SiriusPoint (SPNT) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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		94,881,229
Entity Central Index Key	0001576018
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Investment in related party investment fund, at fair value (cost - $891,850; 2019 - $891,850)	$ 659,815	$ 860,630
Debt securities, trading, at fair value (cost - $347,926; 2019 - $129,330)	363,121	125,071
Other investments, at fair value	4,000	4,000
Total investments	1,026,936	989,701
Cash and cash equivalents	445,776	639,415
Restricted cash and cash equivalents	975,109	1,014,543
Due from brokers	57,929	0
Interest and dividends receivable	3,732	2,178
Reinsurance balances receivable, net	622,883	596,120
Deferred acquisition costs, net	168,505	154,717
Unearned premiums ceded	13,411	16,945
Loss and loss adjustment expenses recoverable, net	6,865	5,520
Other assets	21,388	20,555
Total assets	3,342,534	3,439,694
Liabilities
Accounts payable and accrued expenses	8,868	17,816
Reinsurance balances payable	78,323	81,941
Deposit liabilities	170,402	172,259
Unearned premium reserves	579,315	524,768
Loss and loss adjustment expense reserves	1,107,911	1,111,692
Securities sold, not yet purchased, at fair value	47,427	0
Due to brokers	3,150	0
Interest and dividends payable	1,304	3,055
Senior notes payable, net of deferred costs	114,133	114,089
Total liabilities	2,110,833	2,025,620
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: 94,881,229; 2019 - 94,225,498)	9,488	9,423
Additional paid-in capital	928,903	927,704
Retained earnings	293,310	476,947
Shareholders’ equity attributable to Third Point Re common shareholders	1,231,701	1,414,074
Total liabilities and shareholders’ equity	$ 3,342,534	$ 3,439,694

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets
Investment in related party investment fund, cost	$ 891,850	$ 891,850
Debt securities, trading, cost	$ 347,926	$ 129,330
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)	94,881,229	94,225,498
Common share, shares outstanding (in shares)	94,881,229	94,225,498

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Gross premiums written	$ 204,131	$ 319,591
Gross premiums ceded	265	(712)
Net premiums written	204,396	318,879
Change in net unearned premium reserves	(58,081)	(165,829)
Net premiums earned	146,315	153,050
Net investment income (loss) from investment in related party investment fund	(200,815)	146,991
Other net investment income	15,788	7,962
Net investment income (loss)	(185,027)	154,953
Total revenues	(38,712)	308,003
Expenses
Loss and loss adjustment expenses incurred, net	87,786	95,068
Acquisition costs, net	49,253	57,498
General and administrative expenses	10,159	12,132
Other expenses	3,477	4,125
Interest expense	2,048	2,029
Foreign exchange (gains) losses	(8,217)	2,518
Total expenses	144,506	173,370
Income (loss) before income tax expense	(183,218)	134,633
Income tax expense	(419)	(1,718)
Net income (loss) available to Third Point Re common shareholders	$ (183,637)	$ 132,915
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)	$ (1.99)	$ 1.45
Diluted earnings (loss) per share available to Third Point Re common share holders (in dollars per share)	$ (1.99)	$ 1.43
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic (in shares)	92,191,837	91,669,810
Diluted (in shares)	92,191,837	92,578,933

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common shares	Additional paid-in capital	Retained earnings
Balance, beginning of period at Dec. 31, 2018		$ 9,364	$ 918,882	$ 276,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		65	(133)
Share compensation expense			1,458
Net income (loss)	$ 132,915			132,915
Balance. end of period at Mar. 31, 2019		9,429	920,207	409,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders’ equity attributable to Third Point Re common shareholders	1,338,879
Shareholders’ equity attributable to Third Point Re common shareholders	1,414,074
Balance, beginning of period at Dec. 31, 2019		9,423	927,704	476,947
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		65	(367)
Share compensation expense			1,566
Net income (loss)	(183,637)			(183,637)
Balance. end of period at Mar. 31, 2020		$ 9,488	$ 928,903	$ 293,310
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders’ equity attributable to Third Point Re common shareholders	$ 1,231,701

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ (183,637)	$ 132,915
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share compensation expense	1,566	1,458
Net interest expense on deposit liabilities	1,002	1,500
Net realized and unrealized gain on investments and derivatives	(18,673)	(1,692)
Net realized and unrealized (gain) loss on investment in related party investment fund	200,815	(146,991)
Net foreign exchange (gains) losses	(8,217)	2,518
Amortization of premium and accretion of discount, net	81	322
Changes in assets and liabilities:
Reinsurance balances receivable	(28,236)	(154,205)
Deferred acquisition costs, net	(13,788)	(29,266)
Unearned premiums ceded	3,534	1,413
Loss and loss adjustment expenses recoverable	(1,345)	(720)
Other assets	(1,319)	415
Interest and dividends receivable, net	(3,305)	(2,615)
Unearned premium reserves	54,547	164,416
Loss and loss adjustment expense reserves	6,349	44,838
Accounts payable and accrued expenses	(10,047)	1,964
Reinsurance balances payable	(2,544)	6,720
Net cash provided by (used in) operating activities	(3,217)	22,990
Investing activities
Proceeds from redemptions from related party investment fund	0	10,000
Contributions to related party investment fund	0	(70,000)
Change in participation agreement with related party investment fund	0	(776)
Purchases of investments	(241,619)	(3,000)
Proceeds from sales and maturities of investments	22,264	0
Purchases of investments to cover short sales	(5,656)	0
Proceeds from short sales of investments	53,000	0
Change in due to/from brokers, net	(54,779)	774
Net cash used in investing activities	(226,790)	(63,002)
Financing activities
Taxes paid on withholding shares	(302)	(68)
Net payments on deposit liability contracts	(2,764)	(2,094)
Net cash used in financing activities	(3,066)	(2,162)
Net decrease in cash, cash equivalents and restricted cash	(233,073)	(42,174)
Cash, cash equivalents and restricted cash at beginning of period	1,653,958	713,337
Cash, cash equivalents and restricted cash at end of period	1,420,885	671,163
Supplementary information
Interest paid in cash	4,025	4,025
Income taxes paid in cash	$ 0	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2020
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 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, 2019 (the “ 2019 Form 10-K”), as filed with the U.S. Securities and Exchange Commission on February 28, 2020. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated. The results for the three months ended March 31, 2020 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	3 Months Ended
	Mar. 31, 2020
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 2019 Form 10-K. Recently issued accounting standards Issued and effective as of March 31, 2020 In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 amends the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 is intended to improve the effectiveness of fair value measurement disclosure requirements. The amendments are effective for interim and annual periods beginning after December 15, 2019. ASU 2018-13 did not have a material impact on the Company’s condensed consolidated financial statements. In October 2018, the FASB issued Accounting Standards Update 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The amendments in ASU 2018-17 for determining whether a decision-making fee is a variable interest require reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety. ASU 2018-17 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2018-17 did not impact the Company’s assessment of its variable interest entity. Issued but not yet effective as of March 31, 2020 Other accounting pronouncements issued during the three months ended March 31, 2020 were either not relevant to the Company or did not impact the Company’s condensed consolidated financial statements.

Restricted cash and cash equiva

Restricted cash and cash equivalents and restricted investments	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents and restricted investments	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 March 31, 2020 and December 31, 2019 : March 31, December 31, Cash and cash equivalents $ 445,776 $ 639,415 Restricted cash securing letter of credit facilities (1) 267,297 254,176 Restricted cash securing reinsurance contracts (2) 707,812 760,367 Total cash, cash equivalents and restricted cash (3) 1,420,885 1,653,958 Restricted investments securing reinsurance contracts (2) 149,278 142,617 Total cash, cash equivalents, restricted cash and restricted investments $ 1,570,163 $ 1,796,575 (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, sovereign debt, and limited partnership interests in Third Point Enhanced LP (“TP Fund”). 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 consolidated statements of cash flows.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Investments	4. Investments The following is a summary of the net investments managed by Third Point LLC as of March 31, 2020 and December 31, 2019 : March 31, December 31, Assets TP Fund $ 659,815 $ 860,630 Debt securities 363,121 125,071 Total investments 1,022,936 985,701 Cash and cash equivalents 366,894 588,196 Restricted cash and cash equivalents 975,109 1,014,543 Due from brokers 57,929 — Interest and dividends receivable 3,732 2,178 Other assets — 18 Total assets 2,426,600 2,590,636 Liabilities Accounts payable and accrued expenses 761 509 Securities sold, not yet purchased 47,427 — Due to brokers 3,150 — Interest and dividends payable 270 — Total liabilities 51,608 509 Total net investments managed by Third Point LLC $ 2,374,992 $ 2,590,127 Third Point Enhanced LP On July 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”) of TP Fund with Third Point Advisors (“TP GP”) and others, effective August 31, 2018. On February 28, 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”) which amended and restated the 2018 LPA, effective January 1, 2019. 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. 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 March 31, 2020 , the Company and TP GP hold interests of approximately 83.4% and 16.2% , 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. As of March 31, 2020 , 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 Amended 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 Amended LPA and may withdraw their investment in full on December 31, 2021 and each successive three-year anniversary of such date. Other investments In addition to serving as the investment manager for TP Fund, Third Point LLC also serves as investment manager for the Company’s collateral and other investment assets, which consist of cash, U.S. Treasuries, sovereign debt, structured and corporate credit fixed income securities. In the three months ended March 31, 2020, the Company expanded its fixed income portfolio by investing in structured credit and corporate credit securities such as corporate bonds and bank debt. The Company has also hedged part of the interest rate risk underlying these securities by purchasing short positions in long duration U.S. Treasuries which are included in securities sold, not yet purchased in the condensed consolidated balance sheets as of March 31, 2020 .

Fair Value Measurements (Notes)

Fair Value Measurements (Notes)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 – Inputs are based all or in part on significant unobservable inputs for the investment, and include situations 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 March 31, 2020 and December 31, 2019 : March 31, 2020 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 1,000 $ 1,000 Private preferred equity securities — — 3,000 3,000 Total equities — — 4,000 4,000 Asset-backed securities — 75,442 4,426 79,868 Bank debt — 1,378 — 1,378 Corporate bonds — 159,069 — 159,069 U.S. Treasury securities — 100,475 — 100,475 Sovereign debt — 22,331 — 22,331 Total debt securities — 358,695 4,426 363,121 $ — $ 358,695 $ 8,426 367,121 Investments in funds valued at NAV 659,815 Total assets $ 1,026,936 Liabilities U.S. Treasury securities $ — $ 47,427 $ — $ 47,427 Total securities sold, not yet purchased — 47,427 — 47,427 Derivative liabilities (embedded) — — 4 4 Total liabilities $ — $ 47,427 $ 4 $ 47,431 December 31, 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 $ — $ — $ 1,000 $ 1,000 Private preferred equity securities — — 3,000 3,000 Total equities — — 4,000 4,000 U.S. Treasury securities — 101,186 — 101,186 Sovereign debt — 23,885 — 23,885 Total debt securities — 125,071 — 125,071 $ — $ 125,071 $ 4,000 129,071 Investments in funds valued at NAV 860,630 Total assets $ 989,701 Liabilities Derivative liabilities (embedded) $ — $ — $ 31 $ 31 Total liabilities $ — $ — $ 31 $ 31 The total change in unrealized gains (losses) on equity and debt securities held at the three months ended March 31, 2020 were $nil and $19.3 million , respectively ( 2019 - $nil and $1.4 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 Debt securities are priced using broker dealer quotes or a recognized third-party pricing vendor. The key inputs for corporate, government and sovereign bonds valuation are coupon frequency, coupon rate and underlying bond spread. The key inputs for asset-backed securities (“ABS”) are yield, probability of default, loss severity and prepayment. As of March 31, 2020, the Company’s ABS holdings primarily consistent of private-label issued, non-investment grade securities, and none of these securities were guaranteed by a government sponsored entity. All of these classes of ABS are sensitive to changes in interest rates and any resulting change in the rate at which borrowers sell their properties, refinance, or otherwise pre-pay their loans. As an investor in these classes of ABS, the Company may be exposed to the credit risk of underlying borrowers not being able to make timely payments on loans or the likelihood of borrowers defaulting on their loans. In addition, the Company may be exposed to significant market and liquidity risks. As of March 31, 2020 , securities valued at $16.3 million , representing 4.5% of investments, and $nil of securities sold, not yet purchased, are valued based on broker quotes. 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. 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 months ended March 31, 2020 and 2019 : January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) March 31, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities — — 4,469 — (43 ) 4,426 Total assets $ 4,000 $ — $ 4,469 $ — $ (43 ) $ 8,426 Liabilities Derivative liabilities (embedded) $ (31 ) $ — $ — $ — $ 27 $ (4 ) Total liabilities $ (31 ) $ — $ — $ — $ 27 $ (4 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) March 31, Assets Private preferred equity securities $ — $ — $ 3,000 $ — $ — $ 3,000 Total assets $ — $ — $ 3,000 $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (22 ) $ — $ — $ — $ (10 ) $ (32 ) Total liabilities $ (22 ) $ — $ — $ — $ (10 ) $ (32 ) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income (loss) in the condensed consolidated statements of income (loss) . 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 months ended March 31, 2020 was $nil ( 2019 - $nil). For the three months ended March 31, 2020 and 2019 , there were no changes in the valuation techniques as they relate to the above.

Due from_to brokers

Due from/to brokers	3 Months Ended
	Mar. 31, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Due from/to brokers	6. Due from/to brokers In the three months ended March 31, 2020, the Company expanded its fixed income portfolio by investing in structured credit and corporate credit securities such as corporate bonds and bank debt. The Company has also hedged part of the interest rate risk underlying these securities by purchasing short positions in long duration U.S. Treasuries. The Company holds substantially all of its new fixed income investments through prime brokers pursuant to agreements between the Company and each prime broker. The brokerage arrangements differ from broker to broker, but generally cash and investments in securities are available as collateral against investments in securities sold, not yet purchased, if required. As of December 31, 2020 , the Company’s due from/to brokers were comprised of the following: March 31, Due from brokers Cash held at brokers $ 51,695 Receivable from unsettled trades (1) 6,234 $ 57,929 Due to brokers Borrowing from prime brokers $ 3,150 $ 3,150 (1) Receivables relating to securities sold by the Company were recorded as receivable from unsettled trades in due from brokers in the Company’s condensed consolidated balance sheets. Due from/to brokers include cash balances maintained with the Company’s prime brokers, receivables and payables from unsettled trades and proceeds from securities sold, not yet purchased. Margin debt balances were collateralized by cash held by the broker and certain of the Company’s securities. Margin interest was paid either at the daily broker call rate or based on London Inter-bank Offered Rate. Amounts are borrowed through committed facilities with terms of up to 90 days, secured by assets of the Company held by the prime broker, and incur interest based on the Company’s negotiated rates. This interest expense is reflected in other net investment income (loss) in the condensed consolidated statements of income (loss).

Loss and loss adjustment expens

Loss and loss adjustment expense reserves	3 Months Ended
	Mar. 31, 2020
Insurance Loss Reserves [Abstract]
Loss and loss adjustment expense reserves	7. Loss and loss adjustment expense reserves As of March 31, 2020 and December 31, 2019 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: March 31, December 31, Case loss and loss adjustment expense reserves $ 199,804 $ 148,166 Incurred but not reported loss and loss adjustment expense reserves 907,766 963,359 Deferred gains on retroactive reinsurance contracts 341 167 $ 1,107,911 $ 1,111,692 The following table represents the activity in the loss and loss adjustment expense reserves for the three months ended March 31, 2020 and 2019 : 2020 2019 Gross reserves for loss and loss adjustment expenses, beginning of period $ 1,111,692 $ 937,157 Less: loss and loss adjustment expenses recoverable, beginning of period (5,520 ) (2,031 ) Less: deferred charges on retroactive reinsurance contracts (6,738 ) (3,847 ) Net reserves for loss and loss adjustment expenses, beginning of period 1,099,434 931,279 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 92,180 97,794 Prior years (4,394 ) (2,726 ) Total incurred loss and loss adjustment expenses 87,786 95,068 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (10,095 ) (13,047 ) Prior years (74,002 ) (37,578 ) Total net paid losses (84,097 ) (50,625 ) Foreign currency translation (10,130 ) 4,644 Net reserves for loss and loss adjustment expenses, end of period 1,092,993 980,366 Plus: loss and loss adjustment expenses recoverable, end of period 6,865 2,751 Plus: deferred charges on retroactive reinsurance contracts 8,053 3,522 Gross reserves for loss and loss adjustment expenses, end of period $ 1,107,911 $ 986,639 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 $4.4 million net decrease in prior years’ reserves for the three months ended March 31, 2020 includes $11.0 million of net favorable reserve development related to decrease s in loss reserve estimates, partially offset by a $6.6 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 $11.0 million of net favorable prior years’ reserve development for the three months ended March 31, 2020 was accompanied by net increase s of $1.0 million in acquisition costs and net decreases of $7.8 million in earned premium, resulting in a $2.2 million improvement in the net underwriting results . • The $6.6 million net increase in loss and loss adjustment expenses incurred resulting from increase s in premium earnings estimates was accompanied by a $2.8 million increase in acquisition costs, for a total of $9.4 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 $10.4 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 $1.0 million improvement in the net underwriting results for the three months ended March 31, 2020 . • 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 $3.2 million improvement in the net underwriting results for the three months ended March 31, 2020 . As of March 31, 2020 , the Company had unamortized deferred charges of $8.1 million ( December 31, 2019 - $6.7 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 $2.7 million net decrease in prior years’ reserves for the three months ended March 31, 2019 includes $4.0 million of net favorable reserve development related to decreases in loss reserve estimates, partially offset by a $1.3 million increase in loss reserves resulting from increases 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 $4.0 million of net favorable prior years’ reserve development for the three months ended March 31, 2019 was accompanied by net increases of $3.7 million in acquisition costs, resulting in a $0.3 million improvement in the net underwriting results, primarily due to: • $7.7 million of net favorable underwriting loss development relating to workers’ compensation contracts. The favorable development was the result of better than expected loss experience and was partially offset by • $7.1 million of net adverse underwriting loss development primarily relating to our general liability and multi-line contracts, as a result of worse than expected loss experience. • The $1.3 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $1.0 million increase in acquisition costs, for a total of $2.3 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 $2.2 million . The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $0.1 million increase in net underwriting loss for the three months ended March 31, 2019 . • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $0.2 million improvement in the net underwriting results for the three months ended March 31, 2019 .

Management, and performance fee

Management, and performance fees	3 Months Ended
	Mar. 31, 2020
Management, Performance and Founders Fees [Abstract]
Management, and performance fees	8. Management and performance fees Management fees Pursuant to the Amended LPA, Third Point LLC is entitled to receive monthly management fees. Management fees are charged at the TP Fund level and are calculated based on 1.25% 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. There are no management or performance fees associated with the management of the other investment assets managed by Third Point LLC. Performance fees Pursuant to the Amended LPA, TP GP receives a performance fee allocation equal to 20% of the Company’s investment income in the related party investment fund. 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. As of March 31, 2020 , the Loss Recovery Account for Third Point Re BDA’s investment in TP Fund was $38.9 million ( December 31, 2019 - $nil) and for Third Point Re USA’s investment in TP Fund was $1.8 million ( December 31, 2019 - $0.5 million ). These amounts have not been recorded in the Company’s condensed consolidated balance sheets. 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 months ended March 31, 2020 and 2019 were as follows: 2020 2019 Management fees - TP Fund $ 3,865 $ 4,843 Performance fees - TP Fund (before loss carryforward) — 29,398 Performance fees - loss carryforward utilized — (29,398 ) Total management and performance fees to related parties $ 3,865 $ 4,843

Deposit contracts

Deposit contracts	3 Months Ended
	Mar. 31, 2020
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	9. Deposit accounted contracts The following table represents activity for the deposit contracts for the three months ended March 31, 2020 and year ended December 31, 2019 : March 31, December 31, Balance, beginning of period $ 172,259 $ 145,342 Consideration received 579 23,884 Consideration receivable — 10,164 Net investment expense allocation 1,002 5,879 Payments (3,343 ) (13,052 ) Foreign currency translation (95 ) 42 Balance, end of period $ 170,402 $ 172,259

Senior notes payable and letter

Senior notes payable and letter of credit facilities	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Senior notes payable and letter of credit facilities	10. Senior Notes payable and letter of credit facilities Senior Notes payable As of March 31, 2020 , 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 March 31, 2020 , the Company had capitalized $0.9 million of costs associated with the Notes, which are presented as a direct deduction from the principal amount of the Notes on the condensed consolidated balance sheets. As of March 31, 2020 , the Notes had an estimated fair value of $122.7 million ( December 31, 2019 - $121.7 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 March 31, 2020 and December 31, 2019 . Letters of credit As of March 31, 2020 , 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 $ 225,000 $ 66,141 $ 66,141 Uncommitted - Secured letters of credit facilities n/a 201,156 201,156 $ 267,297 $ 267,297 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	3 Months Ended
	Mar. 31, 2020
Net Investment Income [Abstract]
Net investment income (loss)	11. Net investment income (loss) Net investment income (loss) for the three months ended March 31, 2020 and 2019 consisted of the following: 2020 2019 Net investment income (loss) by type Net realized losses on investments and investment derivatives $ (700 ) $ — Net change in unrealized gains on investments and investment derivatives 19,346 1,702 Net gains (losses) on foreign currencies (7,049 ) 3,765 Dividend and interest income 4,489 2,685 Other expenses (298 ) (190 ) Net investment income (loss) from investment in related party investment fund (200,815 ) 146,991 Net investment income (loss) $ (185,027 ) $ 154,953 The following table provides an additional breakdown of our net investment income (loss) by asset and liability type for the three months ended March 31, 2020 and 2019 : 2020 2019 Net investment income (loss) by asset type Asset-backed securities $ 12,067 $ — Bank debt (117 ) — Corporate bonds 6,945 — U.S. Treasury securities 2,293 1,798 Sovereign debt (1,351 ) 966 Total debt securities 19,837 2,764 Net investment income in funds valued at NAV, excluding TP Fund — 3 Total net investment income from invested assets 19,837 2,767 Net investment income (loss) by liability type U.S. Treasury securities (112 ) — Total net investment loss from securities sold, not yet purchased (112 ) — Other investment income (losses) and other expenses not presented above Other investment expenses (268 ) (190 ) Net investment income (loss) on cash, including foreign exchange gain (loss) (3,669 ) 5,385 Total other investment income (losses) and other expenses (3,937 ) 5,195 Net investment income (loss) from investment in related party investment fund (200,815 ) 146,991 Net investment income (loss) $ (185,027 ) $ 154,953 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 months ended March 31, 2020 and 2019 , and summarized balance sheet as of March 31, 2020 and December 31, 2019 . 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. TP Fund summarized income statement 2020 2019 Investment income (loss) Net realized gain (loss) from securities, derivative contracts and foreign currency translations $ 15,595 $ (23,101 ) Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations (251,459 ) 190,038 Net loss from currencies (300 ) (482 ) Dividend and interest income 4,408 12,324 Other income 649 2,108 Total investment income (loss) (231,107 ) 180,887 Expenses Management fees 3,865 4,842 Interest 2,671 3,623 Dividends on securities sold, not yet purchased 1,280 2,355 Administrative and professional fees 465 402 Other expenses 488 1,598 Total expenses 8,769 12,820 Net income (loss) $ (239,876 ) $ 168,067 The following table is a summarized balance sheet of TP Fund as of March 31, 2020 and December 31, 2019 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 March 31, 2020 December 31, 2019 Assets Total investments in securities and affiliated funds $ 1,381,651 $ 1,620,531 Cash and cash equivalents 55 52 Due from brokers 184,826 162,682 Derivative assets, at fair value 30,710 21,861 Interest and dividends receivable 2,832 1,210 Other assets 207 212 Total assets $ 1,600,281 $ 1,806,548 Liabilities Accounts payable and accrued expenses $ 2,195 $ 2,417 Securities sold, not yet purchased, at fair value 172,351 283,711 Securities sold under agreement to repurchase 11,294 — Due to brokers 557,021 426,612 Derivative liabilities, at fair value 65,307 19,282 Withdrawals payable to General Partner — 42,381 Interest and dividends payable 851 972 Management fee payable 221 256 Total liabilities 809,240 775,631 Total partners' capital $ 791,041 $ 1,030,917

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	12. 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. For the three months ended March 31, 2020 and 2019 , the Company recorded income tax expense, as follows: 2020 2019 Income tax expense related to U.S. and U.K. subsidiaries (1) $ 419 $ 1,718 (1) As of March 31, 2020 , the Company has recorded $7.9 million ( December 31, 2019 - $8.3 million ) of net deferred tax assets, which are included in other assets in the condensed consolidated balance sheets. As of March 31, 2020 the net deferred tax asset was primarily the result of operating losses in the Company’s U.S. subsidiaries. The Company believes that it is more likely than not that the tax benefit will be realized.

Share capital

Share capital	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Share capital	13. Share capital The following table presents a summary of the common shares issued and outstanding as of and for the three months ended March 31, 2020 and 2019 : Common shares 2020 2019 Common shares issued, beginning of period 94,225,498 93,639,610 Restricted shares granted, net of forfeitures 283,008 281,221 Performance restricted shares granted, net of forfeitures and shares withheld 372,723 372,083 Common shares issued, end of period 94,881,229 94,292,914 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 March 31, 2020 , 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 three months ended March 31, 2020 , the Company did not repurchase any of its common shares.

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	14. Share-based compensation The following table provides the total share-based compensation expense included in general and administrative expenses during the three months ended March 31, 2020 and 2019 : 2020 2019 Restricted shares with service condition $ 507 $ 194 Restricted shares with service and performance condition 1,059 1,264 $ 1,566 $ 1,458 As of March 31, 2020 , the Company had $12.9 million ( December 31, 2019 - $7.1 million ) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.7 years ( December 31, 2019 - 1.5 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 March 31, 2020 : Range of exercise prices Number of options Weighted average exercise price Remaining contractual life $10.00 - $10.89 4,774,694 $ 10.04 1.8 years $15.05 - $16.89 1,800,866 15.92 2.0 years $20.00 - $25.05 1,731,098 20.28 2.0 years 8,306,658 $ 13.45 1.9 years Restricted shares with service condition Restricted share award activity for the three months ended March 31, 2020 and year ended December 31, 2019 was as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2019 24,065 $ 13.35 Granted 403,360 11.10 Forfeited (36,907 ) 11.31 Vested (49,751 ) 12.40 Balance as of January 1, 2020 340,767 11.83 Granted 285,573 9.50 Forfeited (2,565 ) 11.21 Vested (99,965 ) 11.20 Balance as of March 31, 2020 523,810 $ 10.17 Restricted shares with service condition vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment or service and transferability. Restricted shares with service and performance condition Restricted share award activity for the restricted shares with a service and performance condition for the three months ended March 31, 2020 and year ended December 31, 2019 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, 2019 2,001,048 1,185,220 $ 12.80 Granted 862,176 574,784 10.95 Forfeited (823,977 ) (290,552 ) 11.70 Vested (148,718 ) (148,718 ) 11.40 Change in estimated restricted shares considered probable of vesting n/a (6,698 ) 12.92 Balance as of January 1, 2020 1,890,529 1,314,036 12.43 Granted 735,592 490,389 9.50 Forfeited (330,319 ) (6,839 ) 12.35 Vested (504,440 ) (504,440 ) 12.16 Change in estimated restricted shares considered probable of vesting n/a (1,215 ) 12.61 Balance as of March 31, 2020 1,791,362 1,291,931 $ 11.41

Earnings (loss) per share avail

Earnings (loss) per share available to Third Point Re common shareholders	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019 : 2020 2019 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 92,191,837 91,669,810 Dilutive effect of options — 291,248 Dilutive effect of warrants — 207,134 Dilutive effect of restricted shares with service and performance condition — 410,741 Diluted number of common shares outstanding 92,191,837 92,578,933 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ (183,637 ) $ 132,915 Net income allocated to Third Point Re participating common shareholders — (173 ) Net income (loss) allocated to Third Point Re common shareholders $ (183,637 ) $ 132,742 Basic earnings (loss) per share available to Third Point Re common shareholders $ (1.99 ) $ 1.45 Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ (183,637 ) $ 132,915 Net income allocated to Third Point Re participating common shareholders — (171 ) Net income (loss) allocated to Third Point Re common shareholders $ (183,637 ) $ 132,744 Diluted earnings (loss) per share available to Third Point Re common shareholders $ (1.99 ) $ 1.43 As a result of the net loss for the three months ended March 31, 2020 , dilutive options, warrants and restricted shares with service and performance conditions totaling 5,117,702 were considered anti-dilutive and were excluded from the computation of diluted loss per common share. No allocation of the net loss has been made to participating shares in the calculation of diluted net loss per common share. For the three months ended March 31, 2019 , anti-dilutive options of 3,973,824

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies 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 10 for additional information related to the Company’s letter of credit facilities. Litigation

Segment reporting

Segment reporting	3 Months Ended
	Mar. 31, 2020
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) , general and administrative expenses related to corporate activities, interest expense, foreign exchange (gains) losses and income tax expense 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 months ended March 31, 2020 and 2019 : 2020 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 204,131 $ 204,131 $ 319,591 $ 319,591 Gross premiums ceded 265 265 (712 ) (712 ) Net premiums written 204,396 204,396 318,879 318,879 Change in net unearned premium reserves (58,081 ) (58,081 ) (165,829 ) (165,829 ) Net premiums earned 146,315 146,315 153,050 153,050 Expenses Loss and loss adjustment expenses incurred, net 87,786 87,786 95,068 95,068 Acquisition costs, net 49,253 49,253 57,498 57,498 General and administrative expenses 4,880 4,880 6,224 6,224 Total expenses 141,919 141,919 158,790 158,790 Net underwriting income (loss) $ 4,396 4,396 $ (5,740 ) (5,740 ) Net investment income (loss) (185,027 ) 154,953 Corporate expenses (5,279 ) (5,908 ) Other expenses (3,477 ) (4,125 ) Interest expense (2,048 ) (2,029 ) Foreign exchange gains (losses) 8,217 (2,518 ) Income tax expense (419 ) (1,718 ) Net income (loss) available to Third Point Re common shareholders $ (183,637 ) $ 132,915 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 60.0 % 62.1 % Acquisition cost ratio 33.7 % 37.6 % Composite ratio 93.7 % 99.7 % General and administrative expense ratio 3.3 % 4.1 % Combined ratio 97.0 % 103.8 % (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 months ended March 31, 2020 and 2019 : 2020 2019 Property $ 46,373 22.7 % $ 53,981 16.9 % Casualty 66,940 32.8 % 77,892 24.4 % Specialty 90,818 44.5 % 193,071 60.4 % Total prospective reinsurance contracts 204,131 100.0 % 324,944 101.7 % Retroactive reinsurance contracts (1) — — % (5,353 ) (1.7 )% $ 204,131 100.0 % $ 319,591 100.0 % (1) The negative gross premiums written amount for the retroactive reinsurance contracts lines of business in the three months ended March 31, 2019 was the result of a reduction in premium estimate on one contract during the period.

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 , condensed consolidating statements of income (loss) for the three months ended March 31, 2020 and 2019 and condensed consolidating statements of cash flows for the three months ended March 31, 2020 and 2019 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 March 31, 2020 Third Point Re TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 1,022,936 $ — $ 1,026,936 Cash and cash equivalents 6 169 445,601 — 445,776 Restricted cash and cash equivalents — — 975,109 — 975,109 Investment in subsidiaries 1,239,241 275,053 191,313 (1,705,607 ) — Due from brokers — — 57,929 — 57,929 Interest and dividends receivable — — 3,732 — 3,732 Reinsurance balances receivable, net — — 622,883 — 622,883 Deferred acquisition costs, net — — 168,505 — 168,505 Unearned premiums ceded — — 13,411 — 13,411 Loss and loss adjustment expenses recoverable, net — — 6,865 — 6,865 Amounts due from (to) affiliates (10,064 ) (7,923 ) 17,987 — — Other assets 570 7,216 13,602 — 21,388 Total assets $ 1,233,753 $ 274,515 $ 3,539,873 $ (1,705,607 ) $ 3,342,534 Liabilities Accounts payable and accrued expenses $ 2,052 $ — $ 6,816 $ — $ 8,868 Reinsurance balances payable — — 78,323 — 78,323 Deposit liabilities — — 170,402 — 170,402 Unearned premium reserves — — 579,315 — 579,315 Loss and loss adjustment expense reserves — — 1,107,911 — 1,107,911 Securities sold, not yet purchased, at fair value — — 47,427 — 47,427 Due to brokers — — 3,150 — 3,150 Interest and dividends payable — 1,034 270 — 1,304 Senior notes payable, net of deferred costs — 114,133 — — 114,133 Total liabilities 2,052 115,167 1,993,614 — 2,110,833 Shareholders’ equity Common shares 9,488 — 1,239 (1,239 ) 9,488 Additional paid-in capital 928,903 191,617 1,593,414 (1,785,031 ) 928,903 Retained earnings (deficit) 293,310 (32,269 ) (48,394 ) 80,663 293,310 Shareholders’ equity attributable to Third Point Re common shareholders 1,231,701 159,348 1,546,259 (1,705,607 ) 1,231,701 Total liabilities and shareholders’ equity $ 1,233,753 $ 274,515 $ 3,539,873 $ (1,705,607 ) $ 3,342,534 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 985,701 $ — $ 989,701 Cash and cash equivalents 10 176 639,229 — 639,415 Restricted cash and cash equivalents — — 1,014,543 — 1,014,543 Investment in subsidiaries 1,419,197 271,624 191,077 (1,881,898 ) — Interest and dividends receivable — — 2,178 — 2,178 Reinsurance balances receivable, net — — 596,120 — 596,120 Deferred acquisition costs, net — — 154,717 — 154,717 Unearned premiums ceded — — 16,945 — 16,945 Loss and loss adjustment expenses recoverable, net — — 5,520 — 5,520 Amounts due from (to) affiliates (5,722 ) (3,898 ) 9,620 — — Other assets 764 6,784 13,007 — 20,555 Total assets $ 1,418,249 $ 274,686 $ 3,628,657 $ (1,881,898 ) $ 3,439,694 Liabilities Accounts payable and accrued expenses $ 4,175 $ — $ 13,641 $ — $ 17,816 Reinsurance balances payable — — 81,941 — 81,941 Deposit liabilities — — 172,259 — 172,259 Unearned premium reserves — — 524,768 — 524,768 Loss and loss adjustment expense reserves — — 1,111,692 — 1,111,692 Interest and dividends payable — 3,055 — — 3,055 Senior notes payable, net of deferred costs — 114,089 — — 114,089 Total liabilities 4,175 117,144 1,904,301 — 2,025,620 Shareholders’ equity Common shares 9,423 — 1,239 (1,239 ) 9,423 Additional paid-in capital 927,704 191,361 1,591,796 (1,783,157 ) 927,704 Retained earnings (deficit) 476,947 (33,819 ) 131,321 (97,502 ) 476,947 Shareholders' equity attributable to Third Point Re common shareholders 1,414,074 157,542 1,724,356 (1,881,898 ) 1,414,074 Total liabilities and shareholders’ equity $ 1,418,249 $ 274,686 $ 3,628,657 $ (1,881,898 ) $ 3,439,694 CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended March 31, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 204,131 $ — $ 204,131 Gross premiums ceded — — 265 — 265 Net premiums written — — 204,396 — 204,396 Change in net unearned premium reserves — — (58,081 ) — (58,081 ) Net premiums earned — — 146,315 — 146,315 Net investment loss — — (185,027 ) — (185,027 ) Equity in earnings (losses) of subsidiaries (181,335 ) 3,173 (19 ) 178,181 — Total revenues (181,335 ) 3,173 (38,731 ) 178,181 (38,712 ) Expenses Loss and loss adjustment expenses incurred, net — — 87,786 — 87,786 Acquisition costs, net — — 49,253 — 49,253 General and administrative expenses 2,302 7 7,850 — 10,159 Other expenses — — 3,477 — 3,477 Interest expense — 2,048 — — 2,048 Foreign exchange gains — — (8,217 ) — (8,217 ) Total expenses 2,302 2,055 140,149 — 144,506 Income (loss) before income tax (expense) benefit (183,637 ) 1,118 (178,880 ) 178,181 (183,218 ) Income tax (expense) benefit — 432 (851 ) — (419 ) Net income (loss) available to Third Point Re common shareholders $ (183,637 ) $ 1,550 $ (179,731 ) $ 178,181 $ (183,637 ) CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the three months ended March 31, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 319,591 $ — $ 319,591 Gross premiums ceded — — (712 ) — (712 ) Net premiums written — — 318,879 — 318,879 Change in net unearned premium reserves — — (165,829 ) — (165,829 ) Net premiums earned — — 153,050 — 153,050 Net investment income — — 154,953 — 154,953 Equity in earnings (losses) of subsidiaries 135,541 8,012 (8 ) (143,545 ) — Total revenues 135,541 8,012 307,995 (143,545 ) 308,003 Expenses Loss and loss adjustment expenses incurred, net — — 95,068 — 95,068 Acquisition costs, net — — 57,498 — 57,498 General and administrative expenses 2,626 (39 ) 9,545 — 12,132 Other expenses — — 4,125 — 4,125 Interest expense — 2,029 — — 2,029 Foreign exchange losses — — 2,518 — 2,518 Total expenses 2,626 1,990 168,754 — 173,370 Income before income tax (expense) benefit 132,915 6,022 139,241 (143,545 ) 134,633 Income tax (expense) benefit — 418 (2,136 ) — (1,718 ) Net income available to Third Point Re common shareholders $ 132,915 $ 6,440 $ 137,105 $ (143,545 ) $ 132,915 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income (loss) $ (183,637 ) $ 1,550 $ (179,731 ) $ 178,181 $ (183,637 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries 181,335 (3,173 ) 19 (178,181 ) — Share compensation expense 187 — 1,379 — 1,566 Net interest expense on deposit liabilities — — 1,002 — 1,002 Net realized and unrealized gain on investments and derivatives — — (18,673 ) — (18,673 ) Net realized and unrealized loss on investment in related party investment fund — — 200,815 — 200,815 Net foreign exchange gains — — (8,217 ) — (8,217 ) Amortization of premium and accretion of discount, net — 44 37 — 81 Changes in assets and liabilities: Reinsurance balances receivable — — (28,236 ) — (28,236 ) Deferred acquisition costs, net — — (13,788 ) — (13,788 ) Unearned premiums ceded — — 3,534 — 3,534 Loss and loss adjustment expenses recoverable — — (1,345 ) — (1,345 ) Other assets 194 (432 ) (1,081 ) — (1,319 ) Interest and dividends receivable, net — (2,021 ) (1,284 ) — (3,305 ) Unearned premium reserves — — 54,547 — 54,547 Loss and loss adjustment expense reserves — — 6,349 — 6,349 Accounts payable and accrued expenses (2,123 ) — (7,924 ) — (10,047 ) Reinsurance balances payable — — (2,544 ) — (2,544 ) Amounts due from (to) affiliates 4,342 4,025 (8,367 ) — — Net cash provided by (used in) operating activities 298 (7 ) (3,508 ) — (3,217 ) Investing activities Purchases of investments — — (241,619 ) — (241,619 ) Proceeds from sales and maturities of investments — — 22,264 — 22,264 Purchases of investments to cover short sales — — (5,656 ) — (5,656 ) Proceeds from short sales of investments — — 53,000 — 53,000 Change in due to/from brokers, net — — (54,779 ) — (54,779 ) Net cash used in investing activities — — (226,790 ) — (226,790 ) Financing activities Taxes paid on withholding shares (302 ) — — — (302 ) Net payments on deposit liability contracts — — (2,764 ) — (2,764 ) Net cash used in financing activities (302 ) — (2,764 ) — (3,066 ) Net decrease in cash, cash equivalents and restricted cash (4 ) (7 ) (233,062 ) — (233,073 ) Cash, cash equivalents and restricted cash at beginning of period 10 176 1,653,772 — 1,653,958 Cash, cash equivalents and restricted cash at end of period $ 6 $ 169 $ 1,420,710 $ — $ 1,420,885 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 132,915 $ 6,440 $ 137,105 $ (143,545 ) $ 132,915 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (135,541 ) (8,012 ) 8 143,545 — Share compensation expense 163 — 1,295 — 1,458 Net interest expense on deposit liabilities — — 1,500 — 1,500 Net realized and unrealized gain on investments and derivatives — — (1,692 ) — (1,692 ) Net realized and unrealized gain on investment in related party investment fund — — (146,991 ) — (146,991 ) Net foreign exchange losses — — 2,518 — 2,518 Amortization of premium and accretion of discount, net — 44 278 — 322 Changes in assets and liabilities: Reinsurance balances receivable — — (154,205 ) — (154,205 ) Deferred acquisition costs, net — — (29,266 ) — (29,266 ) Unearned premiums ceded — — 1,413 — 1,413 Loss and loss adjustment expenses recoverable — — (720 ) — (720 ) Other assets 585 (418 ) 248 — 415 Interest and dividends receivable, net — (2,040 ) (575 ) — (2,615 ) Unearned premium reserves — — 164,416 — 164,416 Loss and loss adjustment expense reserves — — 44,838 — 44,838 Accounts payable and accrued expenses 571 (40 ) 1,433 — 1,964 Reinsurance balances payable — — 6,720 — 6,720 Amounts due from (to) affiliates 4,375 (75 ) (4,300 ) — — Net cash provided by (used in) operating activities 3,068 (4,101 ) 24,023 — 22,990 Investing activities Proceeds from redemptions from related party investment fund — — 10,000 — 10,000 Contributions to related party investment fund — — (70,000 ) — (70,000 ) Change in participation agreement with related party investment fund — — (776 ) — (776 ) Purchases of investments (3,000 ) — — — (3,000 ) Change in due to/from brokers, net — — 774 — 774 Contributed capital to subsidiaries (15,000 ) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000 ) 15,000 — — Net cash used in investing activities (18,000 ) — (45,002 ) — (63,002 ) Financing activities Taxes paid on withholding shares (68 ) — — — (68 ) Net payments on deposit liability contracts — — (2,094 ) — (2,094 ) Dividend received by (paid to) parent 15,000 4,100 (19,100 ) — — Net cash provided by (used in) financing activities 14,932 4,100 (21,194 ) — (2,162 ) Net decrease in cash, cash equivalents and restricted cash — (1 ) (42,173 ) — (42,174 ) 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 $ — $ 186 $ 670,977 $ — $ 671,163

Significant accounting polici_2

Significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently issued accounting standards	Recently issued accounting standards Issued and effective as of March 31, 2020 In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 amends the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 is intended to improve the effectiveness of fair value measurement disclosure requirements. The amendments are effective for interim and annual periods beginning after December 15, 2019. ASU 2018-13 did not have a material impact on the Company’s condensed consolidated financial statements. In October 2018, the FASB issued Accounting Standards Update 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The amendments in ASU 2018-17 for determining whether a decision-making fee is a variable interest require reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety. ASU 2018-17 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2018-17 did not impact the Company’s assessment of its variable interest entity. Issued but not yet effective as of March 31, 2020 Other accounting pronouncements issued during the three months ended March 31, 2020 were either not relevant to the Company or did not impact the Company’s condensed consolidated financial statements.

Restricted cash and cash equi_2

Restricted cash and cash equivalents and restricted investments (Tables)	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Schedule of restricted cash and cash equivalents	The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of March 31, 2020 and December 31, 2019 : March 31, December 31, Cash and cash equivalents $ 445,776 $ 639,415 Restricted cash securing letter of credit facilities (1) 267,297 254,176 Restricted cash securing reinsurance contracts (2) 707,812 760,367 Total cash, cash equivalents and restricted cash (3) 1,420,885 1,653,958 Restricted investments securing reinsurance contracts (2) 149,278 142,617 Total cash, cash equivalents, restricted cash and restricted investments $ 1,570,163 $ 1,796,575 (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, sovereign debt, and limited partnership interests in Third Point Enhanced LP (“TP Fund”). 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 consolidated statements of cash flows.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 : March 31, December 31, Assets TP Fund $ 659,815 $ 860,630 Debt securities 363,121 125,071 Total investments 1,022,936 985,701 Cash and cash equivalents 366,894 588,196 Restricted cash and cash equivalents 975,109 1,014,543 Due from brokers 57,929 — Interest and dividends receivable 3,732 2,178 Other assets — 18 Total assets 2,426,600 2,590,636 Liabilities Accounts payable and accrued expenses 761 509 Securities sold, not yet purchased 47,427 — Due to brokers 3,150 — Interest and dividends payable 270 — Total liabilities 51,608 509 Total net investments managed by Third Point LLC $ 2,374,992 $ 2,590,127

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 : March 31, 2020 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 1,000 $ 1,000 Private preferred equity securities — — 3,000 3,000 Total equities — — 4,000 4,000 Asset-backed securities — 75,442 4,426 79,868 Bank debt — 1,378 — 1,378 Corporate bonds — 159,069 — 159,069 U.S. Treasury securities — 100,475 — 100,475 Sovereign debt — 22,331 — 22,331 Total debt securities — 358,695 4,426 363,121 $ — $ 358,695 $ 8,426 367,121 Investments in funds valued at NAV 659,815 Total assets $ 1,026,936 Liabilities U.S. Treasury securities $ — $ 47,427 $ — $ 47,427 Total securities sold, not yet purchased — 47,427 — 47,427 Derivative liabilities (embedded) — — 4 4 Total liabilities $ — $ 47,427 $ 4 $ 47,431 December 31, 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 $ — $ — $ 1,000 $ 1,000 Private preferred equity securities — — 3,000 3,000 Total equities — — 4,000 4,000 U.S. Treasury securities — 101,186 — 101,186 Sovereign debt — 23,885 — 23,885 Total debt securities — 125,071 — 125,071 $ — $ 125,071 $ 4,000 129,071 Investments in funds valued at NAV 860,630 Total assets $ 989,701 Liabilities Derivative liabilities (embedded) $ — $ — $ 31 $ 31 Total liabilities $ — $ — $ 31 $ 31 The total change in unrealized gains (losses) on equity and debt securities held at the three months ended March 31, 2020 were $nil and $19.3 million , respectively ( 2019 - $nil and $1.4 million , respectively).
Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs	The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the three months ended March 31, 2020 and 2019 : January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) March 31, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities — — 4,469 — (43 ) 4,426 Total assets $ 4,000 $ — $ 4,469 $ — $ (43 ) $ 8,426 Liabilities Derivative liabilities (embedded) $ (31 ) $ — $ — $ — $ 27 $ (4 ) Total liabilities $ (31 ) $ — $ — $ — $ 27 $ (4 ) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) March 31, Assets Private preferred equity securities $ — $ — $ 3,000 $ — $ — $ 3,000 Total assets $ — $ — $ 3,000 $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (22 ) $ — $ — $ — $ (10 ) $ (32 ) Total liabilities $ (22 ) $ — $ — $ — $ (10 ) $ (32 ) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income (loss) in the condensed consolidated statements of income (loss) . Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the condensed consolidated statements of income (loss) .

Due from_to brokers (Tables)

Due from/to brokers (Tables)	3 Months Ended
	Mar. 31, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Due from/to Brokers	As of December 31, 2020 , the Company’s due from/to brokers were comprised of the following: March 31, Due from brokers Cash held at brokers $ 51,695 Receivable from unsettled trades (1) 6,234 $ 57,929 Due to brokers Borrowing from prime brokers $ 3,150 $ 3,150 (1) Receivables relating to securities sold by the Company were recorded as receivable from unsettled trades in due from brokers in the Company’s condensed consolidated balance sheets.

Loss and loss adjustment expe_2

Loss and loss adjustment expense reserves (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance Loss Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of March 31, 2020 and December 31, 2019 , loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: March 31, December 31, Case loss and loss adjustment expense reserves $ 199,804 $ 148,166 Incurred but not reported loss and loss adjustment expense reserves 907,766 963,359 Deferred gains on retroactive reinsurance contracts 341 167 $ 1,107,911 $ 1,111,692
Schedule of activity in the reserve for losses and loss adjustment expenses	The following table represents the activity in the loss and loss adjustment expense reserves for the three months ended March 31, 2020 and 2019 : 2020 2019 Gross reserves for loss and loss adjustment expenses, beginning of period $ 1,111,692 $ 937,157 Less: loss and loss adjustment expenses recoverable, beginning of period (5,520 ) (2,031 ) Less: deferred charges on retroactive reinsurance contracts (6,738 ) (3,847 ) Net reserves for loss and loss adjustment expenses, beginning of period 1,099,434 931,279 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 92,180 97,794 Prior years (4,394 ) (2,726 ) Total incurred loss and loss adjustment expenses 87,786 95,068 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (10,095 ) (13,047 ) Prior years (74,002 ) (37,578 ) Total net paid losses (84,097 ) (50,625 ) Foreign currency translation (10,130 ) 4,644 Net reserves for loss and loss adjustment expenses, end of period 1,092,993 980,366 Plus: loss and loss adjustment expenses recoverable, end of period 6,865 2,751 Plus: deferred charges on retroactive reinsurance contracts 8,053 3,522 Gross reserves for loss and loss adjustment expenses, end of period $ 1,107,911 $ 986,639

Management, and performance f_2

Management, and performance fees (Tables)	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019 were as follows: 2020 2019 Management fees - TP Fund $ 3,865 $ 4,843 Performance fees - TP Fund (before loss carryforward) — 29,398 Performance fees - loss carryforward utilized — (29,398 ) Total management and performance fees to related parties $ 3,865 $ 4,843

Deposit contracts (Tables)

Deposit contracts (Tables)	3 Months Ended
	Mar. 31, 2020
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity for the deposit contracts for the three months ended March 31, 2020 and year ended December 31, 2019 : March 31, December 31, Balance, beginning of period $ 172,259 $ 145,342 Consideration received 579 23,884 Consideration receivable — 10,164 Net investment expense allocation 1,002 5,879 Payments (3,343 ) (13,052 ) Foreign currency translation (95 ) 42 Balance, end of period $ 170,402 $ 172,259

Senior notes payable and lett_2

Senior notes payable and letter of credit facilities (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of credit facilities	As of March 31, 2020 , 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 $ 225,000 $ 66,141 $ 66,141 Uncommitted - Secured letters of credit facilities n/a 201,156 201,156 $ 267,297 $ 267,297

Net investment income (Tables)

Net investment income (Tables)	3 Months Ended
	Mar. 31, 2020
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income (loss) for the three months ended March 31, 2020 and 2019 consisted of the following: 2020 2019 Net investment income (loss) by type Net realized losses on investments and investment derivatives $ (700 ) $ — Net change in unrealized gains on investments and investment derivatives 19,346 1,702 Net gains (losses) on foreign currencies (7,049 ) 3,765 Dividend and interest income 4,489 2,685 Other expenses (298 ) (190 ) Net investment income (loss) from investment in related party investment fund (200,815 ) 146,991 Net investment income (loss) $ (185,027 ) $ 154,953 The following table provides an additional breakdown of our net investment income (loss) by asset and liability type for the three months ended March 31, 2020 and 2019 : 2020 2019 Net investment income (loss) by asset type Asset-backed securities $ 12,067 $ — Bank debt (117 ) — Corporate bonds 6,945 — U.S. Treasury securities 2,293 1,798 Sovereign debt (1,351 ) 966 Total debt securities 19,837 2,764 Net investment income in funds valued at NAV, excluding TP Fund — 3 Total net investment income from invested assets 19,837 2,767 Net investment income (loss) by liability type U.S. Treasury securities (112 ) — Total net investment loss from securities sold, not yet purchased (112 ) — Other investment income (losses) and other expenses not presented above Other investment expenses (268 ) (190 ) Net investment income (loss) on cash, including foreign exchange gain (loss) (3,669 ) 5,385 Total other investment income (losses) and other expenses (3,937 ) 5,195 Net investment income (loss) from investment in related party investment fund (200,815 ) 146,991 Net investment income (loss) $ (185,027 ) $ 154,953
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 months ended March 31, 2020 and 2019 , and summarized balance sheet as of March 31, 2020 and December 31, 2019 . 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. TP Fund summarized income statement 2020 2019 Investment income (loss) