximum payout term	2 months
Written put options | Maximum
Guarantor Obligations [Line Items]
Option contracts maximum payout term	10 months

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2017	Feb. 28, 2015
Other Commitments [Line Items]
Unfunded capital commitments	$ 3,200,000
Senior unsecured notes | 7% Senior Unsecured Notes
Other Commitments [Line Items]
Debt issued	$ 115,000,000	$ 115,000,000
Interest rate	7.00%	7.00%

Segment reporting - Operating S

Segment reporting - Operating Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	1
Segment Reporting Information [Line Items]
Gross premiums ceded	$ (1,125)	$ 0
Net premiums written	145,229	197,156
Change in net unearned premium reserves	(7,220)	(60,354)
Net premiums earned	138,009	136,802
Loss and loss adjustment expenses incurred, net	85,895	84,676
Acquisition costs, net	54,452	51,687
General and administrative expenses	10,572	11,288
Total expenses	150,919	147,651
Net investment income (loss)	128,510	(40,110)
Other expenses	(2,901)	(2,706)
Interest expense	(2,026)	(2,048)
Foreign exchange gains	(15)	2,386
Income tax (expense) benefit	(5,298)	1,929
Income (loss) including non-controlling interests	105,360	(51,398)
(Income) loss attributable to non-controlling interests	(1,174)	269
Net income (loss)	104,186	(51,129)
Gross premiums written	$ 146,354	$ 197,156
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%
Prospective
Segment Reporting Information [Line Items]
Gross premiums written	$ 146,354	$ 197,156
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%
Retroactive
Segment Reporting Information [Line Items]
Gross premiums written	$ 0	$ 0
Gross Premiums As Percentage Of Total Gross Premiums	0.00%	0.00%
Corporate
Segment Reporting Information [Line Items]
Gross premiums ceded	$ 0	$ 0
Net premiums written	0	0
Change in net unearned premium reserves	0	0
Net premiums earned	0	0
Loss and loss adjustment expenses incurred, net	0	0
Acquisition costs, net	0	0
General and administrative expenses	4,260	4,226
Total expenses	4,260	4,226
Net investment income (loss)	92,390	(31,849)
Other expenses	0	0
Interest expense	(2,026)	(2,048)
Foreign exchange gains	(15)	2,386
Income tax (expense) benefit	(5,298)	1,929
Income (loss) including non-controlling interests	80,791	(33,808)
(Income) loss attributable to non-controlling interests	(1,174)	269
Net income (loss)	79,617	(33,539)
Gross premiums written	0	0
Property and Casualty Reinsurance | Property
Segment Reporting Information [Line Items]
Gross premiums written	$ 12	$ (175)
Gross Premiums As Percentage Of Total Gross Premiums	0.00%	(0.10%)
Property and Casualty Reinsurance | Casualty
Segment Reporting Information [Line Items]
Gross premiums written	$ 87,205	$ 11,377
Gross Premiums As Percentage Of Total Gross Premiums	59.60%	5.80%
Property and Casualty Reinsurance | Specialty
Segment Reporting Information [Line Items]
Gross premiums written	$ 59,137	$ 185,954
Gross Premiums As Percentage Of Total Gross Premiums	40.40%	94.30%
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums ceded	$ (1,125)	$ 0
Net premiums written	145,229	197,156
Change in net unearned premium reserves	(7,220)	(60,354)
Net premiums earned	138,009	136,802
Loss and loss adjustment expenses incurred, net	85,895	84,676
Acquisition costs, net	54,452	51,687
General and administrative expenses	6,312	7,062
Total expenses	146,659	143,425
Net underwriting loss	8,650	6,623
Net investment income (loss)	36,120	(8,261)
Other expenses	(2,901)	(2,706)
Interest expense	0	0
Foreign exchange gains	0	0
Income tax (expense) benefit	0	0
Income (loss) including non-controlling interests	24,569	(17,590)
(Income) loss attributable to non-controlling interests	0	0
Net income (loss)	$ 24,569	$ (17,590)
Loss ratio	62.20%	61.90%
Acquisition cost ratio	39.50%	37.80%
Composite ratio	101.70%	99.70%
General and administrative expense ratio	4.60%	5.20%
Combined ratio	106.30%	104.90%
Gross premiums written	$ 146,354	$ 197,156

