SiriusPoint (SPNT) 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		94,220,567
Entity Central Index Key	0001576018
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Investment in related party investment fund, at fair value (cost - $891,850; 2018 - $1,564,850)	$ 818,600	$ 1,284,004
Debt securities, trading, at fair value (cost - $226,295; 2018 - $252,362)	220,045	239,640
Other investments, at fair value	3,500	84
Total investments	1,042,145	1,523,728
Cash and cash equivalents	693,105	104,183
Restricted cash and cash equivalents	816,519	609,154
Due from brokers	0	1,411
Interest and dividends receivable	2,932	1,316
Reinsurance balances receivable	680,630	602,448
Deferred acquisition costs, net	166,968	203,842
Unearned premiums ceded	14,370	17,552
Loss and loss adjustment expenses recoverable	4,270	2,031
Other assets	17,808	20,569
Total assets	3,438,747	3,086,234
Liabilities
Accounts payable and accrued expenses	14,607	7,261
Reinsurance balances payable	98,766	69,701
Deposit liabilities	174,405	145,342
Unearned premium reserves	592,319	602,936
Loss and loss adjustment expense reserves	1,060,000	937,157
Participation agreement with related party investment fund	0	2,297
Interest and dividends payable	1,026	3,055
Senior notes payable, net of deferred costs	114,044	113,911
Total liabilities	2,055,167	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: 94,220,567; 2018 - 93,639,610)	9,422	9,364
Additional paid-in capital	926,949	918,882
Retained earnings	447,209	276,328
Shareholders’ equity attributable to Third Point Re common shareholders	1,383,580	1,204,574
Total liabilities and shareholders’ equity	$ 3,438,747	$ 3,086,234

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Assets
Investment in related party investment fund, cost	$ 891,850	$ 1,564,850
Debt securities, trading, cost	$ 226,295	$ 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)	94,220,567	93,639,610
Common share, shares outstanding (in shares)	94,220,567	93,639,610

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Revenues
Gross premiums written	$ 95,388		$ 30,064		$ 497,616	$ 458,189
Gross premiums ceded	(1,116)		0		(3,301)	(18,125)
Net premiums written	94,272		30,064		494,315	440,064
Change in net unearned premium reserves	108,976		97,929		7,435	(28,092)
Net premiums earned	203,248		127,993		501,750	411,972
Net investment income (loss) from investment in related party investment fund	(5,751)		(1,926)		207,597	(1,926)
Net investment income before management and performance fees to related parties	2,613		3,641		13,349	57,148
Management and performance fees to related parties	0	[1]	(5,305)	[1]	0	(29,845)
Net investment income (loss)	(3,138)		(3,590)		220,946	25,377
Total revenues	200,110		124,403		722,696	437,349
Expenses
Loss and loss adjustment expenses incurred, net	85,703		88,706		263,105	265,326
Acquisition costs, net	118,271		40,841		233,775	149,830
General and administrative expenses	9,237		9,511		41,019	28,688
Other (income) expense	5,058		(1,362)		12,994	6,616
Interest expense	2,074		2,074		6,154	6,154
Foreign exchange gains	(4,921)		(1,979)		(6,663)	(4,215)
Total expenses	215,422		137,791		550,384	452,399
Income (loss) before income tax (expense) benefit	(15,312)		(13,388)		172,312	(15,050)
Income tax (expense) benefit	213		111		(1,431)	(4,407)
Net income (loss)	(15,099)		(13,277)		170,881	(19,457)
Net income attributable to noncontrolling interests in related party	0		(4)		0	(223)
Net income (loss) available to Third Point Re common shareholders	$ (15,099)		$ (13,281)		$ 170,881	$ (19,680)
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)	$ (0.16)		$ (0.14)		$ 1.86	$ (0.20)
Diluted earnings (loss) per share available to Third Point Re common share holders (in dollars per share)	$ (0.16)		$ (0.14)		$ 1.84	$ (0.20)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic (in shares)	91,903,556		95,671,385		91,784,268	98,768,442
Diluted (in shares)	91,903,556		95,671,385		92,709,421	98,768,442
[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
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		(142)
Common shares repurchased and retired		(1,373)		(180,260)
Retirement of treasury shares	13,730,258		48,253,000
Share compensation expense				4,956
Net income (loss)	$ (19,457)				(19,457)
Net income attributable to noncontrolling interests in related party	(223)				(223)
Balance. end of period at Sep. 30, 2018		9,417	$ 0	924,153	574,340
Balance, beginning of period at Jun. 30, 2018		9,963	$ 0	994,170	587,621
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		0		(1)
Common shares repurchased and retired		(546)		(72,414)
Retirement of treasury shares			0
Share compensation expense				2,398
Net income (loss)	(13,277)				(13,277)
Net income attributable to noncontrolling interests in related party	(4)				(4)
Balance. end of period at Sep. 30, 2018		9,417	$ 0	924,153	574,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders’ equity attributable to Third Point Re common shareholders	1,507,910
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		58		1,761
Common shares repurchased and retired		0		0
Retirement of treasury shares	0		0
Share compensation expense				6,306
Net income (loss)	$ 170,881				170,881
Net income attributable to noncontrolling interests in related party	0
Balance. end of period at Sep. 30, 2019		9,422	$ 0	926,949	447,209
Balance, beginning of period at Jun. 30, 2019		9,399	$ 0	924,191	462,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		23		1,864
Common shares repurchased and retired		0		0
Retirement of treasury shares			0
Share compensation expense				894
Net income (loss)	(15,099)				(15,099)
Net income attributable to noncontrolling interests in related party	0
Balance. end of period at Sep. 30, 2019		$ 9,422	$ 0	$ 926,949	$ 447,209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders’ equity attributable to Third Point Re common shareholders	$ 1,383,580

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Net income (loss)	$ 170,881	$ (19,457)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share compensation expense	6,306	4,956
Net interest (income) expense on deposit liabilities	4,980	(1,609)
Net realized and unrealized gain on investments and derivatives	(2,177)	(32,373)
Net realized and unrealized (gain) loss on investment in related party investment fund	(207,597)	1,926
Net foreign exchange gains	(6,663)	(4,215)
Amortization of premium and accretion of discount, net	(231)	2,674
Changes in assets and liabilities:
Reinsurance balances receivable	(50,711)	(87,911)
Deferred acquisition costs, net	36,874	27,507
Unearned premiums ceded	3,182	(15,723)
Loss and loss adjustment expenses recoverable	(2,239)	(463)
Other assets	2,827	(5,757)
Interest and dividends receivable, net	(3,645)	(5,273)
Unearned premium reserves	(10,617)	43,815
Loss and loss adjustment expense reserves	119,129	107,325
Accounts payable and accrued expenses	7,346	(22,761)
Reinsurance balances payable	29,052	29,624
Net cash provided by operating activities	96,697	22,285
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund	760,000	0
Investing activities
Contributions to related party investment fund	(87,000)	(88,658)
Change in participation agreement with related party investment fund	(2,297)	0
Purchases of investments	(330,963)	(3,235,659)
Proceeds from sales and maturities of investments	349,696	3,222,239
Purchases of investments to cover short sales	0	(853,798)
Proceeds from short sales of investments	0	800,508
Change in due to/from brokers, net	1,411	471,352
Decrease in securities sold under an agreement to repurchase	0	(29,618)
Net cash provided by investing activities	690,847	286,366
Financing activities
Proceeds from issuance of Third Point Re common shares, net of costs	1,887	0
Taxes paid on withholding shares	(68)	(74)
Purchases of Third Point Re common shares under share repurchase program	0	(133,380)
Net proceeds from deposit liability contracts	6,924	4,340
Change in total noncontrolling interests in related party, net	0	(97,950)
Net cash provided by (used in) financing activities	8,743	(227,064)
Net increase in cash, cash equivalents and restricted cash	796,287	81,587
Cash, cash equivalents and restricted cash at beginning of period	713,337	549,333
Cash, cash equivalents and restricted cash at end of period	1,509,624	630,920
Supplementary information
Interest paid in cash	8,050	25,391
Income taxes paid in cash	10	7,026
Non-cash Transfer of Investment Asset to Related Party Investments Fund	$ 0	$ 1,571,191

Organization

Organization	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 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 September 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 effect 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. Issued but not yet effective as of September 30, 2019 Other accounting pronouncements issued during the nine months ended September 30, 2019 were either not relevant to the Company or did not effect the Company’s condensed consolidated financial statements.
Recently issued accounting standards	Recently issued accounting standards Issued and effective as of September 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 effect 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. Issued but not yet effective as of September 30, 2019 Other accounting pronouncements issued during the nine months ended September 30, 2019 were either not relevant to the Company or did not effect the Company’s condensed consolidated financial statements.

Restricted cash and cash equiva

Restricted cash and cash equivalents and restricted investments	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 : September 30, December 31, Cash and cash equivalents $ 693,105 $ 104,183 Restricted cash securing letter of credit facilities (1) 228,135 203,953 Restricted cash securing reinsurance contracts (2) 588,384 405,201 Total cash, cash equivalents and restricted cash (3) 1,509,624 713,337 Restricted investments securing reinsurance contracts (2) 220,045 239,640 Total cash, cash equivalents, restricted cash and restricted investments $ 1,729,669 $ 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	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 : September 30, December 31, Assets TP Fund $ 818,600 $ 1,284,004 Debt securities 220,045 239,640 Total investments 1,038,645 1,523,644 Cash and cash equivalents 611,442 1,017 Restricted cash and cash equivalents 816,519 609,154 Due from brokers — 1,411 Interest and dividends receivable 2,932 1,316 Other assets 6 — Total assets 2,469,544 2,136,542 Liabilities Accounts payable and accrued expenses 324 114 Participation agreement with related party investment fund — 2,297 Total liabilities 324 2,411 Total net investments managed by Third Point LLC $ 2,469,220 $ 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. 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.

Fair Value Measurements (Notes)

Fair Value Measurements (Notes)	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 : September 30, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 500 $ 500 Private preferred equity securities — — 3,000 3,000 Total equities — — 3,500 3,500 U.S. Treasury securities — 197,664 — 197,664 Sovereign debt — 22,381 — 22,381 Total debt securities — 220,045 — 220,045 $ — $ 220,045 $ 3,500 223,545 Investments in funds valued at NAV 818,600 Total assets $ 1,042,145 Liabilities Derivative liabilities (embedded) $ — $ — $ 37 $ 37 Total liabilities $ — $ — $ 37 $ 37 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 September 30, 2019 were $nil and $4.4 million , respectively ( 2018 - $nil and $(1.6) million , respectively). The total change in unrealized gains (losses) on equity and debt securities held at the nine months ended September 30, 2019 were $nil and $6.8 million , respectively ( 2018 - $nil and $(6.9) million , respectively). Private common and preferred equity securities Private common and 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 nine months ended September 30, 2019 and 2018 : July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities 3,000 — — — — 3,000 Total assets $ 3,000 $ — $ 500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (54 ) $ — $ — $ — $ 17 $ (37 ) Total liabilities $ (54 ) $ — $ — $ — $ 17 $ (37 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities — — 3,000 — — 3,000 Total assets $ — $ — $ 3,500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (22 ) $ — $ — $ — $ (15 ) $ (37 ) Total liabilities $ (22 ) $ — $ — $ — $ (15 ) $ (37 ) July 1, Transfers in to (out of) Level 3 Purchases Sales (1) Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ 4,362 $ — $ 533 $ (4,714 ) $ (181 ) $ — Private preferred equity securities 56,769 — 37,774 (93,666 ) (877 ) — Asset-backed securities 28,139 — 7,348 (35,515 ) 28 — Corporate bonds 9,968 — 869 (10,976 ) 139 — Rights and warrants 424 — 97 (712 ) 191 — Real estate 7,351 — — (6,664 ) (687 ) — Derivative assets (free standing) 6,886 — — (7,646 ) 760 — Total assets $ 113,899 $ — $ 46,621 $ (159,893 ) $ (627 ) $ — Liabilities Derivative liabilities (free standing) $ (1,839 ) $ — $ — $ 1,823 $ 16 $ — Derivative liabilities (embedded) (164 ) — — — 54 (110 ) Total liabilities $ (2,003 ) $ — $ — $ 1,823 $ 70 $ (110 ) January 1, Transfers in to (out of) Level 3 Purchases Sales (1) Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ 4,794 $ — $ 567 $ (4,726 ) $ (635 ) $ — Private preferred equity securities 57,126 — 38,376 (91,065 ) (4,437 ) — Asset-backed securities 27,308 — 35,905 (60,906 ) (2,307 ) — Corporate bonds 9,868 — 1,372 (11,763 ) 523 — Other debt securities 713 — — (913 ) 200 — Rights and warrants 435 — 753 (1,380 ) 192 — Real estate 6,831 — — (6,817 ) (14 ) — Total assets $ 107,075 $ — $ 76,973 $ (177,570 ) $ (6,478 ) $ — Liabilities Derivative liabilities (free standing) $ (2,085 ) $ — $ — $ 1,797 $ 288 $ — Derivative liabilities (embedded) (171 ) — — — 61 (110 ) Total liabilities $ (2,256 ) $ — $ — $ 1,797 $ 349 $ (110 ) (1) Sales of investments measured at fair value using Level 3 inputs in the three and nine months ended September 30, 2018 include the impact of the change in investment account structure as described in Note 4 . (2) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income (loss) in the condensed consolidated statements of income (loss) . 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 nine months ended September 30, 2019 were $nil and $nil, respectively ( 2018 - $nil and $nil, respectively). For the nine months ended September 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	9 Months Ended
	Sep. 30, 2019
Insurance Loss Reserves [Abstract]
Loss and loss adjustment expense reserves	6. Loss and loss adjustment expense reserves As of September 30, 2019 and December 31, 2018 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: September 30, December 31, Case loss and loss adjustment expense reserves $ 132,480 $ 125,456 Incurred but not reported loss and loss adjustment expense reserves 927,039 811,280 Deferred gains on retroactive reinsurance contracts 481 421 $ 1,060,000 $ 937,157 The following table represents the activity in the loss and loss adjustment expense reserves for the nine months ended September 30, 2019 and 2018 : September 30, September 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 345,479 254,265 Prior years (82,374 ) 11,061 Total incurred loss and loss adjustment expenses 263,105 265,326 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (45,380 ) (58,652 ) Prior years (101,594 ) (103,572 ) Total net paid losses (146,974 ) (162,224 ) Foreign currency translation 3,714 (5,715 ) Net reserves for loss and loss adjustment expenses, end of period 1,051,124 816,844 Plus: loss and loss adjustment expenses recoverable, end of period 4,270 1,576 Plus: deferred charges on retroactive reinsurance contracts 4,606 3,760 Gross reserves for loss and loss adjustment expenses, end of period $ 1,060,000 $ 822,180 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 $82.4 million net decrease in prior years’ reserves for the nine months ended September 30, 2019 includes $88.8 million of net favorable reserve development related to decrease s in loss reserve estimates, partially offset by a $6.4 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 $88.8 million of net favorable prior years’ reserve development for the nine months ended September 30, 2019 was accompanied by net increase s of $84.5 million in acquisition costs, resulting in a $4.3 million improvement in the net underwriting results , primarily due to: • $69.5 million of net favorable prior years’ reserve development primarily due to net favorable loss development on one retroactive reinsurance contract as a result of reported loss experience that was less than expected. This retroactive reinsurance contract had profit commission terms such that the net favorable reserve development associated with this contract was offset by an increase in acquisition costs of $68.6 million , resulting in a $0.9 million improvement in net underwriting results; • $8.9 million of improvement in net underwriting loss development relating to our workers’ compensation contracts as a result of better than expected loss experience; • $3.2 million of improvement in net underwriting loss development relating to our non-standard auto contracts as a result of better than expected loss experience; partially offset by • $6.4 million of net adverse underwriting loss development relating to our multi-line contracts as a result of worse than expected loss experience; and • $2.2 million of net adverse underwriting loss development relating to our general liability contracts, as a result of worse than expected loss experience. • The $6.4 million net increase in loss and loss adjustment expenses incurred resulting from increase s in premium earnings estimates was accompanied by a $2.1 million increase in acquisition costs, for a total of $8.5 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 $8.0 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 $0.5 million increase in net underwriting loss for the nine months ended September 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 $3.8 million improvement in the net underwriting results for the nine months ended September 30, 2019 . As of September 30, 2019 , the Company had unamortized deferred charges of $4.6 million ( December 31, 2018 - $3.8 million ) relating to retroactive reinsurance contracts. Deferred charges on retroactive contracts are recorded in other assets on the Company’s condensed consolidated balance sheet. The $11.1 million net increase in prior years’ reserves for the nine months ended September 30, 2018 includes a $18.2 million increase in loss reserves resulting from increases in premium earnings estimates on certain contracts, partially offset by $7.1 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 $18.2 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $6.1 million increase in acquisition costs, for a total of $24.3 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 $25.6 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 $1.3 million improvement in the net underwriting results for the nine months ended September 30, 2018 . • The $7.1 million of net favorable prior years’ reserve development for the nine months ended September 30, 2018 was accompanied by net increases of $2.3 million in acquisition costs, resulting in a $4.8 million improvement in the net underwriting results, primarily due to: • $12.7 million of net favorable underwriting loss development relating to workers’ compensation contracts, multi-line contracts and credit and financial lines contracts. The favorable development was the result of better than expected loss experience and was 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 $6.1 million improvement in the net underwriting results for the nine months ended September 30, 2018 .

