SiriusPoint (SPNT) 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-35039
Entity Registrant Name	THIRD POINT REINSURANCE LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1039994
Entity Address, Street Address	Point House
Entity Address, Address Line Two	3 Waterloo Lane
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM 08
Entity Address, State or Province	BM
City Area Code	441
Local Phone Number	542-3300
Title of each class	Common Shares, $0.10 par value
Trading Symbol	TPRE
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,036,500
Entity Central Index Key	0001576018
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Investment in related party investment fund, at fair value (cost - $891,850; 2018 - $1,564,850)	$ 824,352	$ 1,284,004
Debt securities, trading, at fair value (cost - $577,274; 2018 - $252,362)	567,354	239,640
Other investments, at fair value	3,010	84
Total investments	1,394,716	1,523,728
Cash and cash equivalents	93,757	104,183
Restricted cash and cash equivalents	656,146	609,154
Redemption receivable, related party investment fund	400,000	0
Due from brokers	0	1,411
Interest and dividends receivable	1,792	1,316
Reinsurance balances receivable	696,170	602,448
Deferred acquisition costs, net	208,027	203,842
Unearned premiums ceded	15,473	17,552
Loss and loss adjustment expenses recoverable	3,655	2,031
Other assets	19,715	20,569
Total assets	3,489,451	3,086,234
Liabilities
Accounts payable and accrued expenses	14,843	7,261
Reinsurance balances payable	88,670	69,701
Deposit liabilities	148,845	145,342
Unearned premium reserves	702,398	602,936
Loss and loss adjustment expense reserves	1,021,776	937,157
Participation agreement with related party investment fund	0	2,297
Interest and dividends payable	3,022	3,055
Senior notes payable, net of deferred costs	113,999	113,911
Total liabilities	2,093,553	1,881,660
Commitments and contingent liabilities
Shareholders’ equity
Preference shares (par value $0.10; authorized, 30,000,000; none issued)	0	0
Common shares (issued and outstanding: 93,994,924; 2018 - 93,639,610)	9,399	9,364
Additional paid-in capital	924,191	918,882
Retained earnings	462,308	276,328
Shareholders’ equity attributable to Third Point Re common shareholders	1,395,898	1,204,574
Total liabilities and shareholders’ equity	$ 3,489,451	$ 3,086,234

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Assets
Investment in related party investment fund, cost	$ 891,850	$ 1,564,850
Debt securities, trading, cost	$ 577,274	$ 252,362
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)	93,994,924	93,639,610
Common share, shares outstanding (in shares)	93,994,924	93,639,610

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019		Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Revenues
Gross premiums written	$ 82,637		$ 49,765		$ 402,228	$ 428,125
Gross premiums ceded	(1,473)		(3,479)		(2,185)	(18,125)
Net premiums written	81,164		46,286		400,043	410,000
Change in net unearned premium reserves	64,288		95,207		(101,541)	(126,021)
Net premiums earned	145,452		141,493		298,502	283,979
Net investment income from investment in related party investment fund	66,357		0		213,348	0
Net investment income before management and performance fees to related parties	2,774		45,668		10,736	53,507
Management and performance fees to related parties	0	[1]	(14,493)	[1]	0	(24,540)
Net investment income	69,131		31,175		224,084	28,967
Total revenues	214,583		172,668		522,586	312,946
Expenses
Loss and loss adjustment expenses incurred, net	82,334		84,000		177,402	176,620
Acquisition costs, net	58,006		57,584		115,504	108,989
General and administrative expenses	19,650		9,696		31,782	19,177
Other expenses	3,811		3,983		7,936	7,978
Interest expense	2,051		2,051		4,080	4,080
Foreign exchange gains	(4,260)		(8,847)		(1,742)	(2,236)
Total expenses	161,592		148,467		334,962	314,608
Income (loss) before income tax (expense) benefit	52,991		24,201		187,624	(1,662)
Income tax (expense) benefit	74		(4,390)		(1,644)	(4,518)
Net income (loss)	53,065		19,811		185,980	(6,180)
Net income attributable to noncontrolling interests in related party	0		(209)		0	(219)
Net income (loss) available to Third Point Re common shareholders	$ 53,065		$ 19,602		$ 185,980	$ (6,399)
Earnings (loss) per share available to Third Point Re common shareholders
Basic earnings (loss) per share available to Third Point Re common share holders (in dollars per share)	$ 0.58		$ 0.20		$ 2.02	$ (0.06)
Diluted earnings (loss) per share available to Third Point Re common share holders (in dollars per share)	$ 0.57		$ 0.19		$ 2	$ (0.06)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic (in shares)	91,776,870		99,498,901		91,723,636	100,342,636
Diluted (in shares)	92,801,799		102,032,485		92,720,466	100,342,636
[1]	Effective August 31, 2018, Third Point Reinsurance Ltd., Third Point Reinsurance Company Ltd. (“Third Point Re BDA”) and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”) and together with Third Point Re BDA, the “TPRE Limited Partners”, entered into a Limited Partnership Agreement (the “2018 LPA”) to invest in Third Point Enhanced LP (“TP Fund”), a related party investment fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the 2018 LPA. Management and performance fees incurred prior to the effective date of the 2018 LPA are reflected in management and performance fees to related parties.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common shares	Treasury shares	Additional paid-in capital	Retained earnings	Noncontrolling interests in related party
Balance, beginning of period at Dec. 31, 2017		$ 10,723	$ (48,253)	$ 1,099,599	$ 594,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		67		(141)
Common shares repurchased and retired		(827)		(107,846)
Retirement of treasury shares	8,269,193		48,253,000
Share compensation expense				2,558
Net income (loss)	$ (6,180)				(6,180)
Net income attributable to noncontrolling interests in related party	(219)				(219)
Balance. end of period at Jun. 30, 2018	1,596,910	9,963	$ 0	994,170	587,621	$ 5,156
Balance, beginning of period at Mar. 31, 2018		10,224	$ 0	1,029,179	568,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		8		(8)
Common shares repurchased and retired		(269)		(36,314)
Retirement of treasury shares			0
Share compensation expense				1,313
Net income (loss)	19,811				19,811
Net income attributable to noncontrolling interests in related party	(209)				(209)
Balance. end of period at Jun. 30, 2018	1,596,910	9,963	$ 0	994,170	587,621	5,156
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders’ equity attributable to Third Point Re common shareholders	1,591,754
Shareholders’ equity attributable to Third Point Re common shareholders	$ 1,204,574
Balance, beginning of period at Dec. 31, 2018		9,364	$ 0	918,882	276,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		35		(103)
Common shares repurchased and retired		0		0
Retirement of treasury shares	0		0
Share compensation expense				5,412
Net income (loss)	$ 185,980				185,980
Net income attributable to noncontrolling interests in related party	0
Balance. end of period at Jun. 30, 2019	1,395,898	9,399	$ 0	924,191	462,308	0
Balance, beginning of period at Mar. 31, 2019		9,429	$ 0	920,207	409,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		(30)		30
Common shares repurchased and retired		0		0
Retirement of treasury shares			0
Share compensation expense				3,954
Net income (loss)	53,065				53,065
Net income attributable to noncontrolling interests in related party	0
Balance. end of period at Jun. 30, 2019	1,395,898	$ 9,399	$ 0	$ 924,191	$ 462,308	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders’ equity attributable to Third Point Re common shareholders	$ 1,395,898

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Cash Flows [Abstract]
Net income (loss)	$ 185,980	$ (6,180)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share compensation expense	5,412	2,558
Net interest expense on deposit liabilities	2,422	2,449
Net realized and unrealized gain on investments and derivatives	(2,740)	(34,987)
Net realized and unrealized gain on investment in related party investment fund	(213,348)	0
Net foreign exchange gains	(1,742)	(2,236)
Amortization of premium and accretion of discount, net	485	2,913
Changes in assets and liabilities:
Reinsurance balances receivable	(87,348)	(157,498)
Deferred acquisition costs, net	(4,185)	(5,615)
Unearned premiums ceded	2,079	(16,557)
Loss and loss adjustment expenses recoverable	(1,624)	(301)
Other assets	1,266	(3,537)
Interest and dividends receivable, net	(509)	832
Unearned premium reserves	99,462	142,578
Loss and loss adjustment expense reserves	85,805	74,655
Accounts payable and accrued expenses	7,582	(22,564)
Reinsurance balances payable	18,809	32,208
Performance fee payable to related party	0	4,641
Net cash provided by operating activities	97,806	13,359
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund	360,000	0
Investing activities
Contributions to related party investment fund	(87,000)	0
Change in participation agreement with related party investment fund	(2,297)	0
Purchases of investments	(330,463)	(2,180,138)
Proceeds from sales and maturities of investments	2,198	2,156,754
Purchases of investments to cover short sales	0	(590,113)
Proceeds from short sales of investments	0	628,913
Change in due to/from brokers, net	1,411	202,712
Decrease in securities sold under an agreement to repurchase	0	(29,618)
Net cash provided by (used in) investing activities	(56,151)	188,510
Financing activities
Taxes paid on withholding shares	(68)	(74)
Purchases of Third Point Re common shares under share repurchase program	0	(60,420)
Net payments on deposit liability contracts	(5,021)	(1,779)
Change in total noncontrolling interests in related party, net	0	(101,510)
Net cash used in financing activities	(5,089)	(163,783)
Net increase in cash, cash equivalents and restricted cash	36,566	38,086
Cash, cash equivalents and restricted cash at beginning of period	713,337	549,333
Cash, cash equivalents and restricted cash at end of period	749,903	587,419
Supplementary information
Interest paid in cash	4,025	13,939
Income taxes paid in cash	$ 0	$ 5,852

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Third Point Reinsurance Ltd. (together with its consolidated subsidiaries, “Third Point Re” or 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 BDA”), 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 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 Re. 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 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, 2018 (the “ 2018 Form 10-K”), as filed with the U.S. Securities and Exchange Commission on February 28, 2019. 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, 2019 are not necessarily indicative of the results expected for the full calendar year. Tabular amounts are in U.S. Dollars in thousands, except share amounts, unless otherwise noted.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant accounting policies	2. Significant accounting policies There have been no material changes to the Company’s significant accounting policies as described in its 2018 Form 10-K. Recently issued accounting standards Issued and effective as of June 30, 2019 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 related to leasing transactions. The new standard affects all entities that lease assets such as real estate, airplanes and manufacturing equipment. ASU 2016-02 requires 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. ASU 2016-02 did not 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 July 2018, the FASB issued Accounting Standards Update 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and Accounting Standards Update 2018-11, Leases (Topic 842): Targeted improvements (ASU 2018-11). These updates make improvements to clarify or to correct unintended application of guidance in ASC 842 and did not have a significant effect on the Company. In July 2017, the FASB issued Accounting Standards Update 2017-11, (Part I) Accounting for Certain Financial Instruments With Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception (“ASU 2017-11”). ASU 2017-11 is intended to reduce the complexity associated with accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, a down round feature would no longer cause a freestanding equity-linked financial instrument (or an embedded conversion option) to be accounted for as a derivative liability at fair value with changes in fair value recognized in current earnings. In addition, ASU 2017-11 re-characterizes the indefinite deferral of certain provisions of Topic 480 to a scope exception. The recharacterization has no accounting effect. The amendments are effective for interim and annual periods beginning after December 15, 2018. The Company does not currently have financial instruments with down round features, therefore, there was no impact to the Company’s condensed consolidated financial statements. Issued but not yet effective as of June 30, 2019 Other accounting pronouncements issued during the six months ended June 30, 2019 were either not relevant to the Company or did not impact the Company’s condensed consolidated financial statements.
Recently issued accounting standards	Recently issued accounting standards Issued and effective as of June 30, 2019 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 related to leasing transactions. The new standard affects all entities that lease assets such as real estate, airplanes and manufacturing equipment. ASU 2016-02 requires 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. ASU 2016-02 did not 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 July 2018, the FASB issued Accounting Standards Update 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and Accounting Standards Update 2018-11, Leases (Topic 842): Targeted improvements (ASU 2018-11). These updates make improvements to clarify or to correct unintended application of guidance in ASC 842 and did not have a significant effect on the Company. In July 2017, the FASB issued Accounting Standards Update 2017-11, (Part I) Accounting for Certain Financial Instruments With Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception (“ASU 2017-11”). ASU 2017-11 is intended to reduce the complexity associated with accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, a down round feature would no longer cause a freestanding equity-linked financial instrument (or an embedded conversion option) to be accounted for as a derivative liability at fair value with changes in fair value recognized in current earnings. In addition, ASU 2017-11 re-characterizes the indefinite deferral of certain provisions of Topic 480 to a scope exception. The recharacterization has no accounting effect. The amendments are effective for interim and annual periods beginning after December 15, 2018. The Company does not currently have financial instruments with down round features, therefore, there was no impact to the Company’s condensed consolidated financial statements. Issued but not yet effective as of June 30, 2019 Other accounting pronouncements issued during the six months ended June 30, 2019 were either not relevant to the Company or did not impact 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, 2019
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents and restricted investments	The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of June 30, 2019 and December 31, 2018 : June 30, December 31, Cash and cash equivalents $ 93,757 $ 104,183 Restricted cash securing letter of credit facilities (1) 237,764 203,953 Restricted cash securing reinsurance contracts (2) 418,382 405,201 Total cash, cash equivalents and restricted cash (3) 749,903 713,337 Restricted investments securing reinsurance contracts (2) 239,046 239,640 Total cash, cash equivalents, restricted cash and restricted investments $ 988,949 $ 952,977 (1) Restricted cash securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years. (2) Restricted cash and restricted investments securing 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 the 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. (3) Cash, cash equivalents and restricted cash as reported in the Company’s condensed consolidated statements of cash flows.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Investments	4. Investments The following is a summary of the net investments managed by Third Point LLC as of June 30, 2019 and December 31, 2018 : June 30, December 31, Assets TP Fund $ 824,352 $ 1,284,004 Debt securities 567,354 239,640 Total investments 1,391,706 1,523,644 Cash and cash equivalents 22,563 1,017 Restricted cash and cash equivalents 656,146 609,154 Redemption receivable 400,000 — Due from brokers — 1,411 Interest and dividends receivable 1,792 1,316 Other assets 7 — Total assets 2,472,214 2,136,542 Liabilities Accounts payable and accrued expenses 227 114 Participation agreement with related party investment fund — 2,297 Total liabilities 227 2,411 Total net investments managed by Third Point LLC $ 2,471,987 $ 2,134,131 The TP Fund investment strategy, as implemented by Third Point LLC, is intended to achieve superior risk-adjusted returns by deploying capital in both long and short investments with favorable risk/reward characteristics across select asset classes, sectors and geographies. Third Point LLC identifies investment opportunities via a bottom-up, value-oriented approach to single security analysis supplemented by a top-down view of portfolio and risk management. Third Point LLC seeks dislocations in certain areas of the capital markets or in the pricing of particular securities and supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures. Effective August 31, 2018, Third Point Re, Third Point Re BDA and Third Point Re USA entered into a Limited Partnership Agreement (the “2018 LPA”) to invest in TP Fund, a related party investment fund. As a result, substantially all assets and related liabilities were transferred from the Company’s separate accounts to TP Fund and Third Point Re BDA and Third Point Re USA received limited partnership interests in TP Fund in exchange. Third Point Re BDA and Third Point Re USA no longer directly hold their invested assets and liabilities but instead, hold an investment in TP Fund. For additional details regarding the Company’s change in its investment account structure, see Note 4 to the Company’s consolidated financial statements filed with the 2018 Form 10-K. On May 24, 2019, Third Point Re BDA and Third Point Re USA entered into the Amended and Restated Collateral Assets Investment Management Agreement (the “Amended Collateral Assets IMA”) with Third Point LLC, effective May 24, 2019, pursuant to which, in addition to serving as the investment manager for the Company’s collateral assets, Third Point LLC will serve as investment manager of certain investment assets withdrawn from TP Fund. The Amended Collateral Assets IMA will continue in effect thereafter so long as either Third Point Re BDA or Third Point Re USA remains a limited partner of TP Fund. The Amended Collateral Assets IMA includes provisions limiting the liability of Third Point LLC and its affiliates to specified circumstances and providing for the indemnification by Third Point RE BDA and Third Point Re USA for certain losses incurred by Third Point LLC and its affiliates. Third Point Re BDA and Third Point Re USA will be responsible for any and all third party expenses incurred by them or on their behalf that are directly attributable to the management of the withdrawn assets, other than those borne by Third Point LLC. No asset-based or performance-based compensation will be paid to Third Point LLC by Third Point Re BDA or Third Point Re USA under the Amended Collateral Assets IMA. Upon three business days’ prior written notice, Third Point Re BDA and Third Point Re USA may withdraw all or a portion of the assets managed under the Amended Collateral Assets IMA effective as of any calendar month end or on the close of business on each Wednesday during the month. The Company entered into the Amended Collateral Assets IMA to provide for Third Point LLC's management of certain investment assets that were reallocated from TP Fund into fixed income investments. In the three months ended June 30, 2019, the Company redeemed $750.0 million from TP Fund, of which $350.0 million has been allocated to cash and fixed income investments and the remaining $400.0 million being a redemption receivable as of June 30, 2019.

Fair Value Measurements (Notes)

Fair Value Measurements (Notes)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures	5. Fair value measurements 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. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. 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 following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of June 30, 2019 and December 31, 2018 : June 30, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private preferred equity securities $ — $ — $ 3,000 $ 3,000 Total equities — — 3,000 3,000 U.S. Treasury securities — 525,762 — 525,762 Sovereign debt — 41,592 — 41,592 Total debt securities — 567,354 — 567,354 $ — $ 567,354 $ 3,000 570,354 Investments in funds valued at NAV 824,362 Total assets $ 1,394,716 Liabilities Derivative liabilities (embedded) $ — $ — $ 54 $ 54 Total liabilities $ — $ — $ 54 $ 54 December 31, 2018 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets U.S. Treasury securities $ — $ 197,312 $ — $ 197,312 Sovereign debt — 42,328 — 42,328 Total debt securities $ — $ 239,640 $ — 239,640 Investments in funds valued at NAV 1,284,088 Total assets $ 1,523,728 Liabilities Derivative liabilities (embedded) $ — $ — $ 22 $ 22 Total liabilities $ — $ — $ 22 $ 22 The total change in unrealized gains (losses) on equity and debt securities held at the three months ended June 30, 2019 were $nil and $1.0 million , respectively ( 2018 - $2.9 million and $(17.7) million , respectively). The total change in unrealized gains (losses) on equity and debt securities held at the six months ended June 30, 2019 were $nil and $2.4 million , respectively ( 2018 - $(21.0) million and $(18.4) million , respectively). Private preferred equity securities Private preferred equity securities are those not registered for public sale and are carried at an estimated fair value at the end of the period. Valuation techniques used 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. As the significant inputs used to price these securities are unobservable, these are classified as Level 3. Debt securities U.S. Treasury securities and sovereign debt securities are primarily priced by obtaining broker dealer quotes and other market information including actual market prices, when available. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data. As the significant inputs used to price these securities are observable, the fair values of these investments are classified as Level 2. Investments in funds valued at NAV The Company values its investments in limited partnerships, including its investment in related party investment fund, at fair value. The Company has elected the practical expedient for fair value for these investments which is estimated based on the Company’s share of the net asset value (“NAV”) of the limited partnerships, as provided by the independent fund administrator, as the Company believes it represents the most meaningful measurement basis for the investment assets and liabilities. The NAV represents the Company’s proportionate interest in the members’ equity of the limited partnerships. The resulting net gains or net losses are reflected in the condensed consolidated statements of income (loss) . These investments are included in investment in funds valued at NAV and excluded from the presentation of investments categorized by the level of the fair value hierarchy. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a monthly, quarterly and annual basis, to assess the quality of the information provided by the investment manager and fund administrator underlying the preparation of the NAV. These procedures include, but are not limited to, regular review and discussion of the fund’s performance with the investment manager. However, the Company often does not have access to financial information relating to the underlying securities held within the TP Fund. Therefore, management is often unable to corroborate the fair values placed on the securities underlying the asset valuations provided by the investment manager or fund administrator. Embedded derivatives The Company has derivatives embedded in non-derivative host contracts that are required to be separated from the host contracts and accounted for at fair value with changes in fair value of the embedded derivative reported in other expenses. The Company’s embedded derivatives relate to interest crediting features in certain reinsurance and deposit contracts that vary based on the returns on the Company’s investments managed by Third Point LLC. The Company determines the fair value of the embedded derivatives using models developed by the Company. As the significant inputs used to price embedded derivatives are unobservable, these are classified as level 3. 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, 2019 and 2018 : April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities $ 3,000 $ — $ — $ — $ — $ 3,000 Total assets $ 3,000 $ — $ — $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (32 ) $ — $ — $ — $ (22 ) $ (54 ) Total liabilities $ (32 ) $ — $ — $ — $ (22 ) $ (54 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities $ — $ — $ 3,000 $ — $ — $ 3,000 Total assets $ — $ — $ 3,000 $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (22 ) $ — $ — $ — $ (32 ) $ (54 ) Total liabilities $ (22 ) $ — $ — $ — $ (32 ) $ (54 ) April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 4,352 $ — $ 21 $ — $ (11 ) $ 4,362 Private preferred equity securities 55,231 — 2,350 (977 ) 165 56,769 Asset-backed securities 27,256 3,622 18,350 (21,188 ) 99 28,139 Corporate bonds 10,081 — 512 (817 ) 192 9,968 Rights and warrants 819 (1 ) — (388 ) (6 ) 424 Real estate 6,937 — — — 414 7,351 Derivative assets (free standing) — 8,397 — 390 (1,901 ) 6,886 Total assets $ 104,676 $ 12,018 $ 21,233 $ (22,980 ) $ (1,048 ) $ 113,899 Liabilities Derivative liabilities (free standing) $ (1,996 ) $ 10 $ — $ — $ 147 $ (1,839 ) Derivative liabilities (embedded) (124 ) — — — (40 ) (164 ) Total liabilities $ (2,120 ) $ 10 $ — $ — $ 107 $ (2,003 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 4,794 $ — $ 22 $ — $ (454 ) $ 4,362 Private preferred equity securities 57,126 — 2,509 (992 ) (1,874 ) 56,769 Asset-backed securities 27,308 6,104 30,610 (35,522 ) (361 ) 28,139 Corporate bonds 9,868 — 532 (817 ) 385 9,968 Other debt securities 713 — — (913 ) 200 — Rights and warrants 435 (1 ) 582 (593 ) 1 424 Real estate 6,831 — — (153 ) 673 7,351 Derivative assets (free standing) — 7,701 — 1,499 (2,314 ) 6,886 Total assets $ 107,075 $ 13,804 $ 34,255 $ (37,491 ) $ (3,744 ) $ 113,899 Liabilities Derivative liabilities (free standing) $ (2,085 ) $ 13 $ — $ — $ 233 $ (1,839 ) Derivative liabilities (embedded) (171 ) — — — 7 (164 ) Total liabilities $ (2,256 ) $ 13 $ — $ — $ 240 $ (2,003 ) (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 (loss) . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the condensed consolidated statements of income (loss) . Total change in unrealized gains (losses) on fair value of assets using significant unobservable inputs (Level 3) held at the three and six months ended June 30, 2019 were $nil and $nil, respectively ( 2018 - $(2.9) million and $(6.9) million , respectively). For the six months ended June 30, 2019 and 2018 , there were no changes in the valuation techniques as they relate to the above.

Loss and loss adjustment expens

Loss and loss adjustment expense reserves	6 Months Ended
	Jun. 30, 2019
Insurance Loss Reserves [Abstract]
Loss and loss adjustment expense reserves	6. Loss and loss adjustment expense reserves As of June 30, 2019 and December 31, 2018 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: June 30, December 31, Case loss and loss adjustment expense reserves $ 133,627 $ 125,456 Incurred but not reported loss and loss adjustment expense reserves 887,487 811,280 Deferred gains on retroactive reinsurance contracts 662 421 $ 1,021,776 $ 937,157 The following table represents the activity in the loss and loss adjustment expense reserves for the six months ended June 30, 2019 and 2018 : June 30, June 30, Gross reserves for loss and loss adjustment expenses, beginning of period $ 937,157 $ 720,570 Less: loss and loss adjustment expenses recoverable, beginning of period (2,031 ) (1,113 ) Less: deferred charges on retroactive reinsurance contracts (3,847 ) — Net reserves for loss and loss adjustment expenses, beginning of period 931,279 719,457 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 186,382 167,419 Prior years (8,980 ) 9,201 Total incurred loss and loss adjustment expenses 177,402 176,620 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (25,503 ) (35,471 ) Prior years (67,824 ) (70,781 ) Total net paid losses (93,327 ) (106,252 ) Foreign currency translation (1,186 ) (3,912 ) Net reserves for loss and loss adjustment expenses, end of period 1,014,168 785,913 Plus: loss and loss adjustment expenses recoverable, end of period 3,655 1,414 Plus: deferred charges on retroactive reinsurance contracts 3,953 3,986 Gross reserves for loss and loss adjustment expenses, end of period $ 1,021,776 $ 791,313 Changes in the Company’s loss and loss adjustment expense reserves result from re-estimating loss reserves and from changes in premium earnings 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 $9.0 million net decrease in prior years’ reserves for the six months ended June 30, 2019 includes $12.3 million of net favorable reserve development related to decrease s in loss reserve estimates, partially offset by a $3.3 million increase in loss reserves resulting from increase s in premium earnings 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 $12.3 million of net favorable prior years’ reserve development for the six months ended June 30, 2019 was accompanied by net increase s of $11.8 million in acquisition costs, resulting in a $0.5 million improvement in the net underwriting results , primarily due to: • $7.9 million of net favorable underwriting loss development relating to our workers’ compensation contracts as a result of better than expected loss experience; • $2.3 million of net favorable underwriting loss development from several other contracts as a result of better than expected loss experience; partially offset by • $9.7 million of net adverse underwriting loss development relating to our multi-line, homeowners and general liability contracts, as a result of worse than expected loss experience. • The $3.3 million net increase in loss and loss adjustment expenses incurred resulting from increase s in premium earnings estimates was accompanied by a $2.5 million increase in acquisition costs, for a total of $5.8 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $5.5 million . The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $0.3 million increase in net underwriting loss for the six months ended June 30, 2019 . • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $0.2 million improvement in the net underwriting results for the six months ended June 30, 2019 . As of June 30, 2019 , the Company had unamortized deferred charges of $4.0 million ( December 31, 2018 - $3.8 million ) relating to retroactive reinsurance contracts. Deferred charge on retroactive contracts are recorded in other assets on the Company’s condensed consolidated balance sheet. The $9.2 million net increase in prior years’ reserves for the six months ended June 30, 2018 includes a $17.7 million increase in loss reserves resulting from increases in premium earnings estimates on certain contracts, partially offset by $8.5 million of net favorable reserve development related to decreases in loss reserve estimates. 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 $17.7 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $5.2 million increase in acquisition costs, for a total of $22.9 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $23.2 million . The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $0.3 million improvement in the net underwriting results for the six months ended June 30, 2018 . • The $8.5 million of net favorable prior years’ reserve development for the six months ended June 30, 2018 was accompanied by net increases of $5.7 million in acquisition costs, resulting in a $2.8 million improvement in the net underwriting results, primarily due to: • $5.4 million of net favorable underwriting loss development relating to several workers’ compensation contracts written from 2012 to 2017, driven by better than expected loss experience; • $2.9 million of net favorable underwriting loss development primarily relating to one multi-line contract written from 2014 to 2017, driven by better than expected loss experience; • $1.9 million of net favorable underwriting loss development from several other contracts as a result of better than expected loss experience; partially offset by • $7.4 million of net adverse underwriting loss development primarily relating to our Florida homeowners’ quota share reinsurance contracts. This development is a result of higher than anticipated water damage claims and an increase in the practice of assignment of benefits whereby homeowners assign their rights for filing and settling claims to attorneys and public adjusters. This practice has led to increases in the frequency of claims reported as well as the severity of losses and loss adjustment expenses. • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $3.1 million improvement in the net underwriting results for the six months ended June 30, 2018 .

Management, performance and fou

Management, performance and founders fees	6 Months Ended
	Jun. 30, 2019
Management, Performance and Founders Fees [Abstract]
Management, performance and founders fees	7. Management and performance fees Prior to the change in the Company’s investment account structure described in Note 4, Third Point Re, Third Point Re BDA, TPRUSA and Third Point Re USA were parties to the Amended and Restated Joint Venture and Investment Management Agreements (the “JV Agreements”) with Third Point LLC and TP GP under which Third Point LLC managed certain jointly held assets. Effective August 31, 2018, Third Point Re, Third Point Re BDA and Third Point Re USA entered into the Amended and Restated Exempted Limited Partnership Agreement (the “2018 LPA”) with Third Point Advisors LLC (“TP GP”), pursuant to which Third Point Re BDA and Third Point Re USA invested in the TP Fund. Effective January 1, 2019, Third Point Re, Third Point Re BDA and Third Point Re USA entered into the Second Amended and Restated Exempted Limited Partnership Agreement of TP Fund (the “Amended LPA”, together with the 2018 LPA the “LPA”), which amended and restated the 2018 LPA. Management fees Pursuant to both the JV Agreements and the LPA, Third Point LLC is entitled to receive monthly management fees. Prior to the change in the Company’s investment account structure, management fees were calculated based on 1.5% of net investments managed by Third Point LLC. As a result of the 2018 LPA effective August 31, 2018, management fees are charged at the TP Fund level and were calculated based on 1.5% of the investment in TP Fund and multiplied by an exposure multiplier computed by dividing the average daily investment exposure leverage of the TP Fund by the average daily investment exposure leverage of the Third Point Offshore Master Fund L.P. (“Offshore Master Fund”). Third Point LLC also serves as the investment manager for the Offshore Master Fund. As a result of the Amended LPA effective January 1, 2019, the management fee was revised from 1.5% to 1.25% per annum, with no change to the calculation as part of the 2018 LPA. Performance fees Pursuant to both the JV Agreements and the LPA, TP GP receives a performance fee allocation. Prior to the change in the Company’s investment account structure, the performance fee allocation was equal to 20% of the net investment income of the applicable company’s share of the net investment assets managed by Third Point LLC. As a result of the 2018 LPA effective August 31, 2018, the performance fee allocation is equal to 20% of the Company’s investment income in the related party investment fund. Prior to the change in the investment account structure described in Note 4, the performance fee accrued on net investment income was included in liabilities as a performance fee payable to related party during the period, unless funds were redeemed from the TPRE Limited Partners’ accounts, in which case, the proportionate share of performance fee associated with the redemption amount was earned and allocated to TP GP’s capital account and recorded as an increase in noncontrolling interests in related party. At the end of each year, the remaining portion of the performance fee payable that had not been included in noncontrolling interests in related party was earned and then allocated to TP GP’s capital account. As a result of the 2018 LPA effective August 31, 2018, the performance fee is included as part of “Investment in related party investment fund” on the Company’s condensed consolidated balance sheet since the fees are charged at the TP Fund level. 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 and not subsequently 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, provided that the loss recovery account balance shall be reduced proportionately to reflect any withdrawals from TP Fund. The Amended LPA preserves the loss carryforward attributable to our investment in TP Fund when contributions to TP Fund are made within nine months of certain types of withdrawals from TP Fund. During the six months ended June 30, 2019 , Third Point Re BDA and Third Point Re USA forfeited amounts under the Loss Recovery Account of $1.3 million and $1.3 million , respectively, as a result of net redemptions from TP Fund during the period. As of June 30, 2019 , the Loss Recovery Account for Third Point Re BDA’s investment in TP Fund was $5.3 million ( December 31, 2018 - $46.8 million ) and for Third Point Re USA’s investment in TP Fund was $0.6 million ( December 31, 2018 - $3.8 million ). These amounts have not been recorded in the Company’s condensed consolidated balance sheets. For the three and six months ended June 30, 2018 , management and performance fees to related parties in the condensed consolidated statements of income (loss) include activity in the separate accounts prior to the change in the investment account structure. As a result of the 2018 LPA effective August 31, 2018, management and performance fees for the three and six months ended June 30, 2019 are presented within net investment income from investment in related party investment fund in the condensed consolidated statements of income (loss) . The total management and performance fees to related parties, including our share of fees paid in connection with our investment in TP Fund, for the three and six months ended June 30, 2019 and 2018 were as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Management fees - Third Point LLC $ — $ 9,635 $ — $ 19,410 Performance fees - Third Point Advisors LLC — 4,858 — 5,130 Management and performance fees to related parties as reported in the Company’s condensed consolidated statements of income (loss) — 14,493 — 24,540 Management and performance fees included in net investment income from investment in related party investment fund (before loss carryforward) 17,864 — 52,105 — Performance fees - loss carryforward (12,721 ) — (42,119 ) — Total management and performance fees to related parties $ 5,143 $ 14,493 $ 9,986 $ 24,540

Deposit contracts

Deposit contracts	6 Months Ended
	Jun. 30, 2019
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	8. Deposit accounted contracts The following table represents activity for the deposit contracts for the six months ended June 30, 2019 and year ended December 31, 2018 : June 30, December 31, Balance, beginning of period $ 145,342 $ 129,133 Consideration received 571 17,879 Consideration receivable 6,107 7,390 Net investment expense (income) allocation 2,422 (1,273 ) Payments (5,588 ) (8,089 ) Foreign currency translation (9 ) 302 Balance, end of period $ 148,845 $ 145,342

Senior notes payable and letter

Senior notes payable and letter of credit facilities	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Senior notes payable and letter of credit facilities	9. Senior Notes payable and letter of credit facilities Senior Notes payable As of June 30, 2019 , 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 Re, 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, 2019 , the Company had capitalized $1.0 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, 2019 , the Notes had an estimated fair value of $116.2 million ( December 31, 2018 - $114.7 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 debt covenants as of and for the periods ended June 30, 2019 and December 31, 2018 . Letters of credit As of June 30, 2019 , the Company had entered into the following letter of credit facilities: Letters of Credit Collateral Committed Capacity Issued Cash and Cash Equivalents Unsecured syndicated credit facility $ 200,000 $ 158,027 n/a Committed - Secured letters of credit facilities 125,000 60,231 60,231 Uncommitted - Secured letters of credit facilities n/a 177,533 177,533 $ 395,791 $ 237,764 The Company’s secured letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the secured letter of credit facilities are fully collateralized. The syndicated unsecured letter of credit facility expired on July 30, 2019 and was not renewed. See Note 3 for additional information.

Net investment income

Net investment income	6 Months Ended
	Jun. 30, 2019
Net Investment Income [Abstract]
Net investment income (loss)	10. Net investment income Net investment income for the three and six months ended June 30, 2019 and 2018 consisted of the following: Three months ended Six months ended June 30, June 30, June 30, June 30, Net investment income by type Net realized gains on investments and investment derivatives $ 44 $ 64,731 $ 44 $ 130,500 Net change in unrealized gains (losses) on investments and investment derivatives 1,026 (32,532 ) 2,728 (95,520 ) Net gains (losses) on foreign currencies (1,192 ) (1,830 ) 2,573 (2,617 ) Dividend and interest income 3,149 24,493 5,834 37,717 Dividends paid on securities sold, not yet purchased — (2,329 ) — (4,221 ) Other expenses (253 ) (6,865 ) (443 ) (12,352 ) Management and performance fees to related parties — (14,493 ) — (24,540 ) Net investment income from investment in related party investment fund (1) 66,357 — 213,348 — Net investment income $ 69,131 $ 31,175 $ 224,084 $ 28,967 (1) Effective August 31, 2018, Third Point Re, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA to invest in TP Fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the transition. See Note 7 for additional information regarding management and performance fees. The following table provides an additional breakdown of our net investment income by asset and liability type for the three and six months ended June 30, 2019 and 2018 : Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net investment income (loss) by asset type Equity securities $ — $ 58,881 $ — $ 40,556 Private common equity securities — (11 ) — (453 ) Private preferred equity securities — 166 — (1,874 ) Total equities — 59,036 — 38,229 Asset-backed securities — 7,033 — 19,482 Bank debt — 800 — 3,321 Corporate bonds — (737 ) — (3,413 ) Municipal bonds — 2,470 — 6,248 U.S. Treasury securities 3,224 478 5,022 (159 ) Sovereign debt (934 ) (8,533 ) 32 (4,402 ) Other debt securities — 31 — 469 Total debt securities 2,290 1,542 5,054 21,546 Options — (5,562 ) — (6,619 ) Rights and warrants — 63 — 47 Real estate — 414 — 501 Trade claims — (284 ) — (287 ) Total other investments — (5,369 ) — (6,358 ) Net investment income (loss) in funds valued at NAV, excluding TP Fund — 282 3 (625 ) Total net investment income from invested assets 2,290 55,491 5,057 52,792 Net investment income (loss) by liability type Equity securities — (23,844 ) — (10,926 ) Corporate bonds — (1,934 ) — (1,969 ) Options — 9,174 — 12,907 Total net investment income (loss) from securities sold, not yet purchased — (16,604 ) — 12 Other investment income (losses) and other expenses not presented above Other investment expenses (254 ) (673 ) (444 ) (1,026 ) Net investment income on derivative contracts — 8,680 — 6,059 Net investment income (loss) on cash, including foreign exchange gain (loss) 738 (5,485 ) 6,123 (9,345 ) Net investment losses on securities purchased under an agreement to sell and securities sold under an agreement to repurchase — (32 ) — (241 ) Withholding taxes reclassified to income tax expense — 4,291 — 5,256 Total other investment income and other expenses 484 6,781 5,679 703 Management and performance fees to related parties — (14,493 ) — (24,540 ) Net investment income from investment in related party investment fund (1) 66,357 — 213,348 — Net investment income $ 69,131 $ 31,175 $ 224,084 $ 28,967 (1) Effective August 31, 2018, Third Point Re, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA to invest in TP Fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the transition. See Note 7 for additional information regarding management and performance fees. As a result of the Company’s holding in TP Fund and its contribution to the Company’s overall financial results, the Company includes the following summarized income statement of the TP Fund for the three and six months ended June 30, 2019 and summarized balance sheet as of June 30, 2019 and December 31, 2018 . This summarized income statement of TP Fund reflects the main components of total investment income and expenses of TP Fund. This summarized income statement is not a breakdown of the Company’s proportional investment income in TP Fund as presented in the Company’s condensed consolidated statement of income. Three months ended Six months ended TP Fund summarized income statement (1) June 30, 2019 June 30, 2019 Investment income Net realized gain (loss) from securities, derivative contracts and foreign currency translations $ 19,663 $ (3,438 ) Net change in unrealized gain on securities, derivative contracts and foreign currency translations 59,728 249,766 Net loss from currencies (2,110 ) (2,592 ) Dividend and interest income 17,756 30,080 Other income 2,306 4,414 Total investment income 97,343 278,230 Expenses Management fees 5,143 9,986 Interest 5,201 8,824 Dividends on securities sold, not yet purchased 2,389 4,744 Administrative and professional fees 613 1,015 Other expenses 1,607 3,204 Total expenses 14,953 27,773 Net income $ 82,390 $ 250,457 (1) TP Fund commenced operations on September 3, 2018, as result, there are no comparative results for the prior year periods. The following table is a summarized balance sheet of TP Fund as of June 30, 2019 and December 31, 2018 and reflects the underlying assets and liabilities of TP Fund. This summarized balance sheet is not a breakdown of the Company’s proportional interests in the underlying assets and liabilities of TP Fund. TP Fund summarized balance sheet June 30, 2019 December 31, 2018 Assets Total investments in securities $ 1,826,645 $ 1,561,636 Cash and cash equivalents 906 6 Due from brokers 478,592 375,469 Derivative assets, at fair value 26,725 20,533 Interest and dividends receivable 6,258 3,693 Participation agreement with related party — 2,296 Other assets 107 422 Total assets $ 2,339,233 $ 1,964,055 Liabilities Accounts payable and accrued expenses $ 2,369 $ 1,754 Securities sold, not yet purchased, at fair value 406,124 355,233 Securities sold under agreement to repurchase 1,290 — Due to brokers 453,935 107,116 Derivative liabilities, at fair value 24,858 27,483 Redemptions payable to Third Point Re 400,000 — Interest and dividends payable 2,327 1,881 Management fee payable 467 182 Total liabilities 1,291,370 493,649 Total partners' capital $ 1,047,863 $ 1,470,406

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income taxes	11. Income taxes The Company provides for income tax expense or benefit based upon pre-tax income or loss reported in the condensed consolidated statements of income (loss) 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. Our non-U.S. subsidiaries would become subject to U.S. federal income tax only to the extent that they derive income from activity that is deemed to be the conduct of a trade or business within the United States. The Company also has subsidiaries in the United Kingdom, TPRUK and Third Point Re UK, which are subject to applicable taxes in that jurisdiction. Prior to the change in the Company’s investment account structure described in the Company’s 2018 Form 10-K, the Company was 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. In addition, the Company had recorded uncertain tax positions related to certain investment transactions in certain foreign jurisdictions. As of June 30, 2019 , the Company had accrued $1.5 million (December 31, 2018 - $1.5 million ). For the three and six months ended June 30, 2019 and 2018 , the Company recorded income tax expense, as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ (74 ) $ 61 $ 1,644 $ (788 ) Change in uncertain tax positions (2) — 38 — 50 Withholding taxes on certain investment transactions (2) — 4,291 — 5,256 $ (74 ) $ 4,390 $ 1,644 $ 4,518 (1) As of June 30, 2019 , the Company has recorded $7.3 million ( December 31, 2018 - $9.1 million ) of net deferred tax assets, which are included in other assets in the condensed consolidated balance sheets. As of June 30, 2019 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. (2) Represents activity prior to the change in the Company’s investment account structure on August 31, 2018 as described in the Company’s 2018 Form 10-K.

Share capital

Share capital	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Share capital	12. Share capital The following table presents a summary of the common shares issued and outstanding as of and for the six months ended June 30, 2019 and 2018 : Common shares 2019 2018 Common shares issued, beginning of period 93,639,610 107,227,347 Restricted shares granted, net of forfeitures 371,596 50,644 Performance restricted shares granted, net of forfeitures and shares withheld (16,282 ) 257,045 Retirement of treasury shares and shares repurchased (1) — (8,269,193 ) Warrants exercised, net (2) — 361,556 Common shares issued, end of period 93,994,924 99,627,399 (1) Prior to December 31, 2017, common shares repurchased by the Company were not canceled and were classified as treasury shares. Effective January 1, 2018, all treasury shares were retired and subsequent shares repurchased are retired. (2) During the six months ended June 30, 2018 , 1,156,184 warrants were exercised. As a result of the warrant holder electing net settlement, 794,628 of those common shares were withheld by the Company and were subsequently retired, resulting in a net issuance of 361,556 common shares. 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 As of June 30, 2019 , the Company is authorized to repurchase up to an aggregate of $61.3 million of common shares under its share repurchase program. 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 six months ended June 30, 2019 , the Company did not repurchase any of its common shares.

Share-based compensation

Share-based compensation	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	13. 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, 2019 and 2018 : Three months ended Six months ended June 30, June 30, June 30, June 30, Management and director options $ — $ 60 $ — $ 155 Restricted shares with service condition 940 139 1,134 279 Restricted shares with service and performance condition 3,014 1,114 4,278 2,124 $ 3,954 $ 1,313 $ 5,412 $ 2,558 As of June 30, 2019 , the Company had $10.3 million ( December 31, 2018 - $7.4 million ) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.6 years ( December 31, 2018 - 1.4 years ). Management and director options The Company has not granted any stock option awards since April 2013. These stock option awards were fully amortized as of December 31, 2018. The following table summarizes information about the Company’s management and director share options outstanding and exercisable as of June 30, 2019 : Range of exercise prices Number of options Weighted average exercise price Remaining contractual life $10.00 - $10.89 5,123,531 $ 10.04 2.6 years $15.05 - $16.89 1,917,145 15.93 2.8 years $20.00 - $25.05 1,847,377 20.26 2.7 years 8,888,053 $ 13.43 2.7 years Restricted shares with service condition Restricted share award activity for the six months ended June 30, 2019 and year ended December 31, 2018 was as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2018 18,209 $ 12.15 Granted 50,644 13.45 Vested (44,788 ) 12.97 Balance as of January 1, 2019 24,065 13.35 Granted 391,221 11.34 Forfeited (19,625 ) 11.21 Vested (24,064 ) 13.35 Balance as of June 30, 2019 371,597 $ 11.13 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, 2019 and year ended December 31, 2018 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, 2018 1,855,379 887,203 $ 12.60 Granted 556,403 370,931 14.01 Forfeited (294,977 ) (4,102 ) 13.98 Vested (115,757 ) (115,757 ) 14.00 Change in estimated restricted shares considered probable of vesting n/a 46,945 13.35 Balance as of January 1, 2019 2,001,048 1,185,220 12.80 Granted 781,789 521,193 11.21 Forfeited (791,629 ) (264,224 ) 11.75 Vested (148,718 ) (148,718 ) 11.40 Change in estimated restricted shares considered probable of vesting n/a 112,198 13.19 Balance as of June 30, 2019 1,842,490 1,405,669 $ 12.60

Non-controlling interests

Non-controlling interests	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Non-controlling interests	14. Noncontrolling interests in related party Noncontrolling interests in related party represents the portion of equity in consolidated subsidiaries not attributable, directly or indirectly, to the Company. Prior to the change in the Company’s investment account structure described in the Company’s 2018 Form 10-K, the joint ventures created through the JV Agreements had been considered variable interest entities and had been consolidated in accordance with ASC 810, Consolidation (ASC 810). Since the Company was deemed to be the primary beneficiary, the Company had consolidated the joint ventures and recorded TP GP’s minority interests as redeemable noncontrolling interests in related party and noncontrolling interests in related party in the condensed consolidated balance sheets. A portion of the noncontrolling interest in investment affiliates was subject to contractual withdrawal rights of TP GP, whereas TP GP, at its sole discretion, could withdraw the capital over the minimum capital required to be maintained in its capital accounts. This excess capital was therefore recorded on the Company’s condensed consolidated balance sheets as redeemable noncontrolling interest in related party whereas the required minimum capital was recorded as noncontrolling interests in related party within shareholders’ equity on the Company’s condensed consolidated balance sheets since it does not have withdrawal rights. The following table is a reconciliation of the beginning and ending carrying amounts of redeemable noncontrolling interests in related party, noncontrolling interests in related party and total noncontrolling interests in related party for the six months ended June 30, 2018 : Redeemable noncontrolling interests in related party Noncontrolling interests in related party Total noncontrolling interests in related party June 30, June 30, June 30, Balance, beginning of period $ 108,219 $ 5,407 $ 113,626 Changes in capital account allocation (1) (101,040 ) (251 ) (101,291 ) Balance, end of period $ 7,179 $ 5,156 $ 12,335 (1) Changes in capital account allocation include TP GP's redemption in conjunction with the change in the investment account structure as described in the Company’s 2018 Form 10-K. In addition, the following table is a reconciliation of beginning and ending carrying amount of total noncontrolling interests in related party resulting from the condensed consolidation of the Company’s joint venture in Third Point Re BDA and Third Point Re USA for the six months ended June 30, 2018 : Third Point Re BDA Third Point Re USA Total June 30, June 30, June 30, Balance, beginning of period $ 97,619 $ 16,007 $ 113,626 Net income attributable to total noncontrolling interests in related party 137 82 219 Contributions (1) 476 14 490 Redemptions (2) (89,000 ) (13,000 ) (102,000 ) Balance, end of period $ 9,232 $ 3,103 $ 12,335 (1) Contributions include performance fees earned during the period. See Note 7 for additional information. (2) Redemptions include TP GP's redemption in conjunction with the change in the investment account structure as described in the Company’s 2018 Form 10-K. Non-consolidated variable interest entity Third Point Enhanced LP TP Fund meets the definition of a variable interest entity principally because of the existence of disproportionate rights in the partnership compared to the obligations to absorb the expected losses and right to receive the expected residual returns of TP Fund’s results. As of June 30, 2019 , the Company and TP GP hold interests of approximately 78.7% and 21.0% , respectively, of the net asset value of TP Fund. As a result, both entities hold significant financial interests in TP Fund. However, TP GP controls all of the investment decision making authority and the Company does not have the power to direct the activities which most significantly impact the economic performance of TP Fund. As a result, the Company is not considered the primary beneficiary and does not consolidate TP Fund. Realized gains or losses upon any redemptions of investments are calculated using the weighted average method and the Company records contributions and withdrawals related to its investment in the TP Fund on the transaction date. As of June 30, 2019 , the Company had no unfunded commitments related to TP Fund and the Company’s maximum exposure to loss corresponds to the value of its investments in TP Fund. Under the 2018 LPA, the TPRE Limited Partners have the right to withdraw funds weekly from TP Fund to pay claims and expenses as needed, to meet capital adequacy requirements and to satisfy financing obligations. The TPRE Limited Partners may also withdraw their investment upon the occurrence of certain events specified in the 2018 LPA and may withdraw their investment in full on December 31, 2021 and each successive three-year anniversary of such date.

Earnings (loss) per share avail

Earnings (loss) per share available to Third Point Re common shareholders	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings (loss) per share available to Third Point Re common shareholders	15. Earnings (loss) per share available to Third Point Re common shareholders The following sets forth the computation of basic and diluted earnings (loss) per share available to Third Point Re common shareholders for the three and six months ended June 30, 2019 and 2018 : 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 91,776,870 99,498,901 91,723,636 100,342,636 Dilutive effect of options 321,492 1,274,609 308,579 — Dilutive effect of warrants 228,643 878,977 219,460 — Dilutive effect of restricted shares with service and performance condition 474,794 379,998 468,791 — Diluted number of common shares outstanding 92,801,799 102,032,485 92,720,466 100,342,636 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 53,065 $ 19,602 $ 185,980 $ (6,399 ) Net income allocated to Third Point Re participating common shareholders (85 ) (6 ) (482 ) — Net income (loss) allocated to Third Point Re common shareholders $ 52,980 $ 19,596 $ 185,498 $ (6,399 ) Basic earnings (loss) per share available to Third Point Re common shareholders $ 0.58 $ 0.20 $ 2.02 $ (0.06 ) Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 53,065 $ 19,602 $ 185,980 $ (6,399 ) Net income allocated to Third Point Re participating common shareholders (84 ) (6 ) (476 ) — Net income (loss) allocated to Third Point Re common shareholders $ 52,981 $ 19,596 $ 185,504 $ (6,399 ) Diluted earnings (loss) per share available to Third Point Re common shareholders $ 0.57 $ 0.19 $ 2.00 $ (0.06 ) For the three months ended June 30, 2019 and 2018 , anti-dilutive options of 3,973,824 and 3,764,521 , respectively, were excluded from the computation of diluted earnings per share. For the six months ended June 30, 2019 , anti-dilutive options of 3,973,824 were excluded from the computation of diluted earnings per share. As a result of the net loss for the six months ended June 30, 2018 , outstanding options, warrants and restricted shares with service and performance condition totaling 10,003,738

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Investments Under the new investment account structure described in the Company’s 2018 Form 10-K, the Company does not have any unfunded commitments or obligations. 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 Re, 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. Letters of Credit See Note 9 for additional information related to the Company’s letter of credit facilities. Litigation

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment reporting	17. 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. Non-underwriting income and expenses including: net investment income , certain general and administrative expenses related to corporate activities, interest expense, foreign exchange gains and income tax (expense) benefit are presented as a reconciliation to the Company’s consolidated results. The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments. The following is a summary of the Company’s operating segment results for the three and six months ended June 30, 2019 and 2018 : Three months ended June 30, 2019 June 30, 2018 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 82,637 $ 82,637 $ 49,765 $ 49,765 Gross premiums ceded (1,473 ) (1,473 ) (3,479 ) (3,479 ) Net premiums written 81,164 81,164 46,286 46,286 Change in net unearned premium reserves 64,288 64,288 95,207 95,207 Net premiums earned 145,452 145,452 141,493 141,493 Expenses Loss and loss adjustment expenses incurred, net 82,334 82,334 84,000 84,000 Acquisition costs, net 58,006 58,006 57,584 57,584 General and administrative expenses 6,769 6,769 4,963 4,963 Total expenses 147,109 147,109 146,547 146,547 Net underwriting loss $ (1,657 ) (1,657 ) $ (5,054 ) (5,054 ) Net investment income 69,131 31,175 Corporate expenses (12,881 ) (4,733 ) Other expenses (3,811 ) (3,983 ) Interest expense (2,051 ) (2,051 ) Foreign exchange gains 4,260 8,847 Income tax benefit (expense) 74 (4,390 ) Net income attributable to noncontrolling interests in related party — (209 ) Net income available to Third Point Re common shareholders $ 53,065 $ 19,602 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 56.6 % 59.4 % Acquisition cost ratio 39.9 % 40.7 % Composite ratio 96.5 % 100.1 % General and administrative expense ratio 4.6 % 3.5 % Combined ratio 101.1 % 103.6 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Six months ended June 30, 2019 June 30, 2018 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 402,228 $ 402,228 $ 428,125 $ 428,125 Gross premiums ceded (2,185 ) (2,185 ) (18,125 ) (18,125 ) Net premiums written 400,043 400,043 410,000 410,000 Change in net unearned premium reserves (101,541 ) (101,541 ) (126,021 ) (126,021 ) Net premiums earned 298,502 298,502 283,979 283,979 Expenses Loss and loss adjustment expenses incurred, net 177,402 177,402 176,620 176,620 Acquisition costs, net 115,504 115,504 108,989 108,989 General and administrative expenses 12,993 12,993 9,787 9,787 Total expenses 305,899 305,899 295,396 295,396 Net underwriting loss $ (7,397 ) (7,397 ) $ (11,417 ) (11,417 ) Net investment income 224,084 28,967 Corporate expenses (18,789 ) (9,390 ) Other expenses (7,936 ) (7,978 ) Interest expense (4,080 ) (4,080 ) Foreign exchange gains 1,742 2,236 Income tax expense (1,644 ) (4,518 ) Net income attributable to noncontrolling interests in related party — (219 ) Net income (loss) available to Third Point Re common shareholders $ 185,980 $ (6,399 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 59.4 % 62.2 % Acquisition cost ratio 38.7 % 38.4 % Composite ratio 98.1 % 100.6 % General and administrative expense ratio 4.4 % 3.4 % Combined ratio 102.5 % 104.0 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. 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, 2019 and 2018 : Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Property $ 41,862 50.7 % $ 1,660 3.3 % $ 95,843 23.8 % $ 2,029 0.5 % Casualty 23,529 28.5 % 43,510 87.4 % 101,421 25.2 % 196,730 46.0 % Specialty 17,246 20.8 % 254 0.6 % 210,317 52.3 % 225,025 52.5 % Total prospective reinsurance contracts 82,637 100.0 % 45,424 91.3 % 407,581 101.3 % 423,784 99.0 % Retroactive reinsurance contracts (1) — — % 4,341 8.7 % (5,353 ) (1.3 )% 4,341 1.0 % $ 82,637 100.0 % $ 49,765 100.0 % $ 402,228 100.0 % $ 428,125 100.0 % (1) The negative gross premiums written amount for the retroactive reinsurance contracts lines of business during the six months ended June 30, 2019

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Information	18. Supplemental guarantor information Third Point Re 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, 2019 and December 31, 2018 , condensed consolidating statements of income for the three and six months ended June 30, 2019 and 2018 and condensed consolidating statements of cash flows for the six months ended June 30, 2019 and 2018 for Third Point Re, TPRUSA and the non-guarantor subsidiaries of Third Point Re. 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, 2019 Third Point Re TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 3,000 $ — $ 1,391,716 $ — $ 1,394,716 Cash and cash equivalents 1 179 93,577 — 93,757 Restricted cash and cash equivalents — — 656,146 — 656,146 Redemption receivable from related party investment fund — — 400,000 — 400,000 Investment in subsidiaries 1,398,386 271,717 190,883 (1,860,986 ) — Interest and dividends receivable — — 1,792 — 1,792 Reinsurance balances receivable — — 696,170 — 696,170 Deferred acquisition costs, net — — 208,027 — 208,027 Unearned premiums ceded — — 15,473 — 15,473 Loss and loss adjustment expenses recoverable — — 3,655 — 3,655 Amounts due from (to) affiliates (1,364 ) 127 1,237 — — Other assets 391 5,920 13,404 — 19,715 Total assets $ 1,400,414 $ 277,943 $ 3,672,080 $ (1,860,986 ) $ 3,489,451 Liabilities Accounts payable and accrued expenses $ 4,516 $ 35 $ 10,292 $ — $ 14,843 Reinsurance balances payable — — 88,670 — 88,670 Deposit liabilities — — 148,845 — 148,845 Unearned premium reserves — — 702,398 — 702,398 Loss and loss adjustment expense reserves — — 1,021,776 — 1,021,776 Interest and dividends payable — 3,022 — — 3,022 Senior notes payable, net of deferred costs — 113,999 — — 113,999 Total liabilities 4,516 117,056 1,971,981 — 2,093,553 Shareholders’ equity Common shares 9,399 — 1,239 (1,239 ) 9,399 Additional paid-in capital 924,191 191,140 1,589,924 (1,781,064 ) 924,191 Retained earnings (deficit) 462,308 (30,253 ) 108,936 (78,683 ) 462,308 Shareholders’ equity attributable to Third Point Re common shareholders 1,395,898 160,887 1,700,099 (1,860,986 ) 1,395,898 Total liabilities and shareholders’ equity $ 1,400,414 $ 277,943 $ 3,672,080 $ (1,860,986 ) $ 3,489,451 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ — $ — $ 1,523,728 $ — $ 1,523,728 Cash and cash equivalents — 187 103,996 — 104,183 Restricted cash and cash equivalents — — 609,154 — 609,154 Investment in subsidiaries 1,207,161 251,350 175,758 (1,634,269 ) — Due from brokers — — 1,411 — 1,411 Interest and dividends receivable — — 1,316 — 1,316 Reinsurance balances receivable — — 602,448 — 602,448 Deferred acquisition costs, net — — 203,842 — 203,842 Unearned premiums ceded — — 17,552 — 17,552 Loss and loss adjustment expenses recoverable — — 2,031 — 2,031 Amounts due from (to) affiliates (3,522 ) 52 3,470 — — Other assets 1,673 5,069 13,827 — 20,569 Total assets $ 1,205,312 $ 256,658 $ 3,258,533 $ (1,634,269 ) $ 3,086,234 Liabilities Accounts payable and accrued expenses $ 738 $ 70 $ 6,453 $ — $ 7,261 Reinsurance balances payable — — 69,701 — 69,701 Deposit liabilities — — 145,342 — 145,342 Unearned premium reserves — — 602,936 — 602,936 Loss and loss adjustment expense reserves — — 937,157 — 937,157 Participation agreement with related party investment fund — — 2,297 — 2,297 Interest and dividends payable — 3,055 — — 3,055 Senior notes payable, net of deferred costs — 113,911 — — 113,911 Total liabilities 738 117,036 1,763,886 — 1,881,660 Shareholders’ equity Common shares 9,364 — 1,239 (1,239 ) 9,364 Additional paid-in capital 918,882 176,005 1,557,016 (1,733,021 ) 918,882 Retained earnings (deficit) 276,328 (36,383 ) (63,608 ) 99,991 276,328 Shareholders' equity attributable to Third Point Re common shareholders 1,204,574 139,622 1,494,647 (1,634,269 ) 1,204,574 Total liabilities and shareholders’ equity $ 1,205,312 $ 256,658 $ 3,258,533 $ (1,634,269 ) $ 3,086,234 CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 82,637 $ — $ 82,637 Gross premiums ceded — — (1,473 ) — (1,473 ) Net premiums written — — 81,164 — 81,164 Change in net unearned premium reserves — — 64,288 — 64,288 Net premiums earned — — 145,452 — 145,452 Net investment income — — 69,131 — 69,131 Equity in earnings (losses) of subsidiaries 61,912 1,320 (3 ) (63,229 ) — Total revenues 61,912 1,320 214,580 (63,229 ) 214,583 Expenses Loss and loss adjustment expenses incurred, net — — 82,334 — 82,334 Acquisition costs, net — — 58,006 — 58,006 General and administrative expenses 8,847 13 10,790 — 19,650 Other expenses — — 3,811 — 3,811 Interest expense — 2,051 — — 2,051 Foreign exchange gains — — (4,260 ) — (4,260 ) Total expenses 8,847 2,064 150,681 — 161,592 Income (loss) before income tax (expense) benefit 53,065 (744 ) 63,899 (63,229 ) 52,991 Income tax (expense) benefit — 433 (359 ) — 74 Net income (loss) 53,065 (311 ) 63,540 (63,229 ) 53,065 Net income attributable to noncontrolling interests in related party — — — — — Net income (loss) available to Third Point Re common shareholders $ 53,065 $ (311 ) $ 63,540 $ (63,229 ) $ 53,065 For the six months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 402,228 $ — $ 402,228 Gross premiums ceded — — (2,185 ) — (2,185 ) Net premiums written — — 400,043 — 400,043 Change in net unearned premium reserves — — (101,541 ) — (101,541 ) Net premiums earned — — 298,502 — 298,502 Net investment income — — 224,084 — 224,084 Equity in earnings (losses) of subsidiaries 197,453 9,333 (11 ) (206,775 ) — Total revenues 197,453 9,333 522,575 (206,775 ) 522,586 Expenses Loss and loss adjustment expenses incurred, net — — 177,402 — 177,402 Acquisition costs, net — — 115,504 — 115,504 General and administrative expenses 11,473 (26 ) 20,335 — 31,782 Other expenses — — 7,936 — 7,936 Interest expense — 4,080 — — 4,080 Foreign exchange gains — — (1,742 ) — (1,742 ) Total expenses 11,473 4,054 319,435 — 334,962 Income before income tax (expense) benefit 185,980 5,279 203,140 (206,775 ) 187,624 Income tax (expense) benefit — 851 (2,495 ) — (1,644 ) Net income 185,980 6,130 200,645 (206,775 ) 185,980 Net income attributable to noncontrolling interests in related party — — — — — Net income available to Third Point Re common shareholders $ 185,980 $ 6,130 $ 200,645 $ (206,775 ) $ 185,980 CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended June 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 49,765 $ — $ 49,765 Gross premiums ceded — — (3,479 ) — (3,479 ) Net premiums written — — 46,286 — 46,286 Change in net unearned premium reserves — — 95,207 — 95,207 Net premiums earned — — 141,493 — 141,493 Net investment income — — 31,175 — 31,175 Equity in earnings (losses) of subsidiaries 21,319 1,847 (13 ) (23,153 ) — Total revenues 21,319 1,847 172,655 (23,153 ) 172,668 Expenses Loss and loss adjustment expenses incurred, net — — 84,000 — 84,000 Acquisition costs, net — — 57,584 — 57,584 General and administrative expenses 1,717 19 7,960 — 9,696 Other expenses — — 3,983 — 3,983 Interest expense — 2,051 — — 2,051 Foreign exchange gains — — (8,847 ) — (8,847 ) Total expenses 1,717 2,070 144,680 — 148,467 Income (loss) before income tax (expense) benefit 19,602 (223 ) 27,975 (23,153 ) 24,201 Income tax (expense) benefit — 435 (4,825 ) — (4,390 ) Net income 19,602 212 23,150 (23,153 ) 19,811 Net income attributable to noncontrolling interests in related party — — (209 ) — (209 ) Net income available to Third Point Re common shareholders $ 19,602 $ 212 $ 22,941 $ (23,153 ) $ 19,602 For the six months ended June 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 428,125 $ — $ 428,125 Gross premiums ceded — — (18,125 ) — (18,125 ) Net premiums written — — 410,000 — 410,000 Change in net unearned premium reserves — — (126,021 ) — (126,021 ) Net premiums earned — — 283,979 — 283,979 Net investment income — — 28,967 — 28,967 Equity in earnings (losses) of subsidiaries (3,038 ) 239 (30 ) 2,829 — Total revenues (3,038 ) 239 312,916 2,829 312,946 Expenses Loss and loss adjustment expenses incurred, net — — 176,620 — 176,620 Acquisition costs, net — — 108,989 — 108,989 General and administrative expenses 3,361 22 15,794 — 19,177 Other expenses — — 7,978 — 7,978 Interest expense — 4,080 — — 4,080 Foreign exchange gains — — (2,236 ) — (2,236 ) Total expenses 3,361 4,102 307,145 — 314,608 Income (loss) before income tax (expense) benefit (6,399 ) (3,863 ) 5,771 2,829 (1,662 ) Income tax (expense) benefit — 861 (5,379 ) — (4,518 ) Net income (loss) (6,399 ) (3,002 ) 392 2,829 (6,180 ) Net income attributable to noncontrolling interests in related party — — (219 ) — (219 ) Net income (loss) available to Third Point Re common shareholders $ (6,399 ) $ (3,002 ) $ 173 $ 2,829 $ (6,399 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 185,980 $ 6,130 $ 200,645 $ (206,775 ) $ 185,980 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in losses of subsidiaries (197,453 ) (9,333 ) 11 206,775 — Share compensation expense 2,640 — 2,772 — 5,412 Net interest expense on deposit liabilities — — 2,422 — 2,422 Net realized and unrealized gain on investments and derivatives — — (2,740 ) — (2,740 ) Net unrealized gain on investment in related party investment fund — — (213,348 ) — (213,348 ) Net foreign exchange gains — — (1,742 ) — (1,742 ) Amortization of premium and accretion of discount, net — 88 397 — 485 Changes in assets and liabilities: Reinsurance balances receivable — — (87,348 ) — (87,348 ) Deferred acquisition costs, net — — (4,185 ) — (4,185 ) Unearned premiums ceded — — 2,079 — 2,079 Loss and loss adjustment expenses recoverable — — (1,624 ) — (1,624 ) Other assets 1,282 (851 ) 835 — 1,266 Interest and dividends receivable, net — (33 ) (476 ) — (509 ) Unearned premium reserves — — 99,462 — 99,462 Loss and loss adjustment expense reserves — — 85,805 — 85,805 Accounts payable and accrued expenses 3,778 (34 ) 3,838 — 7,582 Reinsurance balances payable — — 18,809 — 18,809 Amounts due from (to) affiliates (2,158 ) (75 ) 2,233 — — Net cash provided by (used in) operating activities (5,931 ) (4,108 ) 107,845 — 97,806 Investing activities Proceeds from redemptions from related party investment fund — — 360,000 — 360,000 Contributions to related party investment fund, including subscription receivable — — (87,000 ) — (87,000 ) Change in participation agreement with related party investment fund — — (2,297 ) — (2,297 ) Purchases of investments (3,000 ) — (327,463 ) — (330,463 ) Proceeds from sales and maturities of investments — — 2,198 — 2,198 Change in due to/from brokers, net — — 1,411 — 1,411 Contributed capital to subsidiaries (15,000 ) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000 ) 15,000 — — Net cash used in investing activities (18,000 ) — (38,151 ) — (56,151 ) Financing activities Taxes paid on withholding shares (68 ) — — — (68 ) Net payments on deposit liability contracts — — (5,021 ) — (5,021 ) Dividend received by (paid to) parent 24,000 4,100 (28,100 ) — — Net cash provided by (used in) financing activities 23,932 4,100 (33,121 ) — (5,089 ) Net increase (decrease) in cash, cash equivalents and restricted cash 1 (8 ) 36,573 — 36,566 Cash, cash equivalents and restricted cash at beginning of period — 187 713,150 — 713,337 Cash, cash equivalents and restricted cash at end of period $ 1 $ 179 $ 749,723 $ — $ 749,903 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income (loss) $ (6,399 ) $ (3,002 ) $ 392 $ 2,829 $ (6,180 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries 3,038 (239 ) 30 (2,829 ) — Share compensation expense 279 — 2,279 — 2,558 Net interest expense on deposit liabilities — — 2,449 — 2,449 Net realized and unrealized gain on investments and derivatives — — (34,987 ) — (34,987 ) Net foreign exchange gains — — (2,236 ) — (2,236 ) Amortization of premium and accretion of discount, net — 88 2,825 — 2,913 Changes in assets and liabilities: Reinsurance balances receivable — — (157,498 ) — (157,498 ) Deferred acquisition costs, net — — (5,615 ) — (5,615 ) Unearned premiums ceded — — (16,557 ) — (16,557 ) Loss and loss adjustment expenses recoverable — — (301 ) — (301 ) Other assets 410 — (3,947 ) — (3,537 ) Interest and dividends receivable, net — (33 ) 865 — 832 Unearned premium reserves — — 142,578 — 142,578 Loss and loss adjustment expense reserves — — 74,655 — 74,655 Accounts payable and accrued expenses 458 (858 ) (22,164 ) — (22,564 ) Reinsurance balances payable — — 32,208 — 32,208 Performance fees payable to related party — — 4,641 — 4,641 Amounts due from (to) affiliates 36,300 335 (36,635 ) — — Net cash provided by (used in) operating activities 34,086 (3,709 ) (17,018 ) — 13,359 Investing activities Purchases of investments — — (2,180,138 ) — (2,180,138 ) Proceeds from sales and maturities of investments — — 2,156,754 — 2,156,754 Purchases of investments to cover short sales — — (590,113 ) — (590,113 ) Proceeds from short sales of investments — — 628,913 — 628,913 Change in due to/from brokers, net — — 202,712 — 202,712 Decrease in securities sold under an agreement to repurchase — — (29,618 ) — (29,618 ) Net cash provided by investing activities — — 188,510 — 188,510 Financing activities Taxes paid on withholding shares (74 ) — — — (74 ) Purchases of Third Point Re common shares under share repurchase program (60,420 ) — — — (60,420 ) Net payments on deposit liability contracts — — (1,779 ) — (1,779 ) Change in total noncontrolling interests in related party, net — — (101,510 ) — (101,510 ) Dividend received by (paid to) parent 26,400 3,700 (30,100 ) — — Net cash provided by (used in) financing activities (34,094 ) 3,700 (133,389 ) — (163,783 ) Net increase (decrease) in cash, cash equivalents and restricted cash (8 ) (9 ) 38,103 — 38,086 Cash, cash equivalents and restricted cash at beginning of period 9 199 549,125 — 549,333 Cash, cash equivalents and restricted cash at end of period $ 1 $ 190 $ 587,228 $ — $ 587,419

Restricted cash and cash equi_2

Restricted cash and cash equivalents and restricted investments (Tables)	6 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Schedule of restricted cash and cash equivalents	3. Cash, cash equivalents, restricted cash and restricted investments The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of June 30, 2019 and December 31, 2018 : June 30, December 31, Cash and cash equivalents $ 93,757 $ 104,183 Restricted cash securing letter of credit facilities (1) 237,764 203,953 Restricted cash securing reinsurance contracts (2) 418,382 405,201 Total cash, cash equivalents and restricted cash (3) 749,903 713,337 Restricted investments securing reinsurance contracts (2) 239,046 239,640 Total cash, cash equivalents, restricted cash and restricted investments $ 988,949 $ 952,977 (1) Restricted cash securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years. (2) Restricted cash and restricted investments securing 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 the 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. (3) Cash, cash equivalents and restricted cash as reported in the Company’s condensed consolidated statements of cash flows.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of the separate account managed by TP LLC	The following is a summary of the net investments managed by Third Point LLC as of June 30, 2019 and December 31, 2018 : June 30, December 31, Assets TP Fund $ 824,352 $ 1,284,004 Debt securities 567,354 239,640 Total investments 1,391,706 1,523,644 Cash and cash equivalents 22,563 1,017 Restricted cash and cash equivalents 656,146 609,154 Redemption receivable 400,000 — Due from brokers — 1,411 Interest and dividends receivable 1,792 1,316 Other assets 7 — Total assets 2,472,214 2,136,542 Liabilities Accounts payable and accrued expenses 227 114 Participation agreement with related party investment fund — 2,297 Total liabilities 227 2,411 Total net investments managed by Third Point LLC $ 2,471,987 $ 2,134,131
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, 2019 and December 31, 2018 : June 30, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private preferred equity securities $ — $ — $ 3,000 $ 3,000 Total equities — — 3,000 3,000 U.S. Treasury securities — 525,762 — 525,762 Sovereign debt — 41,592 — 41,592 Total debt securities — 567,354 — 567,354 $ — $ 567,354 $ 3,000 570,354 Investments in funds valued at NAV 824,362 Total assets $ 1,394,716 Liabilities Derivative liabilities (embedded) $ — $ — $ 54 $ 54 Total liabilities $ — $ — $ 54 $ 54 December 31, 2018 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets U.S. Treasury securities $ — $ 197,312 $ — $ 197,312 Sovereign debt — 42,328 — 42,328 Total debt securities $ — $ 239,640 $ — 239,640 Investments in funds valued at NAV 1,284,088 Total assets $ 1,523,728 Liabilities Derivative liabilities (embedded) $ — $ — $ 22 $ 22 Total liabilities $ — $ — $ 22 $ 22 The total change in unrealized gains (losses) on equity and debt securities held at the three months ended June 30, 2019 were $nil and $1.0 million , respectively ( 2018 - $2.9 million and $(17.7) million , respectively). The total change in unrealized gains (losses) on equity and debt securities held at the six months ended June 30, 2019 were $nil and $2.4 million , respectively ( 2018 - $(21.0) million and $(18.4) million , respectively).
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, 2019 and 2018 : April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities $ 3,000 $ — $ — $ — $ — $ 3,000 Total assets $ 3,000 $ — $ — $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (32 ) $ — $ — $ — $ (22 ) $ (54 ) Total liabilities $ (32 ) $ — $ — $ — $ (22 ) $ (54 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities $ — $ — $ 3,000 $ — $ — $ 3,000 Total assets $ — $ — $ 3,000 $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (22 ) $ — $ — $ — $ (32 ) $ (54 ) Total liabilities $ (22 ) $ — $ — $ — $ (32 ) $ (54 ) April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 4,352 $ — $ 21 $ — $ (11 ) $ 4,362 Private preferred equity securities 55,231 — 2,350 (977 ) 165 56,769 Asset-backed securities 27,256 3,622 18,350 (21,188 ) 99 28,139 Corporate bonds 10,081 — 512 (817 ) 192 9,968 Rights and warrants 819 (1 ) — (388 ) (6 ) 424 Real estate 6,937 — — — 414 7,351 Derivative assets (free standing) — 8,397 — 390 (1,901 ) 6,886 Total assets $ 104,676 $ 12,018 $ 21,233 $ (22,980 ) $ (1,048 ) $ 113,899 Liabilities Derivative liabilities (free standing) $ (1,996 ) $ 10 $ — $ — $ 147 $ (1,839 ) Derivative liabilities (embedded) (124 ) — — — (40 ) (164 ) Total liabilities $ (2,120 ) $ 10 $ — $ — $ 107 $ (2,003 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 4,794 $ — $ 22 $ — $ (454 ) $ 4,362 Private preferred equity securities 57,126 — 2,509 (992 ) (1,874 ) 56,769 Asset-backed securities 27,308 6,104 30,610 (35,522 ) (361 ) 28,139 Corporate bonds 9,868 — 532 (817 ) 385 9,968 Other debt securities 713 — — (913 ) 200 — Rights and warrants 435 (1 ) 582 (593 ) 1 424 Real estate 6,831 — — (153 ) 673 7,351 Derivative assets (free standing) — 7,701 — 1,499 (2,314 ) 6,886 Total assets $ 107,075 $ 13,804 $ 34,255 $ (37,491 ) $ (3,744 ) $ 113,899 Liabilities Derivative liabilities (free standing) $ (2,085 ) $ 13 $ — $ — $ 233 $ (1,839 ) Derivative liabilities (embedded) (171 ) — — — 7 (164 ) Total liabilities $ (2,256 ) $ 13 $ — $ — $ 240 $ (2,003 ) (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 (loss) . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the condensed consolidated statements of income (loss) .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of June 30, 2019 and December 31, 2018 : June 30, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private preferred equity securities $ — $ — $ 3,000 $ 3,000 Total equities — — 3,000 3,000 U.S. Treasury securities — 525,762 — 525,762 Sovereign debt — 41,592 — 41,592 Total debt securities — 567,354 — 567,354 $ — $ 567,354 $ 3,000 570,354 Investments in funds valued at NAV 824,362 Total assets $ 1,394,716 Liabilities Derivative liabilities (embedded) $ — $ — $ 54 $ 54 Total liabilities $ — $ — $ 54 $ 54 December 31, 2018 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets U.S. Treasury securities $ — $ 197,312 $ — $ 197,312 Sovereign debt — 42,328 — 42,328 Total debt securities $ — $ 239,640 $ — 239,640 Investments in funds valued at NAV 1,284,088 Total assets $ 1,523,728 Liabilities Derivative liabilities (embedded) $ — $ — $ 22 $ 22 Total liabilities $ — $ — $ 22 $ 22 The total change in unrealized gains (losses) on equity and debt securities held at the three months ended June 30, 2019 were $nil and $1.0 million , respectively ( 2018 - $2.9 million and $(17.7) million , respectively). The total change in unrealized gains (losses) on equity and debt securities held at the six months ended June 30, 2019 were $nil and $2.4 million , respectively ( 2018 - $(21.0) million and $(18.4) million , respectively).
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, 2019 and 2018 : April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities $ 3,000 $ — $ — $ — $ — $ 3,000 Total assets $ 3,000 $ — $ — $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (32 ) $ — $ — $ — $ (22 ) $ (54 ) Total liabilities $ (32 ) $ — $ — $ — $ (22 ) $ (54 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities $ — $ — $ 3,000 $ — $ — $ 3,000 Total assets $ — $ — $ 3,000 $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (22 ) $ — $ — $ — $ (32 ) $ (54 ) Total liabilities $ (22 ) $ — $ — $ — $ (32 ) $ (54 ) April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 4,352 $ — $ 21 $ — $ (11 ) $ 4,362 Private preferred equity securities 55,231 — 2,350 (977 ) 165 56,769 Asset-backed securities 27,256 3,622 18,350 (21,188 ) 99 28,139 Corporate bonds 10,081 — 512 (817 ) 192 9,968 Rights and warrants 819 (1 ) — (388 ) (6 ) 424 Real estate 6,937 — — — 414 7,351 Derivative assets (free standing) — 8,397 — 390 (1,901 ) 6,886 Total assets $ 104,676 $ 12,018 $ 21,233 $ (22,980 ) $ (1,048 ) $ 113,899 Liabilities Derivative liabilities (free standing) $ (1,996 ) $ 10 $ — $ — $ 147 $ (1,839 ) Derivative liabilities (embedded) (124 ) — — — (40 ) (164 ) Total liabilities $ (2,120 ) $ 10 $ — $ — $ 107 $ (2,003 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 4,794 $ — $ 22 $ — $ (454 ) $ 4,362 Private preferred equity securities 57,126 — 2,509 (992 ) (1,874 ) 56,769 Asset-backed securities 27,308 6,104 30,610 (35,522 ) (361 ) 28,139 Corporate bonds 9,868 — 532 (817 ) 385 9,968 Other debt securities 713 — — (913 ) 200 — Rights and warrants 435 (1 ) 582 (593 ) 1 424 Real estate 6,831 — — (153 ) 673 7,351 Derivative assets (free standing) — 7,701 — 1,499 (2,314 ) 6,886 Total assets $ 107,075 $ 13,804 $ 34,255 $ (37,491 ) $ (3,744 ) $ 113,899 Liabilities Derivative liabilities (free standing) $ (2,085 ) $ 13 $ — $ — $ 233 $ (1,839 ) Derivative liabilities (embedded) (171 ) — — — 7 (164 ) Total liabilities $ (2,256 ) $ 13 $ — $ — $ 240 $ (2,003 ) (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 (loss) . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the condensed consolidated statements of income (loss) .

Loss and loss adjustment expe_2

Loss and loss adjustment expense reserves (Tables)	6 Months Ended
	Jun. 30, 2019
Insurance Loss Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of June 30, 2019 and December 31, 2018 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: June 30, December 31, Case loss and loss adjustment expense reserves $ 133,627 $ 125,456 Incurred but not reported loss and loss adjustment expense reserves 887,487 811,280 Deferred gains on retroactive reinsurance contracts 662 421 $ 1,021,776 $ 937,157
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, 2019 and 2018 : June 30, June 30, Gross reserves for loss and loss adjustment expenses, beginning of period $ 937,157 $ 720,570 Less: loss and loss adjustment expenses recoverable, beginning of period (2,031 ) (1,113 ) Less: deferred charges on retroactive reinsurance contracts (3,847 ) — Net reserves for loss and loss adjustment expenses, beginning of period 931,279 719,457 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 186,382 167,419 Prior years (8,980 ) 9,201 Total incurred loss and loss adjustment expenses 177,402 176,620 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (25,503 ) (35,471 ) Prior years (67,824 ) (70,781 ) Total net paid losses (93,327 ) (106,252 ) Foreign currency translation (1,186 ) (3,912 ) Net reserves for loss and loss adjustment expenses, end of period 1,014,168 785,913 Plus: loss and loss adjustment expenses recoverable, end of period 3,655 1,414 Plus: deferred charges on retroactive reinsurance contracts 3,953 3,986 Gross reserves for loss and loss adjustment expenses, end of period $ 1,021,776 $ 791,313

Management, performance and f_2

Management, performance and founders fees (Tables)	6 Months Ended
	Jun. 30, 2019
Management, Performance and Founders Fees [Abstract]
Schedule of investment fee expenses	The total management and performance fees to related parties, including our share of fees paid in connection with our investment in TP Fund, for the three and six months ended June 30, 2019 and 2018 were as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Management fees - Third Point LLC $ — $ 9,635 $ — $ 19,410 Performance fees - Third Point Advisors LLC — 4,858 — 5,130 Management and performance fees to related parties as reported in the Company’s condensed consolidated statements of income (loss) — 14,493 — 24,540 Management and performance fees included in net investment income from investment in related party investment fund (before loss carryforward) 17,864 — 52,105 — Performance fees - loss carryforward (12,721 ) — (42,119 ) — Total management and performance fees to related parties $ 5,143 $ 14,493 $ 9,986 $ 24,540

Deposit contracts (Tables)

Deposit contracts (Tables)	6 Months Ended
	Jun. 30, 2019
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity for the deposit contracts for the six months ended June 30, 2019 and year ended December 31, 2018 : June 30, December 31, Balance, beginning of period $ 145,342 $ 129,133 Consideration received 571 17,879 Consideration receivable 6,107 7,390 Net investment expense (income) allocation 2,422 (1,273 ) Payments (5,588 ) (8,089 ) Foreign currency translation (9 ) 302 Balance, end of period $ 148,845 $ 145,342

Senior notes payable and lett_2

Senior notes payable and letter of credit facilities (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of credit facilities	As of June 30, 2019 , the Company had entered into the following letter of credit facilities: Letters of Credit Collateral Committed Capacity Issued Cash and Cash Equivalents Unsecured syndicated credit facility $ 200,000 $ 158,027 n/a Committed - Secured letters of credit facilities 125,000 60,231 60,231 Uncommitted - Secured letters of credit facilities n/a 177,533 177,533 $ 395,791 $ 237,764

Net investment income (Tables)

Net investment income (Tables)	6 Months Ended
	Jun. 30, 2019
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income for the three and six months ended June 30, 2019 and 2018 consisted of the following: Three months ended Six months ended June 30, June 30, June 30, June 30, Net investment income by type Net realized gains on investments and investment derivatives $ 44 $ 64,731 $ 44 $ 130,500 Net change in unrealized gains (losses) on investments and investment derivatives 1,026 (32,532 ) 2,728 (95,520 ) Net gains (losses) on foreign currencies (1,192 ) (1,830 ) 2,573 (2,617 ) Dividend and interest income 3,149 24,493 5,834 37,717 Dividends paid on securities sold, not yet purchased — (2,329 ) — (4,221 ) Other expenses (253 ) (6,865 ) (443 ) (12,352 ) Management and performance fees to related parties — (14,493 ) — (24,540 ) Net investment income from investment in related party investment fund (1) 66,357 — 213,348 — Net investment income $ 69,131 $ 31,175 $ 224,084 $ 28,967 (1) Effective August 31, 2018, Third Point Re, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA to invest in TP Fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the transition. See Note 7 for additional information regarding management and performance fees. The following table provides an additional breakdown of our net investment income by asset and liability type for the three and six months ended June 30, 2019 and 2018 : Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net investment income (loss) by asset type Equity securities $ — $ 58,881 $ — $ 40,556 Private common equity securities — (11 ) — (453 ) Private preferred equity securities — 166 — (1,874 ) Total equities — 59,036 — 38,229 Asset-backed securities — 7,033 — 19,482 Bank debt — 800 — 3,321 Corporate bonds — (737 ) — (3,413 ) Municipal bonds — 2,470 — 6,248 U.S. Treasury securities 3,224 478 5,022 (159 ) Sovereign debt (934 ) (8,533 ) 32 (4,402 ) Other debt securities — 31 — 469 Total debt securities 2,290 1,542 5,054 21,546 Options — (5,562 ) — (6,619 ) Rights and warrants — 63 — 47 Real estate — 414 — 501 Trade claims — (284 ) — (287 ) Total other investments — (5,369 ) — (6,358 ) Net investment income (loss) in funds valued at NAV, excluding TP Fund — 282 3 (625 ) Total net investment income from invested assets 2,290 55,491 5,057 52,792 Net investment income (loss) by liability type Equity securities — (23,844 ) — (10,926 ) Corporate bonds — (1,934 ) — (1,969 ) Options — 9,174 — 12,907 Total net investment income (loss) from securities sold, not yet purchased — (16,604 ) — 12 Other investment income (losses) and other expenses not presented above Other investment expenses (254 ) (673 ) (444 ) (1,026 ) Net investment income on derivative contracts — 8,680 — 6,059 Net investment income (loss) on cash, including foreign exchange gain (loss) 738 (5,485 ) 6,123 (9,345 ) Net investment losses on securities purchased under an agreement to sell and securities sold under an agreement to repurchase — (32 ) — (241 ) Withholding taxes reclassified to income tax expense — 4,291 — 5,256 Total other investment income and other expenses 484 6,781 5,679 703 Management and performance fees to related parties — (14,493 ) — (24,540 ) Net investment income from investment in related party investment fund (1) 66,357 — 213,348 — Net investment income $ 69,131 $ 31,175 $ 224,084 $ 28,967 (1) Effective August 31, 2018, Third Point Re, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA to invest in TP Fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the transition. See Note 7 for additional information regarding management and performance fees.
Equity Method Investment, Summarized Financial Information, Related Party Investment Fund	As a result of the Company’s holding in TP Fund and its contribution to the Company’s overall financial results, the Company includes the following summarized income statement of the TP Fund for the three and six months ended June 30, 2019 and summarized balance sheet as of June 30, 2019 and December 31, 2018 . This summarized income statement of TP Fund reflects the main components of total investment income and expenses of TP Fund. This summarized income statement is not a breakdown of the Company’s proportional investment income in TP Fund as presented in the Company’s condensed consolidated statement of income. Three months ended Six months ended TP Fund summarized income statement (1) June 30, 2019 June 30, 2019 Investment income Net realized gain (loss) from securities, derivative contracts and foreign currency translations $ 19,663 $ (3,438 ) Net change in unrealized gain on securities, derivative contracts and foreign currency translations 59,728 249,766 Net loss from currencies (2,110 ) (2,592 ) Dividend and interest income 17,756 30,080 Other income 2,306 4,414 Total investment income 97,343 278,230 Expenses Management fees 5,143 9,986 Interest 5,201 8,824 Dividends on securities sold, not yet purchased 2,389 4,744 Administrative and professional fees 613 1,015 Other expenses 1,607 3,204 Total expenses 14,953 27,773 Net income $ 82,390 $ 250,457 (1) TP Fund commenced operations on September 3, 2018, as result, there are no comparative results for the prior year periods. The following table is a summarized balance sheet of TP Fund as of June 30, 2019 and December 31, 2018 and reflects the underlying assets and liabilities of TP Fund. This summarized balance sheet is not a breakdown of the Company’s proportional interests in the underlying assets and liabilities of TP Fund. TP Fund summarized balance sheet June 30, 2019 December 31, 2018 Assets Total investments in securities $ 1,826,645 $ 1,561,636 Cash and cash equivalents 906 6 Due from brokers 478,592 375,469 Derivative assets, at fair value 26,725 20,533 Interest and dividends receivable 6,258 3,693 Participation agreement with related party — 2,296 Other assets 107 422 Total assets $ 2,339,233 $ 1,964,055 Liabilities Accounts payable and accrued expenses $ 2,369 $ 1,754 Securities sold, not yet purchased, at fair value 406,124 355,233 Securities sold under agreement to repurchase 1,290 — Due to brokers 453,935 107,116 Derivative liabilities, at fair value 24,858 27,483 Redemptions payable to Third Point Re 400,000 — Interest and dividends payable 2,327 1,881 Management fee payable 467 182 Total liabilities 1,291,370 493,649 Total partners' capital $ 1,047,863 $ 1,470,406

Income taxes (Tables)

Income taxes (Tables)	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of income tax expenses	For the three and six months ended June 30, 2019 and 2018 , the Company recorded income tax expense, as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ (74 ) $ 61 $ 1,644 $ (788 ) Change in uncertain tax positions (2) — 38 — 50 Withholding taxes on certain investment transactions (2) — 4,291 — 5,256 $ (74 ) $ 4,390 $ 1,644 $ 4,518 (1) As of June 30, 2019 , the Company has recorded $7.3 million ( December 31, 2018 - $9.1 million ) of net deferred tax assets, which are included in other assets in the condensed consolidated balance sheets. As of June 30, 2019 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. (2) Represents activity prior to the change in the Company’s investment account structure on August 31, 2018 as described in the Company’s 2018 Form 10-K.

Share capital (Tables)

Share capital (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Common Stock and Treasury Stock Outstanding	The following table presents a summary of the common shares issued and outstanding as of and for the six months ended June 30, 2019 and 2018 : Common shares 2019 2018 Common shares issued, beginning of period 93,639,610 107,227,347 Restricted shares granted, net of forfeitures 371,596 50,644 Performance restricted shares granted, net of forfeitures and shares withheld (16,282 ) 257,045 Retirement of treasury shares and shares repurchased (1) — (8,269,193 ) Warrants exercised, net (2) — 361,556 Common shares issued, end of period 93,994,924 99,627,399 (1) Prior to December 31, 2017, common shares repurchased by the Company were not canceled and were classified as treasury shares. Effective January 1, 2018, all treasury shares were retired and subsequent shares repurchased are retired. (2) During the six months ended June 30, 2018 , 1,156,184 warrants were exercised. As a result of the warrant holder electing net settlement, 794,628 of those common shares were withheld by the Company and were subsequently retired, resulting in a net issuance of 361,556 common shares.

Share-based compensation (Table

Share-based compensation (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018 : Three months ended Six months ended June 30, June 30, June 30, June 30, Management and director options $ — $ 60 $ — $ 155 Restricted shares with service condition 940 139 1,134 279 Restricted shares with service and performance condition 3,014 1,114 4,278 2,124 $ 3,954 $ 1,313 $ 5,412 $ 2,558
Schedule of management and director options outstanding	The following table summarizes information about the Company’s management and director share options outstanding and exercisable as of June 30, 2019 : Range of exercise prices Number of options Weighted average exercise price Remaining contractual life $10.00 - $10.89 5,123,531 $ 10.04 2.6 years $15.05 - $16.89 1,917,145 15.93 2.8 years $20.00 - $25.05 1,847,377 20.26 2.7 years 8,888,053 $ 13.43 2.7 years
Schedule of restricted shares with service condition activity	Restricted share award activity for the six months ended June 30, 2019 and year ended December 31, 2018 was as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2018 18,209 $ 12.15 Granted 50,644 13.45 Vested (44,788 ) 12.97 Balance as of January 1, 2019 24,065 13.35 Granted 391,221 11.34 Forfeited (19,625 ) 11.21 Vested (24,064 ) 13.35 Balance as of June 30, 2019 371,597 $ 11.13
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, 2019 and year ended December 31, 2018 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, 2018 1,855,379 887,203 $ 12.60 Granted 556,403 370,931 14.01 Forfeited (294,977 ) (4,102 ) 13.98 Vested (115,757 ) (115,757 ) 14.00 Change in estimated restricted shares considered probable of vesting n/a 46,945 13.35 Balance as of January 1, 2019 2,001,048 1,185,220 12.80 Granted 781,789 521,193 11.21 Forfeited (791,629 ) (264,224 ) 11.75 Vested (148,718 ) (148,718 ) 11.40 Change in estimated restricted shares considered probable of vesting n/a 112,198 13.19 Balance as of June 30, 2019 1,842,490 1,405,669 $ 12.60

Non-controlling interests Nonco

Non-controlling interests Noncontrolling interests (Tables)	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Minority Interest	The following table is a reconciliation of the beginning and ending carrying amounts of redeemable noncontrolling interests in related party, noncontrolling interests in related party and total noncontrolling interests in related party for the six months ended June 30, 2018 : Redeemable noncontrolling interests in related party Noncontrolling interests in related party Total noncontrolling interests in related party June 30, June 30, June 30, Balance, beginning of period $ 108,219 $ 5,407 $ 113,626 Changes in capital account allocation (1) (101,040 ) (251 ) (101,291 ) Balance, end of period $ 7,179 $ 5,156 $ 12,335 (1) Changes in capital account allocation include TP GP's redemption in conjunction with the change in the investment account structure as described in the Company’s 2018 Form 10-K. In addition, the following table is a reconciliation of beginning and ending carrying amount of total noncontrolling interests in related party resulting from the condensed consolidation of the Company’s joint venture in Third Point Re BDA and Third Point Re USA for the six months ended June 30, 2018 : Third Point Re BDA Third Point Re USA Total June 30, June 30, June 30, Balance, beginning of period $ 97,619 $ 16,007 $ 113,626 Net income attributable to total noncontrolling interests in related party 137 82 219 Contributions (1) 476 14 490 Redemptions (2) (89,000 ) (13,000 ) (102,000 ) Balance, end of period $ 9,232 $ 3,103 $ 12,335 (1) Contributions include performance fees earned during the period. See Note 7 for additional information. (2) Redemptions include TP GP's redemption in conjunction with the change in the investment account structure as described in the Company’s 2018 Form 10-K.

Earnings (loss) per share ava_2

Earnings (loss) per share available to Third Point Re common shareholders (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of reconciliation of basic and diluted weighted average shares outstanding	The following sets forth the computation of basic and diluted earnings (loss) per share available to Third Point Re common shareholders for the three and six months ended June 30, 2019 and 2018 : 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 91,776,870 99,498,901 91,723,636 100,342,636 Dilutive effect of options 321,492 1,274,609 308,579 — Dilutive effect of warrants 228,643 878,977 219,460 — Dilutive effect of restricted shares with service and performance condition 474,794 379,998 468,791 — Diluted number of common shares outstanding 92,801,799 102,032,485 92,720,466 100,342,636 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 53,065 $ 19,602 $ 185,980 $ (6,399 ) Net income allocated to Third Point Re participating common shareholders (85 ) (6 ) (482 ) — Net income (loss) allocated to Third Point Re common shareholders $ 52,980 $ 19,596 $ 185,498 $ (6,399 ) Basic earnings (loss) per share available to Third Point Re common shareholders $ 0.58 $ 0.20 $ 2.02 $ (0.06 ) Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 53,065 $ 19,602 $ 185,980 $ (6,399 ) Net income allocated to Third Point Re participating common shareholders (84 ) (6 ) (476 ) — Net income (loss) allocated to Third Point Re common shareholders $ 52,981 $ 19,596 $ 185,504 $ (6,399 ) Diluted earnings (loss) per share available to Third Point Re common shareholders $ 0.57 $ 0.19 $ 2.00 $ (0.06 )

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018 : Three months ended June 30, 2019 June 30, 2018 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 82,637 $ 82,637 $ 49,765 $ 49,765 Gross premiums ceded (1,473 ) (1,473 ) (3,479 ) (3,479 ) Net premiums written 81,164 81,164 46,286 46,286 Change in net unearned premium reserves 64,288 64,288 95,207 95,207 Net premiums earned 145,452 145,452 141,493 141,493 Expenses Loss and loss adjustment expenses incurred, net 82,334 82,334 84,000 84,000 Acquisition costs, net 58,006 58,006 57,584 57,584 General and administrative expenses 6,769 6,769 4,963 4,963 Total expenses 147,109 147,109 146,547 146,547 Net underwriting loss $ (1,657 ) (1,657 ) $ (5,054 ) (5,054 ) Net investment income 69,131 31,175 Corporate expenses (12,881 ) (4,733 ) Other expenses (3,811 ) (3,983 ) Interest expense (2,051 ) (2,051 ) Foreign exchange gains 4,260 8,847 Income tax benefit (expense) 74 (4,390 ) Net income attributable to noncontrolling interests in related party — (209 ) Net income available to Third Point Re common shareholders $ 53,065 $ 19,602 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 56.6 % 59.4 % Acquisition cost ratio 39.9 % 40.7 % Composite ratio 96.5 % 100.1 % General and administrative expense ratio 4.6 % 3.5 % Combined ratio 101.1 % 103.6 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Six months ended June 30, 2019 June 30, 2018 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 402,228 $ 402,228 $ 428,125 $ 428,125 Gross premiums ceded (2,185 ) (2,185 ) (18,125 ) (18,125 ) Net premiums written 400,043 400,043 410,000 410,000 Change in net unearned premium reserves (101,541 ) (101,541 ) (126,021 ) (126,021 ) Net premiums earned 298,502 298,502 283,979 283,979 Expenses Loss and loss adjustment expenses incurred, net 177,402 177,402 176,620 176,620 Acquisition costs, net 115,504 115,504 108,989 108,989 General and administrative expenses 12,993 12,993 9,787 9,787 Total expenses 305,899 305,899 295,396 295,396 Net underwriting loss $ (7,397 ) (7,397 ) $ (11,417 ) (11,417 ) Net investment income 224,084 28,967 Corporate expenses (18,789 ) (9,390 ) Other expenses (7,936 ) (7,978 ) Interest expense (4,080 ) (4,080 ) Foreign exchange gains 1,742 2,236 Income tax expense (1,644 ) (4,518 ) Net income attributable to noncontrolling interests in related party — (219 ) Net income (loss) available to Third Point Re common shareholders $ 185,980 $ (6,399 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 59.4 % 62.2 % Acquisition cost ratio 38.7 % 38.4 % Composite ratio 98.1 % 100.6 % General and administrative expense ratio 4.4 % 3.4 % Combined ratio 102.5 % 104.0 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
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, 2019 and 2018 : Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Property $ 41,862 50.7 % $ 1,660 3.3 % $ 95,843 23.8 % $ 2,029 0.5 % Casualty 23,529 28.5 % 43,510 87.4 % 101,421 25.2 % 196,730 46.0 % Specialty 17,246 20.8 % 254 0.6 % 210,317 52.3 % 225,025 52.5 % Total prospective reinsurance contracts 82,637 100.0 % 45,424 91.3 % 407,581 101.3 % 423,784 99.0 % Retroactive reinsurance contracts (1) — — % 4,341 8.7 % (5,353 ) (1.3 )% 4,341 1.0 % $ 82,637 100.0 % $ 49,765 100.0 % $ 402,228 100.0 % $ 428,125 100.0 % (1) The negative gross premiums written amount for the retroactive reinsurance contracts lines of business during the six months ended June 30, 2019

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2019 Third Point Re TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 3,000 $ — $ 1,391,716 $ — $ 1,394,716 Cash and cash equivalents 1 179 93,577 — 93,757 Restricted cash and cash equivalents — — 656,146 — 656,146 Redemption receivable from related party investment fund — — 400,000 — 400,000 Investment in subsidiaries 1,398,386 271,717 190,883 (1,860,986 ) — Interest and dividends receivable — — 1,792 — 1,792 Reinsurance balances receivable — — 696,170 — 696,170 Deferred acquisition costs, net — — 208,027 — 208,027 Unearned premiums ceded — — 15,473 — 15,473 Loss and loss adjustment expenses recoverable — — 3,655 — 3,655 Amounts due from (to) affiliates (1,364 ) 127 1,237 — — Other assets 391 5,920 13,404 — 19,715 Total assets $ 1,400,414 $ 277,943 $ 3,672,080 $ (1,860,986 ) $ 3,489,451 Liabilities Accounts payable and accrued expenses $ 4,516 $ 35 $ 10,292 $ — $ 14,843 Reinsurance balances payable — — 88,670 — 88,670 Deposit liabilities — — 148,845 — 148,845 Unearned premium reserves — — 702,398 — 702,398 Loss and loss adjustment expense reserves — — 1,021,776 — 1,021,776 Interest and dividends payable — 3,022 — — 3,022 Senior notes payable, net of deferred costs — 113,999 — — 113,999 Total liabilities 4,516 117,056 1,971,981 — 2,093,553 Shareholders’ equity Common shares 9,399 — 1,239 (1,239 ) 9,399 Additional paid-in capital 924,191 191,140 1,589,924 (1,781,064 ) 924,191 Retained earnings (deficit) 462,308 (30,253 ) 108,936 (78,683 ) 462,308 Shareholders’ equity attributable to Third Point Re common shareholders 1,395,898 160,887 1,700,099 (1,860,986 ) 1,395,898 Total liabilities and shareholders’ equity $ 1,400,414 $ 277,943 $ 3,672,080 $ (1,860,986 ) $ 3,489,451 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ — $ — $ 1,523,728 $ — $ 1,523,728 Cash and cash equivalents — 187 103,996 — 104,183 Restricted cash and cash equivalents — — 609,154 — 609,154 Investment in subsidiaries 1,207,161 251,350 175,758 (1,634,269 ) — Due from brokers — — 1,411 — 1,411 Interest and dividends receivable — — 1,316 — 1,316 Reinsurance balances receivable — — 602,448 — 602,448 Deferred acquisition costs, net — — 203,842 — 203,842 Unearned premiums ceded — — 17,552 — 17,552 Loss and loss adjustment expenses recoverable — — 2,031 — 2,031 Amounts due from (to) affiliates (3,522 ) 52 3,470 — — Other assets 1,673 5,069 13,827 — 20,569 Total assets $ 1,205,312 $ 256,658 $ 3,258,533 $ (1,634,269 ) $ 3,086,234 Liabilities Accounts payable and accrued expenses $ 738 $ 70 $ 6,453 $ — $ 7,261 Reinsurance balances payable — — 69,701 — 69,701 Deposit liabilities — — 145,342 — 145,342 Unearned premium reserves — — 602,936 — 602,936 Loss and loss adjustment expense reserves — — 937,157 — 937,157 Participation agreement with related party investment fund — — 2,297 — 2,297 Interest and dividends payable — 3,055 — — 3,055 Senior notes payable, net of deferred costs — 113,911 — — 113,911 Total liabilities 738 117,036 1,763,886 — 1,881,660 Shareholders’ equity Common shares 9,364 — 1,239 (1,239 ) 9,364 Additional paid-in capital 918,882 176,005 1,557,016 (1,733,021 ) 918,882 Retained earnings (deficit) 276,328 (36,383 ) (63,608 ) 99,991 276,328 Shareholders' equity attributable to Third Point Re common shareholders 1,204,574 139,622 1,494,647 (1,634,269 ) 1,204,574 Total liabilities and shareholders’ equity $ 1,205,312 $ 256,658 $ 3,258,533 $ (1,634,269 ) $ 3,086,234
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 82,637 $ — $ 82,637 Gross premiums ceded — — (1,473 ) — (1,473 ) Net premiums written — — 81,164 — 81,164 Change in net unearned premium reserves — — 64,288 — 64,288 Net premiums earned — — 145,452 — 145,452 Net investment income — — 69,131 — 69,131 Equity in earnings (losses) of subsidiaries 61,912 1,320 (3 ) (63,229 ) — Total revenues 61,912 1,320 214,580 (63,229 ) 214,583 Expenses Loss and loss adjustment expenses incurred, net — — 82,334 — 82,334 Acquisition costs, net — — 58,006 — 58,006 General and administrative expenses 8,847 13 10,790 — 19,650 Other expenses — — 3,811 — 3,811 Interest expense — 2,051 — — 2,051 Foreign exchange gains — — (4,260 ) — (4,260 ) Total expenses 8,847 2,064 150,681 — 161,592 Income (loss) before income tax (expense) benefit 53,065 (744 ) 63,899 (63,229 ) 52,991 Income tax (expense) benefit — 433 (359 ) — 74 Net income (loss) 53,065 (311 ) 63,540 (63,229 ) 53,065 Net income attributable to noncontrolling interests in related party — — — — — Net income (loss) available to Third Point Re common shareholders $ 53,065 $ (311 ) $ 63,540 $ (63,229 ) $ 53,065 For the six months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 402,228 $ — $ 402,228 Gross premiums ceded — — (2,185 ) — (2,185 ) Net premiums written — — 400,043 — 400,043 Change in net unearned premium reserves — — (101,541 ) — (101,541 ) Net premiums earned — — 298,502 — 298,502 Net investment income — — 224,084 — 224,084 Equity in earnings (losses) of subsidiaries 197,453 9,333 (11 ) (206,775 ) — Total revenues 197,453 9,333 522,575 (206,775 ) 522,586 Expenses Loss and loss adjustment expenses incurred, net — — 177,402 — 177,402 Acquisition costs, net — — 115,504 — 115,504 General and administrative expenses 11,473 (26 ) 20,335 — 31,782 Other expenses — — 7,936 — 7,936 Interest expense — 4,080 — — 4,080 Foreign exchange gains — — (1,742 ) — (1,742 ) Total expenses 11,473 4,054 319,435 — 334,962 Income before income tax (expense) benefit 185,980 5,279 203,140 (206,775 ) 187,624 Income tax (expense) benefit — 851 (2,495 ) — (1,644 ) Net income 185,980 6,130 200,645 (206,775 ) 185,980 Net income attributable to noncontrolling interests in related party — — — — — Net income available to Third Point Re common shareholders $ 185,980 $ 6,130 $ 200,645 $ (206,775 ) $ 185,980 CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended June 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 49,765 $ — $ 49,765 Gross premiums ceded — — (3,479 ) — (3,479 ) Net premiums written — — 46,286 — 46,286 Change in net unearned premium reserves — — 95,207 — 95,207 Net premiums earned — — 141,493 — 141,493 Net investment income — — 31,175 — 31,175 Equity in earnings (losses) of subsidiaries 21,319 1,847 (13 ) (23,153 ) — Total revenues 21,319 1,847 172,655 (23,153 ) 172,668 Expenses Loss and loss adjustment expenses incurred, net — — 84,000 — 84,000 Acquisition costs, net — — 57,584 — 57,584 General and administrative expenses 1,717 19 7,960 — 9,696 Other expenses — — 3,983 — 3,983 Interest expense — 2,051 — — 2,051 Foreign exchange gains — — (8,847 ) — (8,847 ) Total expenses 1,717 2,070 144,680 — 148,467 Income (loss) before income tax (expense) benefit 19,602 (223 ) 27,975 (23,153 ) 24,201 Income tax (expense) benefit — 435 (4,825 ) — (4,390 ) Net income 19,602 212 23,150 (23,153 ) 19,811 Net income attributable to noncontrolling interests in related party — — (209 ) — (209 ) Net income available to Third Point Re common shareholders $ 19,602 $ 212 $ 22,941 $ (23,153 ) $ 19,602 For the six months ended June 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 428,125 $ — $ 428,125 Gross premiums ceded — — (18,125 ) — (18,125 ) Net premiums written — — 410,000 — 410,000 Change in net unearned premium reserves — — (126,021 ) — (126,021 ) Net premiums earned — — 283,979 — 283,979 Net investment income — — 28,967 — 28,967 Equity in earnings (losses) of subsidiaries (3,038 ) 239 (30 ) 2,829 — Total revenues (3,038 ) 239 312,916 2,829 312,946 Expenses Loss and loss adjustment expenses incurred, net — — 176,620 — 176,620 Acquisition costs, net — — 108,989 — 108,989 General and administrative expenses 3,361 22 15,794 — 19,177 Other expenses — — 7,978 — 7,978 Interest expense — 4,080 — — 4,080 Foreign exchange gains — — (2,236 ) — (2,236 ) Total expenses 3,361 4,102 307,145 — 314,608 Income (loss) before income tax (expense) benefit (6,399 ) (3,863 ) 5,771 2,829 (1,662 ) Income tax (expense) benefit — 861 (5,379 ) — (4,518 ) Net income (loss) (6,399 ) (3,002 ) 392 2,829 (6,180 ) Net income attributable to noncontrolling interests in related party — — (219 ) — (219 ) Net income (loss) available to Third Point Re common shareholders $ (6,399 ) $ (3,002 ) $ 173 $ 2,829 $ (6,399 )
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 185,980 $ 6,130 $ 200,645 $ (206,775 ) $ 185,980 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in losses of subsidiaries (197,453 ) (9,333 ) 11 206,775 — Share compensation expense 2,640 — 2,772 — 5,412 Net interest expense on deposit liabilities — — 2,422 — 2,422 Net realized and unrealized gain on investments and derivatives — — (2,740 ) — (2,740 ) Net unrealized gain on investment in related party investment fund — — (213,348 ) — (213,348 ) Net foreign exchange gains — — (1,742 ) — (1,742 ) Amortization of premium and accretion of discount, net — 88 397 — 485 Changes in assets and liabilities: Reinsurance balances receivable — — (87,348 ) — (87,348 ) Deferred acquisition costs, net — — (4,185 ) — (4,185 ) Unearned premiums ceded — — 2,079 — 2,079 Loss and loss adjustment expenses recoverable — — (1,624 ) — (1,624 ) Other assets 1,282 (851 ) 835 — 1,266 Interest and dividends receivable, net — (33 ) (476 ) — (509 ) Unearned premium reserves — — 99,462 — 99,462 Loss and loss adjustment expense reserves — — 85,805 — 85,805 Accounts payable and accrued expenses 3,778 (34 ) 3,838 — 7,582 Reinsurance balances payable — — 18,809 — 18,809 Amounts due from (to) affiliates (2,158 ) (75 ) 2,233 — — Net cash provided by (used in) operating activities (5,931 ) (4,108 ) 107,845 — 97,806 Investing activities Proceeds from redemptions from related party investment fund — — 360,000 — 360,000 Contributions to related party investment fund, including subscription receivable — — (87,000 ) — (87,000 ) Change in participation agreement with related party investment fund — — (2,297 ) — (2,297 ) Purchases of investments (3,000 ) — (327,463 ) — (330,463 ) Proceeds from sales and maturities of investments — — 2,198 — 2,198 Change in due to/from brokers, net — — 1,411 — 1,411 Contributed capital to subsidiaries (15,000 ) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000 ) 15,000 — — Net cash used in investing activities (18,000 ) — (38,151 ) — (56,151 ) Financing activities Taxes paid on withholding shares (68 ) — — — (68 ) Net payments on deposit liability contracts — — (5,021 ) — (5,021 ) Dividend received by (paid to) parent 24,000 4,100 (28,100 ) — — Net cash provided by (used in) financing activities 23,932 4,100 (33,121 ) — (5,089 ) Net increase (decrease) in cash, cash equivalents and restricted cash 1 (8 ) 36,573 — 36,566 Cash, cash equivalents and restricted cash at beginning of period — 187 713,150 — 713,337 Cash, cash equivalents and restricted cash at end of period $ 1 $ 179 $ 749,723 $ — $ 749,903 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income (loss) $ (6,399 ) $ (3,002 ) $ 392 $ 2,829 $ (6,180 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries 3,038 (239 ) 30 (2,829 ) — Share compensation expense 279 — 2,279 — 2,558 Net interest expense on deposit liabilities — — 2,449 — 2,449 Net realized and unrealized gain on investments and derivatives — — (34,987 ) — (34,987 ) Net foreign exchange gains — — (2,236 ) — (2,236 ) Amortization of premium and accretion of discount, net — 88 2,825 — 2,913 Changes in assets and liabilities: Reinsurance balances receivable — — (157,498 ) — (157,498 ) Deferred acquisition costs, net — — (5,615 ) — (5,615 ) Unearned premiums ceded — — (16,557 ) — (16,557 ) Loss and loss adjustment expenses recoverable — — (301 ) — (301 ) Other assets 410 — (3,947 ) — (3,537 ) Interest and dividends receivable, net — (33 ) 865 — 832 Unearned premium reserves — — 142,578 — 142,578 Loss and loss adjustment expense reserves — — 74,655 — 74,655 Accounts payable and accrued expenses 458 (858 ) (22,164 ) — (22,564 ) Reinsurance balances payable — — 32,208 — 32,208 Performance fees payable to related party — — 4,641 — 4,641 Amounts due from (to) affiliates 36,300 335 (36,635 ) — — Net cash provided by (used in) operating activities 34,086 (3,709 ) (17,018 ) — 13,359 Investing activities Purchases of investments — — (2,180,138 ) — (2,180,138 ) Proceeds from sales and maturities of investments — — 2,156,754 — 2,156,754 Purchases of investments to cover short sales — — (590,113 ) — (590,113 ) Proceeds from short sales of investments — — 628,913 — 628,913 Change in due to/from brokers, net — — 202,712 — 202,712 Decrease in securities sold under an agreement to repurchase — — (29,618 ) — (29,618 ) Net cash provided by investing activities — — 188,510 — 188,510 Financing activities Taxes paid on withholding shares (74 ) — — — (74 ) Purchases of Third Point Re common shares under share repurchase program (60,420 ) — — — (60,420 ) Net payments on deposit liability contracts — — (1,779 ) — (1,779 ) Change in total noncontrolling interests in related party, net — — (101,510 ) — (101,510 ) Dividend received by (paid to) parent 26,400 3,700 (30,100 ) — — Net cash provided by (used in) financing activities (34,094 ) 3,700 (133,389 ) — (163,783 ) Net increase (decrease) in cash, cash equivalents and restricted cash (8 ) (9 ) 38,103 — 38,086 Cash, cash equivalents and restricted cash at beginning of period 9 199 549,125 — 549,333 Cash, cash equivalents and restricted cash at end of period $ 1 $ 190 $ 587,228 $ — $ 587,419

Restricted cash and cash equi_3

Restricted cash and cash equivalents and restricted investments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 93,757	$ 104,183
Restricted cash and cash equivalents	656,146	609,154
Total cash, cash equivalents and restricted cash	749,903	713,337	$ 587,419	$ 549,333
Restricted Investments	239,046	239,640
Total restricted cash and cash equivalents and investments	988,949	952,977
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	237,764	203,953
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 418,382	$ 405,201

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Total assets	$ 2,472,214	$ 2,136,542
Liabilities
Total liabilities and shareholders' equity	227	2,411
Total net investments managed by Third Point LLC	2,471,987	2,134,131
TP Fund
Assets
Total assets	824,352	1,284,004
Total investments
Assets
Total assets	1,391,706	1,523,644
Debt Securities
Assets
Total assets	567,354	239,640
Cash and cash equivalents
Assets
Total assets	22,563	1,017
Restricted cash and cash equivalents
Assets
Total assets	656,146	609,154
redemption receivable from related party investment fund [Member]
Assets
Total assets	400,000	0
Due from brokers
Assets
Total assets	0	1,411
Interest and dividends receivable
Assets
Total assets	1,792	1,316
Other Assets [Member]
Assets
Total assets	7	0
Accounts payable and accrued expenses
Liabilities
Total liabilities and shareholders' equity	227	114
Participation agreement with related party investment fund
Liabilities
Total liabilities and shareholders' equity	$ 0	$ 2,297

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund	$ 350,000	$ 360,000	$ 0
Redemption receivable, related party investment fund	400,000	$ 400,000		$ 0
TP Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund	$ 750,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investments
Private common equity securities	$ 3,000		$ 3,000
Equity securities
Investments
Trading securities, change in unrealized holding gains (loss)	0	$ 2,900	0	$ (21,000)
Debt Securities
Investments
Trading securities, change in unrealized holding gains (loss)	$ 1,000	$ (17,700)	$ 2,400	$ (18,400)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of investments, categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 0	$ 2,900	$ 0	$ 6,900
Assets
Private common equity securities	3,000		3,000
Total equities	3,000		3,000
U.S. Treasury securities	525,762		525,762		$ 197,312
Sovereign debt	41,592		41,592		42,328
Total debt securities	567,354		567,354		239,640
Total assets	570,354		570,354
Investments in funds valued at NAV	824,362		824,362		1,284,088
Assets Including Alternative Investments, Fair Value Disclosure	1,394,716		1,394,716		1,523,728
Liabilities
Derivative liabilities (embedded)	54		54		22
Total liabilities	54		54		22
Debt Securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	1,000	(17,700)	2,400	(18,400)
Equity securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	0	$ 2,900	0	$ (21,000)
Quoted prices in active markets (Level 1)
Assets
Private common equity securities	0		0
Total equities	0		0
U.S. Treasury securities	0		0		0
Sovereign debt	0		0		0
Total debt securities	0		0		0
Total assets	0		0
Liabilities
Derivative liabilities (embedded)	0		0		0
Total liabilities	0		0		0
Significant other observable inputs (Level 2)
Assets
Private common equity securities	0		0
Total equities	0		0
U.S. Treasury securities	525,762		525,762		197,312
Sovereign debt	41,592		41,592		42,328
Total debt securities	567,354		567,354		239,640
Total assets	567,354		567,354
Liabilities
Derivative liabilities (embedded)	0		0		0
Total liabilities	0		0		0
Significant unobservable inputs (Level 3)
Assets
Private common equity securities	3,000		3,000
Total equities	3,000		3,000
U.S. Treasury securities	0		0		0
Sovereign debt	0		0		0
Total debt securities	0		0		0
Total assets	3,000		3,000
Liabilities
Derivative liabilities (embedded)	54		54		22
Total liabilities	$ 54		$ 54		$ 22

Fair Value Measurements - Sch_2

Fair Value Measurements - 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
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Assets
Asset fair value, beginning balance	$ 3,000	$ 104,676	$ 0	$ 107,075
Transfers in to (out of) Level 3 (1)	0	12,018	0	13,804
Purchases	0	21,233	3,000	34,255
Sales	0	(22,980)	0	(37,491)
Realized and Unrealized Gains (Losses)	0	(1,048)	0	(3,744)
Asset fair value, ending balance	3,000	113,899	3,000	113,899
Liabilities
Liability fair value, beginning balance	(32)	(2,120)	(22)	(2,256)
Transfers in to (out of) Level 3 (1)	0	10	0	13
Purchases	0	0	0	0
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	(22)	107	(32)	240
Liability fair value, ending balance	(54)	(2,003)	(54)	(2,003)
Total change in unrealized (gains) losses on fair value of assets using significant unobservable inputs	0	2,900	0	6,900
Derivative liabilities (free standing)
Liabilities
Liability fair value, beginning balance		(1,996)		(2,085)
Transfers in to (out of) Level 3 (1)		10		13
Purchases		0		0
Sales		0		0
Realized and Unrealized Gains (Losses)		147		233
Liability fair value, ending balance		(1,839)		(1,839)
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(32)	(124)	(22)	(171)
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	(22)	(40)	(32)	7
Liability fair value, ending balance	(54)	(164)	(54)	(164)
Private common equity securities
Assets
Asset fair value, beginning balance		4,352		4,794
Transfers in to (out of) Level 3 (1)		0		0
Purchases		21		22
Sales		0		0
Realized and Unrealized Gains (Losses)		(11)		(454)
Asset fair value, ending balance		4,362		4,362
Private preferred equity securities
Assets
Asset fair value, beginning balance	3,000	55,231	0	57,126
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	0	2,350	3,000	2,509
Sales	0	(977)	0	(992)
Realized and Unrealized Gains (Losses)	0	165	0	(1,874)
Asset fair value, ending balance	$ 3,000	56,769	$ 3,000	56,769
Asset-backed securities
Assets
Asset fair value, beginning balance		27,256		27,308
Transfers in to (out of) Level 3 (1)		3,622		6,104
Purchases		18,350		30,610
Sales		(21,188)		(35,522)
Realized and Unrealized Gains (Losses)		99		(361)
Asset fair value, ending balance		28,139		28,139
Corporate bonds
Assets
Asset fair value, beginning balance		10,081		9,868
Transfers in to (out of) Level 3 (1)		0		0
Purchases		512		532
Sales		(817)		(817)
Realized and Unrealized Gains (Losses)		192		385
Asset fair value, ending balance		9,968		9,968
Other debt securities
Assets
Asset fair value, beginning balance				713
Transfers in to (out of) Level 3 (1)				0
Purchases				0
Sales				(913)
Realized and Unrealized Gains (Losses)				200
Asset fair value, ending balance		0		0
Rights and warrants
Assets
Asset fair value, beginning balance		819		435
Transfers in to (out of) Level 3 (1)		(1)		(1)
Purchases		0		582
Sales		(388)		(593)
Realized and Unrealized Gains (Losses)		(6)		1
Asset fair value, ending balance		424		424
Real estate
Assets
Asset fair value, beginning balance		6,937		6,831
Transfers in to (out of) Level 3 (1)		0		0
Purchases		0		0
Sales		0		(153)
Realized and Unrealized Gains (Losses)		414		673
Asset fair value, ending balance		7,351		7,351
Derivative Assets [Member]
Assets
Asset fair value, beginning balance		0		0
Transfers in to (out of) Level 3 (1)		8,397		7,701
Purchases		0		0
Sales		390		1,499
Realized and Unrealized Gains (Losses)		(1,901)		(2,314)
Asset fair value, ending balance		$ 6,886		$ 6,886

Loss and loss adjustment expe_3

Loss and loss adjustment expense reserves - Schedule of loss and loss adjustment expense reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 133,627	$ 125,456
Incurred but not reported loss and loss adjustment expense reserves	887,487	811,280
Deferred gains on retroactive reinsurance contracts	662	421
Loss and loss adjustment expense reserves	$ 1,021,776	$ 937,157

Loss and loss adjustment expe_4

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, 2019	Jun. 30, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for loss and loss adjustment expenses, beginning of period	$ 937,157	$ 720,570
Less: loss and loss adjustment expenses recoverable, beginning of period	(2,031)	(1,113)
Less: deferred charges on retroactive reinsurance contracts	(3,847)	0
Net reserves for loss and loss adjustment expenses, beginning of period	931,279	719,457
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	186,382	167,419
Prior years	8,980	(9,201)
Total incurred loss and loss adjustment expenses	177,402	176,620
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(25,503)	(35,471)
Prior years	(67,824)	(70,781)
Total net paid losses	(93,327)	(106,252)
Foreign currency translation	(1,186)	(3,912)
Net reserves for loss and loss adjustment expenses, end of period	1,014,168	785,913
Plus: loss and loss adjustment expenses recoverable, end of period	3,655	1,414
Plus: deferred charges on retroactive reinsurance contracts, end of period	(3,953)	(3,986)
Prior Year Claims and Claims Adjustment Expense, Including Amortization of Deferred Gains	(9,000)	9,200
Gross reserves for loss and loss adjustment expenses, end of period	1,021,776	791,313
Unfavorable (Favorable) Reserve Development [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	12,300	8,500
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	(11,800)	(5,700)
Increase in net underwriting loss	500	2,800
Premium Adjustments on Certain Contracts [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	(3,300)	(17,700)
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact	5,800	22,900
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates	(5,500)	23,200
Change In Policy Acquisition Costs	(2,500)	(5,200)
Increase in net underwriting loss	(300)	300
Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	200	3,100
Worker Compensation Contracts [Member] | Unfavorable (Favorable) Reserve Development [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	7,900	5,400
Multi Line Contract [Member] | Unfavorable (Favorable) Reserve Development [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	(9,700)	2,900
Other Contracts [Member] | Unfavorable (Favorable) Reserve Development [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	$ 2,300	1,900
Property | Unfavorable (Favorable) Reserve Development [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss		$ (7,400)

Management, performance and f_3

Management, performance and founders fees (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019		Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Aug. 31, 2018
Related Party Transaction
Management and performance fees to related parties	$ 0	[1]	$ (14,493)	[1]	$ 0	$ (24,540)
Affiliate costs, gross of TP fund fees	5,143		14,493		9,986	24,540
Management and performance fees
Related Party Transaction
Management and performance fees to related parties	0		(14,493)		0	(24,540)
Third Point Advisors LLC
Related Party Transaction
Annual investment performance fee								20.00%
Third Point LLC
Related Party Transaction
Annual investment management fee								1.50%
Third Point LLC | Management and performance fees
Related Party Transaction
Management and performance fees to related parties	0		(9,635)		0	(19,410)
Third Point Advisors LLC | Management and performance fees
Related Party Transaction
Management and performance fees to related parties	$ 0		(4,858)		$ 0	(5,130)
TP Fund
Related Party Transaction
Annual investment performance fee	20.00%				20.00%
Annual investment management fee	1.25%				1.25%		1.50%
Management and performance fees to related parties	$ (17,864)		0		$ (52,105)	0
Performance Fees - Loss Carryforward
Related Party Transaction
Management and performance fees to related parties	(12,721)		$ 0		(42,119)	$ 0
Third Point Re BDA
Related Party Transaction
Loss Recovery Account Forfeitures					1,300
Loss Recovery Account	5,300				5,300		$ 46,800
Third Point Re USA
Related Party Transaction
Loss Recovery Account Forfeitures					1,300
Loss Recovery Account	$ 600				$ 600		$ 3,800
[1]	Effective August 31, 2018, Third Point Reinsurance Ltd., Third Point Reinsurance Company Ltd. (“Third Point Re BDA”) and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”) and together with Third Point Re BDA, the “TPRE Limited Partners”, entered into a Limited Partnership Agreement (the “2018 LPA”) to invest in Third Point Enhanced LP (“TP Fund”), a related party investment fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the 2018 LPA. Management and performance fees incurred prior to the effective date of the 2018 LPA are reflected in management and performance fees to related parties.

Deposit contracts (Details)

Deposit contracts (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Deposit Contracts, Liabilities [Roll Forward]
Balance, beginning of period	$ 145,342	$ 129,133
Consideration received	571	17,879
Consideration receivable	6,107	7,390
Net investment expense (income) allocation	2,422	(1,273)
Payments	(5,588)	(8,089)
Foreign currency translation	(9)	302
Balance, end of period	$ 148,845	$ 145,342

Senior notes payable and lett_3

Senior notes payable and letter of credit facilities (Senior notes payable) (Details) - Senior unsecured notes - 7% Senior Unsecured Notes - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Feb. 28, 2015
Debt Instrument [Line Items]
Debt issued	$ 115,000,000		$ 115,000,000
Interest rate	7.00%		7.00%
Debt issuance cost	$ 1,000,000
Debt fair value	$ 116,200,000	$ 114,700,000

Senior notes payable and lett_4

Senior notes payable and letter of credit facilities (Letters of credit) (Details)	Jun. 30, 2019USD ($)
Line of Credit Facility
Utilized	$ 395,791,000
Collateral	237,764,000
Unsecured facility
Line of Credit Facility
Facility	200,000,000
Utilized	158,027,000
Committed, secured facility [Member]
Line of Credit Facility
Facility	125,000,000
Utilized	60,231,000
Collateral	60,231,000
Uncommitted, unsecured facility [Member]
Line of Credit Facility
Utilized	177,533,000
Collateral	$ 177,533,000

Net investment income (Details)

Net investment income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019		Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Net Investment Income [Abstract]
Net realized gains on investments and investment derivatives	$ 44		$ 64,731		$ 44	$ 130,500
Net change in unrealized gains (losses) on investments and investment derivatives	1,026		(32,532)		2,728	(95,520)
Net gains (losses) on foreign currencies	(1,192)		(1,830)		2,573	(2,617)
Dividend and interest income	3,149		24,493		5,834	37,717
Dividends paid on securities sold, not yet purchased	0		(2,329)		0	(4,221)
Other expenses	(253)		(6,865)		(443)	(12,352)
Management and performance fees to related parties	0	[1]	(14,493)	[1]	0	(24,540)
Net investment income from investment in related party investment fund	66,357		0		213,348	0
Net investment income	$ 69,131		$ 31,175		$ 224,084	$ 28,967
[1]	Effective August 31, 2018, Third Point Reinsurance Ltd., Third Point Reinsurance Company Ltd. (“Third Point Re BDA”) and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”) and together with Third Point Re BDA, the “TPRE Limited Partners”, entered into a Limited Partnership Agreement (the “2018 LPA”) to invest in Third Point Enhanced LP (“TP Fund”), a related party investment fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the 2018 LPA. Management and performance fees incurred prior to the effective date of the 2018 LPA are reflected in management and performance fees to related parties.

Net investment income - by Type

Net investment income - by Type (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019		Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	$ 69,131		$ 31,175		$ 224,084	$ 28,967
Other investment expenses	(254)		(673)		(444)	(1,026)
Net investment income on derivative contracts	0		8,680		0	6,059
Net investment income (loss) on cash, including foreign exchange gain (loss)	738		(5,485)		6,123	(9,345)
Net investment losses on securities purchased under an agreement to sell and securities sold under an agreement to repurchase	0		(32)		0	(241)
Withholding taxes reclassified to income tax expense	0		4,291		0	5,256
Total other investment income and other expenses	484		6,781		5,679	703
Management and performance fees to related parties	0	[1]	(14,493)	[1]	0	(24,540)
Net investment income from investment in related party investment fund	66,357		0		213,348	0
Net investment income	69,131		31,175		224,084	28,967
Net investment income (loss) by asset type
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	2,290		55,491		5,057	52,792
Net investment income (loss) by asset type | Real estate
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		414		0	501
Net investment income (loss) by asset type | Total other investments
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(5,369)		0	(6,358)
Net investment income (loss) by asset type | Net investment income (loss) in funds valued at NAV, excluding TP Fund
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		282		3	(625)
Net investment income (loss) by asset type | Options
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(5,562)		0	(6,619)
Net investment income (loss) by asset type | Rights and warrants
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		63		0	47
Net investment income (loss) by asset type | Trade claims
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(284)		0	(287)
Net investment income (loss) by asset type | Equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		59,036		0	38,229
Net investment income (loss) by asset type | Equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		58,881		0	40,556
Net investment income (loss) by asset type | Private common equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(11)		0	(453)
Net investment income (loss) by asset type | Private preferred equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		166		0	(1,874)
Net investment income (loss) by asset type | Debt Securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	2,290		1,542		5,054	21,546
Net investment income (loss) by asset type | Asset-backed securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		7,033		0	19,482
Net investment income (loss) by asset type | Bank debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		800		0	3,321
Net investment income (loss) by asset type | Corporate bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(737)		0	(3,413)
Net investment income (loss) by asset type | Municipal bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		2,470		0	6,248
Net investment income (loss) by asset type | U.S. Treasury securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	3,224		478		5,022	(159)
Net investment income (loss) by asset type | Sovereign debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	(934)		(8,533)		32	(4,402)
Net investment income (loss) by asset type | Other debt securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		31		0	469
Net investment income (loss) by liability type | Options
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		9,174		0	12,907
Net investment income (loss) by liability type | Equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(16,604)		0	12
Net investment income (loss) by liability type | Equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(23,844)		0	(10,926)
Net investment income (loss) by liability type | Corporate bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	$ 0		$ (1,934)		$ 0	$ (1,969)
[1]	Effective August 31, 2018, Third Point Reinsurance Ltd., Third Point Reinsurance Company Ltd. (“Third Point Re BDA”) and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”) and together with Third Point Re BDA, the “TPRE Limited Partners”, entered into a Limited Partnership Agreement (the “2018 LPA”) to invest in Third Point Enhanced LP (“TP Fund”), a related party investment fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the 2018 LPA. Management and performance fees incurred prior to the effective date of the 2018 LPA are reflected in management and performance fees to related parties.

Net investment income - TP Fund

Net investment income - TP Fund income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment income
Other Investment Income and Other	$ 484	$ 6,781	$ 5,679	$ 703
Total investment income	69,131	31,175	224,084	28,967
Expenses
Dividends on securities sold, not yet purchased	0	2,329	0	4,221
Net income (loss)	53,065	$ 19,811	185,980	$ (6,180)
TP Fund
Investment income
Net realized gain (loss) from securities, derivative contracts and foreign currency translations	19,663		(3,438)
Net change in unrealized gain on securities, derivative contracts and foreign currency translations	59,728		249,766
Net loss from currencies	(2,110)		(2,592)
Dividend and interest income	17,756		30,080
Other Investment Income and Other	2,306		4,414
Total investment income	97,343		278,230
Expenses
Management fees	5,143		9,986
Interest	5,201		8,824
Dividends on securities sold, not yet purchased	2,389		4,744
Administrative and professional fees	613		1,015
Other expenses	1,607		3,204
Total expenses	14,953		27,773
Net income (loss)	$ 82,390		$ 250,457

Net investment income - TP Fu_2

Net investment income - TP Fund Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Total investments in securities	$ 1,394,716	$ 1,523,728
Cash and cash equivalents	93,757	104,183
Due from brokers	0	1,411
Interest and dividends receivable	1,792	1,316
Other assets	19,715	20,569
Total assets	3,489,451	3,086,234
Liabilities
Accounts payable and accrued expenses	14,843	7,261
Redemption receivable, related party investment fund	400,000	0
Interest and dividends payable	3,022	3,055
Total liabilities	2,093,553	1,881,660
TP Fund
Assets
Total investments in securities	1,826,645	1,561,636
Cash and cash equivalents	906	6
Due from brokers	478,592	375,469
Derivative assets, at fair value	26,725	20,533
Interest and dividends receivable	6,258	3,693
participation agreement asset with related party	0	2,296
Other assets	107	422
Total assets	2,339,233	1,964,055
Liabilities
Accounts payable and accrued expenses	2,369	1,754
Securities sold, not yet purchased, at fair value	406,124	355,233
Assets Sold under Agreements to Repurchase, Repurchase Liability	1,290	0
Due to brokers	453,935	107,116
Derivative liabilities, at fair value	24,858	27,483
Redemption receivable, related party investment fund	400,000	0
Interest and dividends payable	2,327	1,881
Management Fee Payable	467	182
Total liabilities	1,291,370	493,649
Partners' Capital	$ 1,047,863	$ 1,470,406

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax
Deferred Tax Assets, Net	$ 7,300		$ 7,300		$ 9,100
Provision for uncertain tax positions	1,500		1,500		$ 1,500
Income tax expense	(74)	$ 4,390	1,644	$ 4,518
Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1)
Income Tax
Income tax expense	(74)	61	1,644	(788)
Change in uncertain tax positions (2)
Income Tax
Income tax expense	0	38	0	50
Withholding taxes on certain investment transactions (2)
Income Tax
Income tax expense	$ 0	$ 4,291	$ 0	$ 5,256

Share capital - Common shares a

Share capital - Common shares and treasury shares (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued, beginning of period, shares	93,639,610	107,227,347
Retirement of treasury shares and shares repurchased	0	(8,269,193)
Warrants exercised, net	0	361,556
Common shares issued, end of period, shares	93,994,924	99,627,399
Warrants exercised, shares		1,156,184
Warrants retired, shares		794,628
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	(371,596)	(50,644)
Performance restricted shares granted, net of forfeitures and shares withheld
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	(16,282)	(257,045)

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Equity [Abstract]
Authorized share capital	$ 33,000,000
Common share, shares authorized (in shares)	300,000,000	300,000,000
Common share, par value (in dollars per share)	$ 0.10	$ 0.10
Preference shares, shares authorized (in shares)	30,000,000	30,000,000
Preference shares, par value (in dollars per share)	$ 0.10	$ 0.10

Share capital - Share repurchas

Share capital - Share repurchase (Details) $ in Millions	Jun. 30, 2019USD ($)
Share repurchase [Abstract]
Stock repurchase program, remaining authorized shares	$ 61.3

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share compensation expense	$ 10.3	$ 7.4
Unamortized share compensation expense, period of recognition	1 year 7 months 6 days	1 year 4 months 24 days
Management and director options
Fair value assumptions
Remaining contractual life	2 years 8 months 12 days

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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 3,954	$ 1,313	$ 5,412	$ 2,558
Management and director options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	0	60	0	155
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	940	139	1,134	279
Restricted shares with service and performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 3,014	$ 1,114	$ 4,278	$ 2,124

Share-based compensation - Sc_2

Share-based compensation - Schedule of management and director options outstanding (Details) - Management and director options	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in shares) | shares	8,888,053
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.43
Remaining contractual life	2 years 8 months 12 days
Options exercisable (in shares) | shares	8,888,053
Options exercisable, weighted average exercise price (in dollars per share)	$ 13.43
$10.00 - $10.89
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Range Limit (usd per share)	10
Upper Range Limit (usd per share)	$ 10.89
Options outstanding (in shares) | shares	5,123,531
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.04
Remaining contractual life	2 years 7 months 6 days
Options exercisable (in shares) | shares	5,123,531
Options exercisable, weighted average exercise price (in dollars per share)	$ 10.04
$15.05 - $16.89
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Range Limit (usd per share)	15.05
Upper Range Limit (usd per share)	$ 16.89
Options outstanding (in shares) | shares	1,917,145
Options outstanding, weighted average exercise price (in dollars per share)	$ 15.93
Remaining contractual life	2 years 9 months 18 days
Options exercisable (in shares) | shares	1,917,145
Options exercisable, weighted average exercise price (in dollars per share)	$ 15.93
$20.00 - $25.05
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Range Limit (usd per share)	20
Upper Range Limit (usd per share)	$ 25.05
Options outstanding (in shares) | shares	1,847,377
Options outstanding, weighted average exercise price (in dollars per share)	$ 20.26
Remaining contractual life	2 years 8 months 12 days
Options exercisable (in shares) | shares	1,847,377
Options exercisable, weighted average exercise price (in dollars per share)	$ 20.26

Share-based compensation - Sc_3

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, 2019	Dec. 31, 2018
Number of non-vested restricted shares (in shares)
Outstanding, beginning of period (in shares)	24,065	18,209
Granted (in shares)	391,221	50,644
Forfeited (in shares)	19,625
Vested (in shares)	(24,064)	(44,788)
Outstanding, end of period (in shares)	371,597	24,065
Weighted average grant data fair value (in dollars per share)
Outstanding (in dollars per share)	$ 13.35	$ 12.15
Granted (in dollars per share)	11.34	13.45
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	11.21
Vested (in dollars per share)	13.35	12.97
Outstanding (in dollars per share)	$ 11.13	$ 13.35

Share-based compensation - Sc_4

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, 2019	Dec. 31, 2018
Number of non-vested restricted shares (in shares)
Outstanding, beginning of period (in shares)	2,001,048	1,855,379
Granted (in shares)	781,789	556,403
Forfeited (in shares)	(791,629)	(294,977)
Vested (in shares)	(148,718)	(115,757)
Outstanding, end of period (in shares)	1,842,490	2,001,048
Number of non-vested restricted shares probable of vesting
Outstanding, beginning of period (in shares)	1,185,220	887,203
Granted (in shares)	521,193	370,931
Forfeited (in shares)	264,224	(4,102)
Vested (in shares)	$ (148,718)	$ (115,757)
Change in estimated restricted shares considered probably of vesting (in shares)	112,198	46,945
Outstanding, end of period (in shares)	1,405,669	1,185,220
Weighted average grant data fair value (in dollars per share)
Outstanding (in dollars per share)	$ 12.80	$ 12.60
Granted (in dollars per share)	11.21	14.01
Forfeited (in dollars per share)	11.75	13.98
Change in estimated restricted shares considered probable of vesting (in dollars per share)	13.19	13.35
Outstanding (in dollars per share)	12.60	12.80
Vested (in dollars per share)	$ 11.40	$ 14

Non-controlling interests - Sch

Non-controlling interests - Schedule of Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2017
Total Noncontrolling Interests [Roll Forward]
Total noncontrolling interests in related party		$ 12,335		$ 12,335	$ 113,626
Net income attributable to total noncontrolling interests in related party	$ 0	209	$ 0	219
Contributions				490
Redemptions (2)				(102,000)
Third Point Re BDA
Total Noncontrolling Interests [Roll Forward]
Total noncontrolling interests in related party		9,232		9,232	97,619
Net income attributable to total noncontrolling interests in related party				137
Contributions				476
Redemptions (2)				(89,000)
Third Point Re USA
Total Noncontrolling Interests [Roll Forward]
Total noncontrolling interests in related party		3,103		3,103	16,007
Net income attributable to total noncontrolling interests in related party				82
Contributions				14
Redemptions (2)				(13,000)
Redeemable noncontrolling interests in related party
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning of period				108,219
Changes in capital account allocation (1)				(101,040)
Balance, end of period		7,179		7,179
Noncontrolling interests in related party
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning of period				5,407
Changes in capital account allocation (1)				(251)
Balance, end of period		5,156		5,156
Total noncontrolling interests in related party
Total Noncontrolling Interests [Roll Forward]
Total noncontrolling interests in related party		$ 12,335		12,335	$ 113,626
Changes in capital account allocation (1)				$ (101,291)

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019		Jun. 30, 2018	[1]	Jun. 30, 2019	Jun. 30, 2018
Noncontrolling Interest [Line Items]
Affiliate Costs	$ 0	[1]	$ 14,493		$ 0	$ 24,540
TP Fund
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	78.70%				78.70%
TP GP [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	21.00%				21.00%
[1]	Effective August 31, 2018, Third Point Reinsurance Ltd., Third Point Reinsurance Company Ltd. (“Third Point Re BDA”) and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”) and together with Third Point Re BDA, the “TPRE Limited Partners”, entered into a Limited Partnership Agreement (the “2018 LPA”) to invest in Third Point Enhanced LP (“TP Fund”), a related party investment fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the 2018 LPA. Management and performance fees incurred prior to the effective date of the 2018 LPA are reflected in management and performance fees to related parties.

Earnings (loss) per share ava_3

Earnings (loss) per share available to Third Point Re common shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding	91,776,870	99,498,901	91,723,636	100,342,636
Dilutive effect of options	321,492	1,274,609	308,579	0
Dilutive effect of warrants	228,643	878,977	219,460	0
Dilutive effect of restricted shares with service and performance condition	474,794	379,998	468,791	0
Diluted number of common shares outstanding	92,801,799	102,032,485	92,720,466	100,342,636
Basic earnings (loss) per common share:
Net income (loss) available to Third Point Re common shareholders	$ 53,065	$ 19,602	$ 185,980	$ (6,399)
Net income allocated to Third Point Re participating common shareholders	(85)	(6)	(482)	0
Net income (loss) allocated to Third Point Re common shareholders	$ 52,980	$ 19,596	$ 185,498	$ (6,399)
Basic earnings (loss) per share available to Third Point Re common shareholders	$ 0.58	$ 0.20	$ 2.02	$ (0.06)
Earnings per share, diluted [Abstract]
Net income (loss) available to Third Point Re common shareholders	$ 53,065	$ 19,602	$ 185,980	$ (6,399)
Net income allocated to Third Point Re participating common shareholders	(84)	(6)	476	0
Net income (loss) allocated to Third Point Re common shareholders	$ 52,981	$ 19,596	$ 185,504	$ (6,399)
Diluted earnings (loss) per share available to Third Point Re common shareholders	$ 0.57	$ 0.19	$ 2	$ (0.06)
Options and warrants
Earnings per share, diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share	3,973,824	3,764,521	3,973,824	10,003,738

Commitments and Contingencies (

Commitments and Contingencies (Details) - Senior unsecured notes - 7% Senior Unsecured Notes - USD ($)	Jun. 30, 2019	Feb. 28, 2015
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, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Segment Reporting Information [Line Items]
Gross premiums written	$ 82,637	$ 49,765	$ 402,228	$ 428,125
Gross premiums ceded	(1,473)	(3,479)	(2,185)	(18,125)
Net premiums written	81,164	46,286	400,043	410,000
Change in net unearned premium reserves	64,288	95,207	(101,541)	(126,021)
Net premiums earned	145,452	141,493	298,502	283,979
Loss and loss adjustment expenses incurred, net	82,334	84,000	177,402	176,620
Acquisition costs, net	58,006	57,584	115,504	108,989
General and administrative expenses	(19,650)	(9,696)	(31,782)	(19,177)
Other expenses	(3,811)	(3,983)	(7,936)	(7,978)
Total expenses	147,109	146,547	305,899	295,396
Net investment income	69,131	31,175	224,084	28,967
Interest expense	(2,051)	(2,051)	(4,080)	(4,080)
Foreign exchange gains	4,260	8,847	1,742	2,236
Income tax (expense) benefit	74	(4,390)	(1,644)	(4,518)
Net income attributable to noncontrolling interests in related party	0	(209)	0	(219)
Net income (loss) available to Third Point Re common shareholders	$ 53,065	$ 19,602	$ 185,980	$ (6,399)
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%	100.00%	100.00%
Corporate
Segment Reporting Information [Line Items]
General and administrative expenses	$ (12,881)	$ (4,733)	$ (18,789)	$ (9,390)
Property and Casualty Reinsurance | Retroactive Reinsurance Contract [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 0	$ 4,341	$ (5,353)	$ 4,341
Gross Premiums As Percentage Of Total Gross Premiums	0.00%	8.70%	(1.30%)	1.00%
Property and Casualty Reinsurance | Property
Segment Reporting Information [Line Items]
Gross premiums written	$ 41,862	$ 1,660	$ 95,843	$ 2,029
Gross Premiums As Percentage Of Total Gross Premiums	50.70%	3.30%	23.80%	0.50%
Property and Casualty Reinsurance | Casualty
Segment Reporting Information [Line Items]
Gross premiums written	$ 23,529	$ 43,510	$ 101,421	$ 196,730
Gross Premiums As Percentage Of Total Gross Premiums	28.50%	87.40%	25.20%	46.00%
Property and Casualty Reinsurance | Specialty
Segment Reporting Information [Line Items]
Gross premiums written	$ 17,246	$ 254	$ 210,317	$ 225,025
Gross Premiums As Percentage Of Total Gross Premiums	20.80%	0.60%	52.30%	52.50%
Property and Casualty Reinsurance | Prospective Reinsurance Contract [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 82,637	$ 45,424	$ 407,581	$ 423,784
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	91.30%	101.30%	99.00%
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	$ 82,637	$ 49,765	$ 402,228	$ 428,125
Gross premiums ceded	(1,473)	(3,479)	(2,185)	(18,125)
Net premiums written	81,164	46,286	400,043	410,000
Change in net unearned premium reserves	64,288	95,207	(101,541)	(126,021)
Net premiums earned	145,452	141,493	298,502	283,979
Loss and loss adjustment expenses incurred, net	82,334	84,000	177,402	176,620
Acquisition costs, net	58,006	57,584	115,504	108,989
General and administrative expenses	(6,769)	(4,963)	(12,993)	(9,787)
Total expenses	147,109	146,547	305,899	295,396
Net underwriting loss	$ 1,657	$ 5,054	$ 7,397	$ 11,417
Loss ratio	56.60%	59.40%	59.40%	62.20%
Acquisition cost ratio	39.90%	40.70%	38.70%	38.40%
Composite ratio	96.50%	100.10%	98.10%	100.60%
General and administrative expense ratio	4.60%	3.50%	4.40%	3.40%
Combined ratio	101.10%	103.60%	102.50%	104.00%

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 82,637	$ 49,765	$ 402,228	$ 428,125
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%	100.00%	100.00%
Property and Casualty Reinsurance | Property
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 41,862	$ 1,660	$ 95,843	$ 2,029
Gross Premiums As Percentage Of Total Gross Premiums	50.70%	3.30%	23.80%	0.50%
Property and Casualty Reinsurance | Casualty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 23,529	$ 43,510	$ 101,421	$ 196,730
Gross Premiums As Percentage Of Total Gross Premiums	28.50%	87.40%	25.20%	46.00%
Property and Casualty Reinsurance | Specialty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 17,246	$ 254	$ 210,317	$ 225,025
Gross Premiums As Percentage Of Total Gross Premiums	20.80%	0.60%	52.30%	52.50%
Property and Casualty Reinsurance | Prospective Reinsurance Contract [Member]
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 82,637	$ 45,424	$ 407,581	$ 423,784
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	91.30%	101.30%	99.00%
Property and Casualty Reinsurance | Retroactive Reinsurance Contract [Member]
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 0	$ 4,341	$ (5,353)	$ 4,341
Gross Premiums As Percentage Of Total Gross Premiums	0.00%	8.70%	(1.30%)	1.00%

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	$ 749,903,000	$ 713,337,000	$ 587,419,000	$ 549,333,000
Assets
Equity securities, trading, at fair value (cost - N/A; 2018 - N/A)	3,000,000
Debt securities	567,354,000	239,640,000
Other investments, at fair value	3,010,000	84,000
Total investments in securities	1,394,716,000	1,523,728,000
Cash and cash equivalents	93,757,000	104,183,000
Restricted cash and cash equivalents	656,146,000	609,154,000
Redemption receivable, related party investment fund	400,000,000	0
Investment in subsidiaries	0	0
Due from brokers	0	1,411,000
Interest and dividends receivable	1,792,000	1,316,000
Reinsurance balances receivable	696,170,000	602,448,000
Deferred acquisition costs, net	208,027,000	203,842,000
Unearned premiums ceded	15,473,000	17,552,000
Loss and loss adjustment expenses recoverable	3,655,000	2,031,000	1,414,000	1,113,000
Amounts due from (to) affiliates	0	0
Other assets	19,715,000	20,569,000
Total assets	3,489,451,000	3,086,234,000
Liabilities
Accounts payable and accrued expenses	(14,843,000)	(7,261,000)
Reinsurance balances payable	88,670,000	69,701,000
Deposit liabilities	148,845,000	145,342,000		129,133,000
Unearned premium reserves	702,398,000	602,936,000
Loss and loss adjustment expense reserves	1,021,776,000	937,157,000
Participation agreement with related party investment fund	0	2,297,000
Interest and dividends payable	3,022,000	3,055,000
Senior notes payable, net of deferred costs	113,999,000	113,911,000
Total liabilities	2,093,553,000	1,881,660,000
Shareholders’ equity
Common shares	9,399,000	9,364,000
Additional paid-in capital	924,191,000	918,882,000
Retained earnings	462,308,000	276,328,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,395,898,000	1,204,574,000	1,591,754,000
Total shareholders’ equity	1,395,898,000		1,596,910,000
Total liabilities and shareholders’ equity	3,489,451,000	3,086,234,000
Eliminations
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	0	0	0	0
Assets
Total investments in securities	0	0
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Redemption receivable, related party investment fund	0
Investment in subsidiaries	(1,860,986,000)	(1,634,269,000)
Due from brokers		0
Interest and dividends receivable	0	0
Reinsurance balances receivable	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0	0
Loss and loss adjustment expenses recoverable	0	0
Amounts due from (to) affiliates	0	0
Other assets	0	0
Total assets	(1,860,986,000)	(1,634,269,000)
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
Participation agreement with related party investment fund		0
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	0	0
Shareholders’ equity
Common shares	(1,239,000)	(1,239,000)
Additional paid-in capital	(1,781,064,000)	(1,733,021,000)
Retained earnings	(78,683,000)	99,991,000
Shareholders’ equity attributable to Third Point Re common shareholders	(1,860,986,000)	(1,634,269,000)
Total liabilities and shareholders’ equity	(1,860,986,000)	(1,634,269,000)
Third Point Re | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	1,000	0	1,000	9,000
Assets
Total investments in securities	3,000,000	0
Cash and cash equivalents	1,000	0
Restricted cash and cash equivalents	0	0
Redemption receivable, related party investment fund	0
Investment in subsidiaries	1,398,386,000	1,207,161,000
Due from brokers		0
Interest and dividends receivable	0	0
Reinsurance balances receivable	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0	0
Loss and loss adjustment expenses recoverable	0	0
Amounts due from (to) affiliates	(1,364,000)	(3,522,000)
Other assets	391,000	1,673,000
Total assets	1,400,414,000	1,205,312,000
Liabilities
Accounts payable and accrued expenses	(4,516,000)	(738,000)
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Participation agreement with related party investment fund		0
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	4,516,000	738,000
Shareholders’ equity
Common shares	9,399,000	9,364,000
Additional paid-in capital	924,191,000	918,882,000
Retained earnings	462,308,000	276,328,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,395,898,000	1,204,574,000
Total liabilities and shareholders’ equity	1,400,414,000	1,205,312,000
TPRUSA | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	179,000	187,000	190,000	199,000
Assets
Total investments in securities	0	0
Cash and cash equivalents	179,000	187,000
Restricted cash and cash equivalents	0	0
Redemption receivable, related party investment fund	0
Investment in subsidiaries	271,717,000	251,350,000
Due from brokers		0
Interest and dividends receivable	0	0
Reinsurance balances receivable	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0	0
Loss and loss adjustment expenses recoverable	0	0
Amounts due from (to) affiliates	127,000	52,000
Other assets	5,920,000	5,069,000
Total assets	277,943,000	256,658,000
Liabilities
Accounts payable and accrued expenses	(35,000)	(70,000)
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Participation agreement with related party investment fund		0
Interest and dividends payable	3,022,000	3,055,000
Senior notes payable, net of deferred costs	113,999,000	113,911,000
Total liabilities	117,056,000	117,036,000
Shareholders’ equity
Common shares	0	0
Additional paid-in capital	191,140,000	176,005,000
Retained earnings	(30,253,000)	(36,383,000)
Shareholders’ equity attributable to Third Point Re common shareholders	160,887,000	139,622,000
Total liabilities and shareholders’ equity	277,943,000	256,658,000
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	749,723,000	713,150,000	$ 587,228,000	$ 549,125,000
Assets
Total investments in securities	1,391,716,000	1,523,728,000
Cash and cash equivalents	93,577,000	103,996,000
Restricted cash and cash equivalents	656,146,000	609,154,000
Redemption receivable, related party investment fund	400,000,000
Investment in subsidiaries	190,883,000	175,758,000
Due from brokers		1,411,000
Interest and dividends receivable	1,792,000	1,316,000
Reinsurance balances receivable	696,170,000	602,448,000
Deferred acquisition costs, net	208,027,000	203,842,000
Unearned premiums ceded	15,473,000	17,552,000
Loss and loss adjustment expenses recoverable	3,655,000	2,031,000
Amounts due from (to) affiliates	1,237,000	3,470,000
Other assets	13,404,000	13,827,000
Total assets	3,672,080,000	3,258,533,000
Liabilities
Accounts payable and accrued expenses	(10,292,000)	(6,453,000)
Reinsurance balances payable	88,670,000	69,701,000
Deposit liabilities	148,845,000	145,342,000
Unearned premium reserves	702,398,000	602,936,000
Loss and loss adjustment expense reserves	1,021,776,000	937,157,000
Participation agreement with related party investment fund		2,297,000
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	1,971,981,000	1,763,886,000
Shareholders’ equity
Common shares	1,239,000	1,239,000
Additional paid-in capital	1,589,924,000	1,557,016,000
Retained earnings	108,936,000	(63,608,000)
Shareholders’ equity attributable to Third Point Re common shareholders	1,700,099,000	1,494,647,000
Total liabilities and shareholders’ equity	3,672,080,000	$ 3,258,533,000
Financial Guarantee | TPRUSA
Condensed Balance Sheet Statements, Captions [Line Items]
Debt obligation	$ 115,000,000

Supplemental Guarantor Inform_4

Supplemental Guarantor Information - Condensed Consolidating Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Gross premiums written	$ 82,637	$ 49,765	$ 402,228	$ 428,125
Gross premiums ceded	(1,473)	(3,479)	(2,185)	(18,125)
Net premiums written	81,164	46,286	400,043	410,000
Change in net unearned premium reserves	64,288	95,207	(101,541)	(126,021)
Net premiums earned	145,452	141,493	298,502	283,979
Net investment income	69,131	31,175	224,084	28,967
Equity in earnings (losses) of subsidiaries	0	0	0	0
Total revenues	214,583	172,668	522,586	312,946
Expenses
Loss and loss adjustment expenses incurred, net	82,334	84,000	177,402	176,620
Acquisition costs, net	58,006	57,584	115,504	108,989
General and administrative expenses	19,650	9,696	31,782	19,177
Other expenses	3,811	3,983	7,936	7,978
Interest expense	2,051	2,051	4,080	4,080
Net foreign exchange gains	(4,260)	(8,847)	(1,742)	(2,236)
Total expenses	161,592	148,467	334,962	314,608
Income (loss) before income tax (expense) benefit	52,991	24,201	187,624	(1,662)
Income tax (expense) benefit	74	(4,390)	(1,644)	(4,518)
Net income (loss)	53,065	19,811	185,980	(6,180)
Net income attributable to noncontrolling interests in related party	0	(209)	0	(219)
Net income (loss) available to Third Point Re common shareholders	53,065	19,602	185,980	(6,399)
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	(63,229)	(23,153)	(206,775)	2,829
Total revenues	(63,229)	(23,153)	(206,775)	2,829
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
Net foreign exchange gains	0	0	0	0
Total expenses	0	0	0	0
Income (loss) before income tax (expense) benefit	(63,229)	(23,153)	(206,775)	2,829
Income tax (expense) benefit	0	0	0	0
Net income (loss)	(63,229)	(23,153)	(206,775)	2,829
Net income attributable to noncontrolling interests in related party	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	(63,229)	(23,153)	(206,775)	2,829
Third Point Re | 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	61,912	21,319	197,453	(3,038)
Total revenues	61,912	21,319	197,453	(3,038)
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	8,847	1,717	11,473	3,361
Other expenses	0	0	0	0
Interest expense	0	0	0	0
Net foreign exchange gains	0	0	0	0
Total expenses	8,847	1,717	11,473	3,361
Income (loss) before income tax (expense) benefit	53,065	19,602	185,980	(6,399)
Income tax (expense) benefit	0	0	0	0
Net income (loss)	53,065	19,602	185,980	(6,399)
Net income attributable to noncontrolling interests in related party	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	53,065	19,602	185,980	(6,399)
TPRUSA | 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	1,320	1,847	9,333	239
Total revenues	1,320	1,847	9,333	239
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	13	19	(26)	22
Other expenses	0	0	0	0
Interest expense	2,051	2,051	4,080	4,080
Net foreign exchange gains	0	0	0	0
Total expenses	2,064	2,070	4,054	4,102
Income (loss) before income tax (expense) benefit	(744)	(223)	5,279	(3,863)
Income tax (expense) benefit	433	435	851	861
Net income (loss)	(311)	212	6,130	(3,002)
Net income attributable to noncontrolling interests in related party	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	(311)	212	6,130	(3,002)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written	82,637	49,765	402,228	428,125
Gross premiums ceded	(1,473)	(3,479)	(2,185)	(18,125)
Net premiums written	81,164	46,286	400,043	410,000
Change in net unearned premium reserves	64,288	95,207	(101,541)	(126,021)
Net premiums earned	145,452	141,493	298,502	283,979
Net investment income	69,131	31,175	224,084	28,967
Equity in earnings (losses) of subsidiaries	(3)	(13)	(11)	(30)
Total revenues	214,580	172,655	522,575	312,916
Expenses
Loss and loss adjustment expenses incurred, net	82,334	84,000	177,402	176,620
Acquisition costs, net	58,006	57,584	115,504	108,989
General and administrative expenses	10,790	7,960	20,335	15,794
Other expenses	3,811	3,983	7,936	7,978
Interest expense	0	0	0	0
Net foreign exchange gains	(4,260)	(8,847)	(1,742)	(2,236)
Total expenses	150,681	144,680	319,435	307,145
Income (loss) before income tax (expense) benefit	63,899	27,975	203,140	5,771
Income tax (expense) benefit	(359)	(4,825)	(2,495)	(5,379)
Net income (loss)	63,540	23,150	200,645	392
Net income attributable to noncontrolling interests in related party	0	(209)	0	(219)
Net income (loss) available to Third Point Re common shareholders	$ 63,540	$ 22,941	$ 200,645	$ 173

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income (loss)	$ 53,065	$ 19,811	$ 185,980	$ (6,180)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			0	0
Share compensation expense			5,412	2,558
Net interest expense on deposit liabilities			2,422	2,449
Net realized and unrealized gain on investments and derivatives			(2,740)	(34,987)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			213,348	0
Net foreign exchange gains	(4,260)	(8,847)	(1,742)	(2,236)
Amortization of premium and accretion of discount, net			485	2,913
Changes in assets and liabilities:
Reinsurance balances receivable			(87,348)	(157,498)
Deferred acquisition costs, net			(4,185)	(5,615)
Unearned premiums ceded			2,079	(16,557)
Loss and loss adjustment expenses recoverable			(1,624)	(301)
Other assets			1,266	(3,537)
Interest and dividends receivable, net			(509)	832
Unearned premium reserves			99,462	142,578
Loss and loss adjustment expense reserves			85,805	74,655
Accounts payable and accrued expenses			7,582	(22,564)
Reinsurance balances payable			18,809	32,208
Performance fee payable to related party			0	4,641
Amounts due from (to) affiliates			0	0
Net cash provided by operating activities			97,806	13,359
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund	350,000		360,000	0
Investing activities
Contributions to related party investment fund			(87,000)	0
Change in participation agreement with related party investment fund			(2,297)	0
Purchases of investments			(330,463)	(2,180,138)
Proceeds from sales and maturities of investments			2,198	2,156,754
Purchases of investments to cover short sales			0	(590,113)
Proceeds from short sales of investments			0	628,913
Change in due to/from brokers, net			1,411	202,712
Decrease in securities sold under an agreement to repurchase			0	(29,618)
Net cash provided by (used in) investing activities			(56,151)	188,510
Financing activities
Taxes paid on withholding shares			(68)	(74)
Purchases of Third Point Re common shares under share repurchase program			0	(60,420)
Net payments on deposit liability contracts			(5,021)	(1,779)
Change in total noncontrolling interests in related party, net			0	(101,510)
Dividend received by (paid to) parent			0	0
Net cash used in financing activities			(5,089)	(163,783)
Net increase in cash, cash equivalents and restricted cash			36,566	38,086
Cash, cash equivalents and restricted cash at beginning of period			713,337	549,333
Contributed Capital To Subsidiaries			0
Proceeds from Contributed Capital			0
Eliminations
Operating activities
Net income (loss)	(63,229)	(23,153)	(206,775)	2,829
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			206,775	(2,829)
Share compensation expense			0	0
Net interest expense on deposit liabilities			0	0
Net realized and unrealized gain on investments and derivatives			0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			0
Net foreign exchange gains	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
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			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 fee payable to related party				0
Amounts due from (to) affiliates			0	0
Net cash provided by operating activities			0	0
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund			0
Investing activities
Contributions to related party investment fund			0
Change in participation agreement with related party investment fund			0
Purchases of investments			0	0
Proceeds from sales and maturities of investments			0	0
Purchases of investments to cover short sales				0
Proceeds from short sales of investments				0
Change in due to/from brokers, net			0	0
Decrease in securities sold under an agreement to repurchase				0
Net cash provided by (used in) investing activities			0	0
Financing activities
Taxes paid on withholding shares			0	0
Purchases of Third Point Re common shares under share repurchase program				0
Net payments on deposit liability contracts			0	0
Change in total noncontrolling interests in related party, net				0
Dividend received by (paid to) parent			0	0
Net cash used in financing activities			0	0
Net increase in cash, cash equivalents and restricted cash			0	0
Cash, cash equivalents and restricted cash at beginning of period			0	0
Contributed Capital To Subsidiaries			0
Proceeds from Contributed Capital			0
Third Point Re | Reportable Legal Entities
Operating activities
Net income (loss)	53,065	19,602	185,980	(6,399)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			(197,453)	3,038
Share compensation expense			2,640	279
Net interest expense on deposit liabilities			0	0
Net realized and unrealized gain on investments and derivatives			0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			0
Net foreign exchange gains	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
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			0	0
Other assets			1,282	410
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			3,778	458
Reinsurance balances payable			0	0
Performance fee payable to related party				0
Amounts due from (to) affiliates			(2,158)	36,300
Net cash provided by operating activities			(5,931)	34,086
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund			0
Investing activities
Contributions to related party investment fund			0
Change in participation agreement with related party investment fund			0
Purchases of investments			(3,000)	0
Proceeds from sales and maturities of investments			0	0
Purchases of investments to cover short sales				0
Proceeds from short sales of investments				0
Change in due to/from brokers, net			0	0
Decrease in securities sold under an agreement to repurchase				0
Net cash provided by (used in) investing activities			(18,000)	0
Financing activities
Taxes paid on withholding shares			(68)	(74)
Purchases of Third Point Re common shares under share repurchase program				(60,420)
Net payments on deposit liability contracts			0	0
Change in total noncontrolling interests in related party, net				0
Dividend received by (paid to) parent			24,000	26,400
Net cash used in financing activities			23,932	(34,094)
Net increase in cash, cash equivalents and restricted cash			1	(8)
Cash, cash equivalents and restricted cash at beginning of period			0	9
Contributed Capital To Subsidiaries			15,000
Proceeds from Contributed Capital			0
TPRUSA | Reportable Legal Entities
Operating activities
Net income (loss)	(311)	212	6,130	(3,002)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			(9,333)	(239)
Share compensation expense			0	0
Net interest expense on deposit liabilities			0	0
Net realized and unrealized gain on investments and derivatives			0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			0
Net foreign exchange gains	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
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			0	0
Other assets			(851)	0
Interest and dividends receivable, net			(33)	(33)
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			(34)	(858)
Reinsurance balances payable			0	0
Performance fee payable to related party				0
Amounts due from (to) affiliates			(75)	335
Net cash provided by operating activities			(4,108)	(3,709)
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund			0
Investing activities
Contributions to related party investment fund			0
Change in participation agreement with related party investment fund			0
Purchases of investments			0	0
Proceeds from sales and maturities of investments			0	0
Purchases of investments to cover short sales				0
Proceeds from short sales of investments				0
Change in due to/from brokers, net			0	0
Decrease in securities sold under an agreement to repurchase				0
Net cash provided by (used in) investing activities			0	0
Financing activities
Taxes paid on withholding shares			0	0
Purchases of Third Point Re common shares under share repurchase program				0
Net payments on deposit liability contracts			0	0
Change in total noncontrolling interests in related party, net				0
Dividend received by (paid to) parent			4,100	3,700
Net cash used in financing activities			4,100	3,700
Net increase in cash, cash equivalents and restricted cash			(8)	(9)
Cash, cash equivalents and restricted cash at beginning of period			187	199
Contributed Capital To Subsidiaries			(15,000)
Proceeds from Contributed Capital			(15,000)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating activities
Net income (loss)	63,540	23,150	200,645	392
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			11	30
Share compensation expense			2,772	2,279
Net interest expense on deposit liabilities			2,422	2,449
Net realized and unrealized gain on investments and derivatives			(2,740)	(34,987)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			213,348
Net foreign exchange gains	$ (4,260)	$ (8,847)	(1,742)	(2,236)
Amortization of premium and accretion of discount, net			397	2,825
Changes in assets and liabilities:
Reinsurance balances receivable			(87,348)	(157,498)
Deferred acquisition costs, net			(4,185)	(5,615)
Unearned premiums ceded			2,079	(16,557)
Loss and loss adjustment expenses recoverable			(1,624)	(301)
Other assets			835	(3,947)
Interest and dividends receivable, net			(476)	865
Unearned premium reserves			99,462	142,578
Loss and loss adjustment expense reserves			85,805	74,655
Accounts payable and accrued expenses			3,838	(22,164)
Reinsurance balances payable			18,809	32,208
Performance fee payable to related party				4,641
Amounts due from (to) affiliates			2,233	(36,635)
Net cash provided by operating activities			107,845	(17,018)
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund			360,000
Investing activities
Contributions to related party investment fund			(87,000)
Change in participation agreement with related party investment fund			(2,297)
Purchases of investments			(327,463)	(2,180,138)
Proceeds from sales and maturities of investments			2,198	2,156,754
Purchases of investments to cover short sales				(590,113)
Proceeds from short sales of investments				628,913
Change in due to/from brokers, net			1,411	202,712
Decrease in securities sold under an agreement to repurchase				(29,618)
Net cash provided by (used in) investing activities			(38,151)	188,510
Financing activities
Taxes paid on withholding shares			0	0
Purchases of Third Point Re common shares under share repurchase program				0
Net payments on deposit liability contracts			(5,021)	(1,779)
Change in total noncontrolling interests in related party, net				(101,510)
Dividend received by (paid to) parent			(28,100)	(30,100)
Net cash used in financing activities			(33,121)	(133,389)
Net increase in cash, cash equivalents and restricted cash			36,573	38,103
Cash, cash equivalents and restricted cash at beginning of period			713,150	$ 549,125
Contributed Capital To Subsidiaries			0
Proceeds from Contributed Capital			$ 15,000