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - Gross Premiums Written	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%
Contract Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%
Contract Concentration Risk | Largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage	36.90%	48.00%
Contract Concentration Risk | Second largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.90%	16.30%
Contract Concentration Risk | Third largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage	11.50%	13.80%
Contract Concentration Risk | Contract Four [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		10.70%
Contract Concentration Risk | Total for contracts contributing greater than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	61.30%	88.80%
Contract Concentration Risk | Total for contracts contributing less than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	38.70%	11.20%

Segment reporting - Customer Co

Segment reporting - Customer Concentration (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue, Major Customer [Line Items]
Gross premiums written	$ 146,354	$ 197,156
Gross Premiums Written
Revenue, Major Customer [Line Items]
Gross premiums written	$ 146,354	$ 197,156
Concentration risk, percentage	100.00%	100.00%
Gross Premiums Written | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Gross premiums written	$ 146,354	$ 197,156
Concentration risk, percentage	100.00%	100.00%
Gross Premiums Written | Customer Concentration Risk | Largest broker
Revenue, Major Customer [Line Items]
Gross premiums written	$ 67,689	$ 128,171
Concentration risk, percentage	46.30%	65.00%
Gross Premiums Written | Customer Concentration Risk | Second largest broker
Revenue, Major Customer [Line Items]
Gross premiums written	$ 24,149	$ 31,665
Concentration risk, percentage	16.50%	16.10%
Gross Premiums Written | Customer Concentration Risk | Third largest broker
Revenue, Major Customer [Line Items]
Gross premiums written	$ 16,029	$ 21,746
Concentration risk, percentage	11.00%	11.00%
Gross Premiums Written | Customer Concentration Risk | Other
Revenue, Major Customer [Line Items]
Gross premiums written	$ 38,487	$ 15,574
Concentration risk, percentage	26.20%	7.90%

Segment reporting - Geographic

Segment reporting - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue from External Customer [Line Items]
Gross premiums written	$ 146,354	$ 197,156
Gross Premiums Written
Revenue from External Customer [Line Items]
Gross premiums written	$ 146,354	$ 197,156
Concentration risk, percentage	100.00%	100.00%
Gross Premiums Written | Income tax expense (benefit) related to U.S. and U.K. subsidiaries
Revenue from External Customer [Line Items]
Gross premiums written	$ 42,430	$ 43,291
Concentration risk, percentage	29.00%	22.00%
Gross Premiums Written | Income tax expense - U.K. subsidiaries
Revenue from External Customer [Line Items]
Gross premiums written	$ 49,849	$ 153,865
Concentration risk, percentage	34.10%	78.00%
Gross Premiums Written | Bermuda
Revenue from External Customer [Line Items]
Gross premiums written	$ 54,075	$ 0
Concentration risk, percentage	36.90%	0.00%

