SiriusPoint (SPNT) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		107,383,405

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Equity securities, trading, at fair value (cost - $1,654,011; 2016 - $1,385,866)	$ 1,941,170	$ 1,506,854
Debt securities, trading, at fair value (cost - $736,060; 2016 - $1,036,716)	702,515	1,057,957
Other investments, at fair value	29,091	82,701
Total investments in securities	2,672,776	2,647,512
Cash and cash equivalents	8,255	9,951
Restricted cash and cash equivalents	372,068	298,940
Due from brokers	424,163	284,591
Derivative assets, at fair value	45,110	27,432
Interest and dividends receivable	3,947	6,505
Reinsurance balances receivable	472,570	381,951
Deferred acquisition costs, net	203,193	221,618
Other assets	14,648	17,144
Total assets	4,216,730	3,895,644
Liabilities
Accounts payable and accrued expenses	17,929	10,321
Reinsurance balances payable	65,456	43,171
Deposit liabilities	105,208	104,905
Unearned premium reserves	547,815	557,076
Loss and loss adjustment expense reserves	678,459	605,129
Securities sold, not yet purchased, at fair value	265,667	92,668
Due to brokers	777,179	899,601
Derivative liabilities, at fair value	11,949	16,050
Performance fee payable to related party	53,455	0
Interest and dividends payable	3,838	3,443
Senior notes payable, net of deferred costs	113,643	113,555
Total liabilities	2,640,598	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, 107,332,603 (2016 - 106,501,299))	10,733	10,650
Treasury Stock, Value	(48,253)	(7,389)
Additional paid-in capital	1,098,857	1,094,568
Retained earnings	494,986	316,222
Shareholders’ equity attributable to shareholders	1,556,323	1,414,051
Non-controlling interests	19,809	35,674
Total shareholders’ equity	1,576,132	1,449,725
Total liabilities and shareholders’ equity	$ 4,216,730	$ 3,895,644

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Assets
Equity securities, trading, cost	$ 1,654,011	$ 1,385,866
Debt securities, trading, cost	$ 736,060	$ 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)	107,332,603	106,501,299
Common share, shares outstanding (in shares)	107,332,603	106,501,299
Treasury Stock, Shares	3,944,920	644,768

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022
Gross premiums ceded	(1,425)	(1,425)	(2,550)	(1,425)
Net premiums written	155,139	195,441	300,368	392,597
Change in net unearned premium reserves	18,419	(62,319)	11,199	(122,673)
Net premiums earned	173,558	133,122	311,567	269,924
Net investment income	107,325	86,346	235,835	46,236
Total revenues	280,883	219,468	547,402	316,160
Expenses
Loss and loss adjustment expenses incurred, net	107,379	104,131	193,274	188,807
Acquisition costs, net	68,641	48,482	123,093	100,169
General and administrative expenses	15,014	10,243	25,586	21,531
Other expenses	2,105	3,173	5,006	5,879
Interest expense	2,051	2,046	4,077	4,094
Foreign exchange gain (loss)	4,781	(8,068)	4,796	(10,454)
Total expenses	199,971	160,007	355,832	310,026
Income before income tax expense	80,912	59,461	191,570	6,134
Income tax expense	(5,307)	(5,310)	(10,605)	(3,381)
Income including non-controlling interests	75,605	54,151	180,965	2,753
Income attributable to non-controlling interests	(1,027)	(775)	(2,201)	(506)
Net income	$ 74,578	$ 53,376	$ 178,764	$ 2,247
Earnings per share
Basic (in dollars per share)	$ 0.73	$ 0.51	$ 1.73	$ 0.02
Diluted (in dollars per share)	$ 0.71	$ 0.51	$ 1.70	$ 0.02
Weighted average number of common shares used in the determination of earnings per share
Basic (in shares)	102,283,844	104,132,797	103,144,078	104,195,336
Diluted (in shares)	104,569,226	105,233,921	105,149,710	105,228,174

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]
Net income	$ 2,247
Income attributable to non-controlling interests	(506)
Income attributable to non-controlling interests	2,753
Balance. end of period at Jun. 30, 2016	1,396,995	10,629	(7,389)	1,086,258	290,834	16,663
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity					1,380,332
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		83		915
Repurchase of common shares			(40,864)
Share compensation expense				3,374
Net income	178,764				180,965
Income attributable to non-controlling interests	(2,201)
Non-controlling interest in investment affiliate, net						(18,066)
Income attributable to non-controlling interests	180,965					2,201
Balance. end of period at Jun. 30, 2017	1,576,132	$ 10,733	$ (48,253)	$ 1,098,857	494,986	$ 19,809
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	$ 1,556,323				$ 1,556,323

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Income including non-controlling interests	$ 180,965	$ 2,753
Adjustments to reconcile income including non-controlling interests to net cash provided by (used in) operating activities:
Share compensation expense	3,374	4,702
Net interest expense on deposit liabilities	312	1,331
Net unrealized (gain) loss on investments and derivatives	(128,168)	670
Net realized gain on investments and derivatives	(154,504)	(41,954)
Net foreign exchange (gains) losses	4,796	(10,454)
Amortization of premium and accretion of discount, net	(122)	2,013
Changes in assets and liabilities:
Reinsurance balances receivable	(85,733)	(133,672)
Deferred acquisition costs, net	18,425	(24,558)
Other assets	2,508	(2,018)
Interest and dividends receivable, net	2,953	3,312
Unearned premium reserves	(9,261)	123,687
Loss and loss adjustment expense reserves	(63,769)	(79,645)
Accounts payable and accrued expenses	7,549	(2,138)
Reinsurance balances payable	22,237	21,890
Performance fee payable to related party	53,455	2,954
Net cash provided by (used in) operating activities	(17,445)	28,163
Investing activities
Purchases of investments	(1,712,929)	(2,031,742)
Proceeds from sales of investments	1,966,027	1,615,954
Purchases of investments to cover short sales	(306,237)	(736,668)
Proceeds from short sales of investments	462,066	694,371
Change in due to/from brokers, net	(261,994)	208,886
Increase in securities sold under an agreement to repurchase	0	159,412
Change in restricted cash and cash equivalents	(73,128)	50,846
Net cash provided by (used in) investing activities	73,805	(38,941)
Financing activities
Proceeds from issuance of common shares, net of costs	998	1,046
Purchases of common shares under share repurchase program	(40,864)	(7,389)
Increase (decrease) in deposit liabilities, net	(124)	3,752
Non-controlling interest in investment affiliate, net	(18,066)	0
Net cash used in financing activities	(58,056)	(2,591)
Net decrease in cash and cash equivalents	(1,696)	(13,369)
Cash and cash equivalents at beginning of period	9,951	20,407
Cash and cash equivalents at end of period	8,255	7,038
Supplementary information
Interest paid in cash	10,262	11,721
Income taxes paid in cash	$ 4,954	$ 3,911

Organization

Organization	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017 are not necessarily indicative of the results expected for the full calendar year.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Significant accounting policies	Recently issued accounting standards Issued and effective as of June 30, 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 June 30, 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. In May 2017, the FASB issued Accounting Standards Update 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). ASU 2017-09 applies to entities that change the terms or conditions of a share-based payment award.The amendments are effective for interim and annual periods beginning after December 15, 2017. 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	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents and restricted investments	Restricted cash and cash equivalents and restricted investments as of June 30, 2017 and December 31, 2016 consisted of the following: June 30, December 31, ($ in thousands) Restricted cash securing letter of credit facilities (1) $ 219,468 $ 231,822 Restricted cash securing other reinsurance contracts (2) 152,600 67,118 Total restricted cash and cash equivalents 372,068 298,940 Restricted investments securing other reinsurance contracts (2) 358,387 427,308 Total restricted cash and cash equivalents and restricted investments $ 730,455 $ 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	6 Months Ended
	Jun. 30, 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: June 30, December 31, Assets ($ in thousands) Total investments in securities $ 2,671,218 $ 2,619,839 Cash and cash equivalents 10 5 Restricted cash and cash equivalents 372,068 298,940 Due from brokers 424,163 284,591 Derivative assets 45,110 27,432 Interest and dividends receivable 3,947 6,505 Total assets 3,516,516 3,237,312 Liabilities and non-controlling interest Accounts payable and accrued expenses 2,107 1,374 Securities sold, not yet purchased 265,667 92,668 Due to brokers 777,179 899,601 Derivative liabilities 11,949 16,050 Performance fee payable to related party 53,455 — Interest and dividends payable 817 386 Non-controlling interest 19,809 35,674 Total liabilities and non-controlling interest 1,130,983 1,045,753 Total net investments managed by Third Point LLC $ 2,385,533 $ 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 June 30, 2017 , securities valued at $215.4 million ( December 31, 2016 - $ 315.3 million), representing 7.9% ( December 31, 2016 - 11.9% ) of investments in securities and derivative assets, and $2.0 million ( December 31, 2016 - $ 2.0 million), representing 0.7% ( 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 June 30, 2017 , the Company had $77.9 million ( December 31, 2016 - $ 63.2 million) of investments fair valued by the Company’s Investment Manager representing approximately 2.9% ( December 31, 2016 - 2.4% ) of total investments in securities and derivative assets of which 99.5% 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 . 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 June 30, 2017 and December 31, 2016 , the Company’s asset-backed securities (“ABS”) holdings were as follows: June 30, 2017 December 31, 2016 ($ in thousands) Reperforming loans $ 149,570 66.5 % $ 44,359 17.4 % Subprime RMBS — — % 117,152 46.0 % Market place loans 51,768 23.0 % 44,143 17.3 % Other (1) 23,576 10.5 % 49,198 19.3 % $ 224,914 100.0 % $ 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 June 30, 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. For the six months ended June 30, 2017 , the Company redeemed $26.6 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 $1.6 million as of June 30, 2017 (December 2016 - $27.7 million ). The resulting net gains or losses are reflected in the condensed consolidated statements of income . 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 June 30, 2017 and December 31, 2016 : June 30, 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 $ 1,885,167 $ — $ — $ 1,885,167 Private common equity securities 467 — 4,775 5,242 Private preferred equity securities — 2 50,759 50,761 Total equities 1,885,634 2 55,534 1,941,170 Asset-backed securities — 189,203 35,711 224,914 Bank debt — 12 10,246 10,258 Corporate bonds — 54,208 9,095 63,303 U.S. Treasury securities — 263,592 — 263,592 Sovereign debt — 133,793 — 133,793 Other debt securities — 3,343 3,312 6,655 Total debt securities — 644,151 58,364 702,515 Options 1,151 5,936 — 7,087 Rights and warrants — 40 — 40 Trade claims — 8,112 — 8,112 Total other investments 1,151 14,088 — 15,239 Derivative assets (free standing) 10 45,100 — 45,110 $ 1,886,795 $ 703,341 $ 113,898 2,704,034 Investments in funds valued at NAV 13,852 Total assets $ 2,717,886 Liabilities Equity securities $ 248,308 $ — $ — $ 248,308 Corporate bonds — 11,314 — 11,314 Options 121 5,924 — 6,045 Total securities sold, not yet purchased 248,429 17,238 — 265,667 Derivative liabilities (free standing) — 10,582 1,367 11,949 Derivative liabilities (embedded) — — 180 180 Total liabilities $ 248,429 $ 27,820 $ 1,547 $ 277,796 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 six months ended June 30, 2017 , the Company made $0.5 million ( December 31, 2016 - $ nil ) of 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 and six months ended June 30, 2017 and 2016 : April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) June 30, ($ in thousands) Assets Private common equity securities $ 4,745 $ — $ — $ — $ 30 $ 4,775 Private preferred equity securities 48,350 — 939 (123 ) 1,593 50,759 Asset-backed securities 20,785 15,642 22,038 (20,545 ) (2,209 ) 35,711 Bank debt 8,722 (189 ) 3 (23 ) 1,733 10,246 Corporate bonds 8,984 — 92 (320 ) 339 9,095 Other debt securities — — 3,312 — — 3,312 Total assets $ 91,586 $ 15,453 $ 26,384 $ (21,011 ) $ 1,486 $ 113,898 Liabilities Derivative liabilities (free standing) $ (1,326 ) $ — $ — $ (41 ) $ — $ (1,367 ) Derivative liabilities (embedded) (111 ) — — — (69 ) (180 ) Total liabilities $ (1,437 ) $ — $ — $ (41 ) $ (69 ) $ (1,547 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) June 30, ($ in thousands) Assets Private common equity securities $ 4,799 $ — $ — $ — $ (24 ) $ 4,775 Private preferred equity securities 48,834 — 939 (495 ) 1,481 50,759 Asset-backed securities 17,628 20,016 31,958 (32,237 ) (1,654 ) 35,711 Bank debt 8,350 (446 ) 4 (272 ) 2,610 10,246 Corporate bonds 9,255 — 93 (587 ) 334 9,095 Other debt securities — — 3,312 — — 3,312 Total assets $ 88,866 $ 19,570 $ 36,306 $ (33,591 ) $ 2,747 $ 113,898 Liabilities Derivative liabilities (free standing) $ (1,326 ) $ — $ — $ (41 ) $ — $ (1,367 ) Derivative liabilities (embedded) (92 ) — — — (88 ) (180 ) Total liabilities $ (1,418 ) $ — $ — $ (41 ) $ (88 ) $ (1,547 ) April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) June 30, ($ in thousands) Assets Private common equity securities $ 4,138 $ — $ — $ — $ (968 ) $ 3,170 Private preferred equity securities 25,104 — 10,142 — (4,167 ) 31,079 Asset-backed securities 2,229 2,270 439 (1,034 ) (1,090 ) 2,814 Corporate bonds 2,958 — 199 (47 ) — 3,110 Sovereign debt — 17 — — (15 ) 2 Total assets $ 34,429 $ 2,287 $ 10,780 $ (1,081 ) $ (6,240 ) $ 40,175 Liabilities Derivative liabilities (free standing) $ (1,086 ) $ — $ — $ (134 ) $ — $ (1,220 ) Derivative liabilities (embedded) (5,328 ) — — (861 ) (146 ) (6,335 ) Total liabilities $ (6,414 ) $ — $ — $ (995 ) $ (146 ) $ (7,555 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) June 30, ($ in thousands) Assets Private common equity securities $ 4,357 $ — $ — $ — $ (1,187 ) $ 3,170 Private preferred equity securities 24,178 — 12,253 — (5,352 ) 31,079 Asset-backed securities 2,617 2,944 787 (1,616 ) (1,918 ) 2,814 Bank debt 7,660 (7,660 ) — — — — Corporate bonds 3,252 — 199 (80 ) (261 ) 3,110 Sovereign debt 21 (2 ) — — (17 ) 2 Total assets $ 42,085 $ (4,718 ) $ 13,239 $ (1,696 ) $ (8,735 ) $ 40,175 Liabilities Derivative liabilities (free standing) $ (1,020 ) $ — $ — $ (200 ) $ — $ (1,220 ) Derivative liabilities (embedded) (5,563 ) — — (861 ) 89 (6,335 ) Total liabilities $ (6,583 ) $ — $ — $ (1,061 ) $ 89 $ (7,555 ) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income in the condensed consolidated statements of income . Total change in unrealized gains (losses) on fair value of assets using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2017 was $1.9 million and $0.6 million respectively ( 2016 - $ (6.3) million and $(8.2) million, respectively). For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and liabilities that were transferred out of Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred out of Level 3 at the beginning of the period. The following table summarizes information about the significant unobservable inputs used in determining the fair value of the Level 3 investments held by the Company. Level 3 investments not presented in the table below are insignificant or do not have any unobservable inputs to disclose, as they are valued primarily using dealer quotes or at cost. June 30, 2017 Assets Fair value ($ in thousands) Valuation technique Unobservable input Range Private equity investments $ 50,928 Market approach Volatility 25.0% - 60.0% Time to exit 0.5 - 2.5 years Multiple 2.0 - 7.3x Bank debt $ 10,246 Discounted cash flow Credit spread 1,024 - 1,144 bps Duration 1.0 - 4.0 years December 31, 2016 Assets Fair value ($ in thousands) Valuation technique Unobservable input Range Private equity investments $ 47,608 Market approach Discount 5.0% - 25.0% Volatility 40.0% - 60.0% Time to exit 0.4 - 2.8 years Multiple 2.0 - 3.8x Private equity investments The Company’s private equity investments include investments in five privately held companies with a total fair value of $50.9 million as of June 30, 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. Bank Debt Included in the Company’s bank debt investments is an investment with a fair value of $10.2 million as of June 30, 2017 . Corporate debt and selected index spreads are used as benchmarks to estimate market rates of return within the discounted cash flow model. The Company also considers relevant market and company transactions as part of their valuation approach. For the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2017 and December 31, 2016 : June 30, 2017 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Repurchase agreements Corporate securities $ — $ — $ — $ — $ — Non-U.S. sovereign debt — — — — — $ — $ — $ — $ — $ — 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	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 , the Company’s due from/to brokers were comprised of the following: June 30, December 31, ($ in thousands) Due from brokers Cash held at brokers $ 343,940 $ 240,205 Receivable from unsettled trades (1) 80,223 44,386 $ 424,163 $ 284,591 Due to brokers Borrowing from prime brokers (2) $ 696,336 $ 855,576 Payable from unsettled trades 80,843 44,025 $ 777,179 $ 899,601 (1) Receivables relating to securities sold 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. As of December 31, 2016, $37.6 million was included in receivable from unsettled trades in due from brokers while the Company awaited the court decision regarding the sale price. In the second quarter of 2017, the court decision resulted in the Company receiving the total value of $37.6 million as well as interest of $4.4 million for the trial period. (2) As of June 30, 2017 , the Company’s borrowing from prime brokers includes a total non-U.S. currency balance of $261.2 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 June 30, 2017 , the Company had $730.5 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 in the condensed consolidated statements of income .

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 10,447 $ 62,313 Total Return Swaps - Long Contracts EGP 10,625 10,625 Equity Price Contracts for Differences - Long Contracts CHF/EUR/GBP/USD 11,028 87,217 Contracts for Differences - Short Contracts DKK/NOK/SEK/USD 1,922 31,769 Total Return Swaps - Long Contracts BRL/USD 8,033 115,472 Total Return Swaps - Short Contracts USD 31 8,861 Interest Rates Interest Rate Swaptions JPY/USD 2,019 94,398 Sovereign Debt Futures - Short Contracts EUR/USD 10 5,774 Foreign Currency Exchange Rates Foreign Currency Forward Contracts HKD/MXN/SAR 651 210,774 Foreign Currency Options - Purchased EUR/USD 344 2,557 Total Derivative Assets $ 45,110 $ 629,760 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/USD $ 2,886 $ 61,123 Credit Default Swaps - Protection Sold USD 2,015 4,015 Equity Price Contracts for Differences - Long Contracts EUR/USD 2,577 84,445 Contracts for Differences - Short Contracts SEK 83 3,259 Total Return Swaps - Long Contracts USD 545 9,250 Total Return Swaps - Short Contracts USD 363 37,670 Interest Rates Interest Rate Swaptions JPY 207 64,653 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CNH/EUR/HKD/MXN/SAR 3,273 235,853 Total Derivative Liabilities (free standing) $ 11,949 $ 500,268 Embedded derivative liabilities in reinsurance contracts (3) USD $ 180 $ 20,000 Total Derivative Liabilities (embedded) $ 180 $ 20,000 (1) BRL = Brazilian Real, CHF = Swiss Franc, CNH = Chinese Yuan, DKK = Danish Krone, EGP = Egyptian Pound, EUR = Euro, GBP = British Pound, HKD = Hong Kong Dollar, JPY = Japanese Yen, MXN = Mexican Peso, NOK = Norwegian Krone, SAR = Saudi Arabian Riyal, SEK = Swedish Krona, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of June 30, 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 and six months ended June 30, 2017 and 2016 . Realized and unrealized gains (losses) related to free standing derivatives are included in net investment income in the condensed consolidated statements of income . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the condensed consolidated statements of income . Three months ended June 30, 2017 June 30, 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 $ — $ — $ 834 $ 2,380 Credit Credit Default Swaps - Protection Purchased (1,137 ) (1,590 ) (1,278 ) 2,037 Credit Default Swaps - Protection Sold 18 (35 ) 191 (192 ) Total Return Swaps - Long Contracts (29 ) (37 ) — — Equity Price Contracts for Differences - Long Contracts 39,055 1,211 (1,697 ) 185 Contracts for Differences - Short Contracts (993 ) 1,821 2,317 6,581 Total Return Swaps - Long Contracts 61 3,545 5,692 (3,857 ) Total Return Swaps - Short Contracts (1,014 ) 1,201 (537 ) 606 Interest Rates Commodity Futures - Short Contracts — — 1 — Fixed Income Swap - Short Contracts — — (116 ) 72 Interest Rate Swaps (4,550 ) (2,105 ) — — Interest Rate Swaptions (720 ) (573 ) — (84 ) Sovereign Debt Futures - Short Contracts (6,874 ) (106 ) — — Total Return Swaps - Long Contracts — — (268 ) 261 Total Return Swaps - Short Contracts — — 100 (65 ) Foreign Currency Exchange Rates Foreign Currency Forward Contracts (4,161 ) (2,653 ) (5,808 ) 7,622 Foreign Currency Options - Purchased (1,318 ) 661 (859 ) 355 Foreign Currency Options - Sold (1 ) — 112 (101 ) $ 18,337 $ 1,340 $ (1,316 ) $ 15,800 Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ (69 ) $ — $ (146 ) Total Derivative Liabilities (embedded) $ — $ (69 ) $ — $ (146 ) Six months ended June 30, 2017 June 30, 2016 Free standing Derivatives - Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Commodity Price ($ in thousands) Commodity Future Options - Purchased $ — $ — $ 581 $ 1,800 Credit Credit Default Swaps - Protection Purchased (2,465 ) 30 6,407 (4,987 ) Credit Default Swaps - Protection Sold 37 (59 ) (4,167 ) 4,252 Total Return Swaps - Long Contracts (29 ) (37 ) — — Equity Price Contracts for Differences - Long Contracts 46,925 6,687 (2,422 ) (379 ) Contracts for Differences - Short Contracts (4,205 ) 2,945 4,570 278 Total Return Swaps - Long Contracts 3,862 8,547 (4,826 ) 800 Total Return Swaps - Short Contracts (3,743 ) 788 691 (1,762 ) Interest Rates Commodities Futures - Short Contracts — — (1,151 ) (52 ) Fixed Income Swap - Short Contracts — — (94 ) — Interest Rate Swaps (3,097 ) (1,740 ) — — Interest Rate Swaptions 522 (2,342 ) (112 ) (45 ) Sovereign Debt Futures - Short Contracts (8,656 ) 658 — — Total Return Swaps - Long Contracts — — (268 ) 261 Total Return Swaps - Short Contracts — — 100 (65 ) Foreign Currency Exchange Rates Foreign Currency Forward Contracts (10,035 ) (1,268 ) (8,904 ) (4,751 ) Foreign Currency Options - Purchased (6,187 ) 1,163 (2,040 ) (1,617 ) Foreign Currency Options - Sold 2,184 (80 ) 617 (182 ) $ 15,113 $ 15,292 $ (11,018 ) $ (6,449 ) Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ (88 ) $ — $ 89 Total Derivative Liabilities (embedded) $ — $ (88 ) $ — $ 89 *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 June 30, 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 $79.8 million ( December 31, 2016 - $48.8 million ) in the normal course of business. Similarly, the Company held collateral (approximately $3.8 million ) in cash from certain counterparties as of June 30, 2017 . If the credit-risk-related contingent features underlying these instruments had been triggered as of June 30, 2017 and the Company had to settle these instruments immediately, no additional amounts would be required to be posted that would exceed the settlement amounts of open derivative contracts or in the case of cross margining relationships, the assets in the Company’s prime brokerage accounts are sufficient to offset the derivative liabilities. The Company’s derivatives do not qualify as hedges for financial reporting purposes and are recorded in the condensed consolidated financial statements on a gross basis and not offset against any collateral pledged or received. Pursuant to ISDA master agreements and other counterparty agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to offset against payments owed to the defaulting party or collateral held by the non-defaulting party. The Company has pledged cash collateral to counterparties to support the current value of amounts due to the counterparties based on the value of the underlying security. As of June 30, 2017 and December 31, 2016 , the gross and net amounts of derivative instruments and repurchase and reverse repurchase agreements that are subject to enforceable master netting arrangements or similar agreements were as follows: Gross Amounts not Offset in the Condensed Consolidated Balance Sheet June 30, 2017 Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ in thousands) Counterparty 1 $ 1,776 $ 1,776 $ — $ — Counterparty 2 1,130 627 — 503 Counterparty 3 19,135 3,697 — 15,438 Counterparty 4 2,016 1,805 — 211 Counterparty 5 10,247 3,216 — 7,031 Counterparty 6 5,762 529 3,829 1,404 Counterparty 8 8,185 1,401 — 6,784 Counterparty 9 2,795 2,795 — — $ 51,046 $ 15,846 $ 3,829 $ 31,371 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet June 30, 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 $ 1,850 $ 1,776 $ 74 $ — Counterparty 2 627 627 — — Counterparty 3 3,697 3,697 — — Counterparty 4 1,805 1,805 — — Counterparty 5 3,216 3,216 — — Counterparty 6 529 529 — — Counterparty 8 1,401 1,401 — — Counterparty 9 4,748 2,795 1,953 — $ 17,873 $ 15,846 $ 2,027 $ — (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 $6.0 million included in Other investments in the condensed consolidated balance sheets. (2) The Gross Amounts of Liabilities Presented in the condensed consolidated balance sheets presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $6.0 million included in Securities sold, not yet purchased in the condensed consolidated balance sheets. Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2016 Derivative Contracts Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ 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	6 Months Ended
	Jun. 30, 2017
Insurance Loss Reserves [Abstract]
Loss and loss adjustment expense reserves	As of June 30, 2017 and December 31, 2016 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: June 30, December 31, ($ in thousands) Case loss and loss adjustment expense reserves $ 116,483 $ 80,370 Incurred but not reported loss and loss adjustment expense reserves 561,161 522,818 Deferred gains on retroactive reinsurance contracts 815 1,941 $ 678,459 $ 605,129 The following table represents the activity in the loss and loss adjustment expense reserves for the six months ended June 30, 2017 and 2016 : June 30, June 30, ($ 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 218,559 165,160 Prior years (23,928 ) 24,371 Amortization of deferred gains on retroactive reinsurance contracts (1,357 ) (724 ) Total incurred loss and loss adjustment expenses 193,274 188,807 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (19,737 ) (25,201 ) Prior years (111,480 ) (83,837 ) Total net paid losses (131,217 ) (109,038 ) Foreign currency translation 9,561 (8,737 ) Net reserve for loss and loss adjustment expenses, end of period 676,746 536,954 Plus: loss and loss adjustment expenses recoverable, end of period 1,713 1 Gross reserve for loss and loss adjustment expenses, end of period $ 678,459 $ 536,955 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 $25.3 million decrease in prior years’ reserves, which includes amortization of deferred gains, for the six months ended June 30, 2017 includes $32.5 million of net favorable reserve development related to re-estimating loss reserves, partially offset by $7.2 million of additional loss reserves resulting from increase s in premium estimates on certain contracts. The net decrease 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 $32.5 million of net favorable prior years’ reserve development for the six months ended June 30, 2017 was primarily a result of having favorable loss development on certain retroactive reinsurance contracts. These retroactive reinsurance contracts had profit commission terms such that the favorable reserve development associated with these contracts was offset by similar increases in acquisition costs . The total net increase s in acquisition costs associated with the prior year loss development for the six months ended June 30, 2017 was $32.5 million , resulting in minimal impact in the net underwriting loss. • The $7.2 million increase in loss and loss adjustment expenses incurred related to increase s in premium estimates on certain contracts was accompanied by a $0.4 million increase in acquisition costs, for a total of $7.6 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 $7.6 million , resulting in minimal impact in the net underwriting loss for the six months ended June 30, 2017 . The $23.6 million increase in prior years’ reserves, which includes amortization of deferred gains, for the six months ended June 30, 2016 includes $14.4 million of net adverse reserve development related to re-estimating loss reserves and $9.2 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 $14.4 million of net adverse prior years’ reserve development for the six months ended June 30, 2016 was accompanied by net decreases of $1.9 million in acquisition costs, resulting in a net increase of $12.5 million in net underwriting loss. • The $9.2 million increase in loss and loss adjustment expenses incurred related to the increase in premium estimates on certain contracts was accompanied by a $5.0 million increase in acquisition costs, for a total of $14.2 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 $13.9 million , resulting in a $0.3 million increase in net underwriting loss for the six months ended June 30, 2016. • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium estimates was an increase of $12.8 million for the six months ended June 30, 2016.

Management, performance and fou

Management, performance and founders fees	6 Months Ended
	Jun. 30, 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 in the condensed consolidated statements of income for the three and six months ended June 30, 2017 and 2016 are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, ($ in thousands) Management fees - Third Point LLC $ 8,777 $ 1,582 $ 17,244 $ 3,103 Management fees - Founders (1) — 8,962 — 17,583 Performance fees - Third Point Advisors LLC 24,529 2,954 55,387 2,954 $ 33,306 $ 13,498 $ 72,631 $ 23,640 (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 June 30, 2017 , $53.5 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	6 Months Ended
	Jun. 30, 2017
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	The following table represents activity for the deposit contracts for the six months ended June 30, 2017 and year ended December 31, 2016 : June 30, December 31, ($ in thousands) Balance, beginning of period $ 104,905 $ 83,955 Consideration received 1,831 22,463 Net investment expense (income) allocation and change in fair value of embedded derivatives 312 (164 ) Payments (1,955 ) (915 ) Foreign currency translation 115 (434 ) Balance, end of period $ 105,208 $ 104,905

Senior notes payable and letter

Senior notes payable and letter of credit facilities	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Senior notes payable and letter of credit facilities	Senior Notes payable As of June 30, 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 June 30, 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 June 30, 2017 , the Notes had an estimated fair value of $116.1 million ( December 31, 2016 - $103.4 million ). The fair value measurements were based on observable inputs and therefore were considered to be Level 2. The Company was in compliance with all of the debt covenants as of June 30, 2017 and December 31, 2016 . Letters of credit As of June 30, 2017 , the Company had entered into the following letter of credit facilities: Facility Utilized Collateral June 30, 2017 ($ in thousands) Citibank $ 300,000 $ 143,678 $ 143,678 J.P. Morgan 50,000 9 9 Lloyds Bank 125,000 74,281 75,781 $ 475,000 $ 217,968 $ 219,468 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	6 Months Ended
	Jun. 30, 2017
Net Investment Income [Abstract]
Net investment income (loss)	Net investment income for the three and six months ended June 30, 2017 and 2016 consisted of the following: Three months ended Six months ended June 30, June 30, June 30, June 30, Net investment income by type ($ in thousands) Net realized gains on investments and investment derivatives $ 93,476 $ 18,713 $ 154,504 $ 41,955 Net unrealized gains (losses) on investments and investment derivatives 32,340 53,603 127,795 (1,239 ) Net losses on foreign currencies (1,601 ) (801 ) (2,153 ) (967 ) Dividend and interest income 22,440 33,352 39,707 41,024 Dividends paid on securities sold, not yet purchased (1,143 ) (526 ) (1,668 ) (960 ) Management and performance fees (33,306 ) (13,498 ) (72,631 ) (23,640 ) Other expenses (5,074 ) (4,731 ) (10,179 ) (10,418 ) Net investment income on investments managed by Third Point LLC 107,132 86,112 235,375 45,755 Net gain on investment in Kiskadee Fund 193 234 460 481 $ 107,325 $ 86,346 $ 235,835 $ 46,236 Three months ended Six months ended June 30, June 30, June 30, June 30, Net investment income by asset class ($ in thousands) Net investment gains on equity securities $ 116,391 $ 20,821 $ 267,884 $ 18,590 Net investment gains on debt securities 13,308 72,720 36,811 84,869 Net investment losses on other investments (6,939 ) (5,069 ) (10,574 ) (13,565 ) Net investment gains (losses) on investment derivatives 19,677 14,484 30,405 (17,467 ) Net investment gains (losses) on securities sold, not yet purchased 3,368 1,866 (6,016 ) 6,170 Net investment income (loss) on cash, including foreign exchange gain (loss) (3,057 ) (2,644 ) (5,993 ) (4,359 ) Net investment losses on securities purchased under an agreement to resell — (779 ) — (1,443 ) Net investment losses on securities sold under an agreement to repurchase (19 ) (91 ) (39 ) (124 ) Management and performance fees (33,306 ) (13,498 ) (72,631 ) (23,640 ) Other investment expenses (2,098 ) (1,464 ) (4,012 ) (2,795 ) $ 107,325 $ 86,346 $ 235,835 $ 46,236

Other expenses

Other expenses	6 Months Ended
	Jun. 30, 2017
Other Income and Expenses [Abstract]
Other expenses	Other expenses for the three and six months ended June 30, 2017 and 2016 consisted of the following: Three months ended Six months ended June 30, June 30, June 30, June 30, ($ in thousands) Deposit liabilities investment expense (income) $ (97 ) $ 860 $ 312 $ 1,331 Reinsurance contracts investment expense 2,133 2,167 4,606 4,637 Change in fair value of embedded derivatives in deposit and reinsurance contracts 69 146 88 (89 ) $ 2,105 $ 3,173 $ 5,006 $ 5,879

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2017 , the Company has accrued $1.9 million (December 31, 2016 - $1.6 million ) for uncertain tax positions. For the three and six months ended June 30, 2017 and 2016 , the Company recorded income tax expense (benefit), as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ 1,844 $ 2,800 $ 6,027 $ (319 ) Change in uncertain tax positions 59 20 184 20 Withholding taxes on certain investment transactions 3,404 2,490 4,394 3,680 $ 5,307 $ 5,310 $ 10,605 $ 3,381 (1) As of June 30, 2017 , the Company has recorded $2.1 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 June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017 and 2016 : Common shares 2017 2016 Balance, beginning of period 106,501,299 105,479,341 Options exercised 100,000 104,652 Restricted shares granted, net of forfeitures 36,418 47,712 Performance restricted shares granted, net of forfeitures 694,886 653,958 Balance, end of period 107,332,603 106,285,663 Treasury shares 2017 2016 Balance, beginning of period 644,768 — Repurchase of common shares 3,300,152 644,768 Balance, end of period 3,944,920 644,768 Authorized and issued The Company’s authorized share capital of $33.0 million is comprised of 300,000,000 common shares with a par value of $0.10 each and 30,000,000 preference shares with a par value of $0.10 each. No preference shares have been issued to date. Share repurchases On May 4, 2016, the Company’s Board of Directors authorized a common share repurchase program for up to an aggregate of $100.0 million of the Company’s outstanding common shares. Under the common share repurchase program, the Company may repurchase shares from time to time in privately negotiated transactions or in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. During the three months ended June 30, 2017 , the Company repurchased 1,767,281 of its common shares in the open market for $22.0 million at a weighted average cost, including commissions, of $12.44 per share. Common shares repurchased by the Company were not canceled and are classified as treasury shares. During the six months ended June 30, 2017 , the Company repurchased 3,300,152 of its common shares in the open market for $40.9 million at a weighted average cost, including commissions, of $ 12.38 per share. Common shares repurchased by the Company were not canceled and are classified as treasury shares. As of June 30, 2017 , the Company may repurchase up to an aggregate of $51.7 million of additional common shares under its share repurchase program.

Share-based compensation

Share-based compensation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, June 30, June 30, June 30, ($ in thousands) Management and director options $ 111 $ 1,555 $ 459 $ 3,109 Restricted shares with service condition 154 386 278 592 Restricted shares with service and performance condition 1,279 110 2,637 1,001 $ 1,544 $ 2,051 $ 3,374 $ 4,702 As of June 30, 2017 , the Company had $ 8.6 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 six months ended June 30, 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 (100,000 ) 10.00 Balances as of June 30, 2017 9,496,993 $ 13.68 As of June 30, 2017 , the weighted average remaining contractual term for options outstanding was 4.4 years ( December 31, 2016 - 4.9 years ). The following table summarizes information about the Company’s management and director share options outstanding as of June 30, 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 5,174,334 $ 10.04 4.6 years 5,132,473 $ 10.03 $15.05 - $16.89 2,196,214 15.94 4.3 years 2,098,540 15.97 $20.00 - $25.05 2,126,445 20.23 4.2 years 2,056,679 20.15 9,496,993 $ 13.68 4.4 years 9,287,692 $ 13.61 Restricted shares with service condition Restricted share award activity for the six months ended June 30, 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 Granted 36,418 12.15 Vested (229,614 ) 10.22 Balance as of June 30, 2017 107,847 $ 13.38 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 six months ended June 30, 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 935,825 623,882 12.17 Forfeited (240,939 ) — 14.60 Vested (136,618 ) (136,618 ) 14.60 Change in estimated restricted shares considered probable of vesting n/a (44,669 ) 12.16 Balance as of June 30, 2017 1,940,008 1,020,081 $ 12.26

Non-controlling interests

Non-controlling interests	6 Months Ended
	Jun. 30, 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 June 30, 2017 were $19.8 million ( December 31, 2016 - $35.7 million ). Income attributable to non-controlling interests for the three and six months ended June 30, 2017 was $1.0 million and $2.2 million , respectively ( 2016 - $0.8 million and $0.5 million , respectively). The joint ventures created through the Investment Agreements ( Note 8 ) 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 six months ended June 30, 2017 , net distributions of $18.1 million ( 2016 - $nil million) were made by TP GP. The following variable interest 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 June 30, 2017 , Third Point Re held a 15.7% ( 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 . As of June 30, 2017 , the estimated fair value of the investment in the limited partnership was $0.6 million ( December 31, 2016 - $ 37.6 million). The Company received net distributions of $39.6 million from the Cayman HoldCo during the period ended June 30, 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 $10.8 million ( December 31, 2016 - $10.6 million ) in the Hellenic Fund. Capital distributions of $1.3 million were made during the six months ended June 30, 2017 . No capital distributions or calls were made during the six months ended June 30, 2016 . As of June 30, 2017 , the estimated fair value of Third Point Re’s investment in the Hellenic Fund was $5.1 million ( December 31, 2016 - $5.5 million), representing a 2.9% 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 . 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 June 30, 2017 , Third Point Re held a 6.9% 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 . 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 June 30, 2017 , the estimated fair value of the investment was $10.5 million ( December 31, 2016 - $9.5 million ), corresponding to $1.7 million of equity ( December 31, 2016 - $0.9 million ) and $8.8 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. Cloudbreak II Cayman Ltd and TP Trading II LLC The Company holds an equity interest in Cloudbreak II Cayman Ltd, Cloudbreak II US LLC (collectively, the “Cloudbreak entities”) and TP Trading II LLC which are affiliates of the Investment Manager. The Company invests in the Cloudbreak entities and TP Trading II LLC alongside other investment funds managed by the Investment Manager. These entities’ are invested in a structure whose primary purpose is to purchase consumer loans for securitization and warrants from a marketplace lending platform. As of June 30, 2017 , the Cloudbreak entities held $5.9 million of the Company’s asset backed security investments, which are included in investments in securities in the condensed consolidated balance sheet. The Company’s pro rata interest in the underlying investments is registered in the name of Cloudbreak II US LLC and the related income and expense are reflected in the condensed consolidated balance sheets and the condensed consolidated statements of income . As of June 30, 2017 , Third Point Re held a 15% interest in TP Trading II LLC. The Company has elected the fair value option for its investment TP Trading II LLC and records changes in fair value in the condensed consolidated statements of income. The Company accounts for its equity investment in TP Trading II LLC 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 June 30, 2017 , the estimated fair value of the investment was $2.6 million . The valuation policy with respect to this investment is further described in Note 4.

Earnings (loss)per share

Earnings (loss)per share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings (loss) per share	The following sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, June 30, June 30, June 30, Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding, net of treasury shares 102,283,844 104,132,797 103,144,078 104,195,336 Dilutive effect of options 1,084,217 403,547 937,864 358,015 Dilutive effect of warrants 988,830 556,829 860,484 553,222 Dilutive effect of restricted shares with service and performance condition 212,335 140,748 207,284 121,601 Diluted number of common shares outstanding 104,569,226 105,233,921 105,149,710 105,228,174 Basic earnings per common share: Net income $ 74,578 $ 53,376 $ 178,764 $ 2,247 Income allocated to participating shares (71 ) (169 ) (204 ) (7 ) Net income available to common shareholders $ 74,507 $ 53,207 $ 178,560 $ 2,240 Basic earnings per common share $ 0.73 $ 0.51 $ 1.73 $ 0.02 Diluted earnings per common share: Net income $ 74,578 $ 53,376 $ 178,764 $ 2,247 Income allocated to participating shares (69 ) (167 ) (200 ) (7 ) Net income available to common shareholders $ 74,509 $ 53,209 $ 178,564 $ 2,240 Diluted earnings per common share $ 0.71 $ 0.51 $ 1.70 $ 0.02 For the three months ended June 30, 2017 and 2016 , anti-dilutive options of 4,322,659 and 4,370,193 , respectively, were excluded from the computation of diluted earnings per share. For the six months ended June 30, 2017 and 2016 , anti-dilutive options of 4,322,659 and 4,416,193 , respectively, were excluded from the computation of diluted earnings per share.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related party transactions	In addition to the transactions disclosed in Notes 4 , 8 and 16 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 June 30, 2017 , Loan LLC held $104.6 million ( December 31, 2016 - $ 124.1 million) and Ventures LLC held $29.9 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 .