Management, performance and fou

Management, performance and founders fees	9 Months Ended
	Sep. 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 Third Point Advisors LLC (“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 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 nine months ended September 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 September 30, 2019 , the Loss Recovery Account for Third Point Re BDA’s investment in TP Fund was $6.5 million ( December 31, 2018 - $46.8 million ) and for Third Point Re USA’s investment in TP Fund was $0.5 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2019 and 2018 were as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, Management fees - Third Point LLC $ — $ 6,387 $ — $ 25,797 Performance fees - Third Point Advisors LLC — (1,082 ) — 4,048 Management and performance fees to related parties as reported in the Company’s condensed consolidated statements of income (loss) — 5,305 — 29,845 Management and performance fees included in net investment income from investment in related party investment fund (before loss carryforward) 3,617 2,352 54,572 2,352 Performance fees - loss carryforward utilized (1) — — (40,969 ) — Total management and performance fees to related parties $ 3,617 $ 7,657 $ 13,603 $ 32,197 (1) During the three months ended September 30, 2019, the total Loss Recovery Account increased by $1.1 million

Deposit contracts

Deposit contracts	9 Months Ended
	Sep. 30, 2019
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	8. Deposit accounted contracts The following table represents activity for the deposit contracts for the nine months ended September 30, 2019 and year ended December 31, 2018 : September 30, December 31, Balance, beginning of period $ 145,342 $ 129,133 Consideration received 15,303 17,879 Consideration receivable 17,209 7,390 Net investment expense (income) allocation 4,980 (1,273 ) Payments (8,384 ) (8,089 ) Foreign currency translation (45 ) 302 Balance, end of period $ 174,405 $ 145,342

Senior notes payable and letter

Senior notes payable and letter of credit facilities	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2019 , the Notes had an estimated fair value of $118.6 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 September 30, 2019 and December 31, 2018 . Letters of credit As of September 30, 2019 , the Company had entered into the following letter of credit facilities: Letters of Credit Collateral Committed Capacity Issued Cash and Cash Equivalents Committed - Secured letters of credit facilities $ 125,000 $ 38,311 $ 38,311 Uncommitted - Secured letters of credit facilities n/a 189,824 189,824 $ 228,135 $ 228,135 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. See Note 3 for additional information.

Net investment income

Net investment income	9 Months Ended
	Sep. 30, 2019
Net Investment Income [Abstract]
Net investment income (loss)	10. Net investment income (loss) Net investment income (loss) for the three and nine months ended September 30, 2019 and 2018 consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Net investment income (loss) by type Net realized gains (losses) on investments and investment derivatives $ (4,242 ) $ 315,181 $ (4,198 ) $ 445,682 Net change in unrealized gains (losses) on investments and investment derivatives 3,661 (317,849 ) 6,390 (413,370 ) Net gains (losses) on foreign currencies (2,065 ) (3,144 ) 508 (5,761 ) Dividend and interest income 5,595 13,757 11,428 51,474 Dividends paid on securities sold, not yet purchased — (1,038 ) — (5,259 ) Other expenses (336 ) (3,266 ) (779 ) (15,618 ) Management and performance fees to related parties — (5,305 ) — (29,845 ) Net investment income (loss) from investment in related party investment fund (1) (5,751 ) (1,926 ) 207,597 (1,926 ) Net investment income (loss) $ (3,138 ) $ (3,590 ) $ 220,946 $ 25,377 (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 (loss) 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 (loss) by asset and liability type for the three and nine months ended September 30, 2019 and 2018 : Three months ended Nine months ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net investment income (loss) by asset type Equity securities $ — $ 30,317 $ — $ 70,873 Private common equity securities — (175 ) — (628 ) Private preferred equity securities — (806 ) — (2,680 ) Total equities — 29,336 — 67,565 Asset-backed securities — 1,178 — 20,660 Bank debt — 2,005 — 5,326 Corporate bonds — 455 — (2,958 ) Municipal bonds — 3,742 — 9,990 U.S. Treasury securities 2,696 494 7,718 335 Sovereign debt (1,247 ) (2,136 ) (1,215 ) (6,538 ) Other debt securities — (63 ) — 406 Total debt securities 1,449 5,675 6,503 27,221 Options — (8,908 ) — (15,527 ) Rights and warrants — 191 — 238 Real estate — (687 ) — (186 ) Trade claims — (293 ) — (580 ) Total other investments — (9,697 ) — (16,055 ) Net investment loss in funds valued at NAV, excluding TP Fund (10 ) (95 ) (6 ) (721 ) Total net investment income from invested assets 1,439 25,219 6,497 78,010 Net investment income (loss) by liability type Equity securities — (21,481 ) — (32,407 ) Corporate bonds — (483 ) — (2,452 ) Options — 8,790 — 21,697 Total net investment loss from securities sold, not yet purchased — (13,174 ) — (13,162 ) Other investment income (losses) and other expenses not presented above Other investment income (expenses) (335 ) 1,949 (779 ) 924 Net investment income (loss) on derivative contracts — (5,404 ) — 655 Net investment income (loss) on cash, including foreign exchange gain (loss) 1,509 (6,021 ) 7,631 (15,366 ) Net investment income (losses) on securities purchased under an agreement to sell and securities sold under an agreement to repurchase — 3 — (238 ) Withholding taxes reclassified to income tax expense — 1,069 — 6,325 Total other investment income (losses) and other expenses 1,174 (8,404 ) 6,852 (7,700 ) Management and performance fees to related parties — (5,305 ) — (29,845 ) Net investment income (loss) from investment in related party investment fund (1) (5,751 ) (1,926 ) 207,597 (1,926 ) Net investment income (loss) $ (3,138 ) $ (3,590 ) $ 220,946 $ 25,377 (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 (loss) 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 nine months ended September 30, 2019 and 2018 , and summarized balance sheet as of September 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 Nine months ended TP Fund summarized income statement (1) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Investment income (loss) Net realized loss from securities, derivative contracts and foreign currency translations $ (402 ) $ (4,113 ) $ (3,840 ) $ (4,113 ) Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations (3,685 ) 3,654 246,081 3,654 Net income (loss) from currencies 217 2,606 (2,375 ) 2,606 Dividend and interest income 8,246 3,818 38,326 3,818 Other income 1,803 291 6,217 291 Total investment income 6,179 6,256 284,409 6,256 Expenses Management fees 3,617 2,834 13,603 2,834 Interest 4,270 2,200 13,094 2,200 Dividends on securities sold, not yet purchased 2,077 741 6,821 741 Administrative and professional fees 490 298 1,505 298 Other expenses 1,411 2,737 4,615 2,737 Total expenses 11,865 8,810 39,638 8,810 Net income (loss) $ (5,686 ) $ (2,554 ) $ 244,771 $ (2,554 ) (1) TP Fund commenced operations on September 3, 2018. The following table is a summarized balance sheet of TP Fund as of September 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 September 30, 2019 December 31, 2018 Assets Total investments in securities $ 1,596,275 $ 1,561,636 Cash and cash equivalents 23 6 Due from brokers 167,332 375,469 Derivative assets, at fair value 22,979 20,533 Interest and dividends receivable 2,961 3,693 Participation agreement with related party — 2,296 Other assets 108 422 Total assets $ 1,789,678 $ 1,964,055 Liabilities Accounts payable and accrued expenses $ 2,639 $ 1,754 Securities sold, not yet purchased, at fair value 379,170 355,233 Due to brokers 353,916 107,116 Derivative liabilities, at fair value 34,853 27,483 Interest and dividends payable 1,539 1,881 Management fee payable 384 182 Total liabilities 772,501 493,649 Total partners' capital $ 1,017,177 $ 1,470,406

Income taxes

Income taxes	9 Months Ended
	Sep. 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 September 30, 2019 , the Company had accrued $1.5 million (December 31, 2018 - $1.5 million ). For the three and nine months ended September 30, 2019 and 2018 , the Company recorded income tax expense, as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ (213 ) $ (1,180 ) $ 1,431 $ (1,968 ) Change in uncertain tax positions (2) — — — 50 Withholding taxes on certain investment transactions (2) — 1,069 — 6,325 $ (213 ) $ (111 ) $ 1,431 $ 4,407 (1) As of September 30, 2019 , the Company has recorded $7.6 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 September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 : Common shares 2019 2018 Common shares issued, beginning of period 93,639,610 107,227,347 Options exercised 187,678 — Restricted shares granted, net of forfeitures 361,522 50,644 Performance restricted shares granted, net of forfeitures and shares withheld 31,757 260,436 Retirement of treasury shares and shares repurchased (1) — (13,730,258 ) Warrants exercised, net (2) — 361,556 Common shares issued, end of period 94,220,567 94,169,725 (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 nine months ended September 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 September 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 nine months ended September 30, 2019 , the Company did not repurchase any of its common shares.

Share-based compensation

Share-based compensation	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 : Three months ended Nine months ended September 30, September 30, September 30, September 30, Management and director options $ — $ 60 $ — $ 215 Restricted shares with service condition 379 166 1,513 445 Restricted shares with service and performance condition 515 2,172 4,793 4,296 $ 894 $ 2,398 $ 6,306 $ 4,956 As of September 30, 2019 , the Company had $8.8 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 September 30, 2019 : Range of exercise prices Number of options Weighted average exercise price Remaining contractual life $10.00 - $10.89 4,774,694 $ 10.04 2.3 years $15.05 - $16.89 1,800,866 15.92 2.5 years $20.00 - $25.05 1,731,098 20.28 2.5 years 8,306,658 $ 13.45 2.4 years Restricted shares with service condition Restricted share award activity for the nine months ended September 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 398,429 11.11 Forfeited (36,907 ) 11.31 Vested (35,706 ) 13.31 Balance as of September 30, 2019 349,881 $ 11.02 Restricted shares with service condition vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment or service and transferability. Restricted shares with service and performance condition Restricted share award activity for the restricted shares with a service and performance condition for the nine months ended September 30, 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 862,176 574,784 10.95 Forfeited (823,977 ) (290,551 ) 10.82 Vested (148,718 ) (148,718 ) 11.40 Change in estimated restricted shares considered probable of vesting n/a 60,768 13.32 Balance as of September 30, 2019 1,890,529 1,381,503 $ 12.45

Non-controlling interests

Non-controlling interests	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 : Redeemable noncontrolling interests in related party Noncontrolling interests in related party Total noncontrolling interests in related party September 30, September 30, September 30, Balance, beginning of period $ 108,219 $ 5,407 $ 113,626 Changes in capital account allocation (1) (108,219 ) (5,407 ) (113,626 ) Balance, end of period $ — $ — $ — (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 nine months ended September 30, 2018 : Third Point Re BDA Third Point Re USA Total September 30, September 30, September 30, Balance, beginning of period $ 97,619 $ 16,007 $ 113,626 Net income attributable to total noncontrolling interests in related party 141 82 223 Contributions (1) 564 80 644 Redemptions (2) (98,324 ) (16,169 ) (114,493 ) Balance, end of period $ — $ — $ — (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 September 30, 2019 , the Company and TP GP hold interests of approximately 80.5% and 19.1% , 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 September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 : Three months ended Nine months ended September 30, September 30, September 30, September 30, Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 91,903,556 95,671,385 91,784,268 98,768,442 Dilutive effect of options — — 208,652 — Dilutive effect of warrants — — 150,501 — Dilutive effect of restricted shares with service and performance condition — — 566,000 — Diluted number of common shares outstanding 91,903,556 95,671,385 92,709,421 98,768,442 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) $ 170,881 $ (19,680 ) Net income allocated to Third Point Re participating common shareholders — — (515 ) — Net income (loss) allocated to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) $ 170,366 $ (19,680 ) Basic earnings (loss) per share available to Third Point Re common shareholders $ (0.16 ) $ (0.14 ) $ 1.86 $ (0.20 ) Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) $ 170,881 $ (19,680 ) Net income allocated to Third Point Re participating common shareholders — — (510 ) — Net income (loss) allocated to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) $ 170,371 $ (19,680 ) Diluted earnings (loss) per share available to Third Point Re common shareholders $ (0.16 ) $ (0.14 ) $ 1.84 $ (0.20 ) For the nine months ended September 30, 2019 , anti-dilutive options of 3,712,037 were excluded from the computation of diluted earnings per share. As a result of the net loss for the three months ended September 30, 2019 and for the three and nine months ended September 30, 2018 , dilutive options, warrants and restricted shares with service and performance conditions totaling 9,745,817 , 9,740,753 and 9,903,419

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 (loss) , 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 nine months ended September 30, 2019 and 2018 : Three months ended September 30, 2019 September 30, 2018 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 95,388 $ 95,388 $ 30,064 $ 30,064 Gross premiums ceded (1,116 ) (1,116 ) — — Net premiums written 94,272 94,272 30,064 30,064 Change in net unearned premium reserves 108,976 108,976 97,929 97,929 Net premiums earned 203,248 203,248 127,993 127,993 Expenses Loss and loss adjustment expenses incurred, net 85,703 85,703 88,706 88,706 Acquisition costs, net 118,271 118,271 40,841 40,841 General and administrative expenses 4,769 4,769 4,763 4,763 Total expenses 208,743 208,743 134,310 134,310 Net underwriting loss $ (5,495 ) (5,495 ) $ (6,317 ) (6,317 ) Net investment loss (3,138 ) (3,590 ) Corporate expenses (4,468 ) (4,748 ) Other income (expense) (5,058 ) 1,362 Interest expense (2,074 ) (2,074 ) Foreign exchange gains 4,921 1,979 Income tax benefit 213 111 Net income attributable to noncontrolling interests in related party — (4 ) Net loss attributable to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 42.2 % 69.3 % Acquisition cost ratio 58.2 % 31.9 % Composite ratio 100.4 % 101.2 % General and administrative expense ratio 2.3 % 3.7 % Combined ratio 102.7 % 104.9 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2019 September 30, 2018 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 497,616 $ 497,616 $ 458,189 $ 458,189 Gross premiums ceded (3,301 ) (3,301 ) (18,125 ) (18,125 ) Net premiums written 494,315 494,315 440,064 440,064 Change in net unearned premium reserves 7,435 7,435 (28,092 ) (28,092 ) Net premiums earned 501,750 501,750 411,972 411,972 Expenses Loss and loss adjustment expenses incurred, net 263,105 263,105 265,326 265,326 Acquisition costs, net 233,775 233,775 149,830 149,830 General and administrative expenses 17,762 17,762 14,550 14,550 Total expenses 514,642 514,642 429,706 429,706 Net underwriting loss $ (12,892 ) (12,892 ) $ (17,734 ) (17,734 ) Net investment income 220,946 25,377 Corporate expenses (23,257 ) (14,138 ) Other expenses (12,994 ) (6,616 ) Interest expense (6,154 ) (6,154 ) Foreign exchange gains 6,663 4,215 Income tax expense (1,431 ) (4,407 ) Net income attributable to noncontrolling interests in related party — (223 ) Net income (loss) available to Third Point Re common shareholders $ 170,881 $ (19,680 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 52.4 % 64.4 % Acquisition cost ratio 46.6 % 36.4 % Composite ratio 99.0 % 100.8 % General and administrative expense ratio 3.6 % 3.5 % Combined ratio 102.6 % 104.3 % (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 nine months ended September 30, 2019 and 2018 : Three months ended Nine months ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Property $ 6,705 7.0 % $ (3,578 ) (11.9 )% $ 102,548 20.6 % $ (1,549 ) (0.3 )% Casualty 15,732 16.5 % 37,028 123.2 % 117,153 23.5 % 233,758 51.0 % Specialty 14,259 15.0 % (3,386 ) (11.3 )% 224,576 45.2 % 221,639 48.4 % Total prospective reinsurance contracts 36,696 38.5 % 30,064 100.0 % 444,277 89.3 % 453,848 99.1 % Retroactive reinsurance contracts 58,692 61.5 % — — % 53,339 10.7 % 4,341 0.9 % $ 95,388 100.0 % $ 30,064 100.0 % $ 497,616 100.0 % $ 458,189 100.0 %

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 , condensed consolidating statements of income (loss) for the three and nine months ended September 30, 2019 and 2018 and condensed consolidating statements of cash flows for the nine months ended September 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 September 30, 2019 Third Point Re TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 3,500 $ — $ 1,038,645 $ — $ 1,042,145 Cash and cash equivalents 128 177 692,800 — 693,105 Restricted cash and cash equivalents — — 816,519 — 816,519 Investment in subsidiaries 1,385,519 272,433 190,937 (1,848,889 ) — Interest and dividends receivable — — 2,932 — 2,932 Reinsurance balances receivable — — 680,630 — 680,630 Deferred acquisition costs, net — — 166,968 — 166,968 Unearned premiums ceded — — 14,370 — 14,370 Loss and loss adjustment expenses recoverable — — 4,270 — 4,270 Amounts due from (to) affiliates (2,069 ) (3,898 ) 5,967 — — Other assets 760 6,357 10,691 — 17,808 Total assets $ 1,387,838 $ 275,069 $ 3,624,729 $ (1,848,889 ) $ 3,438,747 Liabilities Accounts payable and accrued expenses $ 4,258 $ 40 $ 10,309 $ — $ 14,607 Reinsurance balances payable — — 98,766 — 98,766 Deposit liabilities — — 174,405 — 174,405 Unearned premium reserves — — 592,319 — 592,319 Loss and loss adjustment expense reserves — — 1,060,000 — 1,060,000 Interest and dividends payable — 1,026 — — 1,026 Senior notes payable, net of deferred costs — 114,044 — — 114,044 Total liabilities 4,258 115,110 1,935,799 — 2,055,167 Shareholders’ equity Common shares 9,422 — 1,239 (1,239 ) 9,422 Additional paid-in capital 926,949 191,208 1,590,882 (1,782,090 ) 926,949 Retained earnings (deficit) 447,209 (31,249 ) 96,809 (65,560 ) 447,209 Shareholders’ equity attributable to Third Point Re common shareholders 1,383,580 159,959 1,688,930 (1,848,889 ) 1,383,580 Total liabilities and shareholders’ equity $ 1,387,838 $ 275,069 $ 3,624,729 $ (1,848,889 ) $ 3,438,747 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 September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 95,388 $ — $ 95,388 Gross premiums ceded — — (1,116 ) — (1,116 ) Net premiums written — — 94,272 — 94,272 Change in net unearned premium reserves — — 108,976 — 108,976 Net premiums earned — — 203,248 — 203,248 Net investment loss — — (3,138 ) — (3,138 ) Equity in earnings (losses) of subsidiaries (13,516 ) 649 (15 ) 12,882 — Total revenues (13,516 ) 649 200,095 12,882 200,110 Expenses Loss and loss adjustment expenses incurred, net — — 85,703 — 85,703 Acquisition costs, net — — 118,271 — 118,271 General and administrative expenses 1,583 6 7,648 — 9,237 Other expenses — — 5,058 — 5,058 Interest expense — 2,074 — — 2,074 Foreign exchange gains — — (4,921 ) — (4,921 ) Total expenses 1,583 2,080 211,759 — 215,422 Loss before income tax (expense) benefit (15,099 ) (1,431 ) (11,664 ) 12,882 (15,312 ) Income tax (expense) benefit — 437 (224 ) — 213 Net loss (15,099 ) (994 ) (11,888 ) 12,882 (15,099 ) Net income attributable to noncontrolling interests in related party — — — — — Net loss attributable to Third Point Re common shareholders $ (15,099 ) $ (994 ) $ (11,888 ) $ 12,882 $ (15,099 ) For the nine months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 497,616 $ — $ 497,616 Gross premiums ceded — — (3,301 ) — (3,301 ) Net premiums written — — 494,315 — 494,315 Change in net unearned premium reserves — — 7,435 — 7,435 Net premiums earned — — 501,750 — 501,750 Net investment income — — 220,946 — 220,946 Equity in earnings (losses) of subsidiaries 183,936 9,980 (26 ) (193,890 ) — Total revenues 183,936 9,980 722,670 (193,890 ) 722,696 Expenses Loss and loss adjustment expenses incurred, net — — 263,105 — 263,105 Acquisition costs, net — — 233,775 — 233,775 General and administrative expenses 13,055 (20 ) 27,984 — 41,019 Other expenses — — 12,994 — 12,994 Interest expense — 6,154 — — 6,154 Foreign exchange gains — — (6,663 ) — (6,663 ) Total expenses 13,055 6,134 531,195 — 550,384 Income before income tax (expense) benefit 170,881 3,846 191,475 (193,890 ) 172,312 Income tax (expense) benefit — 1,288 (2,719 ) — (1,431 ) Net income 170,881 5,134 188,756 (193,890 ) 170,881 Net income attributable to noncontrolling interests in related party — — — — — Net income available to Third Point Re common shareholders $ 170,881 $ 5,134 $ 188,756 $ (193,890 ) $ 170,881 CONDENSED CONSOLIDATING STATEMENTS OF LOSS For the three months ended September 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 30,064 $ — $ 30,064 Gross premiums ceded — — — — — Net premiums written — — 30,064 — 30,064 Change in net unearned premium reserves — — 97,929 — 97,929 Net premiums earned — — 127,993 — 127,993 Net investment loss — — (3,590 ) — (3,590 ) Equity in losses of subsidiaries (11,100 ) (2,821 ) (11 ) 13,932 — Total revenues (11,100 ) (2,821 ) 124,392 13,932 124,403 Expenses Loss and loss adjustment expenses incurred, net — — 88,706 — 88,706 Acquisition costs, net — — 40,841 — 40,841 General and administrative expenses 2,181 13 7,317 — 9,511 Other income — — (1,362 ) — (1,362 ) Interest expense — 2,074 — — 2,074 Foreign exchange gains — — (1,979 ) — (1,979 ) Total expenses 2,181 2,087 133,523 — 137,791 Loss before income tax (expense) benefit (13,281 ) (4,908 ) (9,131 ) 13,932 (13,388 ) Income tax (expense) benefit — 438 (327 ) — 111 Net loss (13,281 ) (4,470 ) (9,458 ) 13,932 (13,277 ) Net income attributable to noncontrolling interests in related party — — (4 ) — (4 ) Net loss attributable to Third Point Re common shareholders $ (13,281 ) $ (4,470 ) $ (9,462 ) $ 13,932 $ (13,281 ) For the nine months ended September 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 458,189 $ — $ 458,189 Gross premiums ceded — — (18,125 ) — (18,125 ) Net premiums written — — 440,064 — 440,064 Change in net unearned premium reserves — — (28,092 ) — (28,092 ) Net premiums earned — — 411,972 — 411,972 Net investment income — — 25,377 — 25,377 Equity in losses of subsidiaries (14,138 ) (2,582 ) (42 ) 16,762 — Total revenues (14,138 ) (2,582 ) 437,307 16,762 437,349 Expenses Loss and loss adjustment expenses incurred, net — — 265,326 — 265,326 Acquisition costs, net — — 149,830 — 149,830 General and administrative expenses 5,542 35 23,111 — 28,688 Other expenses — — 6,616 — 6,616 Interest expense — 6,154 — — 6,154 Foreign exchange gains — — (4,215 ) — (4,215 ) Total expenses 5,542 6,189 440,668 — 452,399 Loss before income tax (expense) benefit (19,680 ) (8,771 ) (3,361 ) 16,762 (15,050 ) Income tax (expense) benefit — 1,300 (5,707 ) — (4,407 ) Net loss (19,680 ) (7,471 ) (9,068 ) 16,762 (19,457 ) Net income attributable to noncontrolling interests in related party — — (223 ) — (223 ) Net loss attributable to Third Point Re common shareholders $ (19,680 ) $ (7,471 ) $ (9,291 ) $ 16,762 $ (19,680 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 170,881 $ 5,134 $ 188,756 $ (193,890 ) $ 170,881 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (183,936 ) (9,980 ) 26 193,890 — Share compensation expense 2,635 — 3,671 — 6,306 Net interest expense on deposit liabilities — — 4,980 — 4,980 Net realized and unrealized gain on investments and derivatives — — (2,177 ) — (2,177 ) Net realized and unrealized gain on investment in related party investment fund — — (207,597 ) — (207,597 ) Net foreign exchange gains — — (6,663 ) — (6,663 ) Amortization of premium and accretion of discount, net — 133 (364 ) — (231 ) Changes in assets and liabilities: Reinsurance balances receivable — — (50,711 ) — (50,711 ) Deferred acquisition costs, net — — 36,874 — 36,874 Unearned premiums ceded — — 3,182 — 3,182 Loss and loss adjustment expenses recoverable — — (2,239 ) — (2,239 ) Other assets 913 (1,288 ) 3,202 — 2,827 Interest and dividends receivable, net — (2,029 ) (1,616 ) — (3,645 ) Unearned premium reserves — — (10,617 ) — (10,617 ) Loss and loss adjustment expense reserves — — 119,129 — 119,129 Accounts payable and accrued expenses 3,520 (30 ) 3,856 — 7,346 Reinsurance balances payable — — 29,052 — 29,052 Amounts due from (to) affiliates (1,453 ) 3,950 (2,497 ) — — Net cash provided by (used in) operating activities (7,440 ) (4,110 ) 108,247 — 96,697 Investing activities Proceeds from redemptions from related party investment fund — — 760,000 — 760,000 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 (3,500 ) — (327,463 ) — (330,963 ) Proceeds from sales and maturities of investments — — 349,696 — 349,696 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 provided by (used in) investing activities (18,500 ) — 709,347 — 690,847 Financing activities Proceeds from issuance of Third Point Re common shares, net of costs 1,887 — — — 1,887 Taxes paid on withholding shares (68 ) — — — (68 ) Net proceeds from deposit liability contracts — — 6,924 — 6,924 Dividend received by (paid to) parent 24,249 4,100 (28,349 ) — — Net cash provided by (used in) financing activities 26,068 4,100 (21,425 ) — 8,743 Net increase (decrease) in cash, cash equivalents and restricted cash 128 (10 ) 796,169 — 796,287 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 $ 128 $ 177 $ 1,509,319 $ — $ 1,509,624 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net loss $ (19,680 ) $ (7,471 ) $ (9,068 ) $ 16,762 $ (19,457 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Equity in losses of subsidiaries 14,138 2,582 42 (16,762 ) — Share compensation expense 444 — 4,512 — 4,956 Net interest income on deposit liabilities — — (1,609 ) — (1,609 ) Net realized and unrealized gain on investments and derivatives — — (32,373 ) — (32,373 ) Net unrealized loss on investment in related party investment fund — — 1,926 — 1,926 Net foreign exchange gains — — (4,215 ) — (4,215 ) Amortization of premium and accretion of discount, net — 133 2,541 — 2,674 Changes in assets and liabilities: Reinsurance balances receivable — — (87,911 ) — (87,911 ) Deferred acquisition costs, net — — 27,507 — 27,507 Unearned premiums ceded — — (15,723 ) — (15,723 ) Loss and loss adjustment expenses recoverable — — (463 ) — (463 ) Other assets (1,415 ) (10,149 ) 5,807 — (5,757 ) Interest and dividends receivable, net — (2,029 ) (3,244 ) — (5,273 ) Unearned premium reserves — — 43,815 — 43,815 Loss and loss adjustment expense reserves — — 107,325 — 107,325 Accounts payable and accrued expenses 639 8,864 (32,264 ) — (22,761 ) Reinsurance balances payable — — 29,624 — 29,624 Amounts due from (to) affiliates (4,781 ) 4,360 421 — — Net cash provided by (used in) operating activities (10,655 ) (3,710 ) 36,650 — 22,285 Investing activities Contributions to related party investment fund, including subscription receivable — — (88,658 ) — (88,658 ) Purchases of investments — — (3,235,659 ) — (3,235,659 ) Proceeds from sales and maturities of investments — — 3,222,239 — 3,222,239 Purchases of investments to cover short sales — — (853,798 ) — (853,798 ) Proceeds from short sales of investments — — 800,508 — 800,508 Change in due to/from brokers, net — — 471,352 — 471,352 Decrease in securities sold under an agreement to repurchase — — (29,618 ) — (29,618 ) Net cash provided by investing activities — — 286,366 — 286,366 Financing activities Taxes paid on withholding shares (74 ) — — — (74 ) Purchases of Third Point Re common shares under share repurchase program (133,380 ) — — — (133,380 ) Net proceeds from deposit liability contracts — — 4,340 — 4,340 Change in total noncontrolling interests in related party, net — — (97,950 ) — (97,950 ) Dividend received by (paid to) parent 144,100 3,700 (147,800 ) — — Net cash provided by (used in) financing activities 10,646 3,700 (241,410 ) — (227,064 ) Net increase (decrease) in cash, cash equivalents and restricted cash (9 ) (10 ) 81,606 — 81,587 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 $ — $ 189 $ 630,731 $ — $ 630,920

Restricted cash and cash equi_2

Restricted cash and cash equivalents and restricted investments (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 : September 30, December 31, Cash and cash equivalents $ 693,105 $ 104,183 Restricted cash securing letter of credit facilities (1) 228,135 203,953 Restricted cash securing reinsurance contracts (2) 588,384 405,201 Total cash, cash equivalents and restricted cash (3) 1,509,624 713,337 Restricted investments securing reinsurance contracts (2) 220,045 239,640 Total cash, cash equivalents, restricted cash and restricted investments $ 1,729,669 $ 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)	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 : September 30, December 31, Assets TP Fund $ 818,600 $ 1,284,004 Debt securities 220,045 239,640 Total investments 1,038,645 1,523,644 Cash and cash equivalents 611,442 1,017 Restricted cash and cash equivalents 816,519 609,154 Due from brokers — 1,411 Interest and dividends receivable 2,932 1,316 Other assets 6 — Total assets 2,469,544 2,136,542 Liabilities Accounts payable and accrued expenses 324 114 Participation agreement with related party investment fund — 2,297 Total liabilities 324 2,411 Total net investments managed by Third Point LLC $ 2,469,220 $ 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 September 30, 2019 and December 31, 2018 : September 30, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 500 $ 500 Private preferred equity securities — — 3,000 3,000 Total equities — — 3,500 3,500 U.S. Treasury securities — 197,664 — 197,664 Sovereign debt — 22,381 — 22,381 Total debt securities — 220,045 — 220,045 $ — $ 220,045 $ 3,500 223,545 Investments in funds valued at NAV 818,600 Total assets $ 1,042,145 Liabilities Derivative liabilities (embedded) $ — $ — $ 37 $ 37 Total liabilities $ — $ — $ 37 $ 37 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 September 30, 2019 were $nil and $4.4 million , respectively ( 2018 - $nil and $(1.6) million , respectively). The total change in unrealized gains (losses) on equity and debt securities held at the nine months ended September 30, 2019 were $nil and $6.8 million , respectively ( 2018 - $nil and $(6.9) 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 nine months ended September 30, 2019 and 2018 : July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities 3,000 — — — — 3,000 Total assets $ 3,000 $ — $ 500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (54 ) $ — $ — $ — $ 17 $ (37 ) Total liabilities $ (54 ) $ — $ — $ — $ 17 $ (37 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities — — 3,000 — — 3,000 Total assets $ — $ — $ 3,500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (22 ) $ — $ — $ — $ (15 ) $ (37 ) Total liabilities $ (22 ) $ — $ — $ — $ (15 ) $ (37 ) July 1, Transfers in to (out of) Level 3 Purchases Sales (1) Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ 4,362 $ — $ 533 $ (4,714 ) $ (181 ) $ — Private preferred equity securities 56,769 — 37,774 (93,666 ) (877 ) — Asset-backed securities 28,139 — 7,348 (35,515 ) 28 — Corporate bonds 9,968 — 869 (10,976 ) 139 — Rights and warrants 424 — 97 (712 ) 191 — Real estate 7,351 — — (6,664 ) (687 ) — Derivative assets (free standing) 6,886 — — (7,646 ) 760 — Total assets $ 113,899 $ — $ 46,621 $ (159,893 ) $ (627 ) $ — Liabilities Derivative liabilities (free standing) $ (1,839 ) $ — $ — $ 1,823 $ 16 $ — Derivative liabilities (embedded) (164 ) — — — 54 (110 ) Total liabilities $ (2,003 ) $ — $ — $ 1,823 $ 70 $ (110 ) January 1, Transfers in to (out of) Level 3 Purchases Sales (1) Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ 4,794 $ — $ 567 $ (4,726 ) $ (635 ) $ — Private preferred equity securities 57,126 — 38,376 (91,065 ) (4,437 ) — Asset-backed securities 27,308 — 35,905 (60,906 ) (2,307 ) — Corporate bonds 9,868 — 1,372 (11,763 ) 523 — Other debt securities 713 — — (913 ) 200 — Rights and warrants 435 — 753 (1,380 ) 192 — Real estate 6,831 — — (6,817 ) (14 ) — Total assets $ 107,075 $ — $ 76,973 $ (177,570 ) $ (6,478 ) $ — Liabilities Derivative liabilities (free standing) $ (2,085 ) $ — $ — $ 1,797 $ 288 $ — Derivative liabilities (embedded) (171 ) — — — 61 (110 ) Total liabilities $ (2,256 ) $ — $ — $ 1,797 $ 349 $ (110 ) (1) Sales of investments measured at fair value using Level 3 inputs in the three and nine months ended September 30, 2018 include the impact of the change in investment account structure as described in Note 4 . (2) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income (loss) in the condensed consolidated statements of income (loss) . 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)	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 : September 30, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 500 $ 500 Private preferred equity securities — — 3,000 3,000 Total equities — — 3,500 3,500 U.S. Treasury securities — 197,664 — 197,664 Sovereign debt — 22,381 — 22,381 Total debt securities — 220,045 — 220,045 $ — $ 220,045 $ 3,500 223,545 Investments in funds valued at NAV 818,600 Total assets $ 1,042,145 Liabilities Derivative liabilities (embedded) $ — $ — $ 37 $ 37 Total liabilities $ — $ — $ 37 $ 37 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 September 30, 2019 were $nil and $4.4 million , respectively ( 2018 - $nil and $(1.6) million , respectively). The total change in unrealized gains (losses) on equity and debt securities held at the nine months ended September 30, 2019 were $nil and $6.8 million , respectively ( 2018 - $nil and $(6.9) 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 nine months ended September 30, 2019 and 2018 : July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities 3,000 — — — — 3,000 Total assets $ 3,000 $ — $ 500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (54 ) $ — $ — $ — $ 17 $ (37 ) Total liabilities $ (54 ) $ — $ — $ — $ 17 $ (37 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities — — 3,000 — — 3,000 Total assets $ — $ — $ 3,500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (22 ) $ — $ — $ — $ (15 ) $ (37 ) Total liabilities $ (22 ) $ — $ — $ — $ (15 ) $ (37 ) July 1, Transfers in to (out of) Level 3 Purchases Sales (1) Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ 4,362 $ — $ 533 $ (4,714 ) $ (181 ) $ — Private preferred equity securities 56,769 — 37,774 (93,666 ) (877 ) — Asset-backed securities 28,139 — 7,348 (35,515 ) 28 — Corporate bonds 9,968 — 869 (10,976 ) 139 — Rights and warrants 424 — 97 (712 ) 191 — Real estate 7,351 — — (6,664 ) (687 ) — Derivative assets (free standing) 6,886 — — (7,646 ) 760 — Total assets $ 113,899 $ — $ 46,621 $ (159,893 ) $ (627 ) $ — Liabilities Derivative liabilities (free standing) $ (1,839 ) $ — $ — $ 1,823 $ 16 $ — Derivative liabilities (embedded) (164 ) — — — 54 (110 ) Total liabilities $ (2,003 ) $ — $ — $ 1,823 $ 70 $ (110 ) January 1, Transfers in to (out of) Level 3 Purchases Sales (1) Realized and Unrealized Gains (Losses) (2) September 30, Assets Private common equity securities $ 4,794 $ — $ 567 $ (4,726 ) $ (635 ) $ — Private preferred equity securities 57,126 — 38,376 (91,065 ) (4,437 ) — Asset-backed securities 27,308 — 35,905 (60,906 ) (2,307 ) — Corporate bonds 9,868 — 1,372 (11,763 ) 523 — Other debt securities 713 — — (913 ) 200 — Rights and warrants 435 — 753 (1,380 ) 192 — Real estate 6,831 — — (6,817 ) (14 ) — Total assets $ 107,075 $ — $ 76,973 $ (177,570 ) $ (6,478 ) $ — Liabilities Derivative liabilities (free standing) $ (2,085 ) $ — $ — $ 1,797 $ 288 $ — Derivative liabilities (embedded) (171 ) — — — 61 (110 ) Total liabilities $ (2,256 ) $ — $ — $ 1,797 $ 349 $ (110 ) (1) Sales of investments measured at fair value using Level 3 inputs in the three and nine months ended September 30, 2018 include the impact of the change in investment account structure as described in Note 4 . (2) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income (loss) in the condensed consolidated statements of income (loss) . 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)	9 Months Ended
	Sep. 30, 2019
Insurance Loss Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of September 30, 2019 and December 31, 2018 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: September 30, December 31, Case loss and loss adjustment expense reserves $ 132,480 $ 125,456 Incurred but not reported loss and loss adjustment expense reserves 927,039 811,280 Deferred gains on retroactive reinsurance contracts 481 421 $ 1,060,000 $ 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 nine months ended September 30, 2019 and 2018 : September 30, September 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 345,479 254,265 Prior years (82,374 ) 11,061 Total incurred loss and loss adjustment expenses 263,105 265,326 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (45,380 ) (58,652 ) Prior years (101,594 ) (103,572 ) Total net paid losses (146,974 ) (162,224 ) Foreign currency translation 3,714 (5,715 ) Net reserves for loss and loss adjustment expenses, end of period 1,051,124 816,844 Plus: loss and loss adjustment expenses recoverable, end of period 4,270 1,576 Plus: deferred charges on retroactive reinsurance contracts 4,606 3,760 Gross reserves for loss and loss adjustment expenses, end of period $ 1,060,000 $ 822,180

Management, performance and f_2

Management, performance and founders fees (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 were as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, Management fees - Third Point LLC $ — $ 6,387 $ — $ 25,797 Performance fees - Third Point Advisors LLC — (1,082 ) — 4,048 Management and performance fees to related parties as reported in the Company’s condensed consolidated statements of income (loss) — 5,305 — 29,845 Management and performance fees included in net investment income from investment in related party investment fund (before loss carryforward) 3,617 2,352 54,572 2,352 Performance fees - loss carryforward utilized (1) — — (40,969 ) — Total management and performance fees to related parties $ 3,617 $ 7,657 $ 13,603 $ 32,197 (1) During the three months ended September 30, 2019, the total Loss Recovery Account increased by $1.1 million

Deposit contracts (Tables)

Deposit contracts (Tables)	9 Months Ended
	Sep. 30, 2019
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity for the deposit contracts for the nine months ended September 30, 2019 and year ended December 31, 2018 : September 30, December 31, Balance, beginning of period $ 145,342 $ 129,133 Consideration received 15,303 17,879 Consideration receivable 17,209 7,390 Net investment expense (income) allocation 4,980 (1,273 ) Payments (8,384 ) (8,089 ) Foreign currency translation (45 ) 302 Balance, end of period $ 174,405 $ 145,342

Senior notes payable and lett_2

Senior notes payable and letter of credit facilities (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of credit facilities	As of September 30, 2019 , the Company had entered into the following letter of credit facilities: Letters of Credit Collateral Committed Capacity Issued Cash and Cash Equivalents Committed - Secured letters of credit facilities $ 125,000 $ 38,311 $ 38,311 Uncommitted - Secured letters of credit facilities n/a 189,824 189,824 $ 228,135 $ 228,135

Net investment income (Tables)

Net investment income (Tables)	9 Months Ended
	Sep. 30, 2019
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income (loss) for the three and nine months ended September 30, 2019 and 2018 consisted of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Net investment income (loss) by type Net realized gains (losses) on investments and investment derivatives $ (4,242 ) $ 315,181 $ (4,198 ) $ 445,682 Net change in unrealized gains (losses) on investments and investment derivatives 3,661 (317,849 ) 6,390 (413,370 ) Net gains (losses) on foreign currencies (2,065 ) (3,144 ) 508 (5,761 ) Dividend and interest income 5,595 13,757 11,428 51,474 Dividends paid on securities sold, not yet purchased — (1,038 ) — (5,259 ) Other expenses (336 ) (3,266 ) (779 ) (15,618 ) Management and performance fees to related parties — (5,305 ) — (29,845 ) Net investment income (loss) from investment in related party investment fund (1) (5,751 ) (1,926 ) 207,597 (1,926 ) Net investment income (loss) $ (3,138 ) $ (3,590 ) $ 220,946 $ 25,377 (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 (loss) 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 (loss) by asset and liability type for the three and nine months ended September 30, 2019 and 2018 : Three months ended Nine months ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net investment income (loss) by asset type Equity securities $ — $ 30,317 $ — $ 70,873 Private common equity securities — (175 ) — (628 ) Private preferred equity securities — (806 ) — (2,680 ) Total equities — 29,336 — 67,565 Asset-backed securities — 1,178 — 20,660 Bank debt — 2,005 — 5,326 Corporate bonds — 455 — (2,958 ) Municipal bonds — 3,742 — 9,990 U.S. Treasury securities 2,696 494 7,718 335 Sovereign debt (1,247 ) (2,136 ) (1,215 ) (6,538 ) Other debt securities — (63 ) — 406 Total debt securities 1,449 5,675 6,503 27,221 Options — (8,908 ) — (15,527 ) Rights and warrants — 191 — 238 Real estate — (687 ) — (186 ) Trade claims — (293 ) — (580 ) Total other investments — (9,697 ) — (16,055 ) Net investment loss in funds valued at NAV, excluding TP Fund (10 ) (95 ) (6 ) (721 ) Total net investment income from invested assets 1,439 25,219 6,497 78,010 Net investment income (loss) by liability type Equity securities — (21,481 ) — (32,407 ) Corporate bonds — (483 ) — (2,452 ) Options — 8,790 — 21,697 Total net investment loss from securities sold, not yet purchased — (13,174 ) — (13,162 ) Other investment income (losses) and other expenses not presented above Other investment income (expenses) (335 ) 1,949 (779 ) 924 Net investment income (loss) on derivative contracts — (5,404 ) — 655 Net investment income (loss) on cash, including foreign exchange gain (loss) 1,509 (6,021 ) 7,631 (15,366 ) Net investment income (losses) on securities purchased under an agreement to sell and securities sold under an agreement to repurchase — 3 — (238 ) Withholding taxes reclassified to income tax expense — 1,069 — 6,325 Total other investment income (losses) and other expenses 1,174 (8,404 ) 6,852 (7,700 ) Management and performance fees to related parties — (5,305 ) — (29,845 ) Net investment income (loss) from investment in related party investment fund (1) (5,751 ) (1,926 ) 207,597 (1,926 ) Net investment income (loss) $ (3,138 ) $ (3,590 ) $ 220,946 $ 25,377 (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 (loss) 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 nine months ended September 30, 2019 and 2018 , and summarized balance sheet as of September 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 Nine months ended TP Fund summarized income statement (1) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Investment income (loss) Net realized loss from securities, derivative contracts and foreign currency translations $ (402 ) $ (4,113 ) $ (3,840 ) $ (4,113 ) Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations (3,685 ) 3,654 246,081 3,654 Net income (loss) from currencies 217 2,606 (2,375 ) 2,606 Dividend and interest income 8,246 3,818 38,326 3,818 Other income 1,803 291 6,217 291 Total investment income 6,179 6,256 284,409 6,256 Expenses Management fees 3,617 2,834 13,603 2,834 Interest 4,270 2,200 13,094 2,200 Dividends on securities sold, not yet purchased 2,077 741 6,821 741 Administrative and professional fees 490 298 1,505 298 Other expenses 1,411 2,737 4,615 2,737 Total expenses 11,865 8,810 39,638 8,810 Net income (loss) $ (5,686 ) $ (2,554 ) $ 244,771 $ (2,554 ) (1) TP Fund commenced operations on September 3, 2018. The following table is a summarized balance sheet of TP Fund as of September 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 September 30, 2019 December 31, 2018 Assets Total investments in securities $ 1,596,275 $ 1,561,636 Cash and cash equivalents 23 6 Due from brokers 167,332 375,469 Derivative assets, at fair value 22,979 20,533 Interest and dividends receivable 2,961 3,693 Participation agreement with related party — 2,296 Other assets 108 422 Total assets $ 1,789,678 $ 1,964,055 Liabilities Accounts payable and accrued expenses $ 2,639 $ 1,754 Securities sold, not yet purchased, at fair value 379,170 355,233 Due to brokers 353,916 107,116 Derivative liabilities, at fair value 34,853 27,483 Interest and dividends payable 1,539 1,881 Management fee payable 384 182 Total liabilities 772,501 493,649 Total partners' capital $ 1,017,177 $ 1,470,406

Income taxes (Tables)

Income taxes (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of income tax expenses	For the three and nine months ended September 30, 2019 and 2018 , the Company recorded income tax expense, as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ (213 ) $ (1,180 ) $ 1,431 $ (1,968 ) Change in uncertain tax positions (2) — — — 50 Withholding taxes on certain investment transactions (2) — 1,069 — 6,325 $ (213 ) $ (111 ) $ 1,431 $ 4,407 (1) As of September 30, 2019 , the Company has recorded $7.6 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 September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 : Common shares 2019 2018 Common shares issued, beginning of period 93,639,610 107,227,347 Options exercised 187,678 — Restricted shares granted, net of forfeitures 361,522 50,644 Performance restricted shares granted, net of forfeitures and shares withheld 31,757 260,436 Retirement of treasury shares and shares repurchased (1) — (13,730,258 ) Warrants exercised, net (2) — 361,556 Common shares issued, end of period 94,220,567 94,169,725 (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 nine months ended September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 : Three months ended Nine months ended September 30, September 30, September 30, September 30, Management and director options $ — $ 60 $ — $ 215 Restricted shares with service condition 379 166 1,513 445 Restricted shares with service and performance condition 515 2,172 4,793 4,296 $ 894 $ 2,398 $ 6,306 $ 4,956
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 September 30, 2019 : Range of exercise prices Number of options Weighted average exercise price Remaining contractual life $10.00 - $10.89 4,774,694 $ 10.04 2.3 years $15.05 - $16.89 1,800,866 15.92 2.5 years $20.00 - $25.05 1,731,098 20.28 2.5 years 8,306,658 $ 13.45 2.4 years
Schedule of restricted shares with service condition activity	Restricted share award activity for the nine months ended September 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 398,429 11.11 Forfeited (36,907 ) 11.31 Vested (35,706 ) 13.31 Balance as of September 30, 2019 349,881 $ 11.02
Schedule of restricted shares with performance condition activity	Restricted share award activity for the restricted shares with a service and performance condition for the nine months ended September 30, 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 862,176 574,784 10.95 Forfeited (823,977 ) (290,551 ) 10.82 Vested (148,718 ) (148,718 ) 11.40 Change in estimated restricted shares considered probable of vesting n/a 60,768 13.32 Balance as of September 30, 2019 1,890,529 1,381,503 $ 12.45

Non-controlling interests Nonco

Non-controlling interests Noncontrolling interests (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 : Redeemable noncontrolling interests in related party Noncontrolling interests in related party Total noncontrolling interests in related party September 30, September 30, September 30, Balance, beginning of period $ 108,219 $ 5,407 $ 113,626 Changes in capital account allocation (1) (108,219 ) (5,407 ) (113,626 ) Balance, end of period $ — $ — $ — (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 nine months ended September 30, 2018 : Third Point Re BDA Third Point Re USA Total September 30, September 30, September 30, Balance, beginning of period $ 97,619 $ 16,007 $ 113,626 Net income attributable to total noncontrolling interests in related party 141 82 223 Contributions (1) 564 80 644 Redemptions (2) (98,324 ) (16,169 ) (114,493 ) Balance, end of period $ — $ — $ — (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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 : Three months ended Nine months ended September 30, September 30, September 30, September 30, Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 91,903,556 95,671,385 91,784,268 98,768,442 Dilutive effect of options — — 208,652 — Dilutive effect of warrants — — 150,501 — Dilutive effect of restricted shares with service and performance condition — — 566,000 — Diluted number of common shares outstanding 91,903,556 95,671,385 92,709,421 98,768,442 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) $ 170,881 $ (19,680 ) Net income allocated to Third Point Re participating common shareholders — — (515 ) — Net income (loss) allocated to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) $ 170,366 $ (19,680 ) Basic earnings (loss) per share available to Third Point Re common shareholders $ (0.16 ) $ (0.14 ) $ 1.86 $ (0.20 ) Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) $ 170,881 $ (19,680 ) Net income allocated to Third Point Re participating common shareholders — — (510 ) — Net income (loss) allocated to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) $ 170,371 $ (19,680 ) Diluted earnings (loss) per share available to Third Point Re common shareholders $ (0.16 ) $ (0.14 ) $ 1.84 $ (0.20 )

Segment reporting (Tables)

Segment reporting (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 : Three months ended September 30, 2019 September 30, 2018 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 95,388 $ 95,388 $ 30,064 $ 30,064 Gross premiums ceded (1,116 ) (1,116 ) — — Net premiums written 94,272 94,272 30,064 30,064 Change in net unearned premium reserves 108,976 108,976 97,929 97,929 Net premiums earned 203,248 203,248 127,993 127,993 Expenses Loss and loss adjustment expenses incurred, net 85,703 85,703 88,706 88,706 Acquisition costs, net 118,271 118,271 40,841 40,841 General and administrative expenses 4,769 4,769 4,763 4,763 Total expenses 208,743 208,743 134,310 134,310 Net underwriting loss $ (5,495 ) (5,495 ) $ (6,317 ) (6,317 ) Net investment loss (3,138 ) (3,590 ) Corporate expenses (4,468 ) (4,748 ) Other income (expense) (5,058 ) 1,362 Interest expense (2,074 ) (2,074 ) Foreign exchange gains 4,921 1,979 Income tax benefit 213 111 Net income attributable to noncontrolling interests in related party — (4 ) Net loss attributable to Third Point Re common shareholders $ (15,099 ) $ (13,281 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 42.2 % 69.3 % Acquisition cost ratio 58.2 % 31.9 % Composite ratio 100.4 % 101.2 % General and administrative expense ratio 2.3 % 3.7 % Combined ratio 102.7 % 104.9 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2019 September 30, 2018 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 497,616 $ 497,616 $ 458,189 $ 458,189 Gross premiums ceded (3,301 ) (3,301 ) (18,125 ) (18,125 ) Net premiums written 494,315 494,315 440,064 440,064 Change in net unearned premium reserves 7,435 7,435 (28,092 ) (28,092 ) Net premiums earned 501,750 501,750 411,972 411,972 Expenses Loss and loss adjustment expenses incurred, net 263,105 263,105 265,326 265,326 Acquisition costs, net 233,775 233,775 149,830 149,830 General and administrative expenses 17,762 17,762 14,550 14,550 Total expenses 514,642 514,642 429,706 429,706 Net underwriting loss $ (12,892 ) (12,892 ) $ (17,734 ) (17,734 ) Net investment income 220,946 25,377 Corporate expenses (23,257 ) (14,138 ) Other expenses (12,994 ) (6,616 ) Interest expense (6,154 ) (6,154 ) Foreign exchange gains 6,663 4,215 Income tax expense (1,431 ) (4,407 ) Net income attributable to noncontrolling interests in related party — (223 ) Net income (loss) available to Third Point Re common shareholders $ 170,881 $ (19,680 ) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 52.4 % 64.4 % Acquisition cost ratio 46.6 % 36.4 % Composite ratio 99.0 % 100.8 % General and administrative expense ratio 3.6 % 3.5 % Combined ratio 102.6 % 104.3 % (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 nine months ended September 30, 2019 and 2018 : Three months ended Nine months ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Property $ 6,705 7.0 % $ (3,578 ) (11.9 )% $ 102,548 20.6 % $ (1,549 ) (0.3 )% Casualty 15,732 16.5 % 37,028 123.2 % 117,153 23.5 % 233,758 51.0 % Specialty 14,259 15.0 % (3,386 ) (11.3 )% 224,576 45.2 % 221,639 48.4 % Total prospective reinsurance contracts 36,696 38.5 % 30,064 100.0 % 444,277 89.3 % 453,848 99.1 % Retroactive reinsurance contracts 58,692 61.5 % — — % 53,339 10.7 % 4,341 0.9 % $ 95,388 100.0 % $ 30,064 100.0 % $ 497,616 100.0 % $ 458,189 100.0 %

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2019 Third Point Re TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 3,500 $ — $ 1,038,645 $ — $ 1,042,145 Cash and cash equivalents 128 177 692,800 — 693,105 Restricted cash and cash equivalents — — 816,519 — 816,519 Investment in subsidiaries 1,385,519 272,433 190,937 (1,848,889 ) — Interest and dividends receivable — — 2,932 — 2,932 Reinsurance balances receivable — — 680,630 — 680,630 Deferred acquisition costs, net — — 166,968 — 166,968 Unearned premiums ceded — — 14,370 — 14,370 Loss and loss adjustment expenses recoverable — — 4,270 — 4,270 Amounts due from (to) affiliates (2,069 ) (3,898 ) 5,967 — — Other assets 760 6,357 10,691 — 17,808 Total assets $ 1,387,838 $ 275,069 $ 3,624,729 $ (1,848,889 ) $ 3,438,747 Liabilities Accounts payable and accrued expenses $ 4,258 $ 40 $ 10,309 $ — $ 14,607 Reinsurance balances payable — — 98,766 — 98,766 Deposit liabilities — — 174,405 — 174,405 Unearned premium reserves — — 592,319 — 592,319 Loss and loss adjustment expense reserves — — 1,060,000 — 1,060,000 Interest and dividends payable — 1,026 — — 1,026 Senior notes payable, net of deferred costs — 114,044 — — 114,044 Total liabilities 4,258 115,110 1,935,799 — 2,055,167 Shareholders’ equity Common shares 9,422 — 1,239 (1,239 ) 9,422 Additional paid-in capital 926,949 191,208 1,590,882 (1,782,090 ) 926,949 Retained earnings (deficit) 447,209 (31,249 ) 96,809 (65,560 ) 447,209 Shareholders’ equity attributable to Third Point Re common shareholders 1,383,580 159,959 1,688,930 (1,848,889 ) 1,383,580 Total liabilities and shareholders’ equity $ 1,387,838 $ 275,069 $ 3,624,729 $ (1,848,889 ) $ 3,438,747 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 September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 95,388 $ — $ 95,388 Gross premiums ceded — — (1,116 ) — (1,116 ) Net premiums written — — 94,272 — 94,272 Change in net unearned premium reserves — — 108,976 — 108,976 Net premiums earned — — 203,248 — 203,248 Net investment loss — — (3,138 ) — (3,138 ) Equity in earnings (losses) of subsidiaries (13,516 ) 649 (15 ) 12,882 — Total revenues (13,516 ) 649 200,095 12,882 200,110 Expenses Loss and loss adjustment expenses incurred, net — — 85,703 — 85,703 Acquisition costs, net — — 118,271 — 118,271 General and administrative expenses 1,583 6 7,648 — 9,237 Other expenses — — 5,058 — 5,058 Interest expense — 2,074 — — 2,074 Foreign exchange gains — — (4,921 ) — (4,921 ) Total expenses 1,583 2,080 211,759 — 215,422 Loss before income tax (expense) benefit (15,099 ) (1,431 ) (11,664 ) 12,882 (15,312 ) Income tax (expense) benefit — 437 (224 ) — 213 Net loss (15,099 ) (994 ) (11,888 ) 12,882 (15,099 ) Net income attributable to noncontrolling interests in related party — — — — — Net loss attributable to Third Point Re common shareholders $ (15,099 ) $ (994 ) $ (11,888 ) $ 12,882 $ (15,099 ) For the nine months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 497,616 $ — $ 497,616 Gross premiums ceded — — (3,301 ) — (3,301 ) Net premiums written — — 494,315 — 494,315 Change in net unearned premium reserves — — 7,435 — 7,435 Net premiums earned — — 501,750 — 501,750 Net investment income — — 220,946 — 220,946 Equity in earnings (losses) of subsidiaries 183,936 9,980 (26 ) (193,890 ) — Total revenues 183,936 9,980 722,670 (193,890 ) 722,696 Expenses Loss and loss adjustment expenses incurred, net — — 263,105 — 263,105 Acquisition costs, net — — 233,775 — 233,775 General and administrative expenses 13,055 (20 ) 27,984 — 41,019 Other expenses — — 12,994 — 12,994 Interest expense — 6,154 — — 6,154 Foreign exchange gains — — (6,663 ) — (6,663 ) Total expenses 13,055 6,134 531,195 — 550,384 Income before income tax (expense) benefit 170,881 3,846 191,475 (193,890 ) 172,312 Income tax (expense) benefit — 1,288 (2,719 ) — (1,431 ) Net income 170,881 5,134 188,756 (193,890 ) 170,881 Net income attributable to noncontrolling interests in related party — — — — — Net income available to Third Point Re common shareholders $ 170,881 $ 5,134 $ 188,756 $ (193,890 ) $ 170,881 CONDENSED CONSOLIDATING STATEMENTS OF LOSS For the three months ended September 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 30,064 $ — $ 30,064 Gross premiums ceded — — — — — Net premiums written — — 30,064 — 30,064 Change in net unearned premium reserves — — 97,929 — 97,929 Net premiums earned — — 127,993 — 127,993 Net investment loss — — (3,590 ) — (3,590 ) Equity in losses of subsidiaries (11,100 ) (2,821 ) (11 ) 13,932 — Total revenues (11,100 ) (2,821 ) 124,392 13,932 124,403 Expenses Loss and loss adjustment expenses incurred, net — — 88,706 — 88,706 Acquisition costs, net — — 40,841 — 40,841 General and administrative expenses 2,181 13 7,317 — 9,511 Other income — — (1,362 ) — (1,362 ) Interest expense — 2,074 — — 2,074 Foreign exchange gains — — (1,979 ) — (1,979 ) Total expenses 2,181 2,087 133,523 — 137,791 Loss before income tax (expense) benefit (13,281 ) (4,908 ) (9,131 ) 13,932 (13,388 ) Income tax (expense) benefit — 438 (327 ) — 111 Net loss (13,281 ) (4,470 ) (9,458 ) 13,932 (13,277 ) Net income attributable to noncontrolling interests in related party — — (4 ) — (4 ) Net loss attributable to Third Point Re common shareholders $ (13,281 ) $ (4,470 ) $ (9,462 ) $ 13,932 $ (13,281 ) For the nine months ended September 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 458,189 $ — $ 458,189 Gross premiums ceded — — (18,125 ) — (18,125 ) Net premiums written — — 440,064 — 440,064 Change in net unearned premium reserves — — (28,092 ) — (28,092 ) Net premiums earned — — 411,972 — 411,972 Net investment income — — 25,377 — 25,377 Equity in losses of subsidiaries (14,138 ) (2,582 ) (42 ) 16,762 — Total revenues (14,138 ) (2,582 ) 437,307 16,762 437,349 Expenses Loss and loss adjustment expenses incurred, net — — 265,326 — 265,326 Acquisition costs, net — — 149,830 — 149,830 General and administrative expenses 5,542 35 23,111 — 28,688 Other expenses — — 6,616 — 6,616 Interest expense — 6,154 — — 6,154 Foreign exchange gains — — (4,215 ) — (4,215 ) Total expenses 5,542 6,189 440,668 — 452,399 Loss before income tax (expense) benefit (19,680 ) (8,771 ) (3,361 ) 16,762 (15,050 ) Income tax (expense) benefit — 1,300 (5,707 ) — (4,407 ) Net loss (19,680 ) (7,471 ) (9,068 ) 16,762 (19,457 ) Net income attributable to noncontrolling interests in related party — — (223 ) — (223 ) Net loss attributable to Third Point Re common shareholders $ (19,680 ) $ (7,471 ) $ (9,291 ) $ 16,762 $ (19,680 )
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 170,881 $ 5,134 $ 188,756 $ (193,890 ) $ 170,881 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (183,936 ) (9,980 ) 26 193,890 — Share compensation expense 2,635 — 3,671 — 6,306 Net interest expense on deposit liabilities — — 4,980 — 4,980 Net realized and unrealized gain on investments and derivatives — — (2,177 ) — (2,177 ) Net realized and unrealized gain on investment in related party investment fund — — (207,597 ) — (207,597 ) Net foreign exchange gains — — (6,663 ) — (6,663 ) Amortization of premium and accretion of discount, net — 133 (364 ) — (231 ) Changes in assets and liabilities: Reinsurance balances receivable — — (50,711 ) — (50,711 ) Deferred acquisition costs, net — — 36,874 — 36,874 Unearned premiums ceded — — 3,182 — 3,182 Loss and loss adjustment expenses recoverable — — (2,239 ) — (2,239 ) Other assets 913 (1,288 ) 3,202 — 2,827 Interest and dividends receivable, net — (2,029 ) (1,616 ) — (3,645 ) Unearned premium reserves — — (10,617 ) — (10,617 ) Loss and loss adjustment expense reserves — — 119,129 — 119,129 Accounts payable and accrued expenses 3,520 (30 ) 3,856 — 7,346 Reinsurance balances payable — — 29,052 — 29,052 Amounts due from (to) affiliates (1,453 ) 3,950 (2,497 ) — — Net cash provided by (used in) operating activities (7,440 ) (4,110 ) 108,247 — 96,697 Investing activities Proceeds from redemptions from related party investment fund — — 760,000 — 760,000 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 (3,500 ) — (327,463 ) — (330,963 ) Proceeds from sales and maturities of investments — — 349,696 — 349,696 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 provided by (used in) investing activities (18,500 ) — 709,347 — 690,847 Financing activities Proceeds from issuance of Third Point Re common shares, net of costs 1,887 — — — 1,887 Taxes paid on withholding shares (68 ) — — — (68 ) Net proceeds from deposit liability contracts — — 6,924 — 6,924 Dividend received by (paid to) parent 24,249 4,100 (28,349 ) — — Net cash provided by (used in) financing activities 26,068 4,100 (21,425 ) — 8,743 Net increase (decrease) in cash, cash equivalents and restricted cash 128 (10 ) 796,169 — 796,287 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 $ 128 $ 177 $ 1,509,319 $ — $ 1,509,624 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2018 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net loss $ (19,680 ) $ (7,471 ) $ (9,068 ) $ 16,762 $ (19,457 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Equity in losses of subsidiaries 14,138 2,582 42 (16,762 ) — Share compensation expense 444 — 4,512 — 4,956 Net interest income on deposit liabilities — — (1,609 ) — (1,609 ) Net realized and unrealized gain on investments and derivatives — — (32,373 ) — (32,373 ) Net unrealized loss on investment in related party investment fund — — 1,926 — 1,926 Net foreign exchange gains — — (4,215 ) — (4,215 ) Amortization of premium and accretion of discount, net — 133 2,541 — 2,674 Changes in assets and liabilities: Reinsurance balances receivable — — (87,911 ) — (87,911 ) Deferred acquisition costs, net — — 27,507 — 27,507 Unearned premiums ceded — — (15,723 ) — (15,723 ) Loss and loss adjustment expenses recoverable — — (463 ) — (463 ) Other assets (1,415 ) (10,149 ) 5,807 — (5,757 ) Interest and dividends receivable, net — (2,029 ) (3,244 ) — (5,273 ) Unearned premium reserves — — 43,815 — 43,815 Loss and loss adjustment expense reserves — — 107,325 — 107,325 Accounts payable and accrued expenses 639 8,864 (32,264 ) — (22,761 ) Reinsurance balances payable — — 29,624 — 29,624 Amounts due from (to) affiliates (4,781 ) 4,360 421 — — Net cash provided by (used in) operating activities (10,655 ) (3,710 ) 36,650 — 22,285 Investing activities Contributions to related party investment fund, including subscription receivable — — (88,658 ) — (88,658 ) Purchases of investments — — (3,235,659 ) — (3,235,659 ) Proceeds from sales and maturities of investments — — 3,222,239 — 3,222,239 Purchases of investments to cover short sales — — (853,798 ) — (853,798 ) Proceeds from short sales of investments — — 800,508 — 800,508 Change in due to/from brokers, net — — 471,352 — 471,352 Decrease in securities sold under an agreement to repurchase — — (29,618 ) — (29,618 ) Net cash provided by investing activities — — 286,366 — 286,366 Financing activities Taxes paid on withholding shares (74 ) — — — (74 ) Purchases of Third Point Re common shares under share repurchase program (133,380 ) — — — (133,380 ) Net proceeds from deposit liability contracts — — 4,340 — 4,340 Change in total noncontrolling interests in related party, net — — (97,950 ) — (97,950 ) Dividend received by (paid to) parent 144,100 3,700 (147,800 ) — — Net cash provided by (used in) financing activities 10,646 3,700 (241,410 ) — (227,064 ) Net increase (decrease) in cash, cash equivalents and restricted cash (9 ) (10 ) 81,606 — 81,587 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 $ — $ 189 $ 630,731 $ — $ 630,920

Restricted cash and cash equi_3

Restricted cash and cash equivalents and restricted investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 693,105	$ 104,183
Restricted cash and cash equivalents	816,519	609,154
Total cash, cash equivalents and restricted cash	1,509,624	713,337	$ 630,920	$ 549,333
Restricted Investments	220,045	239,640
Total restricted cash and cash equivalents and investments	1,729,669	952,977
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	228,135	203,953
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 588,384	$ 405,201

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Total assets	$ 2,469,544	$ 2,136,542
Liabilities
Total liabilities and shareholders' equity	324	2,411
Total net investments managed by Third Point LLC	2,469,220	2,134,131
TP Fund
Assets
Total assets	818,600	1,284,004
Total investments
Assets
Total assets	1,038,645	1,523,644
Debt Securities
Assets
Total assets	220,045	239,640
Cash and cash equivalents
Assets
Total assets	611,442	1,017
Restricted cash and cash equivalents
Assets
Total assets	816,519	609,154
Due from brokers
Assets
Total assets	0	1,411
Interest and dividends receivable
Assets
Total assets	2,932	1,316
Other Assets [Member]
Assets
Total assets	6	0
Accounts payable and accrued expenses
Liabilities
Total liabilities and shareholders' equity	324	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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 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	$ 760,000	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments
Private common equity securities	$ 3,000		$ 3,000
Equity securities
Investments
Trading securities, change in unrealized holding gains (loss)	0	$ 0	0	$ 0
Debt Securities
Investments
Trading securities, change in unrealized holding gains (loss)	$ 4,400	$ (1,600)	$ 6,800	$ (6,900)

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 500		$ 500
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	0	$ 0	0	$ 0
Assets
Private common equity securities	3,000		3,000
Total equities	3,500		3,500
U.S. Treasury securities	197,664		197,664		$ 197,312
Sovereign debt	22,381		22,381		42,328
Total debt securities	220,045		220,045		239,640
Total assets	223,545		223,545
Investments in funds valued at NAV	818,600		818,600		1,284,088
Assets Including Alternative Investments, Fair Value Disclosure	1,042,145		1,042,145		1,523,728
Liabilities
Derivative liabilities (embedded)	37		37		22
Total liabilities	37		37		22
Debt Securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	4,400	(1,600)	6,800	(6,900)
Equity securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	0	$ 0	0	$ 0
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0		0
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)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0		0
Assets
Private common equity securities	0		0
Total equities	0		0
U.S. Treasury securities	197,664		197,664		197,312
Sovereign debt	22,381		22,381		42,328
Total debt securities	220,045		220,045		239,640
Total assets	220,045		220,045
Liabilities
Derivative liabilities (embedded)	0		0		0
Total liabilities	0		0		0
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	500		500
Assets
Private common equity securities	3,000		3,000
Total equities	3,500		3,500
U.S. Treasury securities	0		0		0
Sovereign debt	0		0		0
Total debt securities	0		0		0
Total assets	3,500		3,500
Liabilities
Derivative liabilities (embedded)	37		37		22
Total liabilities	$ 37		$ 37		$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Assets
Asset fair value, beginning balance	$ 3,000	$ 113,899	$ 0	$ 107,075
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	500	46,621	3,500	76,973
Sales	0	(159,893)	0	(177,570)
Realized and Unrealized Gains (Losses)	0	(627)	0	(6,478)
Asset fair value, ending balance	3,500	0	3,500	0
Liabilities
Liability fair value, beginning balance	(54)	(2,003)	(22)	(2,256)
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	0	0	0	0
Sales	0	1,823	0	1,797
Realized and Unrealized Gains (Losses)	17	70	(15)	349
Liability fair value, ending balance	(37)	(110)	(37)	(110)
Total change in unrealized (gains) losses on fair value of assets using significant unobservable inputs	0	0	0	0
Derivative liabilities (free standing)
Liabilities
Liability fair value, beginning balance		(1,839)		(2,085)
Transfers in to (out of) Level 3 (1)		0		0
Purchases		0		0
Sales		(1,823)		1,797
Realized and Unrealized Gains (Losses)		16		288
Liability fair value, ending balance		0		0
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(54)	(164)	(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)	17	54	(15)	61
Liability fair value, ending balance	(37)	(110)	(37)	(110)
Private common equity securities
Assets
Asset fair value, beginning balance	0	4,362	0	4,794
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	500	533	500	567
Sales	0	(4,714)	0	(4,726)
Realized and Unrealized Gains (Losses)	0	(181)	0	(635)
Asset fair value, ending balance	500	0	500	0
Private preferred equity securities
Assets
Asset fair value, beginning balance	3,000	56,769	0	57,126
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	0	37,774	3,000	38,376
Sales	0	(93,666)	0	(91,065)
Realized and Unrealized Gains (Losses)	0	(877)	0	(4,437)
Asset fair value, ending balance	$ 3,000	0	$ 3,000	0
Asset-backed securities
Assets
Asset fair value, beginning balance		28,139		27,308
Transfers in to (out of) Level 3 (1)		0		0
Purchases		7,348		35,905
Sales		(35,515)		(60,906)
Realized and Unrealized Gains (Losses)		28		(2,307)
Asset fair value, ending balance		0		0
Corporate bonds
Assets
Asset fair value, beginning balance		9,968		9,868
Transfers in to (out of) Level 3 (1)		0		0
Purchases		869		1,372
Sales		(10,976)		(11,763)
Realized and Unrealized Gains (Losses)		139		523
Asset fair value, ending balance		0		0
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		424		435
Transfers in to (out of) Level 3 (1)		0		0
Purchases		97		753
Sales		(712)		(1,380)
Realized and Unrealized Gains (Losses)		191		192
Asset fair value, ending balance		0		0
Real estate
Assets
Asset fair value, beginning balance		7,351		6,831
Transfers in to (out of) Level 3 (1)		0		0
Purchases		0		0
Sales		(6,664)		(6,817)
Realized and Unrealized Gains (Losses)		(687)		(14)
Asset fair value, ending balance		0		0
Derivative Assets [Member]
Assets
Asset fair value, beginning balance		6,886
Transfers in to (out of) Level 3 (1)		0
Purchases		0
Sales		(7,646)
Realized and Unrealized Gains (Losses)		760
Asset fair value, ending balance		$ 0		$ 0

Loss and loss adjustment expe_3

Loss and loss adjustment expense reserves - Schedule of loss and loss adjustment expense reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 132,480	$ 125,456
Incurred but not reported loss and loss adjustment expense reserves	927,039	811,280
Deferred gains on retroactive reinsurance contracts	481	421
Loss and loss adjustment expense reserves	$ 1,060,000	$ 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	9 Months Ended
	Sep. 30, 2019	Sep. 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	345,479	254,265
Prior years	82,374	(11,061)
Total incurred loss and loss adjustment expenses	263,105	265,326
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(45,380)	(58,652)
Prior years	(101,594)	(103,572)
Total net paid losses	(146,974)	(162,224)
Foreign currency translation	3,714	(5,715)
Net reserves for loss and loss adjustment expenses, end of period	1,051,124	816,844
Plus: loss and loss adjustment expenses recoverable, end of period	4,270	1,576
Plus: deferred charges on retroactive reinsurance contracts, end of period	(4,606)	(3,760)
Prior Year Claims and Claims Adjustment Expense, Including Amortization of Deferred Gains	(82,400)	11,100
Gross reserves for loss and loss adjustment expenses, end of period	1,060,000	822,180
Unfavorable (Favorable) Reserve Development [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	88,800	7,100
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	(84,500)	(2,300)
Increase in net underwriting loss	(4,300)	(4,800)
Premium Adjustments on Certain Contracts [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	(6,400)	(18,200)
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact	8,500	24,300
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates	(8,000)	25,600
Change In Policy Acquisition Costs	(2,100)	(6,100)
Increase in net underwriting loss	500	(1,300)
Impact On Underwriting Income [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	(3,800)	(6,100)
Retroactive Reinsurance Contract [Member] | Unfavorable (Favorable) Reserve Development [Member]
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	69,500
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	(68,600)
Increase in net underwriting loss	(900)
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	(8,900)	(12,700)
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	6,400
General Liability [Member] | Unfavorable (Favorable) Reserve Development [Member]
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	2,200
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	$ (3,200)
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				9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Aug. 31, 2018
Related Party Transaction
Increase in Loss Recovery Account	$ 1,100
Management and performance fees to related parties	0	[1]	$ (5,305)	[1]	$ 0	$ (29,845)
Affiliate costs, gross of TP fund fees	3,617		7,657		13,603	32,197
Management and performance fees
Related Party Transaction
Management and performance fees to related parties	0		(5,305)		0	(29,845)
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		(6,387)		0	(25,797)
Third Point Advisors LLC | Management and performance fees
Related Party Transaction
Management and performance fees to related parties	$ 0		1,082		$ 0	(4,048)
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	$ (3,617)		(2,352)		$ (54,572)	(2,352)
Performance Fees - Loss Carryforward
Related Party Transaction
Management and performance fees to related parties	0		$ 0		(40,969)	$ 0
Third Point Re BDA
Related Party Transaction
Loss Recovery Account Forfeitures					1,300
Loss Recovery Account	6,500				6,500		$ 46,800
Third Point Re USA
Related Party Transaction
Loss Recovery Account Forfeitures					1,300
Loss Recovery Account	$ 500				$ 500		$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Deposit Contracts, Liabilities [Roll Forward]
Balance, beginning of period	$ 145,342	$ 129,133
Consideration received	15,303	17,879
Consideration receivable	17,209	7,390
Net investment expense (income) allocation	4,980	(1,273)
Payments	(8,384)	(8,089)
Foreign currency translation	(45)	302
Balance, end of period	$ 174,405	$ 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 ($)	Sep. 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	$ 118,600,000	$ 114,700,000

Senior notes payable and lett_4

Senior notes payable and letter of credit facilities (Letters of credit) (Details)	Sep. 30, 2019USD ($)
Line of Credit Facility
Utilized	$ 228,135,000
Collateral	228,135,000
Committed, secured facility [Member]
Line of Credit Facility
Facility	125,000,000
Utilized	38,311,000
Collateral	38,311,000
Uncommitted, unsecured facility [Member]
Line of Credit Facility
Utilized	189,824,000
Collateral	$ 189,824,000

Net investment income (Details)

Net investment income (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Net Investment Income [Abstract]
Net realized gains (losses) on investments and investment derivatives	$ (4,242)		$ 315,181		$ (4,198)	$ 445,682
Net change in unrealized gains (losses) on investments and investment derivatives	3,661		(317,849)		6,390	(413,370)
Net gains (losses) on foreign currencies	(2,065)		(3,144)		508	(5,761)
Dividend and interest income	5,595		13,757		11,428	51,474
Dividends paid on securities sold, not yet purchased	0		(1,038)		0	(5,259)
Other expenses	(336)		(3,266)		(779)	(15,618)
Management and performance fees to related parties	0	[1]	(5,305)	[1]	0	(29,845)
Net investment income (loss) from investment in related party investment fund	(5,751)		(1,926)		207,597	(1,926)
Net investment loss	$ (3,138)		$ (3,590)		$ 220,946	$ 25,377
[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				9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	$ (3,138)		$ (3,590)		$ 220,946	$ 25,377
Other investment income (expenses)	(335)		1,949		(779)	924
Net investment income (loss) on derivative contracts	0		(5,404)		0	655
Net investment income (loss) on cash, including foreign exchange gain (loss)	1,509		(6,021)		7,631	(15,366)
Net investment income (losses) on securities purchased under an agreement to sell and securities sold under an agreement to repurchase	0		3		0	(238)
Withholding taxes reclassified to income tax expense	0		1,069		0	6,325
Total other investment income (losses) and other expenses	1,174		(8,404)		6,852	(7,700)
Management and performance fees to related parties	0	[1]	(5,305)	[1]	0	(29,845)
Net investment income (loss) from investment in related party investment fund	(5,751)		(1,926)		207,597	(1,926)
Net investment loss	(3,138)		(3,590)		220,946	25,377
Net investment income (loss) by asset type
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	1,439		25,219		6,497	78,010
Net investment income (loss) by asset type | Real estate
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(687)		0	(186)
Net investment income (loss) by asset type | Total other investments
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(9,697)		0	(16,055)
Net investment income (loss) by asset type | Net investment loss in funds valued at NAV, excluding TP Fund
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	(10)		(95)		(6)	(721)
Net investment income (loss) by asset type | Options
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(8,908)		0	(15,527)
Net investment income (loss) by asset type | Rights and warrants
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		191		0	238
Net investment income (loss) by asset type | Trade claims
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(293)		0	(580)
Net investment income (loss) by asset type | Equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		29,336		0	67,565
Net investment income (loss) by asset type | Equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		30,317		0	70,873
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		(175)		0	(628)
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		(806)		0	(2,680)
Net investment income (loss) by asset type | Debt Securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	1,449		5,675		6,503	27,221
Net investment income (loss) by asset type | Asset-backed securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		1,178		0	20,660
Net investment income (loss) by asset type | Bank debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		2,005		0	5,326
Net investment income (loss) by asset type | Corporate bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		455		0	(2,958)
Net investment income (loss) by asset type | Municipal bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		3,742		0	9,990
Net investment income (loss) by asset type | U.S. Treasury securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	2,696		494		7,718	335
Net investment income (loss) by asset type | Sovereign debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	(1,247)		(2,136)		(1,215)	(6,538)
Net investment income (loss) by asset type | Other debt securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(63)		0	406
Net investment income (loss) by liability type | Options
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		8,790		0	21,697
Net investment income (loss) by liability type | Equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(13,174)		0	(13,162)
Net investment income (loss) by liability type | Equity securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0		(21,481)		0	(32,407)
Net investment income (loss) by liability type | Corporate bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	$ 0		$ (483)		$ 0	$ (2,452)
[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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investment income (loss)
Other Investment Income and Other	$ 1,174	$ (8,404)	$ 6,852	$ (7,700)
Total investment income	(3,138)	(3,590)	220,946	25,377
Expenses
Dividends on securities sold, not yet purchased	0	1,038	0	5,259
Net income (loss)	(15,099)	(13,277)	170,881	(19,457)
TP Fund
Investment income (loss)
Net realized loss from securities, derivative contracts and foreign currency translations	(402)	(4,113)	(3,840)	(4,113)
Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations	(3,685)	3,654	246,081	3,654
Net income (loss) from currencies	217	2,606	(2,375)	2,606
Dividend and interest income	8,246	3,818	38,326	3,818
Other Investment Income and Other	1,803	291	6,217	291
Total investment income	6,179	6,256	284,409	6,256
Expenses
Management fees	3,617	2,834	13,603	2,834
Interest	4,270	2,200	13,094	2,200
Dividends on securities sold, not yet purchased	2,077	741	6,821	741
Administrative and professional fees	490	298	1,505	298
Other expenses	1,411	2,737	4,615	2,737
Total expenses	11,865	8,810	39,638	8,810
Net income (loss)	$ (5,686)	$ (2,554)	$ 244,771	$ (2,554)

Net investment income - TP Fu_2

Net investment income - TP Fund Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Total investments in securities	$ 1,042,145	$ 1,523,728
Cash and cash equivalents	693,105	104,183
Due from brokers	0	1,411
Interest and dividends receivable	2,932	1,316
Other assets	17,808	20,569
Total assets	3,438,747	3,086,234
Liabilities
Accounts payable and accrued expenses	14,607	7,261
Interest and dividends payable	1,026	3,055
Total liabilities	2,055,167	1,881,660
TP Fund
Assets
Total investments in securities	1,596,275	1,561,636
Cash and cash equivalents	23	6
Due from brokers	167,332	375,469
Derivative assets, at fair value	22,979	20,533
Interest and dividends receivable	2,961	3,693
participation agreement asset with related party	0	2,296
Other assets	108	422
Total assets	1,789,678	1,964,055
Liabilities
Accounts payable and accrued expenses	2,639	1,754
Securities sold, not yet purchased, at fair value	379,170	355,233
Due to brokers	353,916	107,116
Derivative liabilities, at fair value	34,853	27,483
Interest and dividends payable	1,539	1,881
Management Fee Payable	384	182
Total liabilities	772,501	493,649
Partners' Capital	$ 1,017,177	$ 1,470,406

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax
Deferred Tax Assets, Net	$ 7,600		$ 7,600		$ 9,100
Provision for uncertain tax positions	1,500		1,500		$ 1,500
Income tax expense	(213)	$ (111)	1,431	$ 4,407
Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1)
Income Tax
Income tax expense	(213)	(1,180)	1,431	(1,968)
Change in uncertain tax positions (2)
Income Tax
Income tax expense	0	0	0	50
Withholding taxes on certain investment transactions (2)
Income Tax
Income tax expense	$ 0	$ 1,069	$ 0	$ 6,325

Share capital - Common shares a

Share capital - Common shares and treasury shares (Details) - shares	9 Months Ended
	Sep. 30, 2019	Sep. 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	(13,730,258)
Warrants exercised, net	0	361,556
Common shares issued, end of period, shares	94,220,567	94,169,725
Warrants exercised, shares		1,156,184
Warrants retired, shares		794,628
Options exercised
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	187,678	0
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	361,522	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	31,757	260,436

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($)	Sep. 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	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share compensation expense	$ 8.8	$ 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 4 months 24 days

Share-based compensation - Sche

Share-based compensation - Schedule of share-based comp expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 894	$ 2,398	$ 6,306	$ 4,956
Management and director options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	0	60	0	215
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	379	166	1,513	445
Restricted shares with service and performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 515	$ 2,172	$ 4,793	$ 4,296

Share-based compensation - Sc_2

Share-based compensation - Schedule of management and director options outstanding (Details) - Management and director options	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding (in shares) | shares	8,306,658
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.45
Remaining contractual life	2 years 4 months 24 days
Options exercisable (in shares) | shares	8,306,658
Options exercisable, weighted average exercise price (in dollars per share)	$ 13.45
$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	4,774,694
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.04
Remaining contractual life	2 years 3 months 18 days
Options exercisable (in shares) | shares	4,774,694
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	1,800,866
Options outstanding, weighted average exercise price (in dollars per share)	$ 15.92
Remaining contractual life	2 years 6 months
Options exercisable (in shares) | shares	1,800,866
Options exercisable, weighted average exercise price (in dollars per share)	$ 15.92
$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	1,731,098
Options outstanding, weighted average exercise price (in dollars per share)	$ 20.28
Remaining contractual life	2 years 6 months
Options exercisable (in shares) | shares	1,731,098
Options exercisable, weighted average exercise price (in dollars per share)	$ 20.28

Share-based compensation - Sc_3

Share-based compensation - Schedule of restricted shares with service condition award activity (Details) - Restricted shares with service condition - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 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)	398,429	50,644
Forfeited (in shares)	(36,907)
Vested (in shares)	(35,706)	(44,788)
Outstanding, end of period (in shares)	349,881	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)	11.11	13.45
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	11.31
Vested (in dollars per share)	13.31	12.97
Outstanding (in dollars per share)	$ 11.02	$ 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 ($)	9 Months Ended	12 Months Ended
	Sep. 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)	862,176	556,403
Forfeited (in shares)	(823,977)	(294,977)
Vested (in shares)	(148,718)	(115,757)
Outstanding, end of period (in shares)	1,890,529	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)	574,784	370,931
Forfeited (in shares)	290,551	(4,102)
Vested (in shares)	$ (148,718)	$ (115,757)
Change in estimated restricted shares considered probably of vesting (in shares)	60,768	46,945
Outstanding, end of period (in shares)	1,381,503	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)	10.95	14.01
Forfeited (in dollars per share)	10.82	13.98
Change in estimated restricted shares considered probable of vesting (in dollars per share)	13.32	13.35
Outstanding (in dollars per share)	12.45	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
Total Noncontrolling Interests [Roll Forward]
Total noncontrolling interests in related party		$ 0		$ 0	$ 113,626
Net income attributable to total noncontrolling interests in related party	$ 0	4	$ 0	223
Contributions				644
Redemptions (2)				(114,493)
Third Point Re BDA
Total Noncontrolling Interests [Roll Forward]
Total noncontrolling interests in related party		0		0	97,619
Net income attributable to total noncontrolling interests in related party				141
Contributions				564
Redemptions (2)				(98,324)
Third Point Re USA
Total Noncontrolling Interests [Roll Forward]
Total noncontrolling interests in related party		0		0	16,007
Net income attributable to total noncontrolling interests in related party				82
Contributions				80
Redemptions (2)				(16,169)
Redeemable noncontrolling interests in related party
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning of period				108,219
Changes in capital account allocation (1)				(108,219)
Balance, end of period		0		0
Noncontrolling interests in related party
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning of period				5,407
Changes in capital account allocation (1)				(5,407)
Balance, end of period		0		0
Total noncontrolling interests in related party
Total Noncontrolling Interests [Roll Forward]
Total noncontrolling interests in related party		$ 0		0	$ 113,626
Changes in capital account allocation (1)				$ (113,626)

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018	[1]	Sep. 30, 2019	Sep. 30, 2018
Noncontrolling Interest [Line Items]
Affiliate Costs	$ 0	[1]	$ 5,305		$ 0	$ 29,845
TP Fund
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	80.50%				80.50%
TP GP [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	19.10%				19.10%
[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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding	91,903,556	95,671,385	91,784,268	98,768,442
Dilutive effect of options	0	0	208,652	0
Dilutive effect of warrants	0	0	150,501	0
Dilutive effect of restricted shares with service and performance condition	0	0	566,000	0
Diluted number of common shares outstanding	91,903,556	95,671,385	92,709,421	98,768,442
Basic earnings (loss) per common share:
Net income (loss) available to Third Point Re common shareholders	$ (15,099)	$ (13,281)	$ 170,881	$ (19,680)
Net income allocated to Third Point Re participating common shareholders	0	0	(515)	0
Net income (loss) allocated to Third Point Re common shareholders	$ (15,099)	$ (13,281)	$ 170,366	$ (19,680)
Basic earnings (loss) per share available to Third Point Re common shareholders	$ (0.16)	$ (0.14)	$ 1.86	$ (0.20)
Earnings per share, diluted [Abstract]
Net income (loss) available to Third Point Re common shareholders	$ (15,099)	$ (13,281)	$ 170,881	$ (19,680)
Net income allocated to Third Point Re participating common shareholders	0	0	510	0
Net income (loss) allocated to Third Point Re common shareholders	$ (15,099)	$ (13,281)	$ 170,371	$ (19,680)
Diluted earnings (loss) per share available to Third Point Re common shareholders	$ (0.16)	$ (0.14)	$ 1.84	$ (0.20)
Options and warrants
Earnings per share, diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share	9,745,817	9,740,753	3,712,037	9,903,419

Commitments and Contingencies (

Commitments and Contingencies (Details) - Senior unsecured notes - 7% Senior Unsecured Notes - USD ($)	Sep. 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		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Segment Reporting Information [Line Items]
Gross premiums written	$ 95,388	$ 30,064	$ 497,616	$ 458,189
Gross premiums ceded	(1,116)	0	(3,301)	(18,125)
Net premiums written	94,272	30,064	494,315	440,064
Change in net unearned premium reserves	108,976	97,929	7,435	(28,092)
Net premiums earned	203,248	127,993	501,750	411,972
Loss and loss adjustment expenses incurred, net	85,703	88,706	263,105	265,326
Acquisition costs, net	118,271	40,841	233,775	149,830
General and administrative expenses	(9,237)	(9,511)	(41,019)	(28,688)
Other income (expense)	(5,058)	1,362	(12,994)	(6,616)
Total expenses	208,743	134,310	514,642	429,706
Net investment loss	(3,138)	(3,590)	220,946	25,377
Interest expense	(2,074)	(2,074)	(6,154)	(6,154)
Foreign exchange gains	4,921	1,979	6,663	4,215
Income tax (expense) benefit	213	111	(1,431)	(4,407)
Net income attributable to noncontrolling interests in related party	0	(4)	0	(223)
Net income (loss) available to Third Point Re common shareholders	$ (15,099)	$ (13,281)	$ 170,881	$ (19,680)
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	$ (4,468)	$ (4,748)	$ (23,257)	$ (14,138)
Property and Casualty Reinsurance | Retroactive Reinsurance Contract [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 58,692	$ 0	$ 53,339	$ 4,341
Gross Premiums As Percentage Of Total Gross Premiums	61.50%	0.00%	10.70%	0.90%
Property and Casualty Reinsurance | Property
Segment Reporting Information [Line Items]
Gross premiums written	$ 6,705	$ (3,578)	$ 102,548	$ (1,549)
Gross Premiums As Percentage Of Total Gross Premiums	7.00%	(11.90%)	20.60%	(0.30%)
Property and Casualty Reinsurance | Casualty
Segment Reporting Information [Line Items]
Gross premiums written	$ 15,732	$ 37,028	$ 117,153	$ 233,758
Gross Premiums As Percentage Of Total Gross Premiums	16.50%	123.20%	23.50%	51.00%
Property and Casualty Reinsurance | Specialty
Segment Reporting Information [Line Items]
Gross premiums written	$ 14,259	$ (3,386)	$ 224,576	$ 221,639
Gross Premiums As Percentage Of Total Gross Premiums	15.00%	(11.30%)	45.20%	48.40%
Property and Casualty Reinsurance | Prospective Reinsurance Contract [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 36,696	$ 30,064	$ 444,277	$ 453,848
Gross Premiums As Percentage Of Total Gross Premiums	38.50%	100.00%	89.30%	99.10%
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	$ 95,388	$ 30,064	$ 497,616	$ 458,189
Gross premiums ceded	(1,116)	0	(3,301)	(18,125)
Net premiums written	94,272	30,064	494,315	440,064
Change in net unearned premium reserves	108,976	97,929	7,435	(28,092)
Net premiums earned	203,248	127,993	501,750	411,972
Loss and loss adjustment expenses incurred, net	85,703	88,706	263,105	265,326
Acquisition costs, net	118,271	40,841	233,775	149,830
General and administrative expenses	(4,769)	(4,763)	(17,762)	(14,550)
Total expenses	208,743	134,310	514,642	429,706
Net underwriting loss	$ 5,495	$ 6,317	$ 12,892	$ 17,734
Loss ratio	42.20%	69.30%	52.40%	64.40%
Acquisition cost ratio	58.20%	31.90%	46.60%	36.40%
Composite ratio	100.40%	101.20%	99.00%	100.80%
General and administrative expense ratio	2.30%	3.70%	3.60%	3.50%
Combined ratio	102.70%	104.90%	102.60%	104.30%

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 95,388	$ 30,064	$ 497,616	$ 458,189
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	$ 6,705	$ (3,578)	$ 102,548	$ (1,549)
Gross Premiums As Percentage Of Total Gross Premiums	7.00%	(11.90%)	20.60%	(0.30%)
Property and Casualty Reinsurance | Casualty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 15,732	$ 37,028	$ 117,153	$ 233,758
Gross Premiums As Percentage Of Total Gross Premiums	16.50%	123.20%	23.50%	51.00%
Property and Casualty Reinsurance | Specialty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 14,259	$ (3,386)	$ 224,576	$ 221,639
Gross Premiums As Percentage Of Total Gross Premiums	15.00%	(11.30%)	45.20%	48.40%
Property and Casualty Reinsurance | Prospective Reinsurance Contract [Member]
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 36,696	$ 30,064	$ 444,277	$ 453,848
Gross Premiums As Percentage Of Total Gross Premiums	38.50%	100.00%	89.30%	99.10%
Property and Casualty Reinsurance | Retroactive Reinsurance Contract [Member]
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 58,692	$ 0	$ 53,339	$ 4,341
Gross Premiums As Percentage Of Total Gross Premiums	61.50%	0.00%	10.70%	0.90%

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	$ 1,509,624,000	$ 713,337,000	$ 630,920,000	$ 549,333,000
Assets
Equity securities, trading, at fair value (cost - N/A; 2018 - N/A)	3,500,000
Debt securities	220,045,000	239,640,000
Other investments, at fair value	3,500,000	84,000
Total investments in securities	1,042,145,000	1,523,728,000
Cash and cash equivalents	693,105,000	104,183,000
Restricted cash and cash equivalents	816,519,000	609,154,000
Investment in subsidiaries	0	0
Due from brokers	0	1,411,000
Interest and dividends receivable	2,932,000	1,316,000
Reinsurance balances receivable	680,630,000	602,448,000
Deferred acquisition costs, net	166,968,000	203,842,000
Unearned premiums ceded	14,370,000	17,552,000
Loss and loss adjustment expenses recoverable	4,270,000	2,031,000	1,576,000	1,113,000
Amounts due from (to) affiliates	0	0
Other assets	17,808,000	20,569,000
Total assets	3,438,747,000	3,086,234,000
Liabilities
Accounts payable and accrued expenses	(14,607,000)	(7,261,000)
Reinsurance balances payable	98,766,000	69,701,000
Deposit liabilities	174,405,000	145,342,000		129,133,000
Unearned premium reserves	592,319,000	602,936,000
Loss and loss adjustment expense reserves	1,060,000,000	937,157,000
Participation agreement with related party investment fund	0	2,297,000
Interest and dividends payable	1,026,000	3,055,000
Senior notes payable, net of deferred costs	114,044,000	113,911,000
Total liabilities	2,055,167,000	1,881,660,000
Shareholders’ equity
Common shares	9,422,000	9,364,000
Additional paid-in capital	926,949,000	918,882,000
Retained earnings	447,209,000	276,328,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,383,580,000	1,204,574,000	1,507,910,000
Total liabilities and shareholders’ equity	3,438,747,000	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
Investment in subsidiaries	(1,848,889,000)	(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	(1,848,889,000)	(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	(1,782,090,000)	(1,733,021,000)
Retained earnings	(65,560,000)	99,991,000
Shareholders’ equity attributable to Third Point Re common shareholders	(1,848,889,000)	(1,634,269,000)
Total liabilities and shareholders’ equity	(1,848,889,000)	(1,634,269,000)
Third Point Re | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	128,000	0	0	9,000
Assets
Total investments in securities	3,500,000	0
Cash and cash equivalents	128,000	0
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	1,385,519,000	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	(2,069,000)	(3,522,000)
Other assets	760,000	1,673,000
Total assets	1,387,838,000	1,205,312,000
Liabilities
Accounts payable and accrued expenses	(4,258,000)	(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	4,258,000	738,000
Shareholders’ equity
Common shares	9,422,000	9,364,000
Additional paid-in capital	926,949,000	918,882,000
Retained earnings	447,209,000	276,328,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,383,580,000	1,204,574,000
Total liabilities and shareholders’ equity	1,387,838,000	1,205,312,000
TPRUSA | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	177,000	187,000	189,000	199,000
Assets
Total investments in securities	0	0
Cash and cash equivalents	177,000	187,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	272,433,000	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	(3,898,000)	52,000
Other assets	6,357,000	5,069,000
Total assets	275,069,000	256,658,000
Liabilities
Accounts payable and accrued expenses	(40,000)	(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	1,026,000	3,055,000
Senior notes payable, net of deferred costs	114,044,000	113,911,000
Total liabilities	115,110,000	117,036,000
Shareholders’ equity
Common shares	0	0
Additional paid-in capital	191,208,000	176,005,000
Retained earnings	(31,249,000)	(36,383,000)
Shareholders’ equity attributable to Third Point Re common shareholders	159,959,000	139,622,000
Total liabilities and shareholders’ equity	275,069,000	256,658,000
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total cash, cash equivalents and restricted cash	1,509,319,000	713,150,000	$ 630,731,000	$ 549,125,000
Assets
Total investments in securities	1,038,645,000	1,523,728,000
Cash and cash equivalents	692,800,000	103,996,000
Restricted cash and cash equivalents	816,519,000	609,154,000
Investment in subsidiaries	190,937,000	175,758,000
Due from brokers		1,411,000
Interest and dividends receivable	2,932,000	1,316,000
Reinsurance balances receivable	680,630,000	602,448,000
Deferred acquisition costs, net	166,968,000	203,842,000
Unearned premiums ceded	14,370,000	17,552,000
Loss and loss adjustment expenses recoverable	4,270,000	2,031,000
Amounts due from (to) affiliates	5,967,000	3,470,000
Other assets	10,691,000	13,827,000
Total assets	3,624,729,000	3,258,533,000
Liabilities
Accounts payable and accrued expenses	(10,309,000)	(6,453,000)
Reinsurance balances payable	98,766,000	69,701,000
Deposit liabilities	174,405,000	145,342,000
Unearned premium reserves	592,319,000	602,936,000
Loss and loss adjustment expense reserves	1,060,000,000	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	1,935,799,000	1,763,886,000
Shareholders’ equity
Common shares	1,239,000	1,239,000
Additional paid-in capital	1,590,882,000	1,557,016,000
Retained earnings	96,809,000	(63,608,000)
Shareholders’ equity attributable to Third Point Re common shareholders	1,688,930,000	1,494,647,000
Total liabilities and shareholders’ equity	3,624,729,000	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Gross premiums written	$ 95,388	$ 30,064	$ 497,616	$ 458,189
Gross premiums ceded	(1,116)	0	(3,301)	(18,125)
Net premiums written	94,272	30,064	494,315	440,064
Change in net unearned premium reserves	108,976	97,929	7,435	(28,092)
Net premiums earned	203,248	127,993	501,750	411,972
Net investment loss	(3,138)	(3,590)	220,946	25,377
Equity in earnings (losses) of subsidiaries	0	0	0	0
Total revenues	200,110	124,403	722,696	437,349
Expenses
Loss and loss adjustment expenses incurred, net	85,703	88,706	263,105	265,326
Acquisition costs, net	118,271	40,841	233,775	149,830
General and administrative expenses	9,237	9,511	41,019	28,688
Other income	5,058	(1,362)	12,994	6,616
Interest expense	2,074	2,074	6,154	6,154
Net foreign exchange gains	(4,921)	(1,979)	(6,663)	(4,215)
Total expenses	215,422	137,791	550,384	452,399
Income (loss) before income tax (expense) benefit	(15,312)	(13,388)	172,312	(15,050)
Income tax (expense) benefit	213	111	(1,431)	(4,407)
Net income (loss)	(15,099)	(13,277)	170,881	(19,457)
Net income attributable to noncontrolling interests in related party	0	(4)	0	(223)
Net income (loss) available to Third Point Re common shareholders	(15,099)	(13,281)	170,881	(19,680)
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 loss	0	0	0	0
Equity in earnings (losses) of subsidiaries	12,882	13,932	(193,890)	16,762
Total revenues	12,882	13,932	(193,890)	16,762
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 income	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	12,882	13,932	(193,890)	16,762
Income tax (expense) benefit	0	0	0	0
Net income (loss)	12,882	13,932	(193,890)	16,762
Net income attributable to noncontrolling interests in related party	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	12,882	13,932	(193,890)	16,762
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 loss	0	0	0	0
Equity in earnings (losses) of subsidiaries	(13,516)	(11,100)	183,936	(14,138)
Total revenues	(13,516)	(11,100)	183,936	(14,138)
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	1,583	2,181	13,055	5,542
Other income	0	0	0	0
Interest expense	0	0	0	0
Net foreign exchange gains	0	0	0	0
Total expenses	1,583	2,181	13,055	5,542
Income (loss) before income tax (expense) benefit	(15,099)	(13,281)	170,881	(19,680)
Income tax (expense) benefit	0	0	0	0
Net income (loss)	(15,099)	(13,281)	170,881	(19,680)
Net income attributable to noncontrolling interests in related party	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	(15,099)	(13,281)	170,881	(19,680)
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 loss	0	0	0	0
Equity in earnings (losses) of subsidiaries	649	(2,821)	9,980	(2,582)
Total revenues	649	(2,821)	9,980	(2,582)
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	6	13	(20)	35
Other income	0	0	0	0
Interest expense	2,074	2,074	6,154	6,154
Net foreign exchange gains	0	0	0	0
Total expenses	2,080	2,087	6,134	6,189
Income (loss) before income tax (expense) benefit	(1,431)	(4,908)	3,846	(8,771)
Income tax (expense) benefit	437	438	1,288	1,300
Net income (loss)	(994)	(4,470)	5,134	(7,471)
Net income attributable to noncontrolling interests in related party	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	(994)	(4,470)	5,134	(7,471)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written	95,388	30,064	497,616	458,189
Gross premiums ceded	(1,116)	0	(3,301)	(18,125)
Net premiums written	94,272	30,064	494,315	440,064
Change in net unearned premium reserves	108,976	97,929	7,435	(28,092)
Net premiums earned	203,248	127,993	501,750	411,972
Net investment loss	(3,138)	(3,590)	220,946	25,377
Equity in earnings (losses) of subsidiaries	(15)	(11)	(26)	(42)
Total revenues	200,095	124,392	722,670	437,307
Expenses
Loss and loss adjustment expenses incurred, net	85,703	88,706	263,105	265,326
Acquisition costs, net	118,271	40,841	233,775	149,830
General and administrative expenses	7,648	7,317	27,984	23,111
Other income	5,058	(1,362)	12,994	6,616
Interest expense	0	0	0	0
Net foreign exchange gains	(4,921)	(1,979)	(6,663)	(4,215)
Total expenses	211,759	133,523	531,195	440,668
Income (loss) before income tax (expense) benefit	(11,664)	(9,131)	191,475	(3,361)
Income tax (expense) benefit	(224)	(327)	(2,719)	(5,707)
Net income (loss)	(11,888)	(9,458)	188,756	(9,068)
Net income attributable to noncontrolling interests in related party	0	(4)	0	(223)
Net income (loss) available to Third Point Re common shareholders	$ (11,888)	$ (9,462)	$ 188,756	$ (9,291)

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net income (loss)	$ (15,099)	$ (13,277)	$ 170,881	$ (19,457)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			0	0
Share compensation expense			6,306	4,956
Net interest (income) expense on deposit liabilities			4,980	(1,609)
Net realized and unrealized gain on investments and derivatives			(2,177)	(32,373)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			(207,597)	1,926
Net foreign exchange gains	(4,921)	(1,979)	(6,663)	(4,215)
Amortization of premium and accretion of discount, net			(231)	2,674
Changes in assets and liabilities:
Reinsurance balances receivable			(50,711)	(87,911)
Deferred acquisition costs, net			36,874	27,507
Unearned premiums ceded			3,182	(15,723)
Loss and loss adjustment expenses recoverable			(2,239)	(463)
Other assets			2,827	(5,757)
Interest and dividends receivable, net			(3,645)	(5,273)
Unearned premium reserves			(10,617)	43,815
Loss and loss adjustment expense reserves			119,129	107,325
Accounts payable and accrued expenses			7,346	(22,761)
Reinsurance balances payable			29,052	29,624
Amounts due from (to) affiliates			0	0
Net cash provided by operating activities			96,697	22,285
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund			760,000	0
Investing activities
Contributions to related party investment fund			(87,000)	(88,658)
Change in participation agreement with related party investment fund			(2,297)	0
Purchases of investments			(330,963)	(3,235,659)
Proceeds from sales and maturities of investments			349,696	3,222,239
Purchases of investments to cover short sales			0	(853,798)
Proceeds from short sales of investments			0	800,508
Change in due to/from brokers, net			1,411	471,352
Decrease in securities sold under an agreement to repurchase			0	(29,618)
Net cash provided by investing activities			690,847	286,366
Financing activities
Proceeds from issuance of Third Point Re common shares, net of costs			1,887	0
Taxes paid on withholding shares			(68)	(74)
Purchases of Third Point Re common shares under share repurchase program			0	(133,380)
Net proceeds from deposit liability contracts			6,924	4,340
Change in total noncontrolling interests in related party, net			0	(97,950)
Dividend received by (paid to) parent			0	0
Net cash provided by (used in) financing activities			8,743	(227,064)
Net increase in cash, cash equivalents and restricted cash			796,287	81,587
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)	12,882	13,932	(193,890)	16,762
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			193,890	(16,762)
Share compensation expense			0	0
Net interest (income) 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	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
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	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 investing activities			0	0
Financing activities
Proceeds from issuance of Third Point Re common shares, net of costs			0
Taxes paid on withholding shares			0	0
Purchases of Third Point Re common shares under share repurchase program				0
Net proceeds from 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 provided by (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)	(15,099)	(13,281)	170,881	(19,680)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			(183,936)	14,138
Share compensation expense			2,635	444
Net interest (income) 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	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			913	(1,415)
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			3,520	639
Reinsurance balances payable			0	0
Amounts due from (to) affiliates			(1,453)	(4,781)
Net cash provided by operating activities			(7,440)	(10,655)
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund			0
Investing activities
Contributions to related party investment fund			0	0
Change in participation agreement with related party investment fund			0
Purchases of investments			(3,500)	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 investing activities			(18,500)	0
Financing activities
Proceeds from issuance of Third Point Re common shares, net of costs			1,887
Taxes paid on withholding shares			(68)	(74)
Purchases of Third Point Re common shares under share repurchase program				(133,380)
Net proceeds from deposit liability contracts			0	0
Change in total noncontrolling interests in related party, net				0
Dividend received by (paid to) parent			24,249	144,100
Net cash provided by (used in) financing activities			26,068	10,646
Net increase in cash, cash equivalents and restricted cash			128	(9)
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)	(994)	(4,470)	5,134	(7,471)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			(9,980)	2,582
Share compensation expense			0	0
Net interest (income) 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	0
Net foreign exchange gains	0	0	0	0
Amortization of premium and accretion of discount, net			133	133
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			(1,288)	(10,149)
Interest and dividends receivable, net			(2,029)	(2,029)
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			(30)	8,864
Reinsurance balances payable			0	0
Amounts due from (to) affiliates			3,950	4,360
Net cash provided by operating activities			(4,110)	(3,710)
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund			0
Investing activities
Contributions to related party investment fund			0	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 investing activities			0	0
Financing activities
Proceeds from issuance of Third Point Re common shares, net of costs			0
Taxes paid on withholding shares			0	0
Purchases of Third Point Re common shares under share repurchase program				0
Net proceeds from 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 provided by (used in) financing activities			4,100	3,700
Net increase in cash, cash equivalents and restricted cash			(10)	(10)
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)	(11,888)	(9,458)	188,756	(9,068)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			26	42
Share compensation expense			3,671	4,512
Net interest (income) expense on deposit liabilities			4,980	(1,609)
Net realized and unrealized gain on investments and derivatives			(2,177)	(32,373)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			(207,597)	1,926
Net foreign exchange gains	$ (4,921)	$ (1,979)	(6,663)	(4,215)
Amortization of premium and accretion of discount, net			(364)	2,541
Changes in assets and liabilities:
Reinsurance balances receivable			(50,711)	(87,911)
Deferred acquisition costs, net			36,874	27,507
Unearned premiums ceded			3,182	(15,723)
Loss and loss adjustment expenses recoverable			(2,239)	(463)
Other assets			3,202	5,807
Interest and dividends receivable, net			(1,616)	(3,244)
Unearned premium reserves			(10,617)	43,815
Loss and loss adjustment expense reserves			119,129	107,325
Accounts payable and accrued expenses			3,856	(32,264)
Reinsurance balances payable			29,052	29,624
Amounts due from (to) affiliates			(2,497)	421
Net cash provided by operating activities			108,247	36,650
Proceeds from Trading Securities Held for Investment, Related Party Investment Fund			760,000
Investing activities
Contributions to related party investment fund			(87,000)	(88,658)
Change in participation agreement with related party investment fund			(2,297)
Purchases of investments			(327,463)	(3,235,659)
Proceeds from sales and maturities of investments			349,696	3,222,239
Purchases of investments to cover short sales				(853,798)
Proceeds from short sales of investments				800,508
Change in due to/from brokers, net			1,411	471,352
Decrease in securities sold under an agreement to repurchase				(29,618)
Net cash provided by investing activities			709,347	286,366
Financing activities
Proceeds from issuance of Third Point Re common shares, net of costs			0
Taxes paid on withholding shares			0	0
Purchases of Third Point Re common shares under share repurchase program				0
Net proceeds from deposit liability contracts			6,924	4,340
Change in total noncontrolling interests in related party, net				(97,950)
Dividend received by (paid to) parent			(28,349)	(147,800)
Net cash provided by (used in) financing activities			(21,425)	(241,410)
Net increase in cash, cash equivalents and restricted cash			796,169	81,606
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