Supplemental Guarantor Inform88

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Equity securities	$ 1,484,378,000	$ 1,506,854,000
Debt securities	921,221,000	1,057,957,000
Other investments, at fair value	72,020,000	82,701,000
Total investments in securities	2,477,619,000	2,647,512,000
Cash and cash equivalents	11,829,000	9,951,000	$ 7,658,000	$ 20,407,000
Restricted cash and cash equivalents	334,813,000	298,940,000
Investment in subsidiaries	0	0
Due from brokers	387,102,000	284,591,000
Derivative assets, at fair value	34,122,000	27,432,000
Interest and dividends receivable	8,003,000	6,505,000
Reinsurance balances receivable	421,034,000	381,951,000
Deferred acquisition costs, net	220,754,000	221,618,000
Amounts due from (to) affiliates	0	0
Other assets	14,079,000	17,144,000
Total assets	3,909,355,000	3,895,644,000
Liabilities
Accounts payable and accrued expenses	11,509,000	10,321,000
Reinsurance balances payable	51,173,000	43,171,000
Deposit liabilities	105,778,000	104,905,000		83,955,000
Unearned premium reserves	565,243,000	557,076,000
Loss and loss adjustment expense reserves	625,786,000	605,129,000
Securities sold, not yet purchased, at fair value	217,836,000	92,668,000
Securities sold under an agreement to repurchase	16,524,000	0
Due to brokers	639,320,000	899,601,000
Derivative liabilities, at fair value	10,839,000	16,050,000
Due to Related Parties	(30,857,000)	0
Interest and dividends payable	2,361,000	3,443,000
Senior notes payable, net of deferred costs	113,599,000	113,555,000
Total liabilities	2,390,825,000	2,445,919,000
Shareholders’ equity
Common shares	10,718,000	10,650,000
Treasury Stock, Value	(26,273,000)	(7,389,000)
Additional paid-in capital	1,096,828,000	1,094,568,000
Retained earnings	420,408,000	316,222,000
Shareholders’ equity attributable to shareholders	1,501,681,000	1,414,051,000
Non-controlling interests	16,849,000	35,674,000
Total shareholders’ equity	1,518,530,000	1,449,725,000	1,347,135,000
Total liabilities and shareholders’ equity	3,909,355,000	3,895,644,000
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	(1,956,206,000)	(1,848,024,000)
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	(1,956,206,000)	(1,848,024,000)
Liabilities
Accounts payable and accrued expenses	0	0
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0	0
Securities sold under an agreement to repurchase	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
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	(1,250,000)	(1,250,000)
Treasury Stock, Value	0	0
Additional paid-in capital	(1,696,401,000)	(1,694,283,000)
Retained earnings	(258,555,000)	(152,491,000)
Shareholders’ equity attributable to shareholders	(1,956,206,000)	(1,848,024,000)
Non-controlling interests	0	0
Total shareholders’ equity	(1,956,206,000)	(1,848,024,000)
Total liabilities and shareholders’ equity	(1,956,206,000)	(1,848,024,000)
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	60,000	1,629,000	39,000	308,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	1,520,278,000	1,413,078,000
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	(17,919,000)	(142,000)
Other assets	493,000	637,000
Total assets	1,502,912,000	1,415,202,000
Liabilities
Accounts payable and accrued expenses	1,231,000	1,151,000
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0	0
Securities sold under an agreement to repurchase	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Due to Related Parties	0
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	1,231,000	1,151,000
Shareholders’ equity
Common shares	10,718,000	10,650,000
Treasury Stock, Value	(26,273,000)	(7,389,000)
Additional paid-in capital	1,096,828,000	1,094,568,000
Retained earnings	420,408,000	316,222,000
Shareholders’ equity attributable to shareholders	1,501,681,000	1,414,051,000
Non-controlling interests	0	0
Total shareholders’ equity	1,501,681,000	1,414,051,000
Total liabilities and shareholders’ equity	1,502,912,000	1,415,202,000
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	80,000	79,000	3,000	5,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	270,455,000	269,622,000
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	(4,128,000)	(8,394,000)
Other assets	6,220,000	5,507,000
Total assets	272,627,000	266,814,000
Liabilities
Accounts payable and accrued expenses	40,000	40,000
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0	0
Securities sold under an agreement to repurchase	0
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Due to Related Parties	0
Interest and dividends payable	1,015,000	3,057,000
Senior notes payable, net of deferred costs	113,599,000	113,555,000
Total liabilities	114,654,000	116,652,000
Shareholders’ equity
Common shares	0	0
Treasury Stock, Value	0	0
Additional paid-in capital	165,600,000	165,456,000
Retained earnings	(7,627,000)	(15,294,000)
Shareholders’ equity attributable to shareholders	157,973,000	150,162,000
Non-controlling interests	0	0
Total shareholders’ equity	157,973,000	150,162,000
Total liabilities and shareholders’ equity	272,627,000	266,814,000
Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets
Equity securities	1,484,378,000	1,506,854,000
Debt securities	921,221,000	1,057,957,000
Other investments, at fair value	72,020,000	82,701,000
Total investments in securities	2,477,619,000	2,647,512,000
Cash and cash equivalents	11,689,000	8,243,000	$ 7,616,000	$ 20,094,000
Restricted cash and cash equivalents	334,813,000	298,940,000
Investment in subsidiaries	165,473,000	165,324,000
Due from brokers	387,102,000	284,591,000
Derivative assets, at fair value	34,122,000	27,432,000
Interest and dividends receivable	8,003,000	6,505,000
Reinsurance balances receivable	421,034,000	381,951,000
Deferred acquisition costs, net	220,754,000	221,618,000
Amounts due from (to) affiliates	22,047,000	8,536,000
Other assets	7,366,000	11,000,000
Total assets	4,090,022,000	4,061,652,000
Liabilities
Accounts payable and accrued expenses	10,238,000	9,130,000
Reinsurance balances payable	51,173,000	43,171,000
Deposit liabilities	105,778,000	104,905,000
Unearned premium reserves	565,243,000	557,076,000
Loss and loss adjustment expense reserves	625,786,000	605,129,000
Securities sold, not yet purchased, at fair value	217,836,000	92,668,000
Securities sold under an agreement to repurchase	16,524,000
Due to brokers	639,320,000	899,601,000
Derivative liabilities, at fair value	10,839,000	16,050,000
Due to Related Parties	(30,857,000)
Interest and dividends payable	1,346,000	386,000
Senior notes payable, net of deferred costs	0	0
Total liabilities	2,274,940,000	2,328,116,000
Shareholders’ equity
Common shares	1,250,000	1,250,000
Treasury Stock, Value	0	0
Additional paid-in capital	1,530,801,000	1,528,827,000
Retained earnings	266,182,000	167,785,000
Shareholders’ equity attributable to shareholders	1,798,233,000	1,697,862,000
Non-controlling interests	16,849,000	35,674,000
Total shareholders’ equity	1,815,082,000	1,733,536,000
Total liabilities and shareholders’ equity	4,090,022,000	$ 4,061,652,000
Financial Guarantee | Issuer of Debt
Condensed Balance Sheet Statements, Captions [Line Items]
Debt obligation	$ 115,000,000

Supplemental Guarantor Inform89

Supplemental Guarantor Information - Condensed Consolidating Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Gross premiums written	$ 146,354	$ 197,156
Gross premiums ceded	(1,125)	0
Net premiums written	145,229	197,156
Change in net unearned premium reserves	(7,220)	(60,354)
Net premiums earned	138,009	136,802
Net investment income (loss)	128,510	(40,110)
Equity in earnings of subsidiaries	0	0
Total revenues	266,519	96,692
Expenses
Loss and loss adjustment expenses incurred, net	85,895	84,676
Acquisition costs, net	54,452	51,687
General and administrative expenses	10,572	11,288
Other expenses	2,901	2,706
Interest expense	2,026	2,048
Foreign exchange gain (loss)	15	(2,386)
Total expenses	155,861	150,019
Income (loss) before income tax (expense) benefit	110,658	(53,327)
Income tax (expense) benefit	(5,298)	1,929
Income (loss) including non-controlling interests	105,360	(51,398)
(Income) loss attributable to non-controlling interests	(1,174)	269
Net income (loss)	104,186	(51,129)
Eliminations
Revenues
Gross premiums written	0	0
Gross premiums ceded	0	0
Net premiums written	0	0
Change in net unearned premium reserves	0	0
Net premiums earned	0	0
Net investment income (loss)	0	0
Equity in earnings of subsidiaries	(114,364)	54,637
Total revenues	(114,364)	54,637
Expenses
Loss and loss adjustment expenses incurred, net	0	0
Acquisition costs, net	0	0
General and administrative expenses	0	0
Other expenses	0	0
Interest expense	0	0
Foreign exchange gain (loss)	0	0
Total expenses	0	0
Income (loss) before income tax (expense) benefit	(114,364)	54,637
Income tax (expense) benefit	0	0
Income (loss) including non-controlling interests	(114,364)	54,637
(Income) loss attributable to non-controlling interests	0	0
Net income (loss)	(114,364)	54,637
Parent Guarantor | Reportable Legal Entities
Revenues
Gross premiums written	0	0
Gross premiums ceded	0	0
Net premiums written	0	0
Change in net unearned premium reserves	0	0
Net premiums earned	0	0
Net investment income (loss)	0	0
Equity in earnings of subsidiaries	105,370	(50,154)
Total revenues	105,370	(50,154)
Expenses
Loss and loss adjustment expenses incurred, net	0	0
Acquisition costs, net	0	0
General and administrative expenses	1,184	975
Other expenses	0	0
Interest expense	0	0
Foreign exchange gain (loss)	0	0
Total expenses	1,184	975
Income (loss) before income tax (expense) benefit	104,186	(51,129)
Income tax (expense) benefit	0	0
Income (loss) including non-controlling interests	104,186	(51,129)
(Income) loss attributable to non-controlling interests	0	0
Net income (loss)	104,186	(51,129)
Issuer of Debt | Reportable Legal Entities
Revenues
Gross premiums written	0	0
Gross premiums ceded	0	0
Net premiums written	0	0
Change in net unearned premium reserves	0	0
Net premiums earned	0	0
Net investment income (loss)	0	0
Equity in earnings of subsidiaries	8,989	(4,452)
Total revenues	8,989	(4,452)
Expenses
Loss and loss adjustment expenses incurred, net	0	0
Acquisition costs, net	0	0
General and administrative expenses	8	2
Other expenses	0	0
Interest expense	2,026	2,048
Foreign exchange gain (loss)	0	0
Total expenses	2,034	2,050
Income (loss) before income tax (expense) benefit	6,955	(6,502)
Income tax (expense) benefit	712	718
Income (loss) including non-controlling interests	7,667	(5,784)
(Income) loss attributable to non-controlling interests	0	0
Net income (loss)	7,667	(5,784)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written	146,354	197,156
Gross premiums ceded	(1,125)	0
Net premiums written	145,229	197,156
Change in net unearned premium reserves	(7,220)	(60,354)
Net premiums earned	138,009	136,802
Net investment income (loss)	128,510	(40,110)
Equity in earnings of subsidiaries	5	(31)
Total revenues	266,524	96,661
Expenses
Loss and loss adjustment expenses incurred, net	85,895	84,676
Acquisition costs, net	54,452	51,687
General and administrative expenses	9,380	10,311
Other expenses	2,901	2,706
Interest expense	0	0
Foreign exchange gain (loss)	15	(2,386)
Total expenses	152,643	146,994
Income (loss) before income tax (expense) benefit	113,881	(50,333)
Income tax (expense) benefit	(6,010)	1,211
Income (loss) including non-controlling interests	107,871	(49,122)
(Income) loss attributable to non-controlling interests	(1,174)	269
Net income (loss)	$ 106,697	$ (48,853)

Supplemental Guarantor Inform90

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Income (loss) including non-controlling interests	$ 105,360	$ (51,398)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	0	0
Share compensation expense	1,830	2,651
Net interest expense on deposit liabilities	409	471
Net unrealized (gain) loss on investments and derivatives	(95,703)	55,627
Net realized gain on investments and derivatives	(61,028)	(24,510)
Foreign exchange gain (loss)	15	(2,386)
Amortization of premium and accretion of discount, net	(665)	2,542
Changes in assets and liabilities:
Reinsurance balances receivable	(37,281)	(31,603)
Deferred acquisition costs, net	864	(19,596)
Other assets	3,075	(4,453)
Interest and dividends receivable, net	(2,580)	(5,408)
Unearned premium reserves	8,167	60,260
Loss and loss adjustment expense reserves	(18,798)	(26,136)
Accounts payable and accrued expenses	1,179	(2,397)
Reinsurance balances payable	8,051	6,892
Performance fees payable to related party	30,857	0
Increase (Decrease) in Due to Affiliates	0	0
Net cash provided by (used in) operating activities	(18,652)	12,828
Investing activities
Purchases of investments	(613,020)	(1,189,432)
Proceeds from sales of investments	940,797	771,687
Purchases of investments to cover short sales	(120,014)	(459,901)
Proceeds from short sales of investments	232,856	386,054
Change in due to/from brokers, net	(362,792)	288,507
Increase in securities sold under an agreement to repurchase	16,524	161,361
Change in restricted cash and cash equivalents	(35,873)	13,992
Contributed capital to subsidiaries		0
Contributed capital from parent and/or subsidiaries		0
Net cash provided by (used in) investing activities	58,478	(27,732)
Financing activities
Proceeds from issuance of common shares, net of costs	498	0
Purchases of common shares under share repurchase program	(18,884)	0
Increase in deposit liabilities, net	437	2,155
Non-controlling interest in investment affiliate, net	(19,999)	0
Dividend received by (paid to) parent	0	0
Net cash provided by (used in) financing activities	(37,948)	2,155
Net increase (decrease) in cash and cash equivalents	1,878	(12,749)
Cash and cash equivalents at beginning of period	9,951	20,407
Cash and cash equivalents at end of period	11,829	7,658
Eliminations
Operating activities
Income (loss) including non-controlling interests	(114,364)	54,637
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	114,364	(54,637)
Share compensation expense	0	0
Net interest 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
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 (used in) 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
Increase in securities sold under an agreement to repurchase	0	0
Change in restricted cash and cash equivalents	0	0
Contributed capital to subsidiaries		10,000
Contributed capital from parent and/or subsidiaries		(10,000)
Net cash provided by (used in) investing activities	0	0
Financing activities
Proceeds from issuance of common shares, 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
Dividend received by (paid to) parent	0	0
Net cash provided by (used in) 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
Parent Guarantor | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests	104,186	(51,129)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(105,370)	50,154
Share compensation expense	0	0
Net interest 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
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	144	142
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	80	(350)
Reinsurance balances payable	0	0
Performance fees payable to related party	0
Increase (Decrease) in Due to Affiliates	17,777	914
Net cash provided by (used in) operating activities	16,817	(269)
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
Increase in securities sold under an agreement to repurchase	0	0
Change in restricted cash and cash equivalents	0	0
Contributed capital to subsidiaries		(5,000)
Contributed capital from parent and/or subsidiaries		0
Net cash provided by (used in) investing activities	0	(5,000)
Financing activities
Proceeds from issuance of common shares, net of costs	498
Purchases of common shares under share repurchase program	(18,884)
Increase in deposit liabilities, net	0	0
Non-controlling interest in investment affiliate, net	0
Dividend received by (paid to) parent	0	5,000
Net cash provided by (used in) financing activities	(18,386)	5,000
Net increase (decrease) in cash and cash equivalents	(1,569)	(269)
Cash and cash equivalents at beginning of period	1,629	308
Cash and cash equivalents at end of period	60	39
Issuer of Debt | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests	7,667	(5,784)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(8,989)	4,452
Share compensation expense	0	0
Net interest 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
Amortization of premium and accretion of discount, net	44	44
Changes in assets and liabilities:
Reinsurance balances receivable	0	0
Deferred acquisition costs, net	0	0
Other assets	(713)	(718)
Interest and dividends receivable, net	(2,042)	(2,021)
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	(4,266)	4,025
Net cash provided by (used in) operating activities	(8,299)	(2)
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
Increase in securities sold under an agreement to repurchase	0	0
Change in restricted cash and cash equivalents	0	0
Contributed capital to subsidiaries		(5,000)
Contributed capital from parent and/or subsidiaries		5,000
Net cash provided by (used in) investing activities	0	0
Financing activities
Proceeds from issuance of common shares, 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
Dividend received by (paid to) parent	8,300	0
Net cash provided by (used in) financing activities	8,300	0
Net increase (decrease) in cash and cash equivalents	1	(2)
Cash and cash equivalents at beginning of period	79	5
Cash and cash equivalents at end of period	80	3
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating activities
Income (loss) including non-controlling interests	107,871	(49,122)
Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(5)	31
Share compensation expense	1,830	2,651
Net interest expense on deposit liabilities	409	471
Net unrealized (gain) loss on investments and derivatives	(95,703)	55,627
Net realized gain on investments and derivatives	(61,028)	(24,510)
Foreign exchange gain (loss)	15	(2,386)
Amortization of premium and accretion of discount, net	(709)	2,498
Changes in assets and liabilities:
Reinsurance balances receivable	(37,281)	(31,603)
Deferred acquisition costs, net	864	(19,596)
Other assets	3,644	(3,877)
Interest and dividends receivable, net	(538)	(3,387)
Unearned premium reserves	8,167	60,260
Loss and loss adjustment expense reserves	(18,798)	(26,136)
Accounts payable and accrued expenses	1,099	(2,047)
Reinsurance balances payable	8,051	6,892
Performance fees payable to related party	30,857
Increase (Decrease) in Due to Affiliates	(13,511)	(4,939)
Net cash provided by (used in) operating activities	(27,170)	13,099
Investing activities
Purchases of investments	(613,020)	(1,189,432)
Proceeds from sales of investments	940,797	771,687
Purchases of investments to cover short sales	(120,014)	(459,901)
Proceeds from short sales of investments	232,856	386,054
Change in due to/from brokers, net	(362,792)	288,507
Increase in securities sold under an agreement to repurchase	16,524	161,361
Change in restricted cash and cash equivalents	(35,873)	13,992
Contributed capital to subsidiaries		0
Contributed capital from parent and/or subsidiaries		5,000
Net cash provided by (used in) investing activities	58,478	(22,732)
Financing activities
Proceeds from issuance of common shares, net of costs	0
Purchases of common shares under share repurchase program	0
Increase in deposit liabilities, net	437	2,155
Non-controlling interest in investment affiliate, net	(19,999)
Dividend received by (paid to) parent	(8,300)	(5,000)
Net cash provided by (used in) financing activities	(27,862)	(2,845)
Net increase (decrease) in cash and cash equivalents	3,446	(12,478)
Cash and cash equivalents at beginning of period	8,243	20,094
Cash and cash equivalents at end of period	$ 11,689	$ 7,616