Financial instruments with off-

Financial instruments with off-balance sheet risk or concentrations of credit risk	6 Months Ended
	Jun. 30, 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 June 30, 2017 , the investment portfolio had a maximum payout amount of approximately $261.8 million ( December 31, 2016 - $ 87.5 million) relating to written put option contracts with expiration ranging from three months to seven 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 June 30, 2017 was $3.5 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 June 30, 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 June 30, 2017 and December 31, 2016 : June 30, 2017 Maximum Payout/ Notional Amount 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) $ — $ 4,015 $ 4,015 $ — $ 2,015 $ (2,015 ) December 31, 2016 Maximum Payout/ Notional Amount 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 June 30, 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 June 30, 2017 , the Company’s maximum counterparty credit risk exposure was $51.0 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	6 Months Ended
	Jun. 30, 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 June 30, 2017 , the Company had one unfunded capital commitment of $3.2 million related to its investment in the Hellenic Fund (see Note 16 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 in the condensed consolidated statements of income . 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	6 Months Ended
	Jun. 30, 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 . The following is a summary of the Company’s operating segment results for the three and six months ended June 30, 2017 and 2016 : Three months ended June 30, 2017 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 156,564 $ — $ 156,564 Gross premiums ceded (1,425 ) — (1,425 ) Net premiums written 155,139 — 155,139 Change in net unearned premium reserves 18,419 — 18,419 Net premiums earned 173,558 — 173,558 Expenses Loss and loss adjustment expenses incurred, net 107,379 — 107,379 Acquisition costs, net 68,641 — 68,641 General and administrative expenses 9,649 5,365 15,014 Total expenses 185,669 5,365 191,034 Net underwriting loss (12,111 ) n/a n/a Net investment income 31,206 76,119 107,325 Other expenses (2,105 ) — (2,105 ) Interest expense — (2,051 ) (2,051 ) Foreign exchange losses — (4,781 ) (4,781 ) Income tax expense — (5,307 ) (5,307 ) Segment income including non-controlling interests 16,990 58,615 75,605 Segment income attributable to non-controlling interes ts — (1,027 ) (1,027 ) Segment income $ 16,990 $ 57,588 $ 74,578 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 61.9 % Acquisition cost ratio 39.5 % Composite ratio 101.4 % General and administrative expense ratio 5.6 % Combined ratio 107.0 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Six months ended June 30, 2017 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 302,918 $ — $ 302,918 Gross premiums ceded (2,550 ) — (2,550 ) Net premiums written 300,368 — 300,368 Change in net unearned premium reserves 11,199 — 11,199 Net premiums earned 311,567 — 311,567 Expenses Loss and loss adjustment expenses incurred, net 193,274 — 193,274 Acquisition costs, net 123,093 — 123,093 General and administrative expenses 15,961 9,625 25,586 Total expenses 332,328 9,625 341,953 Net underwriting loss (20,761 ) n/a n/a Net investment inco me 67,326 168,509 235,835 Other expenses (5,006 ) — (5,006 ) Interest expense — (4,077 ) (4,077 ) Foreign exchange losses — (4,796 ) (4,796 ) Income tax expense — (10,605 ) (10,605 ) Segment income including non-controlling interests 41,559 139,406 180,965 Segment income attributable to non-controlling interes ts — (2,201 ) (2,201 ) Segment income $ 41,559 $ 137,205 $ 178,764 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 62.0 % Acquisition cost ratio 39.5 % Composite ratio 101.5 % General and administrative expense ratio 5.1 % Combined ratio 106.6 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Three months ended June 30, 2016 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 196,866 $ — $ 196,866 Gross premiums ceded (1,425 ) — (1,425 ) Net premiums written 195,441 — 195,441 Change in net unearned premium reserves (62,319 ) — (62,319 ) Net premiums earned 133,122 — 133,122 Expenses Loss and loss adjustment expenses incurred, net 104,131 — 104,131 Acquisition costs, net 48,482 — 48,482 General and administrative expenses 6,085 4,158 10,243 Total expenses 158,698 4,158 162,856 Net underwriting loss (25,576 ) n/a n/a Net investment income 19,098 67,248 86,346 Other expenses (3,173 ) — (3,173 ) Interest expense — (2,046 ) (2,046 ) Foreign exchange gains — 8,068 8,068 Income tax expense — (5,310 ) (5,310 ) Segment income (loss) including non-controlling interests (9,651 ) 63,802 54,151 Segment income attributable to non-controlling interests — (775 ) (775 ) Segment income (loss) $ (9,651 ) $ 63,027 $ 53,376 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 78.2 % Acquisition cost ratio 36.4 % Composite ratio 114.6 % General and administrative expense ratio 4.6 % Combined ratio 119.2 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Six months ended June 30, 2016 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 394,022 $ — $ 394,022 Gross premiums ceded (1,425 ) — (1,425 ) Net premiums written 392,597 — 392,597 Change in net unearned premium reserves (122,673 ) — (122,673 ) Net premiums earned 269,924 — 269,924 Expenses Loss and loss adjustment expenses incurred, net 188,807 — 188,807 Acquisition costs, net 100,169 — 100,169 General and administrative expenses 13,147 8,384 21,531 Total expenses 302,123 8,384 310,507 Net underwriting loss (32,199 ) n/a n/a Net investment income 10,837 35,399 46,236 Other expenses (5,879 ) — (5,879 ) Interest expense — (4,094 ) (4,094 ) Foreign exchange gains — 10,454 10,454 Income tax expense — (3,381 ) (3,381 ) Segment income (loss) including non-controlling interests (27,241 ) 29,994 2,753 Segment income attributable to non-controlling interests — (506 ) (506 ) Segment income (loss) $ (27,241 ) $ 29,488 $ 2,247 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 69.9 % Acquisition cost ratio 37.1 % Composite ratio 107.0 % General and administrative expense ratio 4.9 % Combined ratio 111.9 % (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 and six months ended June 30, 2017 and 2016 as a percentage of total gross premiums written in the relevant period: Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Largest contract 65.9 % 14.9 % 34.0 % 28.4 % Second largest contract 12.9 % 12.6 % 17.9 % n/a Third largest contract n/a 11.4 % n/a n/a Total for contracts contributing greater than 10% each 78.8 % 38.9 % 51.9 % 28.4 % Total for contracts contributing less than 10% each 21.2 % 61.1 % 48.1 % 71.6 % 100.0 % 100.0 % 100.0 % 100.0 % The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 ($ in thousands) Property $ (8,827 ) (5.6 )% $ 7,257 3.7 % $ (8,815 ) (2.9 )% $ 7,082 1.8 % Casualty 118,140 75.4 % 149,129 75.7 % 205,345 67.8 % 160,506 40.7 % Specialty 47,251 30.2 % 40,480 20.6 % 106,388 35.1 % 226,434 57.5 % $ 156,564 100.0 % $ 196,866 100.0 % $ 302,918 100.0 % $ 394,022 100.0 % The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 ($ in thousands) Prospective $ 72,687 46.4 % $ 196,866 100.0 % $ 219,041 72.3 % $ 394,022 100.0 % Retroactive (1) 83,877 53.6 % — — % 83,877 27.7 % — — % $ 156,564 100.0 % $ 196,866 100.0 % $ 302,918 100.0 % $ 394,022 100.0 % (1) Includes all retroactive exposure in reinsurance contracts. The Company records the gross premium written and earned at the inception of the contract for retroactive exposures in reinsurance contracts. Substantially all of the Company’s business is sourced through reinsurance brokers. The following table sets forth the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 ($ in thousands) Largest broker $ 107,612 68.7 % $ 63,084 32.0 % $ 107,612 35.5 % $ 181,205 46.0 % Second largest broker 22,448 14.3 % 58,000 29.5 % 73,499 24.3 % 94,749 24.0 % Third largest broker n/a n/a 53,034 26.9 % 35,269 11.6 % 62,295 15.8 % Fourth largest broker n/a n/a n/a n/a 31,853 10.5 % n/a n/a Other 26,504 17.0 % 22,748 11.6 % 54,685 18.1 % 55,773 14.2 % $ 156,564 100.0 % $ 196,866 100.0 % $ 302,918 100.0 % $ 394,022 100.0 % The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 ($ in thousands) United States $ 1,340 0.8 % $ 124,446 63.2 % $ 43,769 14.4 % $ 167,738 42.6 % Bermuda — — % 46,539 23.6 % 54,075 17.9 % 46,539 11.8 % Other 4,480 2.9 % — — % 4,480 1.5 % — — % United Kingdom 150,744 96.3 % 25,881 13.2 % 200,594 66.2 % 179,745 45.6 % $ 156,564 100.0 % $ 196,866 100.0 % $ 302,918 100.0 % $ 394,022 100.0 %

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 , condensed consolidating statements of income and condensed consolidating statements of cash flows for the three and six months ended June 30, 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 June 30, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,941,170 $ — $ 1,941,170 Debt securities — — 702,515 — 702,515 Other investments — — 29,091 — 29,091 Total investments in securities — — 2,672,776 — 2,672,776 Cash and cash equivalents 279 275 7,701 — 8,255 Restricted cash and cash equivalents — — 372,068 — 372,068 Investment in subsidiaries 1,597,592 275,506 165,671 (2,038,769 ) — Due from brokers — — 424,163 — 424,163 Derivative assets, at fair value — — 45,110 — 45,110 Interest and dividends receivable — — 3,947 — 3,947 Reinsurance balances receivable — — 472,570 — 472,570 Deferred acquisition costs, net — — 203,193 — 203,193 Amounts due from (to) affiliates (40,665 ) (4,563 ) 45,228 — — Other assets 335 7,170 7,143 — 14,648 Total assets $ 1,557,541 $ 278,388 $ 4,419,570 $ (2,038,769 ) $ 4,216,730 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,218 $ 40 $ 16,671 $ — $ 17,929 Reinsurance balances payable — — 65,456 — 65,456 Deposit liabilities — — 105,208 — 105,208 Unearned premium reserves — — 547,815 — 547,815 Loss and loss adjustment expense reserves — — 678,459 — 678,459 Securities sold, not yet purchased, at fair value — — 265,667 — 265,667 Due to brokers — — 777,179 — 777,179 Derivative liabilities, at fair value — — 11,949 — 11,949 Performance fee payable to related party — — 53,455 — 53,455 Interest and dividends payable — 3,022 816 — 3,838 Senior notes payable, net of deferred costs — 113,643 — — 113,643 Total liabilities 1,218 116,705 2,522,675 — 2,640,598 Shareholders’ equity Common shares 10,733 — 1,250 (1,250 ) 10,733 Treasury shares (48,253 ) — — — (48,253 ) Additional paid-in capital 1,098,857 165,808 1,532,480 (1,698,288 ) 1,098,857 Retained earnings (deficit) 494,986 (4,125 ) 343,356 (339,231 ) 494,986 Shareholders’ equity attributable to shareholders 1,556,323 161,683 1,877,086 (2,038,769 ) 1,556,323 Non-controlling interests — — 19,809 — 19,809 Total shareholders’ equity 1,556,323 161,683 1,896,895 (2,038,769 ) 1,576,132 Total liabilities and shareholders’ equity $ 1,557,541 $ 278,388 $ 4,419,570 $ (2,038,769 ) $ 4,216,730 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 June 30, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 156,564 $ — $ 156,564 Gross premiums ceded — — (1,425 ) — (1,425 ) Net premiums written — — 155,139 — 155,139 Change in net unearned premium reserves — — 18,419 — 18,419 Net premiums earned — — 173,558 — 173,558 Net investment inco me — — 107,325 — 107,325 Equity in earnings (losses) of sub sidiaries 75,843 4,843 (10 ) (80,676 ) — Total revenues 75,843 4,843 280,873 (80,676 ) 280,883 Expenses Loss and loss adjustment expenses incurred, net — — 107,379 — 107,379 Acquisition costs, net — — 68,641 — 68,641 General and administrative expenses 1,265 12 13,737 — 15,014 Other expenses — — 2,105 — 2,105 Interest expense — 2,051 — — 2,051 Foreign exchange losse s — — 4,781 — 4,781 Total expenses 1,265 2,063 196,643 — 199,971 Income before income tax expense 74,578 2,780 84,230 (80,676 ) 80,912 Income tax (expens e) benefit — 722 (6,029 ) — (5,307 ) Income including non-controlling interests 74,578 3,502 78,201 (80,676 ) 75,605 Income attributable to non-controlling interests — — (1,027 ) — (1,027 ) Net income $ 74,578 $ 3,502 $ 77,174 $ (80,676 ) $ 74,578 CONDENSED CONSOLIDATING STATEMENT OF INCOME Six months ended June 30, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 302,918 $ — $ 302,918 Gross premiums ceded — — (2,550 ) — (2,550 ) Net premiums written — — 300,368 — 300,368 Change in net unearned premium reserves — — 11,199 — 11,199 Net premiums earned — — 311,567 — 311,567 Net investment income — — 235,835 — 235,835 Equity in earnings (losses) of s ubsidiaries 181,213 13,832 (5 ) (195,040 ) — Total revenues 181,213 13,832 547,397 (195,040 ) 547,402 Expenses Loss and loss adjustment expenses incurred, net — — 193,274 — 193,274 Acquisition costs, net — — 123,093 — 123,093 General and administrative expenses 2,449 20 23,117 — 25,586 Other expenses — — 5,006 — 5,006 Interest expense — 4,077 — — 4,077 Foreign exchange losses — — 4,796 — 4,796 Total expenses 2,449 4,097 349,286 — 355,832 Income before income tax expense 178,764 9,735 198,111 (195,040 ) 191,570 Income tax (expense) benefit — 1,434 (12,039 ) — (10,605 ) Income including non-controlling interests 178,764 11,169 186,072 (195,040 ) 180,965 Income attributable to non-controlling interests — — (2,201 ) — (2,201 ) Net income $ 178,764 $ 11,169 $ 183,871 $ (195,040 ) $ 178,764 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended June 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 196,866 $ — $ 196,866 Gross premiums ceded — — (1,425 ) — (1,425 ) Net premiums written — — 195,441 — 195,441 Change in net unearned premium reserves — — (62,319 ) — (62,319 ) Net premiums earned — — 133,122 — 133,122 Net investment income — — 86,346 — 86,346 Equity in earnings (losses) of s ubsidiaries 54,715 6,551 (12 ) (61,254 ) — Total revenues 54,715 6,551 219,456 (61,254 ) 219,468 Expenses Loss and loss adjustment expenses incurred, net — — 104,131 — 104,131 Acquisition costs, net — — 48,482 — 48,482 General and administrative expenses 1,339 28 8,876 — 10,243 Other expenses — — 3,173 — 3,173 Interest expense — 2,046 — — 2,046 Foreign exchange gains — — (8,068 ) — (8,068 ) Total expenses 1,339 2,074 156,594 — 160,007 Income before income tax expen se 53,376 4,477 62,862 (61,254 ) 59,461 Income tax (expens e) benefit — 725 (6,035 ) — (5,310 ) Income including non-controlling interes ts 53,376 5,202 56,827 (61,254 ) 54,151 Income attributable to non-controlling interes ts — — (775 ) — (775 ) Net inco me $ 53,376 $ 5,202 $ 56,052 $ (61,254 ) $ 53,376 CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) Six months ended June 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 394,022 $ — $ 394,022 Gross premiums ceded — — (1,425 ) — (1,425 ) Net premiums written — — 392,597 — 392,597 Change in net unearned premium reserves — — (122,673 ) — (122,673 ) Net premiums earned — — 269,924 — 269,924 Net investment inco me — — 46,236 — 46,236 Equity in earnings (losses) of sub sidiaries 4,561 2,099 (43 ) (6,617 ) — Total revenues 4,561 2,099 316,117 (6,617 ) 316,160 Expenses Loss and loss adjustment expenses incurred, net — — 188,807 — 188,807 Acquisition costs, net — — 100,169 — 100,169 General and administrative expenses 2,314 30 19,187 — 21,531 Other expenses — — 5,879 — 5,879 Interest expense — 4,094 — — 4,094 Foreign exchange gains — — (10,454 ) — (10,454 ) Total expenses 2,314 4,124 303,588 — 310,026 Income (loss) before income ta x (expense) benefit 2,247 (2,025 ) 12,529 (6,617 ) 6,134 Income tax (expens e) benefit — 1,443 (4,824 ) — (3,381 ) Income (loss) including non-controlling interests 2,247 (582 ) 7,705 (6,617 ) 2,753 Income attributable to non-controlling interes ts — — (506 ) — (506 ) Net inco me (loss) $ 2,247 $ (582 ) $ 7,199 $ (6,617 ) $ 2,247 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six months ended June 30, 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 $ 178,764 $ 11,169 $ 186,072 $ (195,040 ) $ 180,965 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (181,213 ) (13,832 ) 5 195,040 — Share compensation expense 73 — 3,301 — 3,374 Net interest expense on deposit liabilities — — 312 — 312 Net unrealized gain on investments and derivatives — — (128,168 ) — (128,168 ) Net realized gain on investments and derivatives — — (154,504 ) — (154,504 ) Net foreign exchange losses — — 4,796 — 4,796 Amortization of premium and accretion of discount, net — 88 (210 ) — (122 ) Changes in assets and liabilities: Reinsurance balances receivable — — (85,733 ) — (85,733 ) Deferred acquisition costs, net — — 18,425 — 18,425 Other assets 302 (1,663 ) 3,869 — 2,508 Interest and dividends receivable, net — (35 ) 2,988 — 2,953 Unearned premium reserves — — (9,261 ) — (9,261 ) Loss and loss adjustment expense reserves — — 63,769 — 63,769 Accounts payable and accrued expenses 67 — 7,482 — 7,549 Reinsurance balances payable — — 22,237 — 22,237 Performance fees payable to related party — — 53,455 — 53,455 Amounts due from (to) affiliates 40,523 (3,831 ) (36,692 ) — — Net cash provided by (used in) operating activities 38,516 (8,104 ) (47,857 ) — (17,445 ) Investing activities Purchases of investments — — (1,712,929 ) — (1,712,929 ) Proceeds from sales of investments — — 1,966,027 — 1,966,027 Purchases of investments to cover short sales — — (306,237 ) — (306,237 ) Proceeds from short sales of investments — — 462,066 — 462,066 Change in due to/from brokers, net — — (261,994 ) — (261,994 ) Change in restricted cash and cash equivalents — — (73,128 ) — (73,128 ) Net cash provided by (used in) investing activities — — 73,805 — 73,805 Financing activities Proceeds from issuance of common shares, net of costs 998 — — — 998 Purchases of common shares under share repurchase program (40,864 ) — — — (40,864 ) Decrease in deposit liabilities, net — — (124 ) — (124 ) Non-controlling interest in investment affiliate, net — — (18,066 ) — (18,066 ) Dividend received by (paid to) parent — 8,300 (8,300 ) — — Net cash provided by (used in) financing activities (39,866 ) 8,300 (26,490 ) — (58,056 ) Net increase (decrease) in cash and cash equivalents (1,350 ) 196 (542 ) — (1,696 ) Cash and cash equivalents at beginning of period 1,629 79 8,243 — 9,951 Cash and cash equivalents at end of period $ 279 $ 275 $ 7,701 $ — $ 8,255 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six months ended June 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income (loss) including non-controlling interests $ 2,247 $ (582 ) $ 7,705 $ (6,617 ) $ 2,753 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (4,561 ) (2,099 ) 43 6,617 — Share compensation expense 181 — 4,521 — 4,702 Net interest expense on deposit liabilities — — 1,331 — 1,331 Net unrealized loss on investments and derivatives — — 670 — 670 Net realized gain on investments and derivatives — — (41,954 ) — (41,954 ) Net foreign exchange gains — — (10,454 ) — (10,454 ) Amortization of premium and accretion of discount, net — 88 1,925 — 2,013 Changes in assets and liabilities: Reinsurance balances receivable — — (133,672 ) — (133,672 ) Deferred acquisition costs, net — — (24,558 ) — (24,558 ) Other assets 394 (1,442 ) (970 ) — (2,018 ) Interest and dividends receivable, net — (20 ) 3,332 — 3,312 Unearned premium reserves — — 123,687 — 123,687 Loss and loss adjustment expense reserves — — 79,645 — 79,645 Accounts payable and accrued expenses (911 ) 10 (1,237 ) — (2,138 ) Reinsurance balances payable — — 21,890 — 21,890 Performance fees payable to related party — — 2,954 — 2,954 Amounts due from (to) affiliates 8,876 4,042 (12,918 ) — — Net cash provided by (used in) operating activities 6,226 (3 ) 21,940 — 28,163 Investing activities Purchases of investments — — (2,031,742 ) — (2,031,742 ) Proceeds from sales of investments — — 1,615,954 — 1,615,954 Purchases of investments to cover short sales — — (736,668 ) — (736,668 ) Proceeds from short sales of investments — — 694,371 — 694,371 Change in due to/from brokers, net — — 208,886 — 208,886 Increase in securities sold under an agreement to repurchase — — 159,412 — 159,412 Change in restricted cash and cash equivalents — — 50,846 — 50,846 Contributed capital to subsidiaries (5,000 ) 5,000 — — — Contributed capital from parent and/or subsidiaries — (5,000 ) 5,000 — — Net cash provided by (used in) investing activities (5,000 ) — (33,941 ) — (38,941 ) Financing activities Proceeds from issuance of common shares, net of costs 1,046 — — — 1,046 Purchases of common shares under share repurchase program (7,389 ) — — — (7,389 ) Increase in deposit liabilities, net — — 3,752 — 3,752 Dividend received by (paid to) parent 5,000 — (5,000 ) — — Net cash provided by (used in) financing activities (1,343 ) — (1,248 ) — (2,591 ) Net decrease in cash and cash equivalents (117 ) (3 ) (13,249 ) — (13,369 ) Cash and cash equivalents at beginning of period 308 5 20,094 — 20,407 Cash and cash equivalents at end of period $ 191 $ 2 $ 6,845 $ — $ 7,038

Significant accounting polici30

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Recently issued accounting standards	Recently issued accounting standards Issued and effective as of June 30, 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 June 30, 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. In May 2017, the FASB issued Accounting Standards Update 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). ASU 2017-09 applies to entities that change the terms or conditions of a share-based payment award.The amendments are effective for interim and annual periods beginning after December 15, 2017. 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)	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Schedule of restricted cash and cash equivalents	Restricted cash and cash equivalents and restricted investments as of June 30, 2017 and December 31, 2016 consisted of the following: June 30, December 31, ($ in thousands) Restricted cash securing letter of credit facilities (1) $ 219,468 $ 231,822 Restricted cash securing other reinsurance contracts (2) 152,600 67,118 Total restricted cash and cash equivalents 372,068 298,940 Restricted investments securing other reinsurance contracts (2) 358,387 427,308 Total restricted cash and cash equivalents and restricted investments $ 730,455 $ 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)	6 Months Ended
	Jun. 30, 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: June 30, December 31, Assets ($ in thousands) Total investments in securities $ 2,671,218 $ 2,619,839 Cash and cash equivalents 10 5 Restricted cash and cash equivalents 372,068 298,940 Due from brokers 424,163 284,591 Derivative assets 45,110 27,432 Interest and dividends receivable 3,947 6,505 Total assets 3,516,516 3,237,312 Liabilities and non-controlling interest Accounts payable and accrued expenses 2,107 1,374 Securities sold, not yet purchased 265,667 92,668 Due to brokers 777,179 899,601 Derivative liabilities 11,949 16,050 Performance fee payable to related party 53,455 — Interest and dividends payable 817 386 Non-controlling interest 19,809 35,674 Total liabilities and non-controlling interest 1,130,983 1,045,753 Total net investments managed by Third Point LLC $ 2,385,533 $ 2,191,559
Schedule of the largest concentration of the Company's asset-backed securities	As of June 30, 2017 and December 31, 2016 , the Company’s asset-backed securities (“ABS”) holdings were as follows: June 30, 2017 December 31, 2016 ($ in thousands) Reperforming loans $ 149,570 66.5 % $ 44,359 17.4 % Subprime RMBS — — % 117,152 46.0 % Market place loans 51,768 23.0 % 44,143 17.3 % Other (1) 23,576 10.5 % 49,198 19.3 % $ 224,914 100.0 % $ 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 June 30, 2017 and December 31, 2016 : June 30, 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 $ 1,885,167 $ — $ — $ 1,885,167 Private common equity securities 467 — 4,775 5,242 Private preferred equity securities — 2 50,759 50,761 Total equities 1,885,634 2 55,534 1,941,170 Asset-backed securities — 189,203 35,711 224,914 Bank debt — 12 10,246 10,258 Corporate bonds — 54,208 9,095 63,303 U.S. Treasury securities — 263,592 — 263,592 Sovereign debt — 133,793 — 133,793 Other debt securities — 3,343 3,312 6,655 Total debt securities — 644,151 58,364 702,515 Options 1,151 5,936 — 7,087 Rights and warrants — 40 — 40 Trade claims — 8,112 — 8,112 Total other investments 1,151 14,088 — 15,239 Derivative assets (free standing) 10 45,100 — 45,110 $ 1,886,795 $ 703,341 $ 113,898 2,704,034 Investments in funds valued at NAV 13,852 Total assets $ 2,717,886 Liabilities Equity securities $ 248,308 $ — $ — $ 248,308 Corporate bonds — 11,314 — 11,314 Options 121 5,924 — 6,045 Total securities sold, not yet purchased 248,429 17,238 — 265,667 Derivative liabilities (free standing) — 10,582 1,367 11,949 Derivative liabilities (embedded) — — 180 180 Total liabilities $ 248,429 $ 27,820 $ 1,547 $ 277,796
Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs	The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the three and six months ended June 30, 2017 and 2016 : April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) June 30, ($ in thousands) Assets Private common equity securities $ 4,745 $ — $ — $ — $ 30 $ 4,775 Private preferred equity securities 48,350 — 939 (123 ) 1,593 50,759 Asset-backed securities 20,785 15,642 22,038 (20,545 ) (2,209 ) 35,711 Bank debt 8,722 (189 ) 3 (23 ) 1,733 10,246 Corporate bonds 8,984 — 92 (320 ) 339 9,095 Other debt securities — — 3,312 — — 3,312 Total assets $ 91,586 $ 15,453 $ 26,384 $ (21,011 ) $ 1,486 $ 113,898 Liabilities Derivative liabilities (free standing) $ (1,326 ) $ — $ — $ (41 ) $ — $ (1,367 ) Derivative liabilities (embedded) (111 ) — — — (69 ) (180 ) Total liabilities $ (1,437 ) $ — $ — $ (41 ) $ (69 ) $ (1,547 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) June 30, ($ in thousands) Assets Private common equity securities $ 4,799 $ — $ — $ — $ (24 ) $ 4,775 Private preferred equity securities 48,834 — 939 (495 ) 1,481 50,759 Asset-backed securities 17,628 20,016 31,958 (32,237 ) (1,654 ) 35,711 Bank debt 8,350 (446 ) 4 (272 ) 2,610 10,246 Corporate bonds 9,255 — 93 (587 ) 334 9,095 Other debt securities — — 3,312 — — 3,312 Total assets $ 88,866 $ 19,570 $ 36,306 $ (33,591 ) $ 2,747 $ 113,898 Liabilities Derivative liabilities (free standing) $ (1,326 ) $ — $ — $ (41 ) $ — $ (1,367 ) Derivative liabilities (embedded) (92 ) — — — (88 ) (180 ) Total liabilities $ (1,418 ) $ — $ — $ (41 ) $ (88 ) $ (1,547 ) April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) June 30, ($ in thousands) Assets Private common equity securities $ 4,138 $ — $ — $ — $ (968 ) $ 3,170 Private preferred equity securities 25,104 — 10,142 — (4,167 ) 31,079 Asset-backed securities 2,229 2,270 439 (1,034 ) (1,090 ) 2,814 Corporate bonds 2,958 — 199 (47 ) — 3,110 Sovereign debt — 17 — — (15 ) 2 Total assets $ 34,429 $ 2,287 $ 10,780 $ (1,081 ) $ (6,240 ) $ 40,175 Liabilities Derivative liabilities (free standing) $ (1,086 ) $ — $ — $ (134 ) $ — $ (1,220 ) Derivative liabilities (embedded) (5,328 ) — — (861 ) (146 ) (6,335 ) Total liabilities $ (6,414 ) $ — $ — $ (995 ) $ (146 ) $ (7,555 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) June 30, ($ in thousands) Assets Private common equity securities $ 4,357 $ — $ — $ — $ (1,187 ) $ 3,170 Private preferred equity securities 24,178 — 12,253 — (5,352 ) 31,079 Asset-backed securities 2,617 2,944 787 (1,616 ) (1,918 ) 2,814 Bank debt 7,660 (7,660 ) — — — — Corporate bonds 3,252 — 199 (80 ) (261 ) 3,110 Sovereign debt 21 (2 ) — — (17 ) 2 Total assets $ 42,085 $ (4,718 ) $ 13,239 $ (1,696 ) $ (8,735 ) $ 40,175 Liabilities Derivative liabilities (free standing) $ (1,020 ) $ — $ — $ (200 ) $ — $ (1,220 ) Derivative liabilities (embedded) (5,563 ) — — (861 ) 89 (6,335 ) Total liabilities $ (6,583 ) $ — $ — $ (1,061 ) $ 89 $ (7,555 ) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income in the condensed consolidated statements of income .
Schedule of significant unobservable inputs used	he 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 are insignificant or do not have any unobservable inputs to disclose, as they are valued primarily using dealer quotes or at cost. June 30, 2017 Assets Fair value ($ in thousands) Valuation technique Unobservable input Range Private equity investments $ 50,928 Market approach Volatility 25.0% - 60.0% Time to exit 0.5 - 2.5 years Multiple 2.0 - 7.3x Bank debt $ 10,246 Discounted cash flow Credit spread 1,024 - 1,144 bps Duration 1.0 - 4.0 years December 31, 2016 Assets Fair value ($ in thousands) Valuation technique Unobservable input Range Private equity investments $ 47,608 Market approach Discount 5.0% - 25.0% Volatility 40.0% - 60.0% Time to exit 0.4 - 2.8 years Multiple 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)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 : June 30, 2017 Overnights and continuous Up to 30 days 30 - 90 days Greater than 90 days Total ($ in thousands) Repurchase agreements Corporate securities $ — $ — $ — $ — $ — Non-U.S. sovereign debt — — — — — $ — $ — $ — $ — $ — 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)	6 Months Ended
	Jun. 30, 2017
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Due to (from) Brokers	As of June 30, 2017 and December 31, 2016 , the Company’s due from/to brokers were comprised of the following: June 30, December 31, ($ in thousands) Due from brokers Cash held at brokers $ 343,940 $ 240,205 Receivable from unsettled trades (1) 80,223 44,386 $ 424,163 $ 284,591 Due to brokers Borrowing from prime brokers (2) $ 696,336 $ 855,576 Payable from unsettled trades 80,843 44,025 $ 777,179 $ 899,601 (1) Receivables relating to securities sold 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. As of December 31, 2016, $37.6 million was included in receivable from unsettled trades in due from brokers while the Company awaited the court decision regarding the sale price. In the second quarter of 2017, the court decision resulted in the Company receiving the total value of $37.6 million as well as interest of $4.4 million for the trial period. (2) As of June 30, 2017 , the Company’s borrowing from prime brokers includes a total non-U.S. currency balance of $261.2 million ( December 31, 2016 - $22.0 million ).

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 10,447 $ 62,313 Total Return Swaps - Long Contracts EGP 10,625 10,625 Equity Price Contracts for Differences - Long Contracts CHF/EUR/GBP/USD 11,028 87,217 Contracts for Differences - Short Contracts DKK/NOK/SEK/USD 1,922 31,769 Total Return Swaps - Long Contracts BRL/USD 8,033 115,472 Total Return Swaps - Short Contracts USD 31 8,861 Interest Rates Interest Rate Swaptions JPY/USD 2,019 94,398 Sovereign Debt Futures - Short Contracts EUR/USD 10 5,774 Foreign Currency Exchange Rates Foreign Currency Forward Contracts HKD/MXN/SAR 651 210,774 Foreign Currency Options - Purchased EUR/USD 344 2,557 Total Derivative Assets $ 45,110 $ 629,760 Listing currency (1) Fair Value Notional Amounts (2) Derivative Liabilities by Primary Underlying Risk ($ in thousands) Credit Credit Default Swaps - Protection Purchased EUR/USD $ 2,886 $ 61,123 Credit Default Swaps - Protection Sold USD 2,015 4,015 Equity Price Contracts for Differences - Long Contracts EUR/USD 2,577 84,445 Contracts for Differences - Short Contracts SEK 83 3,259 Total Return Swaps - Long Contracts USD 545 9,250 Total Return Swaps - Short Contracts USD 363 37,670 Interest Rates Interest Rate Swaptions JPY 207 64,653 Foreign Currency Exchange Rates Foreign Currency Forward Contracts CNH/EUR/HKD/MXN/SAR 3,273 235,853 Total Derivative Liabilities (free standing) $ 11,949 $ 500,268 Embedded derivative liabilities in reinsurance contracts (3) USD $ 180 $ 20,000 Total Derivative Liabilities (embedded) $ 180 $ 20,000 (1) BRL = Brazilian Real, CHF = Swiss Franc, CNH = Chinese Yuan, DKK = Danish Krone, EGP = Egyptian Pound, EUR = Euro, GBP = British Pound, HKD = Hong Kong Dollar, JPY = Japanese Yen, MXN = Mexican Peso, NOK = Norwegian Krone, SAR = Saudi Arabian Riyal, SEK = Swedish Krona, USD = US Dollar (2) The absolute notional exposure represents the Company’s derivative activity as of June 30, 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 and six months ended June 30, 2017 and 2016 . Realized and unrealized gains (losses) related to free standing derivatives are included in net investment income in the condensed consolidated statements of income . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the condensed consolidated statements of income . Three months ended June 30, 2017 June 30, 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 $ — $ — $ 834 $ 2,380 Credit Credit Default Swaps - Protection Purchased (1,137 ) (1,590 ) (1,278 ) 2,037 Credit Default Swaps - Protection Sold 18 (35 ) 191 (192 ) Total Return Swaps - Long Contracts (29 ) (37 ) — — Equity Price Contracts for Differences - Long Contracts 39,055 1,211 (1,697 ) 185 Contracts for Differences - Short Contracts (993 ) 1,821 2,317 6,581 Total Return Swaps - Long Contracts 61 3,545 5,692 (3,857 ) Total Return Swaps - Short Contracts (1,014 ) 1,201 (537 ) 606 Interest Rates Commodity Futures - Short Contracts — — 1 — Fixed Income Swap - Short Contracts — — (116 ) 72 Interest Rate Swaps (4,550 ) (2,105 ) — — Interest Rate Swaptions (720 ) (573 ) — (84 ) Sovereign Debt Futures - Short Contracts (6,874 ) (106 ) — — Total Return Swaps - Long Contracts — — (268 ) 261 Total Return Swaps - Short Contracts — — 100 (65 ) Foreign Currency Exchange Rates Foreign Currency Forward Contracts (4,161 ) (2,653 ) (5,808 ) 7,622 Foreign Currency Options - Purchased (1,318 ) 661 (859 ) 355 Foreign Currency Options - Sold (1 ) — 112 (101 ) $ 18,337 $ 1,340 $ (1,316 ) $ 15,800 Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ (69 ) $ — $ (146 ) Total Derivative Liabilities (embedded) $ — $ (69 ) $ — $ (146 ) Six months ended June 30, 2017 June 30, 2016 Free standing Derivatives - Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Commodity Price ($ in thousands) Commodity Future Options - Purchased $ — $ — $ 581 $ 1,800 Credit Credit Default Swaps - Protection Purchased (2,465 ) 30 6,407 (4,987 ) Credit Default Swaps - Protection Sold 37 (59 ) (4,167 ) 4,252 Total Return Swaps - Long Contracts (29 ) (37 ) — — Equity Price Contracts for Differences - Long Contracts 46,925 6,687 (2,422 ) (379 ) Contracts for Differences - Short Contracts (4,205 ) 2,945 4,570 278 Total Return Swaps - Long Contracts 3,862 8,547 (4,826 ) 800 Total Return Swaps - Short Contracts (3,743 ) 788 691 (1,762 ) Interest Rates Commodities Futures - Short Contracts — — (1,151 ) (52 ) Fixed Income Swap - Short Contracts — — (94 ) — Interest Rate Swaps (3,097 ) (1,740 ) — — Interest Rate Swaptions 522 (2,342 ) (112 ) (45 ) Sovereign Debt Futures - Short Contracts (8,656 ) 658 — — Total Return Swaps - Long Contracts — — (268 ) 261 Total Return Swaps - Short Contracts — — 100 (65 ) Foreign Currency Exchange Rates Foreign Currency Forward Contracts (10,035 ) (1,268 ) (8,904 ) (4,751 ) Foreign Currency Options - Purchased (6,187 ) 1,163 (2,040 ) (1,617 ) Foreign Currency Options - Sold 2,184 (80 ) 617 (182 ) $ 15,113 $ 15,292 $ (11,018 ) $ (6,449 ) Embedded Derivatives Embedded derivatives in reinsurance contracts $ — $ (88 ) $ — $ 89 Total Derivative Liabilities (embedded) $ — $ (88 ) $ — $ 89 *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 June 30, 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 June 30, 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 $ 1,776 $ 1,776 $ — $ — Counterparty 2 1,130 627 — 503 Counterparty 3 19,135 3,697 — 15,438 Counterparty 4 2,016 1,805 — 211 Counterparty 5 10,247 3,216 — 7,031 Counterparty 6 5,762 529 3,829 1,404 Counterparty 8 8,185 1,401 — 6,784 Counterparty 9 2,795 2,795 — — $ 51,046 $ 15,846 $ 3,829 $ 31,371 Gross Amounts not Offset in the Condensed Consolidated Balance Sheet June 30, 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 $ 1,850 $ 1,776 $ 74 $ — Counterparty 2 627 627 — — Counterparty 3 3,697 3,697 — — Counterparty 4 1,805 1,805 — — Counterparty 5 3,216 3,216 — — Counterparty 6 529 529 — — Counterparty 8 1,401 1,401 — — Counterparty 9 4,748 2,795 1,953 — $ 17,873 $ 15,846 $ 2,027 $ — (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 $6.0 million included in Other investments in the condensed consolidated balance sheets. (2) The Gross Amounts of Liabilities Presented in the condensed consolidated balance sheets presented above includes the fair value of Derivative Contract liabilities as well as gross OTC option contract liabilities of $6.0 million included in Securities sold, not yet purchased in the condensed consolidated balance sheets. Gross Amounts not Offset in the Condensed Consolidated Balance Sheet December 31, 2016 Derivative Contracts Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amount Financial assets, derivative assets and collateral received ($ 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)	6 Months Ended
	Jun. 30, 2017
Insurance Loss Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of June 30, 2017 and December 31, 2016 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: June 30, December 31, ($ in thousands) Case loss and loss adjustment expense reserves $ 116,483 $ 80,370 Incurred but not reported loss and loss adjustment expense reserves 561,161 522,818 Deferred gains on retroactive reinsurance contracts 815 1,941 $ 678,459 $ 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 six months ended June 30, 2017 and 2016 : June 30, June 30, ($ 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 218,559 165,160 Prior years (23,928 ) 24,371 Amortization of deferred gains on retroactive reinsurance contracts (1,357 ) (724 ) Total incurred loss and loss adjustment expenses 193,274 188,807 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (19,737 ) (25,201 ) Prior years (111,480 ) (83,837 ) Total net paid losses (131,217 ) (109,038 ) Foreign currency translation 9,561 (8,737 ) Net reserve for loss and loss adjustment expenses, end of period 676,746 536,954 Plus: loss and loss adjustment expenses recoverable, end of period 1,713 1 Gross reserve for loss and loss adjustment expenses, end of period $ 678,459 $ 536,955

Management, performance and f37

Management, performance and founders fees (Tables)	6 Months Ended
	Jun. 30, 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 in the condensed consolidated statements of income for the three and six months ended June 30, 2017 and 2016 are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, ($ in thousands) Management fees - Third Point LLC $ 8,777 $ 1,582 $ 17,244 $ 3,103 Management fees - Founders (1) — 8,962 — 17,583 Performance fees - Third Point Advisors LLC 24,529 2,954 55,387 2,954 $ 33,306 $ 13,498 $ 72,631 $ 23,640 (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)	6 Months Ended
	Jun. 30, 2017
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity for the deposit contracts for the six months ended June 30, 2017 and year ended December 31, 2016 : June 30, December 31, ($ in thousands) Balance, beginning of period $ 104,905 $ 83,955 Consideration received 1,831 22,463 Net investment expense (income) allocation and change in fair value of embedded derivatives 312 (164 ) Payments (1,955 ) (915 ) Foreign currency translation 115 (434 ) Balance, end of period $ 105,208 $ 104,905

Senior notes payable and lett39

Senior notes payable and letter of credit facilities (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of credit facilities	As of June 30, 2017 , the Company had entered into the following letter of credit facilities: Facility Utilized Collateral June 30, 2017 ($ in thousands) Citibank $ 300,000 $ 143,678 $ 143,678 J.P. Morgan 50,000 9 9 Lloyds Bank 125,000 74,281 75,781 $ 475,000 $ 217,968 $ 219,468

Net investment income (Tables)

Net investment income (Tables)	6 Months Ended
	Jun. 30, 2017
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income for the three and six months ended June 30, 2017 and 2016 consisted of the following: Three months ended Six months ended June 30, June 30, June 30, June 30, Net investment income by type ($ in thousands) Net realized gains on investments and investment derivatives $ 93,476 $ 18,713 $ 154,504 $ 41,955 Net unrealized gains (losses) on investments and investment derivatives 32,340 53,603 127,795 (1,239 ) Net losses on foreign currencies (1,601 ) (801 ) (2,153 ) (967 ) Dividend and interest income 22,440 33,352 39,707 41,024 Dividends paid on securities sold, not yet purchased (1,143 ) (526 ) (1,668 ) (960 ) Management and performance fees (33,306 ) (13,498 ) (72,631 ) (23,640 ) Other expenses (5,074 ) (4,731 ) (10,179 ) (10,418 ) Net investment income on investments managed by Third Point LLC 107,132 86,112 235,375 45,755 Net gain on investment in Kiskadee Fund 193 234 460 481 $ 107,325 $ 86,346 $ 235,835 $ 46,236 Three months ended Six months ended June 30, June 30, June 30, June 30, Net investment income by asset class ($ in thousands) Net investment gains on equity securities $ 116,391 $ 20,821 $ 267,884 $ 18,590 Net investment gains on debt securities 13,308 72,720 36,811 84,869 Net investment losses on other investments (6,939 ) (5,069 ) (10,574 ) (13,565 ) Net investment gains (losses) on investment derivatives 19,677 14,484 30,405 (17,467 ) Net investment gains (losses) on securities sold, not yet purchased 3,368 1,866 (6,016 ) 6,170 Net investment income (loss) on cash, including foreign exchange gain (loss) (3,057 ) (2,644 ) (5,993 ) (4,359 ) Net investment losses on securities purchased under an agreement to resell — (779 ) — (1,443 ) Net investment losses on securities sold under an agreement to repurchase (19 ) (91 ) (39 ) (124 ) Management and performance fees (33,306 ) (13,498 ) (72,631 ) (23,640 ) Other investment expenses (2,098 ) (1,464 ) (4,012 ) (2,795 ) $ 107,325 $ 86,346 $ 235,835 $ 46,236

Other expenses (Tables)

Other expenses (Tables)	6 Months Ended
	Jun. 30, 2017
Other Income and Expenses [Abstract]
Schedule of other expenses	Other expenses for the three and six months ended June 30, 2017 and 2016 consisted of the following: Three months ended Six months ended June 30, June 30, June 30, June 30, ($ in thousands) Deposit liabilities investment expense (income) $ (97 ) $ 860 $ 312 $ 1,331 Reinsurance contracts investment expense 2,133 2,167 4,606 4,637 Change in fair value of embedded derivatives in deposit and reinsurance contracts 69 146 88 (89 ) $ 2,105 $ 3,173 $ 5,006 $ 5,879

Income taxes (Tables)

Income taxes (Tables)	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Schedule of income tax expenses	For the three and six months ended June 30, 2017 and 2016 , the Company recorded income tax expense (benefit), as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ 1,844 $ 2,800 $ 6,027 $ (319 ) Change in uncertain tax positions 59 20 184 20 Withholding taxes on certain investment transactions 3,404 2,490 4,394 3,680 $ 5,307 $ 5,310 $ 10,605 $ 3,381 (1) As of June 30, 2017 , the Company has recorded $2.1 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 June 30, 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)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017 and 2016 : Common shares 2017 2016 Balance, beginning of period 106,501,299 105,479,341 Options exercised 100,000 104,652 Restricted shares granted, net of forfeitures 36,418 47,712 Performance restricted shares granted, net of forfeitures 694,886 653,958 Balance, end of period 107,332,603 106,285,663 Treasury shares 2017 2016 Balance, beginning of period 644,768 — Repurchase of common shares 3,300,152 644,768 Balance, end of period 3,944,920 644,768

Share-based compensation (Table

Share-based compensation (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, June 30, June 30, June 30, ($ in thousands) Management and director options $ 111 $ 1,555 $ 459 $ 3,109 Restricted shares with service condition 154 386 278 592 Restricted shares with service and performance condition 1,279 110 2,637 1,001 $ 1,544 $ 2,051 $ 3,374 $ 4,702
Schedule of management and director options activity	The management and director options activity for the six months ended June 30, 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 (100,000 ) 10.00 Balances as of June 30, 2017 9,496,993 $ 13.68
Schedule of management and director options outstanding	The following table summarizes information about the Company’s management and director share options outstanding as of June 30, 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 5,174,334 $ 10.04 4.6 years 5,132,473 $ 10.03 $15.05 - $16.89 2,196,214 15.94 4.3 years 2,098,540 15.97 $20.00 - $25.05 2,126,445 20.23 4.2 years 2,056,679 20.15 9,496,993 $ 13.68 4.4 years 9,287,692 $ 13.61
Schedule of restricted shares with service condition activity	Restricted share award activity for the six months ended June 30, 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 Granted 36,418 12.15 Vested (229,614 ) 10.22 Balance as of June 30, 2017 107,847 $ 13.38
Schedule of restricted shares with performance condition activity	Restricted share award activity for the restricted shares with a service and performance condition for the six months ended June 30, 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 935,825 623,882 12.17 Forfeited (240,939 ) — 14.60 Vested (136,618 ) (136,618 ) 14.60 Change in estimated restricted shares considered probable of vesting n/a (44,669 ) 12.16 Balance as of June 30, 2017 1,940,008 1,020,081 $ 12.26

Earnings (loss)per share (Table

Earnings (loss)per share (Tables)	6 Months Ended
	Jun. 30, 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 per common share for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, June 30, June 30, June 30, Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding, net of treasury shares 102,283,844 104,132,797 103,144,078 104,195,336 Dilutive effect of options 1,084,217 403,547 937,864 358,015 Dilutive effect of warrants 988,830 556,829 860,484 553,222 Dilutive effect of restricted shares with service and performance condition 212,335 140,748 207,284 121,601 Diluted number of common shares outstanding 104,569,226 105,233,921 105,149,710 105,228,174 Basic earnings per common share: Net income $ 74,578 $ 53,376 $ 178,764 $ 2,247 Income allocated to participating shares (71 ) (169 ) (204 ) (7 ) Net income available to common shareholders $ 74,507 $ 53,207 $ 178,560 $ 2,240 Basic earnings per common share $ 0.73 $ 0.51 $ 1.73 $ 0.02 Diluted earnings per common share: Net income $ 74,578 $ 53,376 $ 178,764 $ 2,247 Income allocated to participating shares (69 ) (167 ) (200 ) (7 ) Net income available to common shareholders $ 74,509 $ 53,209 $ 178,564 $ 2,240 Diluted earnings per common share $ 0.71 $ 0.51 $ 1.70 $ 0.02

Financial instruments with of46

Financial instruments with off-balance sheet risk or concentrations of credit risk (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 : June 30, 2017 Maximum Payout/ Notional Amount 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) $ — $ 4,015 $ 4,015 $ — $ 2,015 $ (2,015 ) December 31, 2016 Maximum Payout/ Notional Amount 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 June 30, 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)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of operating segments	The following is a summary of the Company’s operating segment results for the three and six months ended June 30, 2017 and 2016 : Three months ended June 30, 2017 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 156,564 $ — $ 156,564 Gross premiums ceded (1,425 ) — (1,425 ) Net premiums written 155,139 — 155,139 Change in net unearned premium reserves 18,419 — 18,419 Net premiums earned 173,558 — 173,558 Expenses Loss and loss adjustment expenses incurred, net 107,379 — 107,379 Acquisition costs, net 68,641 — 68,641 General and administrative expenses 9,649 5,365 15,014 Total expenses 185,669 5,365 191,034 Net underwriting loss (12,111 ) n/a n/a Net investment income 31,206 76,119 107,325 Other expenses (2,105 ) — (2,105 ) Interest expense — (2,051 ) (2,051 ) Foreign exchange losses — (4,781 ) (4,781 ) Income tax expense — (5,307 ) (5,307 ) Segment income including non-controlling interests 16,990 58,615 75,605 Segment income attributable to non-controlling interes ts — (1,027 ) (1,027 ) Segment income $ 16,990 $ 57,588 $ 74,578 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 61.9 % Acquisition cost ratio 39.5 % Composite ratio 101.4 % General and administrative expense ratio 5.6 % Combined ratio 107.0 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Six months ended June 30, 2017 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 302,918 $ — $ 302,918 Gross premiums ceded (2,550 ) — (2,550 ) Net premiums written 300,368 — 300,368 Change in net unearned premium reserves 11,199 — 11,199 Net premiums earned 311,567 — 311,567 Expenses Loss and loss adjustment expenses incurred, net 193,274 — 193,274 Acquisition costs, net 123,093 — 123,093 General and administrative expenses 15,961 9,625 25,586 Total expenses 332,328 9,625 341,953 Net underwriting loss (20,761 ) n/a n/a Net investment inco me 67,326 168,509 235,835 Other expenses (5,006 ) — (5,006 ) Interest expense — (4,077 ) (4,077 ) Foreign exchange losses — (4,796 ) (4,796 ) Income tax expense — (10,605 ) (10,605 ) Segment income including non-controlling interests 41,559 139,406 180,965 Segment income attributable to non-controlling interes ts — (2,201 ) (2,201 ) Segment income $ 41,559 $ 137,205 $ 178,764 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 62.0 % Acquisition cost ratio 39.5 % Composite ratio 101.5 % General and administrative expense ratio 5.1 % Combined ratio 106.6 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Three months ended June 30, 2016 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 196,866 $ — $ 196,866 Gross premiums ceded (1,425 ) — (1,425 ) Net premiums written 195,441 — 195,441 Change in net unearned premium reserves (62,319 ) — (62,319 ) Net premiums earned 133,122 — 133,122 Expenses Loss and loss adjustment expenses incurred, net 104,131 — 104,131 Acquisition costs, net 48,482 — 48,482 General and administrative expenses 6,085 4,158 10,243 Total expenses 158,698 4,158 162,856 Net underwriting loss (25,576 ) n/a n/a Net investment income 19,098 67,248 86,346 Other expenses (3,173 ) — (3,173 ) Interest expense — (2,046 ) (2,046 ) Foreign exchange gains — 8,068 8,068 Income tax expense — (5,310 ) (5,310 ) Segment income (loss) including non-controlling interests (9,651 ) 63,802 54,151 Segment income attributable to non-controlling interests — (775 ) (775 ) Segment income (loss) $ (9,651 ) $ 63,027 $ 53,376 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 78.2 % Acquisition cost ratio 36.4 % Composite ratio 114.6 % General and administrative expense ratio 4.6 % Combined ratio 119.2 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Six months ended June 30, 2016 Property and Casualty Reinsurance Corporate Total Revenues ($ in thousands) Gross premiums written $ 394,022 $ — $ 394,022 Gross premiums ceded (1,425 ) — (1,425 ) Net premiums written 392,597 — 392,597 Change in net unearned premium reserves (122,673 ) — (122,673 ) Net premiums earned 269,924 — 269,924 Expenses Loss and loss adjustment expenses incurred, net 188,807 — 188,807 Acquisition costs, net 100,169 — 100,169 General and administrative expenses 13,147 8,384 21,531 Total expenses 302,123 8,384 310,507 Net underwriting loss (32,199 ) n/a n/a Net investment income 10,837 35,399 46,236 Other expenses (5,879 ) — (5,879 ) Interest expense — (4,094 ) (4,094 ) Foreign exchange gains — 10,454 10,454 Income tax expense — (3,381 ) (3,381 ) Segment income (loss) including non-controlling interests (27,241 ) 29,994 2,753 Segment income attributable to non-controlling interests — (506 ) (506 ) Segment income (loss) $ (27,241 ) $ 29,488 $ 2,247 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 69.9 % Acquisition cost ratio 37.1 % Composite ratio 107.0 % General and administrative expense ratio 4.9 % Combined ratio 111.9 % (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 and six months ended June 30, 2017 and 2016 as a percentage of total gross premiums written in the relevant period: Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Largest contract 65.9 % 14.9 % 34.0 % 28.4 % Second largest contract 12.9 % 12.6 % 17.9 % n/a Third largest contract n/a 11.4 % n/a n/a Total for contracts contributing greater than 10% each 78.8 % 38.9 % 51.9 % 28.4 % Total for contracts contributing less than 10% each 21.2 % 61.1 % 48.1 % 71.6 % 100.0 % 100.0 % 100.0 % 100.0 %
Schedule of breakdown of the Company’s gross premiums written by line of business	The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 ($ in thousands) Property $ (8,827 ) (5.6 )% $ 7,257 3.7 % $ (8,815 ) (2.9 )% $ 7,082 1.8 % Casualty 118,140 75.4 % 149,129 75.7 % 205,345 67.8 % 160,506 40.7 % Specialty 47,251 30.2 % 40,480 20.6 % 106,388 35.1 % 226,434 57.5 % $ 156,564 100.0 % $ 196,866 100.0 % $ 302,918 100.0 % $ 394,022 100.0 % The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 ($ in thousands) Prospective $ 72,687 46.4 % $ 196,866 100.0 % $ 219,041 72.3 % $ 394,022 100.0 % Retroactive (1) 83,877 53.6 % — — % 83,877 27.7 % — — % $ 156,564 100.0 % $ 196,866 100.0 % $ 302,918 100.0 % $ 394,022 100.0 % (1) Includes all retroactive exposure in reinsurance contracts.
Schedule of breakdown of the Company’s gross premiums written from brokers	The following table sets forth the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 ($ in thousands) Largest broker $ 107,612 68.7 % $ 63,084 32.0 % $ 107,612 35.5 % $ 181,205 46.0 % Second largest broker 22,448 14.3 % 58,000 29.5 % 73,499 24.3 % 94,749 24.0 % Third largest broker n/a n/a 53,034 26.9 % 35,269 11.6 % 62,295 15.8 % Fourth largest broker n/a n/a n/a n/a 31,853 10.5 % n/a n/a Other 26,504 17.0 % 22,748 11.6 % 54,685 18.1 % 55,773 14.2 % $ 156,564 100.0 % $ 196,866 100.0 % $ 302,918 100.0 % $ 394,022 100.0 %
Schedule of breakdown of the Company’s gross premiums written by domicile of the ceding companies	The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the three and six months ended June 30, 2017 and 2016 : Three months ended Six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 ($ in thousands) United States $ 1,340 0.8 % $ 124,446 63.2 % $ 43,769 14.4 % $ 167,738 42.6 % Bermuda — — % 46,539 23.6 % 54,075 17.9 % 46,539 11.8 % Other 4,480 2.9 % — — % 4,480 1.5 % — — % United Kingdom 150,744 96.3 % 25,881 13.2 % 200,594 66.2 % 179,745 45.6 % $ 156,564 100.0 % $ 196,866 100.0 % $ 302,918 100.0 % $ 394,022 100.0 %

Supplemental Guarantor Inform48

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Equity securities $ — $ — $ 1,941,170 $ — $ 1,941,170 Debt securities — — 702,515 — 702,515 Other investments — — 29,091 — 29,091 Total investments in securities — — 2,672,776 — 2,672,776 Cash and cash equivalents 279 275 7,701 — 8,255 Restricted cash and cash equivalents — — 372,068 — 372,068 Investment in subsidiaries 1,597,592 275,506 165,671 (2,038,769 ) — Due from brokers — — 424,163 — 424,163 Derivative assets, at fair value — — 45,110 — 45,110 Interest and dividends receivable — — 3,947 — 3,947 Reinsurance balances receivable — — 472,570 — 472,570 Deferred acquisition costs, net — — 203,193 — 203,193 Amounts due from (to) affiliates (40,665 ) (4,563 ) 45,228 — — Other assets 335 7,170 7,143 — 14,648 Total assets $ 1,557,541 $ 278,388 $ 4,419,570 $ (2,038,769 ) $ 4,216,730 Liabilities and shareholders’ equity Liabilities Accounts payable and accrued expenses $ 1,218 $ 40 $ 16,671 $ — $ 17,929 Reinsurance balances payable — — 65,456 — 65,456 Deposit liabilities — — 105,208 — 105,208 Unearned premium reserves — — 547,815 — 547,815 Loss and loss adjustment expense reserves — — 678,459 — 678,459 Securities sold, not yet purchased, at fair value — — 265,667 — 265,667 Due to brokers — — 777,179 — 777,179 Derivative liabilities, at fair value — — 11,949 — 11,949 Performance fee payable to related party — — 53,455 — 53,455 Interest and dividends payable — 3,022 816 — 3,838 Senior notes payable, net of deferred costs — 113,643 — — 113,643 Total liabilities 1,218 116,705 2,522,675 — 2,640,598 Shareholders’ equity Common shares 10,733 — 1,250 (1,250 ) 10,733 Treasury shares (48,253 ) — — — (48,253 ) Additional paid-in capital 1,098,857 165,808 1,532,480 (1,698,288 ) 1,098,857 Retained earnings (deficit) 494,986 (4,125 ) 343,356 (339,231 ) 494,986 Shareholders’ equity attributable to shareholders 1,556,323 161,683 1,877,086 (2,038,769 ) 1,556,323 Non-controlling interests — — 19,809 — 19,809 Total shareholders’ equity 1,556,323 161,683 1,896,895 (2,038,769 ) 1,576,132 Total liabilities and shareholders’ equity $ 1,557,541 $ 278,388 $ 4,419,570 $ (2,038,769 ) $ 4,216,730 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 June 30, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 156,564 $ — $ 156,564 Gross premiums ceded — — (1,425 ) — (1,425 ) Net premiums written — — 155,139 — 155,139 Change in net unearned premium reserves — — 18,419 — 18,419 Net premiums earned — — 173,558 — 173,558 Net investment inco me — — 107,325 — 107,325 Equity in earnings (losses) of sub sidiaries 75,843 4,843 (10 ) (80,676 ) — Total revenues 75,843 4,843 280,873 (80,676 ) 280,883 Expenses Loss and loss adjustment expenses incurred, net — — 107,379 — 107,379 Acquisition costs, net — — 68,641 — 68,641 General and administrative expenses 1,265 12 13,737 — 15,014 Other expenses — — 2,105 — 2,105 Interest expense — 2,051 — — 2,051 Foreign exchange losse s — — 4,781 — 4,781 Total expenses 1,265 2,063 196,643 — 199,971 Income before income tax expense 74,578 2,780 84,230 (80,676 ) 80,912 Income tax (expens e) benefit — 722 (6,029 ) — (5,307 ) Income including non-controlling interests 74,578 3,502 78,201 (80,676 ) 75,605 Income attributable to non-controlling interests — — (1,027 ) — (1,027 ) Net income $ 74,578 $ 3,502 $ 77,174 $ (80,676 ) $ 74,578 CONDENSED CONSOLIDATING STATEMENT OF INCOME Six months ended June 30, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 302,918 $ — $ 302,918 Gross premiums ceded — — (2,550 ) — (2,550 ) Net premiums written — — 300,368 — 300,368 Change in net unearned premium reserves — — 11,199 — 11,199 Net premiums earned — — 311,567 — 311,567 Net investment income — — 235,835 — 235,835 Equity in earnings (losses) of s ubsidiaries 181,213 13,832 (5 ) (195,040 ) — Total revenues 181,213 13,832 547,397 (195,040 ) 547,402 Expenses Loss and loss adjustment expenses incurred, net — — 193,274 — 193,274 Acquisition costs, net — — 123,093 — 123,093 General and administrative expenses 2,449 20 23,117 — 25,586 Other expenses — — 5,006 — 5,006 Interest expense — 4,077 — — 4,077 Foreign exchange losses — — 4,796 — 4,796 Total expenses 2,449 4,097 349,286 — 355,832 Income before income tax expense 178,764 9,735 198,111 (195,040 ) 191,570 Income tax (expense) benefit — 1,434 (12,039 ) — (10,605 ) Income including non-controlling interests 178,764 11,169 186,072 (195,040 ) 180,965 Income attributable to non-controlling interests — — (2,201 ) — (2,201 ) Net income $ 178,764 $ 11,169 $ 183,871 $ (195,040 ) $ 178,764
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended June 30, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 156,564 $ — $ 156,564 Gross premiums ceded — — (1,425 ) — (1,425 ) Net premiums written — — 155,139 — 155,139 Change in net unearned premium reserves — — 18,419 — 18,419 Net premiums earned — — 173,558 — 173,558 Net investment inco me — — 107,325 — 107,325 Equity in earnings (losses) of sub sidiaries 75,843 4,843 (10 ) (80,676 ) — Total revenues 75,843 4,843 280,873 (80,676 ) 280,883 Expenses Loss and loss adjustment expenses incurred, net — — 107,379 — 107,379 Acquisition costs, net — — 68,641 — 68,641 General and administrative expenses 1,265 12 13,737 — 15,014 Other expenses — — 2,105 — 2,105 Interest expense — 2,051 — — 2,051 Foreign exchange losse s — — 4,781 — 4,781 Total expenses 1,265 2,063 196,643 — 199,971 Income before income tax expense 74,578 2,780 84,230 (80,676 ) 80,912 Income tax (expens e) benefit — 722 (6,029 ) — (5,307 ) Income including non-controlling interests 74,578 3,502 78,201 (80,676 ) 75,605 Income attributable to non-controlling interests — — (1,027 ) — (1,027 ) Net income $ 74,578 $ 3,502 $ 77,174 $ (80,676 ) $ 74,578 CONDENSED CONSOLIDATING STATEMENT OF INCOME Six months ended June 30, 2017 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 302,918 $ — $ 302,918 Gross premiums ceded — — (2,550 ) — (2,550 ) Net premiums written — — 300,368 — 300,368 Change in net unearned premium reserves — — 11,199 — 11,199 Net premiums earned — — 311,567 — 311,567 Net investment income — — 235,835 — 235,835 Equity in earnings (losses) of s ubsidiaries 181,213 13,832 (5 ) (195,040 ) — Total revenues 181,213 13,832 547,397 (195,040 ) 547,402 Expenses Loss and loss adjustment expenses incurred, net — — 193,274 — 193,274 Acquisition costs, net — — 123,093 — 123,093 General and administrative expenses 2,449 20 23,117 — 25,586 Other expenses — — 5,006 — 5,006 Interest expense — 4,077 — — 4,077 Foreign exchange losses — — 4,796 — 4,796 Total expenses 2,449 4,097 349,286 — 355,832 Income before income tax expense 178,764 9,735 198,111 (195,040 ) 191,570 Income tax (expense) benefit — 1,434 (12,039 ) — (10,605 ) Income including non-controlling interests 178,764 11,169 186,072 (195,040 ) 180,965 Income attributable to non-controlling interests — — (2,201 ) — (2,201 ) Net income $ 178,764 $ 11,169 $ 183,871 $ (195,040 ) $ 178,764 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months ended June 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 196,866 $ — $ 196,866 Gross premiums ceded — — (1,425 ) — (1,425 ) Net premiums written — — 195,441 — 195,441 Change in net unearned premium reserves — — (62,319 ) — (62,319 ) Net premiums earned — — 133,122 — 133,122 Net investment income — — 86,346 — 86,346 Equity in earnings (losses) of s ubsidiaries 54,715 6,551 (12 ) (61,254 ) — Total revenues 54,715 6,551 219,456 (61,254 ) 219,468 Expenses Loss and loss adjustment expenses incurred, net — — 104,131 — 104,131 Acquisition costs, net — — 48,482 — 48,482 General and administrative expenses 1,339 28 8,876 — 10,243 Other expenses — — 3,173 — 3,173 Interest expense — 2,046 — — 2,046 Foreign exchange gains — — (8,068 ) — (8,068 ) Total expenses 1,339 2,074 156,594 — 160,007 Income before income tax expen se 53,376 4,477 62,862 (61,254 ) 59,461 Income tax (expens e) benefit — 725 (6,035 ) — (5,310 ) Income including non-controlling interes ts 53,376 5,202 56,827 (61,254 ) 54,151 Income attributable to non-controlling interes ts — — (775 ) — (775 ) Net inco me $ 53,376 $ 5,202 $ 56,052 $ (61,254 ) $ 53,376 CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) Six months ended June 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 394,022 $ — $ 394,022 Gross premiums ceded — — (1,425 ) — (1,425 ) Net premiums written — — 392,597 — 392,597 Change in net unearned premium reserves — — (122,673 ) — (122,673 ) Net premiums earned — — 269,924 — 269,924 Net investment inco me — — 46,236 — 46,236 Equity in earnings (losses) of sub sidiaries 4,561 2,099 (43 ) (6,617 ) — Total revenues 4,561 2,099 316,117 (6,617 ) 316,160 Expenses Loss and loss adjustment expenses incurred, net — — 188,807 — 188,807 Acquisition costs, net — — 100,169 — 100,169 General and administrative expenses 2,314 30 19,187 — 21,531 Other expenses — — 5,879 — 5,879 Interest expense — 4,094 — — 4,094 Foreign exchange gains — — (10,454 ) — (10,454 ) Total expenses 2,314 4,124 303,588 — 310,026 Income (loss) before income ta x (expense) benefit 2,247 (2,025 ) 12,529 (6,617 ) 6,134 Income tax (expens e) benefit — 1,443 (4,824 ) — (3,381 ) Income (loss) including non-controlling interests 2,247 (582 ) 7,705 (6,617 ) 2,753 Income attributable to non-controlling interes ts — — (506 ) — (506 ) Net inco me (loss) $ 2,247 $ (582 ) $ 7,199 $ (6,617 ) $ 2,247 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six months ended June 30, 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 $ 178,764 $ 11,169 $ 186,072 $ (195,040 ) $ 180,965 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (181,213 ) (13,832 ) 5 195,040 — Share compensation expense 73 — 3,301 — 3,374 Net interest expense on deposit liabilities — — 312 — 312 Net unrealized gain on investments and derivatives — — (128,168 ) — (128,168 ) Net realized gain on investments and derivatives — — (154,504 ) — (154,504 ) Net foreign exchange losses — — 4,796 — 4,796 Amortization of premium and accretion of discount, net — 88 (210 ) — (122 ) Changes in assets and liabilities: Reinsurance balances receivable — — (85,733 ) — (85,733 ) Deferred acquisition costs, net — — 18,425 — 18,425 Other assets 302 (1,663 ) 3,869 — 2,508 Interest and dividends receivable, net — (35 ) 2,988 — 2,953 Unearned premium reserves — — (9,261 ) — (9,261 ) Loss and loss adjustment expense reserves — — 63,769 — 63,769 Accounts payable and accrued expenses 67 — 7,482 — 7,549 Reinsurance balances payable — — 22,237 — 22,237 Performance fees payable to related party — — 53,455 — 53,455 Amounts due from (to) affiliates 40,523 (3,831 ) (36,692 ) — — Net cash provided by (used in) operating activities 38,516 (8,104 ) (47,857 ) — (17,445 ) Investing activities Purchases of investments — — (1,712,929 ) — (1,712,929 ) Proceeds from sales of investments — — 1,966,027 — 1,966,027 Purchases of investments to cover short sales — — (306,237 ) — (306,237 ) Proceeds from short sales of investments — — 462,066 — 462,066 Change in due to/from brokers, net — — (261,994 ) — (261,994 ) Change in restricted cash and cash equivalents — — (73,128 ) — (73,128 ) Net cash provided by (used in) investing activities — — 73,805 — 73,805 Financing activities Proceeds from issuance of common shares, net of costs 998 — — — 998 Purchases of common shares under share repurchase program (40,864 ) — — — (40,864 ) Decrease in deposit liabilities, net — — (124 ) — (124 ) Non-controlling interest in investment affiliate, net — — (18,066 ) — (18,066 ) Dividend received by (paid to) parent — 8,300 (8,300 ) — — Net cash provided by (used in) financing activities (39,866 ) 8,300 (26,490 ) — (58,056 ) Net increase (decrease) in cash and cash equivalents (1,350 ) 196 (542 ) — (1,696 ) Cash and cash equivalents at beginning of period 1,629 79 8,243 — 9,951 Cash and cash equivalents at end of period $ 279 $ 275 $ 7,701 $ — $ 8,255
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six months ended June 30, 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 $ 178,764 $ 11,169 $ 186,072 $ (195,040 ) $ 180,965 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities : Equity in (earnings) losses of subsidiaries (181,213 ) (13,832 ) 5 195,040 — Share compensation expense 73 — 3,301 — 3,374 Net interest expense on deposit liabilities — — 312 — 312 Net unrealized gain on investments and derivatives — — (128,168 ) — (128,168 ) Net realized gain on investments and derivatives — — (154,504 ) — (154,504 ) Net foreign exchange losses — — 4,796 — 4,796 Amortization of premium and accretion of discount, net — 88 (210 ) — (122 ) Changes in assets and liabilities: Reinsurance balances receivable — — (85,733 ) — (85,733 ) Deferred acquisition costs, net — — 18,425 — 18,425 Other assets 302 (1,663 ) 3,869 — 2,508 Interest and dividends receivable, net — (35 ) 2,988 — 2,953 Unearned premium reserves — — (9,261 ) — (9,261 ) Loss and loss adjustment expense reserves — — 63,769 — 63,769 Accounts payable and accrued expenses 67 — 7,482 — 7,549 Reinsurance balances payable — — 22,237 — 22,237 Performance fees payable to related party — — 53,455 — 53,455 Amounts due from (to) affiliates 40,523 (3,831 ) (36,692 ) — — Net cash provided by (used in) operating activities 38,516 (8,104 ) (47,857 ) — (17,445 ) Investing activities Purchases of investments — — (1,712,929 ) — (1,712,929 ) Proceeds from sales of investments — — 1,966,027 — 1,966,027 Purchases of investments to cover short sales — — (306,237 ) — (306,237 ) Proceeds from short sales of investments — — 462,066 — 462,066 Change in due to/from brokers, net — — (261,994 ) — (261,994 ) Change in restricted cash and cash equivalents — — (73,128 ) — (73,128 ) Net cash provided by (used in) investing activities — — 73,805 — 73,805 Financing activities Proceeds from issuance of common shares, net of costs 998 — — — 998 Purchases of common shares under share repurchase program (40,864 ) — — — (40,864 ) Decrease in deposit liabilities, net — — (124 ) — (124 ) Non-controlling interest in investment affiliate, net — — (18,066 ) — (18,066 ) Dividend received by (paid to) parent — 8,300 (8,300 ) — — Net cash provided by (used in) financing activities (39,866 ) 8,300 (26,490 ) — (58,056 ) Net increase (decrease) in cash and cash equivalents (1,350 ) 196 (542 ) — (1,696 ) Cash and cash equivalents at beginning of period 1,629 79 8,243 — 9,951 Cash and cash equivalents at end of period $ 279 $ 275 $ 7,701 $ — $ 8,255 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six months ended June 30, 2016 (expressed in thousands of U.S. dollars) Third Point Reinsurance Ltd. TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Income (loss) including non-controlling interests $ 2,247 $ (582 ) $ 7,705 $ (6,617 ) $ 2,753 Adjustments to reconcile income (loss) including non-controlling interests to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (4,561 ) (2,099 ) 43 6,617 — Share compensation expense 181 — 4,521 — 4,702 Net interest expense on deposit liabilities — — 1,331 — 1,331 Net unrealized loss on investments and derivatives — — 670 — 670 Net realized gain on investments and derivatives — — (41,954 ) — (41,954 ) Net foreign exchange gains — — (10,454 ) — (10,454 ) Amortization of premium and accretion of discount, net — 88 1,925 — 2,013 Changes in assets and liabilities: Reinsurance balances receivable — — (133,672 ) — (133,672 ) Deferred acquisition costs, net — — (24,558 ) — (24,558 ) Other assets 394 (1,442 ) (970 ) — (2,018 ) Interest and dividends receivable, net — (20 ) 3,332 — 3,312 Unearned premium reserves — — 123,687 — 123,687 Loss and loss adjustment expense reserves — — 79,645 — 79,645 Accounts payable and accrued expenses (911 ) 10 (1,237 ) — (2,138 ) Reinsurance balances payable — — 21,890 — 21,890 Performance fees payable to related party — — 2,954 — 2,954 Amounts due from (to) affiliates 8,876 4,042 (12,918 ) — — Net cash provided by (used in) operating activities 6,226 (3 ) 21,940 — 28,163 Investing activities Purchases of investments — — (2,031,742 ) — (2,031,742 ) Proceeds from sales of investments — — 1,615,954 — 1,615,954 Purchases of investments to cover short sales — — (736,668 ) — (736,668 ) Proceeds from short sales of investments — — 694,371 — 694,371 Change in due to/from brokers, net — — 208,886 — 208,886 Increase in securities sold under an agreement to repurchase — — 159,412 — 159,412 Change in restricted cash and cash equivalents — — 50,846 — 50,846 Contributed capital to subsidiaries (5,000 ) 5,000 — — — Contributed capital from parent and/or subsidiaries — (5,000 ) 5,000 — — Net cash provided by (used in) investing activities (5,000 ) — (33,941 ) — (38,941 ) Financing activities Proceeds from issuance of common shares, net of costs 1,046 — — — 1,046 Purchases of common shares under share repurchase program (7,389 ) — — — (7,389 ) Increase in deposit liabilities, net — — 3,752 — 3,752 Dividend received by (paid to) parent 5,000 — (5,000 ) — — Net cash provided by (used in) financing activities (1,343 ) — (1,248 ) — (2,591 ) Net decrease in cash and cash equivalents (117 ) (3 ) (13,249 ) — (13,369 ) Cash and cash equivalents at beginning of period 308 5 20,094 — 20,407 Cash and cash equivalents at end of period $ 191 $ 2 $ 6,845 $ — $ 7,038

Restricted cash and cash equi49

Restricted cash and cash equivalents and restricted investments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 372,068	$ 298,940
Restricted Investments	358,387	427,308
Total restricted cash and cash equivalents and investments	730,455	726,248
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	219,468	231,822
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 152,600	$ 67,118

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Total assets	$ 3,516,516	$ 3,237,312
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	1,130,983	1,045,753
Total net investments managed by Third Point LLC	2,385,533	2,191,559
Total investments in securities
Assets
Total assets	2,671,218	2,619,839
Cash and cash equivalents
Assets
Total assets	10	5
Restricted cash and cash equivalents
Assets
Total assets	372,068	298,940
Due from brokers
Assets
Total assets	424,163	284,591
Derivative assets
Assets
Total assets	45,110	27,432
Interest and dividends receivable
Assets
Total assets	3,947	6,505
Accounts payable and accrued expenses
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	2,107	1,374
Net investment gains (losses) on securities sold, not yet purchased
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	265,667	92,668
Due to brokers
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	777,179	899,601
Derivative liabilities
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	11,949	16,050
Performance fee payable to related party
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	53,455	0
Interest and dividends payable
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	817	386
Non-controlling interest
Liabilities and shareholders’ equity
Total liabilities and shareholders' equity	$ 19,809	$ 35,674

Investments - Schedule of the l

Investments - Schedule of the largest concentration of asset-backed securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 224,914	$ 254,852
Portfolio Concentration Risk | Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 224,914	$ 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	$ 149,570	$ 44,359
Concentration risk, percentage	66.50%	17.40%
Portfolio Concentration Risk | Asset-backed securities | Subprime RMBS
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 0	$ 117,152
Concentration risk, percentage	0.00%	46.00%
Portfolio Concentration Risk | Asset-backed securities | Market place loans
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 51,768	$ 44,143
Concentration risk, percentage	23.00%	17.30%
Portfolio Concentration Risk | Asset-backed securities | Other debt securities
Schedule of Available-for-sale Securities [Line Items]
Asset-backed securities	$ 23,576	$ 49,198
Concentration risk, percentage	10.50%	19.30%

Investments - Schedule of inves

Investments - Schedule of investments, categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Equity securities	$ 1,885,167	$ 1,453,221
Private common equity securities	5,242	4,799
Private preferred equity securities	50,761	48,834
Total equities	1,941,170	1,506,854
Asset-backed securities	224,914	254,852
Bank debt	10,258	56,896
Corporate bonds	63,303	218,280
U.S. Treasury securities	263,592	327,016
Sovereign debt	133,793	200,913
Other debt securities	6,655
Total debt securities	702,515	1,057,957
Options	7,087	1,024
Rights and warrants	40
Trade claims	8,112	9,022
Total other investments	15,239	10,046
Derivative assets, at fair value	45,110	27,432
Total assets	2,704,034	2,602,289
Investments in funds valued at NAV	13,852	72,655
Assets Including Alternative Investments, Fair Value Disclosure	2,717,886	2,674,944
Liabilities
Equity securities	248,308	71,457
Corporate bonds	11,314	17,683
Options	6,045	3,528
Total securities sold, not yet purchased	265,667	92,668
Derivative liabilities, at fair value	11,949	16,050
Derivative liabilities (embedded)	180	92
Total liabilities	277,796	108,810
Quoted prices in active markets (Level 1)
Assets
Equity securities	1,885,167	1,450,966
Private common equity securities	467	0
Private preferred equity securities	0	0
Total equities	1,885,634	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
Other debt securities	0
Total debt securities	0	0
Options	1,151	343
Rights and warrants	0
Trade claims	0	0
Total other investments	1,151	343
Derivative assets, at fair value	10	961
Total assets	1,886,795	1,452,270
Liabilities
Equity securities	248,308	71,457
Corporate bonds	0	0
Options	121	0
Total securities sold, not yet purchased	248,429	71,457
Derivative liabilities, at fair value	0	1,608
Derivative liabilities (embedded)	0	0
Total liabilities	248,429	73,065
Significant other observable inputs (Level 2)
Assets
Equity securities	0	2,255
Private common equity securities	0	0
Private preferred equity securities	2	0
Total equities	2	2,255
Asset-backed securities	189,203	237,224
Bank debt	12	48,546
Corporate bonds	54,208	209,025
U.S. Treasury securities	263,592	327,016
Sovereign debt	133,793	200,913
Other debt securities	3,343
Total debt securities	644,151	1,022,724
Options	5,936	681
Rights and warrants	40
Trade claims	8,112	9,022
Total other investments	14,088	9,703
Derivative assets, at fair value	45,100	26,471
Total assets	703,341	1,061,153
Liabilities
Equity securities	0	0
Corporate bonds	11,314	17,683
Options	5,924	3,528
Total securities sold, not yet purchased	17,238	21,211
Derivative liabilities, at fair value	10,582	13,116
Derivative liabilities (embedded)	0	0
Total liabilities	27,820	34,327
Significant unobservable inputs (Level 3)
Assets
Equity securities	0	0
Private common equity securities	4,775	4,799
Private preferred equity securities	50,759	48,834
Total equities	55,534	53,633
Asset-backed securities	35,711	17,628
Bank debt	10,246	8,350
Corporate bonds	9,095	9,255
U.S. Treasury securities	0	0
Sovereign debt	0	0
Other debt securities	3,312
Total debt securities	58,364	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	113,898	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	1,367	1,326
Derivative liabilities (embedded)	180	92
Total liabilities	$ 1,547	$ 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		6 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Assets
Asset fair value, beginning balance	$ 91,586	$ 34,429	$ 88,866	$ 42,085
Transfers in to (out of) Level 3	15,453	2,287	19,570	(4,718)
Purchases	26,384	10,780	36,306	13,239
Sales	(21,011)	(1,081)	(33,591)	(1,696)
Realized and Unrealized Gains (Losses)	1,486	(6,240)	2,747	(8,735)
Asset fair value, ending balance	113,898	40,175	113,898	88,866
Liabilities
Liability fair value, beginning balance	(1,437)	(6,414)	(1,418)	(6,583)
Transfers in to (out of) Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	(41)	(995)	(41)	(1,061)
Realized and Unrealized Gains(Losses)	(69)	(146)	(88)	89
Liability fair value, ending balance	(1,547)	(7,555)	(1,547)	(1,418)
Derivative liabilities (free standing)
Liabilities
Liability fair value, beginning balance	(1,326)	(1,086)	(1,326)	(1,020)
Transfers in to (out of) Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	(41)	(134)	(41)	(200)
Realized and Unrealized Gains(Losses)	0	0	0	0
Liability fair value, ending balance	(1,367)	(1,220)	(1,367)	(1,326)
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(111)	(5,328)	(92)	(5,563)
Transfers in to (out of) Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	(861)	0	(861)
Realized and Unrealized Gains(Losses)	(69)	(146)	(88)	89
Liability fair value, ending balance	(180)	(6,335)	(180)	(92)
Private common equity securities
Assets
Asset fair value, beginning balance	4,745	4,138	4,799	4,357
Transfers in to (out of) Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	30	(968)	(24)	(1,187)
Asset fair value, ending balance	4,775	3,170	4,775	4,799
Private preferred equity securities
Assets
Asset fair value, beginning balance	48,350	25,104	48,834	24,178
Transfers in to (out of) Level 3	0	0	0	0
Purchases	939	10,142	939	12,253
Sales	(123)	0	(495)	0
Realized and Unrealized Gains (Losses)	1,593	(4,167)	1,481	(5,352)
Asset fair value, ending balance	50,759	31,079	50,759	48,834
Asset-backed securities
Assets
Asset fair value, beginning balance	20,785	2,229	17,628	2,617
Transfers in to (out of) Level 3	15,642	2,270	20,016	2,944
Purchases	22,038	439	31,958	787
Sales	(20,545)	(1,034)	(32,237)	(1,616)
Realized and Unrealized Gains (Losses)	(2,209)	(1,090)	(1,654)	(1,918)
Asset fair value, ending balance	35,711	2,814	35,711	17,628
Bank debt
Assets
Asset fair value, beginning balance	8,722		8,350	7,660
Transfers in to (out of) Level 3	(189)		(446)	(7,660)
Purchases	3		4	0
Sales	23		(272)	0
Realized and Unrealized Gains (Losses)	1,733		2,610	0
Asset fair value, ending balance	10,246	0	10,246	8,350
Corporate bonds
Assets
Asset fair value, beginning balance	8,984	2,958	9,255	3,252
Transfers in to (out of) Level 3	0	0	0	0
Purchases	92	199	93	199
Sales	(320)	(47)	(587)	(80)
Realized and Unrealized Gains (Losses)	339	0	334	(261)
Asset fair value, ending balance	9,095	3,110	9,095	9,255
Other debt securities
Assets
Asset fair value, beginning balance	0		0
Transfers in to (out of) Level 3	0		0
Purchases	3,312		3,312
Sales	0		0
Realized and Unrealized Gains (Losses)	0		0
Asset fair value, ending balance	$ 3,312		$ 3,312	0
Sovereign debt
Assets
Asset fair value, beginning balance		0		21
Transfers in to (out of) Level 3		17		(2)
Purchases		0		0
Sales		0		0
Realized and Unrealized Gains (Losses)		(15)		$ (17)
Asset fair value, ending balance		$ 2

Investments - Schedule of unobs

Investments - Schedule of unobservable inputs (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	$ 63,303	$ 218,280
Derivative liabilities (embedded)	180	92
Bank debt	10,258	56,896
Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Corporate bonds	9,095	9,255
Derivative liabilities (embedded)	180	92
Bank debt	10,246	8,350
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investments, Fair Value Disclosure	$ 50,928	$ 47,608
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility	25.00%	40.00%
Fair Value Inputs, Discount Rate	0.00%	5.00%
Fair Value Assumptions, Exit Term	6 months	4 months 24 days
Fair Value Assumptions, Multiples	2	2
Private Equity Funds | Market Approach Valuation Technique | Significant unobservable inputs (Level 3) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility	60.00%	60.00%
Fair Value Inputs, Discount Rate	0.00%	25.00%
Fair Value Assumptions, Exit Term	2 years 6 months	2 years 9 months 18 days
Fair Value Assumptions, Multiples	7.3	3.8
Other debt securities | Discounted cash flow | Significant unobservable inputs (Level 3) | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Variable rate spread	1.024%
Debt Instrument, Term	1 year
Other debt securities | Discounted cash flow | Significant unobservable inputs (Level 3) | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Variable rate spread	1.144%
Debt Instrument, Term	4 years

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investment [Line Items]
Transfer of Assets from Level 1 to Level 2	$ 500,000	$ 0	$ 500,000		$ 0
Securities valued based on dealer quotes or other quoted market prices for similar securities	$ 215,400,000	$ 315,300,000	$ 215,400,000		$ 315,300,000
Percent of securities valued based on dealer quotes or other quoted market prices for similar securities	7.90%	11.90%	7.90%		11.90%
Securities sold, not yet purchased, valued based on dealer quotes or other quoted market prices for similar securities	$ 2,000,000	$ 2,000,000	$ 2,000,000		$ 2,000,000
Percent of securities sold, not yet purchased, valued based on dealer quotes or other quoted market prices for similar securities	0.70%	1.80%	0.70%		1.80%
investments fair valued by the Company’s Investment Manager	2.90%	2.40%	2.90%		2.40%
Private securities, percent fair valued by third party valuation firm	99.50%		99.50%
Private common equity securities	$ 77,900,000	$ 63,200,000	$ 77,900,000		$ 63,200,000
Investments in funds valued at NAV	13,852,000	72,655,000	13,852,000		72,655,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	1,900,000	(6,300,000)	600,000	$ (8,200,000)
Bank debt	10,258,000	56,896,000	10,258,000		56,896,000
Investment in Kiskadee Fund
Investment [Line Items]
Committed capital				$ 25,000,000
Withdrawal from investment			26,600,000		0
Significant unobservable inputs (Level 3)
Investment [Line Items]
Bank debt	10,246,000	8,350,000	10,246,000		8,350,000
Investment in Kiskadee Fund | Investment in Kiskadee Fund
Investment [Line Items]
Investments in funds valued at NAV	1,600,000	27,700,000	1,600,000		27,700,000
Private Equity Funds | Significant unobservable inputs (Level 3) | Market Approach Valuation Technique
Investment [Line Items]
Investments, Fair Value Disclosure	$ 50,928,000	$ 47,608,000	$ 50,928,000		$ 47,608,000

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	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
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 bonds
Investment Holdings [Line Items]
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement		$ 310
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 | Corporate bonds
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 | 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	Jun. 30, 2017	Dec. 31, 2016
Due from brokers
Cash held at brokers	$ 343,940	$ 240,205
Receivable from unsettled trades (1)	80,223	44,386
Due from brokers	424,163	284,591
Due to brokers
Borrowing from prime brokers (2)	696,336	855,576
Payable from unsettled trades	80,843	44,025
Payables to Broker-Dealers and Clearing Organizations	777,179	899,601
Collateral	730,500	726,200
Non-US
Due from brokers
Cash held at brokers	$ 261,200
United States of America, Dollars
Due from brokers
Cash held at brokers		$ 22,000

Derivatives - Schedule of listi

Derivatives - Schedule of listing currency, fair value and notional amounts of derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Derivative [Line Items]
Derivative assets, at fair value	$ 45,110		$ 45,110		$ 27,432
Derivative Assets, Notional Amount	629,760		629,760		1,426,239
Derivative liabilities, at fair value	11,949		11,949		16,050
Derivative Liabilities, Notional Amount	500,268		500,268		1,310,297
Realized Gain (Loss)	18,337	$ (1,316)	15,113		(11,018)
Unrealized Gain (Loss)	1,340	15,800	15,292		(6,449)
OTC Option Asset	6,000		6,000		700
OTC Option Liability	6,000		6,000		3,500
Credit Default Swaps - Protection Purchased
Derivative [Line Items]
Derivative assets, at fair value	10,447		10,447		10,905
Derivative Assets, Notional Amount	62,313		62,313		84,327
Derivative liabilities, at fair value	2,886		2,886		3,286
Derivative Liabilities, Notional Amount	61,123		61,123		43,184
Realized Gain (Loss)	(1,137)	(1,278)	(2,465)		6,407
Unrealized Gain (Loss)	(1,590)	2,037	30		(4,987)
Commodity Contract | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	0	1	0		(1,151)
Unrealized Gain (Loss)	0	0	0		(52)
Fixed Income Swap | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	0	(116)	0		(94)
Unrealized Gain (Loss)	0	72	0		0
Credit Default Swaps - Protection Sold
Derivative [Line Items]
Derivative liabilities, at fair value	2,015		2,015		1,952
Derivative Liabilities, Notional Amount	4,015		4,015		3,943
Realized Gain (Loss)	18	191	37		(4,167)
Unrealized Gain (Loss)	(35)	(192)	(59)		4,252
Total Return Swaps - Long Contracts
Derivative [Line Items]
Derivative assets, at fair value	10,625		10,625
Derivative Assets, Notional Amount	10,625		10,625
Realized Gain (Loss)	(29)	0	(29)	$ 0
Unrealized Gain (Loss)	(37)	0	(37)	$ 0
Contracts for Differences | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	11,028		11,028		1,765
Derivative Assets, Notional Amount	87,217		87,217		36,879
Derivative liabilities, at fair value	2,577		2,577		0
Derivative Liabilities, Notional Amount	84,445		84,445		67
Realized Gain (Loss)	39,055	(1,697)	46,925		(2,422)
Unrealized Gain (Loss)	1,211	185	6,687		(379)
Contracts for Differences | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	1,922		1,922
Derivative Assets, Notional Amount	31,769		31,769
Derivative liabilities, at fair value	83		83		1,106
Derivative Liabilities, Notional Amount	3,259		3,259		11,424
Realized Gain (Loss)	(993)	2,317	(4,205)		4,570
Unrealized Gain (Loss)	1,821	6,581	2,945		278
Total Return Swaps | Long Contracts / Purchased
Derivative [Line Items]
Derivative assets, at fair value	8,033		8,033		617
Derivative Assets, Notional Amount	115,472		115,472		19,140
Derivative liabilities, at fair value	545		545		1,675
Derivative Liabilities, Notional Amount	9,250		9,250		26,800
Realized Gain (Loss)	61	5,692	3,862		(4,826)
Unrealized Gain (Loss)	3,545	(3,857)	8,547		800
Total Return Swaps | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	31		31		183
Derivative Assets, Notional Amount	8,861		8,861		8,696
Derivative liabilities, at fair value	363		363		1,302
Derivative Liabilities, Notional Amount	37,670		37,670		10,095
Realized Gain (Loss)	(1,014)	(537)	(3,743)		691
Unrealized Gain (Loss)	1,201	606	788		(1,762)
Interest Rate Swaps
Derivative [Line Items]
Derivative assets, at fair value					2,462
Derivative Assets, Notional Amount					195,571
Derivative liabilities, at fair value					722
Derivative Liabilities, Notional Amount					59,115
Realized Gain (Loss)	(4,550)	0	(3,097)		0
Unrealized Gain (Loss)	(2,105)	0	(1,740)		0
Interest Rate Swaptions
Derivative [Line Items]
Derivative assets, at fair value	2,019		2,019		5,354
Derivative Assets, Notional Amount	94,398		94,398		424,816
Derivative liabilities, at fair value	207		207		1,056
Derivative Liabilities, Notional Amount	64,653		64,653		417,052
Realized Gain (Loss)	(720)	0	522		(112)
Unrealized Gain (Loss)	(573)	(84)	(2,342)		(45)
Sovereign Debt Futures | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	(6,874)	0	(8,656)		0
Unrealized Gain (Loss)	(106)	0	658		0
Total Return Swap [Member] | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss)	0	(268)	0		(268)
Unrealized Gain (Loss)	0	261	0		261
Total Return Swap [Member] | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	0	100	0		100
Unrealized Gain (Loss)	0	(65)	0		(65)
Foreign Currency Forward
Derivative [Line Items]
Derivative assets, at fair value	651		651		653
Derivative Assets, Notional Amount	210,774		210,774		47,754
Derivative liabilities, at fair value	3,273		3,273		2,009
Derivative Liabilities, Notional Amount	235,853		235,853		214,854
Realized Gain (Loss)	(4,161)	(5,808)	(10,035)		(8,904)
Unrealized Gain (Loss)	(2,653)	7,622	(1,268)		(4,751)
Foreign Currency Options
Derivative [Line Items]
Derivative assets, at fair value	344		344		4,532
Derivative Assets, Notional Amount	2,557		2,557		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)	(1,318)	(859)	(6,187)		(2,040)
Unrealized Gain (Loss)	661	355	1,163		(1,617)
Foreign Currency Options | Short Contracts / Sold
Derivative [Line Items]
Realized Gain (Loss)	(1)	112	2,184		617
Unrealized Gain (Loss)	0	(101)	(80)		(182)
Commodity Future
Derivative [Line Items]
Realized Gain (Loss)	0	834
Unrealized Gain (Loss)	0	2,380
Commodity Future | Long Contracts / Purchased
Derivative [Line Items]
Realized Gain (Loss)			0		581
Unrealized Gain (Loss)			0		1,800
Embedded derivatives in reinsurance contracts
Derivative [Line Items]
Derivative liabilities, at fair value	180		180		92
Derivative Liabilities, Notional Amount	20,000		20,000		20,000
Realized Gain (Loss)	0	0	0		0
Unrealized Gain (Loss)	(69)	(146)	(88)		89
Derivative liabilities (embedded)
Derivative [Line Items]
Derivative liabilities, at fair value	180		180		92
Derivative Liabilities, Notional Amount	20,000		20,000		20,000
Realized Gain (Loss)	0	0	0		0
Unrealized Gain (Loss)	(69)	$ (146)	(88)		89
Treasury Futures | Short Contracts / Sold
Derivative [Line Items]
Derivative assets, at fair value	10		10		961
Derivative Assets, Notional Amount	$ 5,774		$ 5,774		107,591
Derivative liabilities, at fair value					1,608
Derivative Liabilities, Notional Amount					$ 159,923

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
OTC Option Asset	$ 6	$ 0.7
OTC Option Liability	6	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	79.8	$ 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	Jun. 30, 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)	$ 45,110	$ 27,432
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet (2)	11,949	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)	1,850
Financial Instruments	1,776
Cash Collateral Received	74
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)	627
Financial Instruments	627
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)	3,697
Financial Instruments	3,697
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)	1,805
Financial Instruments	1,805
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)	3,216
Financial Instruments	3,216
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)	529
Financial Instruments	529
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)	1,401
Financial Instruments	1,401
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)	4,748
Financial Instruments	2,795
Cash Collateral Received	1,953
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)	17,873
Financial Instruments	15,846
Cash Collateral Received	2,027
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)	51,046	28,112
Financial Instruments	15,846	13,481
Cash Collateral Received	3,829	3,580
Net Amount	31,371	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)	1,776	535
Financial Instruments	1,776	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)	1,130	3,147
Financial Instruments	627	607
Cash Collateral Received	0	0
Net Amount	503	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)	19,135	8,652
Financial Instruments	3,697	4,760
Cash Collateral Received	0	0
Net Amount	15,438	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)	2,016	1,639
Financial Instruments	1,805	1,639
Cash Collateral Received	0	0
Net Amount	211	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)	10,247	7,336
Financial Instruments	3,216	3,027
Cash Collateral Received	0	0
Net Amount	7,031	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)	5,762	6,262
Financial Instruments	529	2,599
Cash Collateral Received	3,829	3,383
Net Amount	1,404	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)	8,185	277
Financial Instruments	1,401	277
Cash Collateral Received	0	0
Net Amount	6,784	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)	2,795	37
Financial Instruments	2,795	37
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)		822
Financial Instruments		37
Cash Collateral Received		785
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 | 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	Jun. 30, 2017	Dec. 31, 2016
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 116,483	$ 80,370
Incurred but not reported loss and loss adjustment expense reserves	561,161	522,818
Deferred gains on retroactive reinsurance contracts	815	1,941
Loss and loss adjustment expense reserves	$ 678,459	$ 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	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 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	218,559	165,160
Prior years	(23,928)	24,371
Amortization of deferred gains on retroactive reinsurance contracts	(1,357)	(724)
Total incurred loss and loss adjustment expenses	193,274	188,807
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(19,737)	(25,201)
Prior years	(111,480)	(83,837)
Total net paid losses	(131,217)	(109,038)
Foreign currency translation	9,561	(8,737)
Net reserve for loss and loss adjustment expenses, end of period	605,128	465,922	$ 676,746	$ 536,954
Plus: loss and loss adjustment expenses recoverable, end of period	1,713	1
Gross reserve for loss and loss adjustment expenses, end of period	678,459	536,955
Prior year claim including amortization adjustments	(25,300)
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates	7,600	(13,900)
Change In Policy Acquisition Costs	(400)	(5,000)
Increase in net underwriting loss		(12,800)
Ratio Split [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	(32,500)	(1,900)
Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact		12,500
Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact		300
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	7,600	14,200
Favorable Reserve Development [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	32,500	14,400
Premium Adjustments on Certain Contracts [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	$ 7,200	$ 9,200

Management, performance and f63

Management, performance and founders fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 21, 2016
Related Party Transaction [Line Items]
Performance fee payable to related party	$ 53,455		$ 53,455		$ 0
Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 33,306	$ 13,498	$ 72,631	$ 23,640
TP LLC and Various Third Point Re Founders
Related Party Transaction [Line Items]
Annual investment management fee	1.50%		1.50%			2.00%
Third Point LLC | Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 8,777	1,582	$ 17,244	3,103
Founders | Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 0	8,962	$ 0	17,583
Third Point Advisors LLC
Related Party Transaction [Line Items]
Annual investment performance fee	20.00%		20.00%
Third Point Advisors LLC | Net investment income
Related Party Transaction [Line Items]
Investment fee expenses	$ 24,529	$ 2,954	$ 55,387	$ 2,954	$ 17,300

Deposit contracts (Details)

Deposit contracts (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Deposit Contracts, Liabilities [Roll Forward]
Balance, beginning of period	$ 104,905	$ 83,955
Consideration received	1,831	22,463
Net investment expense (income) allocation and change in fair value of embedded derivatives	312	(164)
Payments	(1,955)	(915)
Foreign currency translation	115	(434)
Balance, end of period	$ 105,208	$ 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 ($)	Jun. 30, 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	$ 116,100,000	$ 103,400,000

Senior notes payable and lett66

Senior notes payable and letter of credit facilities (Letters of credit) (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Collateral	$ 730,500,000	$ 726,200,000
Letter of credit
Line of Credit Facility [Line Items]
Facility	475,000,000
Utilized	217,968,000
Collateral	219,468,000
Letter of credit | Citibank
Line of Credit Facility [Line Items]
Facility	300,000,000
Utilized	143,678,000
Collateral	143,678,000
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	74,281,000
Collateral	$ 75,781,000

Net investment income (Details)

Net investment income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Investment Income [Abstract]
Net realized gains on investments and investment derivatives	$ 93,476	$ 18,713	$ 154,504	$ 41,955
Net unrealized gains (losses) on investments and investment derivatives	32,340	53,603	127,795	(1,239)
Net losses on foreign currencies	(1,601)	(801)	(2,153)	(967)
Dividend and interest income	22,440	33,352	39,707	41,024
Dividends paid on securities sold, not yet purchased	(1,143)	(526)	(1,668)	(960)
Management and performance fees	(33,306)	(13,498)	(72,631)	(23,640)
Other expenses	(5,074)	(4,731)	(10,179)	(10,418)
Net investment income on investments managed by Third Point LLC	107,132	86,112	235,375	45,755
Net gain on investment in Kiskadee Fund	193	234	460	481
Net investment income	107,325	86,346	235,835	46,236
Net investment gains on equity securities
Schedule of Cost-method Investments [Line Items]
Change in net investment income	116,391	20,821	267,884	18,590
Net investment gains on debt securities
Schedule of Cost-method Investments [Line Items]
Change in net investment income	13,308	72,720	36,811	84,869
Net investment losses on other investments
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(6,939)	(5,069)	(10,574)	(13,565)
Net investment gains (losses) on investment derivatives
Schedule of Cost-method Investments [Line Items]
Change in net investment income	19,677	14,484	30,405	(17,467)
Net investment gains (losses) on securities sold, not yet purchased
Schedule of Cost-method Investments [Line Items]
Change in net investment income	3,368	1,866	(6,016)	6,170
Net investment income (loss) on cash, including foreign exchange gain (loss)
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(3,057)	(2,644)	(5,993)	(4,359)
Securities Purchased Under an Agreement To Sell [Member]
Schedule of Cost-method Investments [Line Items]
Change in net investment income	0	(779)	0	(1,443)
Net investment losses on securities sold under an agreement to repurchase
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(19)	(91)	(39)	(124)
Management and performance fees
Schedule of Cost-method Investments [Line Items]
Change in net investment income	(33,306)	(13,498)	(72,631)	(23,640)
Other investment expenses
Schedule of Cost-method Investments [Line Items]
Change in net investment income	$ (2,098)	$ (1,464)	$ (4,012)	$ (2,795)

Other expenses (Details)

Other expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Income and Expenses [Abstract]
Deposit liabilities investment expense (income)	$ (97)	$ 860	$ 312	$ 1,331
Reinsurance contracts investment expense	2,133	2,167	4,606	4,637
Change in fair value of embedded derivatives in deposit and reinsurance contracts	69	146	88	(89)
Other expenses	$ 2,105	$ 3,173	$ 5,006	$ 5,879

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income Tax [Line Items]
Provision for uncertain tax positions	$ 1,900		$ 1,900		$ 1,600
Income tax expense	5,307	$ 5,310	10,605	$ 3,381
Deferred Tax Assets, Gross	2,100		2,100		$ 7,900
income tax expense - subsidiary [Member]
Income Tax [Line Items]
Income tax expense	1,844	2,800	6,027	(319)
Uncertain tax positions [Member]
Income Tax [Line Items]
Income tax expense	59	20	184	20
Withholding taxes [Member]
Income Tax [Line Items]
Income tax expense	$ 3,404	$ 2,490	$ 4,394	$ 3,680

Share capital - Common shares a

Share capital - Common shares and treasury shares (Details) - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 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	107,332,603	106,285,663
Balance, beginning of period	644,768	0
Repurchase of common shares	3,300,152	644,768
Balance, end of period	3,944,920	644,768
Options exercised
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	100,000	104,652
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	36,418	47,712
Performance restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	694,886	653,958

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share compensation expense	$ 8.6	$ 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 5 months 4 days	4 years 11 months

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Equity [Abstract]
Authorized share capital	$ 33,000,000	$ 33,000,000
Common share, shares authorized (in shares)	300,000,000	300,000,000	300,000,000
Common share, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Preference shares, shares authorized (in shares)	30,000,000	30,000,000	30,000,000
Preference shares, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Common share, shares outstanding (in shares)	107,332,603	107,332,603	106,501,299	106,285,663	105,479,341
Preference shares, shares outstanding (in shares)	0	0	0
Stock Repurchased and Retired During Period, Shares	1,767,281	3,300,152
Payments for Repurchase of Common Stock	$ 22,000,000	$ 40,900,000
Treasury Stock Acquired, Average Cost Per Share	$ 12.44	$ 12.38

Share-based compensation - Sche

Share-based compensation - Schedule of share-based comp expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,544	$ 2,051	$ 3,374	$ 4,702
Management and director options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	111	1,555	459	3,109
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	154	386	278	592
Restricted shares with service and performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,279	$ 110	$ 2,637	$ 1,001

Share capital -Share repurchase

Share capital -Share repurchase (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	May 04, 2016
Share repurchase [Abstract]
Repurchase program, authorized amount			$ 100,000,000
Stock Repurchased and Retired During Period, Shares	1,767,281	3,300,152
Payments for Repurchase of Common Stock	$ 22,000,000	$ 40,900,000
Treasury Stock Acquired, Average Cost Per Share	$ 12.44	$ 12.38
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 51,747,060	$ 51,747,060

Share-based compensation - Sc75

Share-based compensation - Schedule of management and director options activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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)	(100,000)	(514,059)
Outstanding (in shares)	9,496,993	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)	$ 13.68	$ 13.64

Share-based compensation - Sc76

Share-based compensation - Schedule of management and director options outstanding (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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)	9,496,993	9,596,993	10,250,586
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.68	$ 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)	9,496,993
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.68
Remaining contractual life	4 years 5 months 4 days	4 years 11 months
Options exercisable (in shares)	9,287,692
Options exercisable, weighted average exercise price (in dollars per share)	$ 13.61
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)	5,174,334
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.04
Remaining contractual life	4 years 6 months 19 days
Options exercisable (in shares)	5,132,473
Options exercisable, weighted average exercise price (in dollars per share)	$ 10.03
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 3 months 21 days
Options exercisable (in shares)	2,098,540
Options exercisable, weighted average exercise price (in dollars per share)	$ 15.97
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 2 months 26 days
Options exercisable (in shares)	2,056,679
Options exercisable, weighted average exercise price (in dollars per share)	$ 20.15

Share-based compensation - Sc77

Share-based compensation - Schedule of restricted shares with service condition award activity (Details) - Restricted shares with service condition - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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)	36,418	47,712
Vested (in shares)	(229,614)	(47,712)
Outstanding, end of period (in shares)	107,847	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)	12.15	11.37
Vested (in dollars per share)	10.22	11.37
Outstanding (in dollars per share)	$ 13.38	$ 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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 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)	935,825	653,958
Forfeited (in shares)	(240,939)	(193,771)
Vested (in shares)	(136,618)
Outstanding, end of period (in shares)	1,940,008	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)	623,882	435,974
Forfeited (in shares)	0	(119,009)
Vested (in shares)	$ (136,618)
Change in estimated restricted shares considered probably of vesting (in shares)	(44,669)	(275,713)
Outstanding, end of period (in shares)	1,020,081	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)	12.17	11.40
Forfeited (in dollars per share)	14.60	13.16
Change in estimated restricted shares considered probable of vesting (in dollars per share)	12.16	13.06
Outstanding (in dollars per share)	12.26	$ 12.91
Vested (in dollars per share)	$ 14.60

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 19,809,000		$ 35,674,000
Income (loss) attributable to non-controlling interests	1,000,000	$ 800,000
Joint Ventures - Third Point Advisors LLC shares
Noncontrolling Interest [Line Items]
Income (loss) attributable to non-controlling interests	2,200,000		500,000
Distributions	$ 18,100,000		$ 0
Cayman Holdco [Member]
Noncontrolling Interest [Line Items]
Ownership percentage	15.70%		13.80%
Estimated fair value of investment	$ 600,000		$ 37,600,000
Proceeds from Limited Partnership Investments	$ 39,600,000
Third Point Hellenic Recovery US Feeder Fund, L.P. [Member]
Noncontrolling Interest [Line Items]
Ownership percentage	2.90%		2.80%
Estimated fair value of investment	$ 5,100,000		$ 5,500,000
Proceeds from Limited Partnership Investments	0		0
Noncontrolling interest, increase from contributed capital	10,800,000		10,600,000
Committed capital, amount called	$ 1,300,000	$ 0	$ 0
TP DR Holdings LLC [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	100.00%
Equity method investment, interest in equity	6.90%		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	1,700,000		900,000
Equity method investment, summarized financial information, liabilities	$ 8,800,000		$ 8,600,000
Cloudbreak II Cayman Ltd
Noncontrolling Interest [Line Items]
Equity method investment, interest in equity	15.00%
Equity method investments, fair value disclosure	$ 8,500,000
Equity method investment, summarized financial information, liabilities	$ 5,900,000
TP Trading II LLC [Member]
Noncontrolling Interest [Line Items]
Equity method investment, interest in equity	15.00%
Equity method investment, summarized financial information, derivatives	$ 2,600,000

Earnings (loss)per share (Detai

Earnings (loss)per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding, net of treasury shares	102,283,844	104,132,797	103,144,078	104,195,336
Dilutive effect of options	1,084,217	403,547	937,864	358,015
Dilutive effect of warrants	988,830	556,829	860,484	553,222
Dilutive effect of restricted shares with service and performance condition	212,335	140,748	207,284	121,601
Diluted number of common shares outstanding	104,569,226	105,233,921	105,149,710	105,228,174
Basic earnings per common share:
Net income	$ 74,578	$ 53,376	$ 178,764	$ 2,247
Income allocated to participating shares	(71)	(169)	(204)	(7)
Net income available to common shareholders	$ 74,507	$ 53,207	$ 178,560	$ 2,240
Basic earnings per common share	$ 0.73	$ 0.51	$ 1.73	$ 0.02
Earnings per share, diluted [Abstract]
Net income	$ 74,578	$ 53,376	$ 178,764	$ 2,247
Income allocated to participating shares	(69)	(167)	200	7
Net income available to common shareholders	$ 74,509	$ 53,209	$ 178,564	$ 2,240
Diluted earnings per common share	$ 0.71	$ 0.51	$ 1.70	$ 0.02
Options
Earnings per share, diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share	4,322,659	4,370,193	4,322,659	4,416,193

Related party transactions (Det

Related party transactions (Details) - Investments in securities, commodities, and derivative contracts - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Third Point Loan L.L.C
Related Party Transaction [Line Items]
Estimated fair value of investment	$ 104.6	$ 124.1
Third Point Ventures L.L.C.
Related Party Transaction [Line Items]
Estimated fair value of investment	$ 29.9	$ 22.6

Financial instruments with of82

Financial instruments with off-balance sheet risk or concentrations of credit risk (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Guarantor Obligations [Line Items]
Asset	$ 45,110	$ 27,432
Liability	11,949	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	4,015	3,943
Total Written Credit Default Swaps	4,015	3,943
Asset	0	0
Liability	2,015	1,952
Net Asset/(Liability)	(2,015)	(1,952)
Credit risk exposure
Guarantor Obligations [Line Items]
Maximum counterparty credit risk exposure	51,000	28,100
Written put options
Guarantor Obligations [Line Items]
Option contracts maximum payout	261,800	87,500
Written put options | Securities sold, not yet purchased
Guarantor Obligations [Line Items]
Options contracts at fair value	$ 3,500	$ 1,300
Written put options | Minimum
Guarantor Obligations [Line Items]
Option contracts maximum payout term	3 months
Written put options | Maximum
Guarantor Obligations [Line Items]
Option contracts maximum payout term	7 months

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Segment Reporting Information [Line Items]
Gross premiums ceded	$ (1,425)	$ (1,425)	$ (2,550)	$ (1,425)
Net premiums written	155,139	195,441	300,368	392,597
Change in net unearned premium reserves	18,419	(62,319)	11,199	(122,673)
Net premiums earned	173,558	133,122	311,567	269,924
Loss and loss adjustment expenses incurred, net	107,379	104,131	193,274	188,807
Acquisition costs, net	68,641	48,482	123,093	100,169
General and administrative expenses	15,014	10,243	25,586	21,531
Total expenses	191,034	162,856	341,953	310,507
Net investment income	107,325	86,346	235,835	46,236
Other expenses	(2,105)	(3,173)	(5,006)	(5,879)
Interest expense	(2,051)	(2,046)	(4,077)	(4,094)
Foreign exchange gains	(4,781)	8,068	(4,796)	10,454
Income tax expense	(5,307)	(5,310)	(10,605)	(3,381)
Income including non-controlling interests	75,605	54,151	180,965	2,753
Income attributable to non-controlling interests	(1,027)	(775)	(2,201)	(506)
Net income	74,578	53,376	178,764	2,247
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%	100.00%	100.00%
Prospective
Segment Reporting Information [Line Items]
Gross premiums written	$ 72,687	$ 196,866	$ 219,041	$ 394,022
Gross Premiums As Percentage Of Total Gross Premiums	46.40%	100.00%	72.30%	100.00%
Retroactive
Segment Reporting Information [Line Items]
Gross premiums written	$ 83,877	$ 0	$ 83,877	$ 0
Gross Premiums As Percentage Of Total Gross Premiums	53.60%	0.00%	27.70%	0.00%
Corporate
Segment Reporting Information [Line Items]
Gross premiums ceded	$ 0	$ 0	$ 0	$ 0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	5,365	4,158	9,625	8,384
Total expenses	5,365	4,158	9,625	8,384
Net investment income	76,119	67,248	168,509	35,399
Other expenses	0	0	0	0
Interest expense	(2,051)	(2,046)	(4,077)	(4,094)
Foreign exchange gains	(4,781)	8,068	(4,796)	10,454
Income tax expense	(5,307)	(5,310)	(10,605)	(3,381)
Income including non-controlling interests	58,615	63,802	139,406	29,994
Income attributable to non-controlling interests	(1,027)	(775)	(2,201)	(506)
Net income	57,588	63,027	137,205	29,488
Gross premiums written	0	0	0	0
Property and Casualty Reinsurance | Property
Segment Reporting Information [Line Items]
Gross premiums written	$ (8,827)	$ 7,257	$ (8,815)	$ 7,082
Gross Premiums As Percentage Of Total Gross Premiums	(5.60%)	3.70%	(2.90%)	1.80%
Property and Casualty Reinsurance | Casualty
Segment Reporting Information [Line Items]
Gross premiums written	$ 118,140	$ 149,129	$ 205,345	$ 160,506
Gross Premiums As Percentage Of Total Gross Premiums	75.40%	75.70%	67.80%	40.70%
Property and Casualty Reinsurance | Specialty
Segment Reporting Information [Line Items]
Gross premiums written	$ 47,251	$ 40,480	$ 106,388	$ 226,434
Gross Premiums As Percentage Of Total Gross Premiums	30.20%	20.60%	35.10%	57.50%
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums ceded	$ (1,425)	$ (1,425)	$ (2,550)	$ (1,425)
Net premiums written	155,139	195,441	300,368	392,597
Change in net unearned premium reserves	18,419	(62,319)	11,199	(122,673)
Net premiums earned	173,558	133,122	311,567	269,924
Loss and loss adjustment expenses incurred, net	107,379	104,131	193,274	188,807
Acquisition costs, net	68,641	48,482	123,093	100,169
General and administrative expenses	9,649	6,085	15,961	13,147
Total expenses	185,669	158,698	332,328	302,123
Net underwriting loss	12,111	25,576	20,761	32,199
Net investment income	31,206	19,098	67,326	10,837
Other expenses	(2,105)	(3,173)	(5,006)	(5,879)
Interest expense	0	0	0	0
Foreign exchange gains	0	0	0	0
Income tax expense	0	0	0	0
Income including non-controlling interests	16,990	(9,651)	41,559	(27,241)
Income attributable to non-controlling interests	0	0	0	0
Net income	$ 16,990	$ (9,651)	$ 41,559	$ (27,241)
Loss ratio	61.90%	78.20%	62.00%	69.90%
Acquisition cost ratio	39.50%	36.40%	39.50%	37.10%
Composite ratio	101.40%	114.60%	101.50%	107.00%
General and administrative expense ratio	5.60%	4.60%	5.10%	4.90%
Combined ratio	107.00%	119.20%	106.60%	111.90%
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - Gross Premiums Written	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Contract Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Contract Concentration Risk | Largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage	65.90%	14.90%	34.00%	28.40%
Contract Concentration Risk | Second largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.90%	12.60%	17.90%
Contract Concentration Risk | Third largest contract
Revenue, Major Customer [Line Items]
Concentration risk, percentage		11.40%
Contract Concentration Risk | Total for contracts contributing greater than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	78.80%	38.90%	51.90%	28.40%
Contract Concentration Risk | Total for contracts contributing less than 10% each
Revenue, Major Customer [Line Items]
Concentration risk, percentage	21.20%	61.10%	48.10%	71.60%

Segment reporting - Customer Co

Segment reporting - Customer Concentration (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue, Major Customer [Line Items]
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022
Gross Premiums Written
Revenue, Major Customer [Line Items]
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Gross Premiums Written | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Gross Premiums Written | Customer Concentration Risk | Largest broker
Revenue, Major Customer [Line Items]
Gross premiums written	$ 107,612	$ 63,084	$ 107,612	$ 181,205
Concentration risk, percentage	68.70%	32.00%	35.50%	46.00%
Gross Premiums Written | Customer Concentration Risk | Second largest broker
Revenue, Major Customer [Line Items]
Gross premiums written	$ 22,448	$ 58,000	$ 73,499	$ 94,749
Concentration risk, percentage	14.30%	29.50%	24.30%	24.00%
Gross Premiums Written | Customer Concentration Risk | Third largest broker
Revenue, Major Customer [Line Items]
Gross premiums written		$ 53,034	$ 35,269	$ 62,295
Concentration risk, percentage		26.90%	11.60%	15.80%
Gross Premiums Written | Customer Concentration Risk | Fourth Largest [Member]
Revenue, Major Customer [Line Items]
Gross premiums written			$ 31,853
Concentration risk, percentage			10.50%
Gross Premiums Written | Customer Concentration Risk | Other
Revenue, Major Customer [Line Items]
Gross premiums written	$ 26,504	$ 22,748	$ 54,685	$ 55,773
Concentration risk, percentage	17.00%	11.60%	18.10%	14.20%

Segment reporting - Geographic

Segment reporting - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue from External Customer [Line Items]
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022
Gross Premiums Written
Revenue from External Customer [Line Items]
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022
Concentration risk, percentage	100.00%	100.00%	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	$ 1,340	$ 124,446	$ 43,769	$ 167,738
Concentration risk, percentage	0.80%	63.20%	14.40%	42.60%
Gross Premiums Written | Income tax expense - U.K. subsidiaries
Revenue from External Customer [Line Items]
Gross premiums written	$ 150,744	$ 25,881	$ 200,594	$ 179,745
Concentration risk, percentage	96.30%	13.20%	66.20%	45.60%
Gross Premiums Written | Bermuda
Revenue from External Customer [Line Items]
Gross premiums written	$ 0	$ 46,539	$ 54,075	$ 46,539
Concentration risk, percentage	0.00%	23.60%	17.90%	11.80%
Gross Premiums Written | Other Geographical Location [Member]
Revenue from External Customer [Line Items]
Gross premiums written	$ 4,480	$ 0	$ 4,480	$ 0
Concentration risk, percentage	2.90%	0.00%	1.50%	0.00%

Supplemental Guarantor Inform88

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Assets
Equity securities	$ 1,941,170,000	$ 1,506,854,000
Debt securities	702,515,000	1,057,957,000
Other investments, at fair value	29,091,000	82,701,000
Total investments in securities	2,672,776,000	2,647,512,000
Cash and cash equivalents	8,255,000	9,951,000	$ 7,038,000	$ 20,407,000
Restricted cash and cash equivalents	372,068,000	298,940,000
Investment in subsidiaries	0	0
Due from brokers	424,163,000	284,591,000
Derivative assets, at fair value	45,110,000	27,432,000
Interest and dividends receivable	3,947,000	6,505,000
Reinsurance balances receivable	472,570,000	381,951,000
Deferred acquisition costs, net	203,193,000	221,618,000
Amounts due from (to) affiliates	0	0
Other assets	14,648,000	17,144,000
Total assets	4,216,730,000	3,895,644,000
Liabilities
Accounts payable and accrued expenses	17,929,000	10,321,000
Reinsurance balances payable	65,456,000	43,171,000
Deposit liabilities	105,208,000	104,905,000		83,955,000
Unearned premium reserves	547,815,000	557,076,000
Loss and loss adjustment expense reserves	678,459,000	605,129,000
Securities sold, not yet purchased, at fair value	265,667,000	92,668,000
Due to brokers	777,179,000	899,601,000
Derivative liabilities, at fair value	11,949,000	16,050,000
Due to Related Parties	(53,455,000)	0
Interest and dividends payable	3,838,000	3,443,000
Senior notes payable, net of deferred costs	113,643,000	113,555,000
Total liabilities	2,640,598,000	2,445,919,000
Shareholders’ equity
Common shares	10,733,000	10,650,000
Treasury Stock, Value	(48,253,000)	(7,389,000)
Additional paid-in capital	1,098,857,000	1,094,568,000
Retained earnings	494,986,000	316,222,000
Shareholders’ equity attributable to shareholders	1,556,323,000	1,414,051,000
Non-controlling interests	19,809,000	35,674,000
Total shareholders’ equity	1,576,132,000	1,449,725,000	1,396,995,000
Total liabilities and shareholders’ equity	4,216,730,000	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	(2,038,769,000)	(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	(2,038,769,000)	(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
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	(1,698,288,000)	(1,694,283,000)
Retained earnings	(339,231,000)	(152,491,000)
Shareholders’ equity attributable to shareholders	(2,038,769,000)	(1,848,024,000)
Non-controlling interests	0	0
Total shareholders’ equity	(2,038,769,000)	(1,848,024,000)
Total liabilities and shareholders’ equity	(2,038,769,000)	(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	279,000	1,629,000	191,000	308,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	1,597,592,000	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	(40,665,000)	(142,000)
Other assets	335,000	637,000
Total assets	1,557,541,000	1,415,202,000
Liabilities
Accounts payable and accrued expenses	1,218,000	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
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	1,218,000	1,151,000
Shareholders’ equity
Common shares	10,733,000	10,650,000
Treasury Stock, Value	(48,253,000)	(7,389,000)
Additional paid-in capital	1,098,857,000	1,094,568,000
Retained earnings	494,986,000	316,222,000
Shareholders’ equity attributable to shareholders	1,556,323,000	1,414,051,000
Non-controlling interests	0	0
Total shareholders’ equity	1,556,323,000	1,414,051,000
Total liabilities and shareholders’ equity	1,557,541,000	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	275,000	79,000	2,000	5,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	275,506,000	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	(4,563,000)	(8,394,000)
Other assets	7,170,000	5,507,000
Total assets	278,388,000	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
Due to brokers	0	0
Derivative liabilities, at fair value	0	0
Due to Related Parties	0
Interest and dividends payable	3,022,000	3,057,000
Senior notes payable, net of deferred costs	113,643,000	113,555,000
Total liabilities	116,705,000	116,652,000
Shareholders’ equity
Common shares	0	0
Treasury Stock, Value	0	0
Additional paid-in capital	165,808,000	165,456,000
Retained earnings	(4,125,000)	(15,294,000)
Shareholders’ equity attributable to shareholders	161,683,000	150,162,000
Non-controlling interests	0	0
Total shareholders’ equity	161,683,000	150,162,000
Total liabilities and shareholders’ equity	278,388,000	266,814,000
Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets
Equity securities	1,941,170,000	1,506,854,000
Debt securities	702,515,000	1,057,957,000
Other investments, at fair value	29,091,000	82,701,000
Total investments in securities	2,672,776,000	2,647,512,000
Cash and cash equivalents	7,701,000	8,243,000	$ 6,845,000	$ 20,094,000
Restricted cash and cash equivalents	372,068,000	298,940,000
Investment in subsidiaries	165,671,000	165,324,000
Due from brokers	424,163,000	284,591,000
Derivative assets, at fair value	45,110,000	27,432,000
Interest and dividends receivable	3,947,000	6,505,000
Reinsurance balances receivable	472,570,000	381,951,000
Deferred acquisition costs, net	203,193,000	221,618,000
Amounts due from (to) affiliates	45,228,000	8,536,000
Other assets	7,143,000	11,000,000
Total assets	4,419,570,000	4,061,652,000
Liabilities
Accounts payable and accrued expenses	16,671,000	9,130,000
Reinsurance balances payable	65,456,000	43,171,000
Deposit liabilities	105,208,000	104,905,000
Unearned premium reserves	547,815,000	557,076,000
Loss and loss adjustment expense reserves	678,459,000	605,129,000
Securities sold, not yet purchased, at fair value	265,667,000	92,668,000
Due to brokers	777,179,000	899,601,000
Derivative liabilities, at fair value	11,949,000	16,050,000
Due to Related Parties	(53,455,000)
Interest and dividends payable	816,000	386,000
Senior notes payable, net of deferred costs	0	0
Total liabilities	2,522,675,000	2,328,116,000
Shareholders’ equity
Common shares	1,250,000	1,250,000
Treasury Stock, Value	0	0
Additional paid-in capital	1,532,480,000	1,528,827,000
Retained earnings	343,356,000	167,785,000
Shareholders’ equity attributable to shareholders	1,877,086,000	1,697,862,000
Non-controlling interests	19,809,000	35,674,000
Total shareholders’ equity	1,896,895,000	1,733,536,000
Total liabilities and shareholders’ equity	4,419,570,000	$ 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Gross premiums written	$ 156,564	$ 196,866	$ 302,918	$ 394,022
Gross premiums ceded	(1,425)	(1,425)	(2,550)	(1,425)
Net premiums written	155,139	195,441	300,368	392,597
Change in net unearned premium reserves	18,419	(62,319)	11,199	(122,673)
Net premiums earned	173,558	133,122	311,567	269,924
Net investment income	107,325	86,346	235,835	46,236
Equity in earnings (losses) of subsidiaries	0	0	0	0
Total revenues	280,883	219,468	547,402	316,160
Expenses
Loss and loss adjustment expenses incurred, net	107,379	104,131	193,274	188,807
Acquisition costs, net	68,641	48,482	123,093	100,169
General and administrative expenses	15,014	10,243	25,586	21,531
Other expenses	2,105	3,173	5,006	5,879
Interest expense	2,051	2,046	4,077	4,094
Foreign exchange gain (loss)	4,781	(8,068)	4,796	(10,454)
Total expenses	199,971	160,007	355,832	310,026
Income before income tax expense	80,912	59,461	191,570	6,134
Income tax expense	(5,307)	(5,310)	(10,605)	(3,381)
Income including non-controlling interests	75,605	54,151	180,965	2,753
Income attributable to non-controlling interests	(1,027)	(775)	(2,201)	(506)
Net income	74,578	53,376	178,764	2,247
Eliminations
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Equity in earnings (losses) of subsidiaries	(80,676)	(61,254)	(195,040)	(6,617)
Total revenues	(80,676)	(61,254)	(195,040)	(6,617)
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	0	0	0	0
Other expenses	0	0	0	0
Interest expense	0	0	0	0
Foreign exchange gain (loss)	0	0	0	0
Total expenses	0	0	0	0
Income before income tax expense	(80,676)	(61,254)	(195,040)	(6,617)
Income tax expense	0	0	0	0
Income including non-controlling interests	(80,676)	(61,254)	(195,040)	(6,617)
Income attributable to non-controlling interests	0	0	0	0
Net income	(80,676)	(61,254)	(195,040)	(6,617)
Parent Guarantor | Reportable Legal Entities
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Equity in earnings (losses) of subsidiaries	75,843	54,715	181,213	4,561
Total revenues	75,843	54,715	181,213	4,561
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	1,265	1,339	2,449	2,314
Other expenses	0	0	0	0
Interest expense	0	0	0	0
Foreign exchange gain (loss)	0	0	0	0
Total expenses	1,265	1,339	2,449	2,314
Income before income tax expense	74,578	53,376	178,764	2,247
Income tax expense	0	0	0	0
Income including non-controlling interests	74,578	53,376	178,764	2,247
Income attributable to non-controlling interests	0	0	0	0
Net income	74,578	53,376	178,764	2,247
Issuer of Debt | Reportable Legal Entities
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Equity in earnings (losses) of subsidiaries	4,843	6,551	13,832	2,099
Total revenues	4,843	6,551	13,832	2,099
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	12	28	20	30
Other expenses	0	0	0	0
Interest expense	2,051	2,046	4,077	4,094
Foreign exchange gain (loss)	0	0	0	0
Total expenses	2,063	2,074	4,097	4,124
Income before income tax expense	2,780	4,477	9,735	(2,025)
Income tax expense	722	725	1,434	1,443
Income including non-controlling interests	3,502	5,202	11,169	(582)
Income attributable to non-controlling interests	0	0	0	0
Net income	3,502	5,202	11,169	(582)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written	156,564	196,866	302,918	394,022
Gross premiums ceded	(1,425)	(1,425)	(2,550)	(1,425)
Net premiums written	155,139	195,441	300,368	392,597
Change in net unearned premium reserves	18,419	(62,319)	11,199	(122,673)
Net premiums earned	173,558	133,122	311,567	269,924
Net investment income	107,325	86,346	235,835	46,236
Equity in earnings (losses) of subsidiaries	(10)	(12)	(5)	(43)
Total revenues	280,873	219,456	547,397	316,117
Expenses
Loss and loss adjustment expenses incurred, net	107,379	104,131	193,274	188,807
Acquisition costs, net	68,641	48,482	123,093	100,169
General and administrative expenses	13,737	8,876	23,117	19,187
Other expenses	2,105	3,173	5,006	5,879
Interest expense	0	0	0	0
Foreign exchange gain (loss)	4,781	(8,068)	4,796	(10,454)
Total expenses	196,643	156,594	349,286	303,588
Income before income tax expense	84,230	62,862	198,111	12,529
Income tax expense	(6,029)	(6,035)	(12,039)	(4,824)
Income including non-controlling interests	78,201	56,827	186,072	7,705
Income attributable to non-controlling interests	(1,027)	(775)	(2,201)	(506)
Net income	$ 77,174	$ 56,052	$ 183,871	$ 7,199

Supplemental Guarantor Inform90

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Income including non-controlling interests	$ 75,605	$ 54,151	$ 180,965	$ 2,753
Adjustments to reconcile income including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries			0	0
Share compensation expense			3,374	4,702
Net interest expense on deposit liabilities			312	1,331
Net unrealized (gain) loss on investments and derivatives			(128,168)	670
Net realized gain on investments and derivatives			(154,504)	(41,954)
Foreign exchange gain (loss)	4,781	(8,068)	4,796	(10,454)
Amortization of premium and accretion of discount, net			(122)	2,013
Changes in assets and liabilities:
Reinsurance balances receivable			(85,733)	(133,672)
Deferred acquisition costs, net			18,425	(24,558)
Other assets			2,508	(2,018)
Interest and dividends receivable, net			2,953	3,312
Unearned premium reserves			(9,261)	123,687
Loss and loss adjustment expense reserves			(63,769)	(79,645)
Accounts payable and accrued expenses			7,549	(2,138)
Reinsurance balances payable			22,237	21,890
Performance fees payable to related party			53,455	2,954
Increase (Decrease) in Due to Affiliates			0	0
Net cash provided by (used in) operating activities			(17,445)	28,163
Investing activities
Purchases of investments			(1,712,929)	(2,031,742)
Proceeds from sales of investments			1,966,027	1,615,954
Purchases of investments to cover short sales			(306,237)	(736,668)
Proceeds from short sales of investments			462,066	694,371
Change in due to/from brokers, net			(261,994)	208,886
Increase in securities sold under an agreement to repurchase			0	159,412
Change in restricted cash and cash equivalents			(73,128)	50,846
Contributed capital to subsidiaries				0
Contributed capital from parent and/or subsidiaries				0
Net cash provided by (used in) investing activities			73,805	(38,941)
Financing activities
Proceeds from issuance of common shares, net of costs			998	1,046
Purchases of common shares under share repurchase program			(40,864)	(7,389)
Increase (decrease) in deposit liabilities, net			(124)	3,752
Non-controlling interest in investment affiliate, net			(18,066)	0
Dividend received by (paid to) parent			0	0
Net cash used in financing activities			(58,056)	(2,591)
Net decrease in cash and cash equivalents			(1,696)	(13,369)
Cash and cash equivalents at beginning of period			9,951	20,407
Cash and cash equivalents at end of period	8,255	7,038	8,255	7,038
Eliminations
Operating activities
Income including non-controlling interests	(80,676)	(61,254)	(195,040)	(6,617)
Adjustments to reconcile income including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries			195,040	6,617
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	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	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
Change in restricted cash and cash equivalents			0	0
Contributed capital to subsidiaries				0
Contributed capital from parent and/or subsidiaries				0
Net cash provided by (used in) investing activities			0	0
Financing activities
Proceeds from issuance of common shares, net of costs			0	0
Purchases of common shares under share repurchase program			0	0
Increase (decrease) in deposit liabilities, net			0	0
Non-controlling interest in investment affiliate, net			0
Dividend received by (paid to) parent			0	0
Net cash used in financing activities			0	0
Net decrease in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	0	0	0	0
Parent Guarantor | Reportable Legal Entities
Operating activities
Income including non-controlling interests	74,578	53,376	178,764	2,247
Adjustments to reconcile income including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries			(181,213)	(4,561)
Share compensation expense			73	181
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	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			302	394
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			67	(911)
Reinsurance balances payable			0	0
Performance fees payable to related party			0	0
Increase (Decrease) in Due to Affiliates			40,523	8,876
Net cash provided by (used in) operating activities			38,516	6,226
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
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			998	1,046
Purchases of common shares under share repurchase program			(40,864)	(7,389)
Increase (decrease) 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 used in financing activities			(39,866)	(1,343)
Net decrease in cash and cash equivalents			(1,350)	(117)
Cash and cash equivalents at beginning of period			1,629	308
Cash and cash equivalents at end of period	279	191	279	191
Issuer of Debt | Reportable Legal Entities
Operating activities
Income including non-controlling interests	3,502	5,202	11,169	(582)
Adjustments to reconcile income including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries			(13,832)	(2,099)
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	0	0
Amortization of premium and accretion of discount, net			88	88
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Other assets			(1,663)	(1,442)
Interest and dividends receivable, net			(35)	(20)
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			0	10
Reinsurance balances payable			0	0
Performance fees payable to related party			0	0
Increase (Decrease) in Due to Affiliates			(3,831)	4,042
Net cash provided by (used in) operating activities			(8,104)	(3)
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
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	0
Purchases of common shares under share repurchase program			0	0
Increase (decrease) 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 used in financing activities			8,300	0
Net decrease in cash and cash equivalents			196	(3)
Cash and cash equivalents at beginning of period			79	5
Cash and cash equivalents at end of period	275	2	275	2
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating activities
Income including non-controlling interests	78,201	56,827	186,072	7,705
Adjustments to reconcile income including non-controlling interests to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries			5	43
Share compensation expense			3,301	4,521
Net interest expense on deposit liabilities			312	1,331
Net unrealized (gain) loss on investments and derivatives			(128,168)	670
Net realized gain on investments and derivatives			(154,504)	(41,954)
Foreign exchange gain (loss)	4,781	(8,068)	4,796	(10,454)
Amortization of premium and accretion of discount, net			(210)	1,925
Changes in assets and liabilities:
Reinsurance balances receivable			(85,733)	(133,672)
Deferred acquisition costs, net			18,425	(24,558)
Other assets			3,869	(970)
Interest and dividends receivable, net			2,988	3,332
Unearned premium reserves			(9,261)	123,687
Loss and loss adjustment expense reserves			(63,769)	(79,645)
Accounts payable and accrued expenses			7,482	(1,237)
Reinsurance balances payable			22,237	21,890
Performance fees payable to related party			53,455	2,954
Increase (Decrease) in Due to Affiliates			(36,692)	(12,918)
Net cash provided by (used in) operating activities			(47,857)	21,940
Investing activities
Purchases of investments			(1,712,929)	(2,031,742)
Proceeds from sales of investments			1,966,027	1,615,954
Purchases of investments to cover short sales			(306,237)	(736,668)
Proceeds from short sales of investments			462,066	694,371
Change in due to/from brokers, net			(261,994)	208,886
Increase in securities sold under an agreement to repurchase				159,412
Change in restricted cash and cash equivalents			(73,128)	50,846
Contributed capital to subsidiaries				0
Contributed capital from parent and/or subsidiaries				5,000
Net cash provided by (used in) investing activities			73,805	(33,941)
Financing activities
Proceeds from issuance of common shares, net of costs			0	0
Purchases of common shares under share repurchase program			0	0
Increase (decrease) in deposit liabilities, net			(124)	3,752
Non-controlling interest in investment affiliate, net			(18,066)
Dividend received by (paid to) parent			(8,300)	(5,000)
Net cash used in financing activities			(26,490)	(1,248)
Net decrease in cash and cash equivalents			(542)	(13,249)
Cash and cash equivalents at beginning of period			8,243	20,094
Cash and cash equivalents at end of period	$ 7,701	$ 6,845	$ 7,701	$ 6,845

Uncategorized Items - tpre-2017

Label	Element	Value
Noncontrolling Interest [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 506,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	0
Additional Paid-in Capital [Member]
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	4,702,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	965,000
Common Stock [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	81,000
Treasury Stock [Member]
Treasury Stock, Value, Acquired, Cost Method	us-gaap_TreasuryStockValueAcquiredCostMethod	7,389,000
Retained Earnings [Member]
Net Income (Loss) Attributable to Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToNoncontrollingInterest	506,000
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	$ 2,753,000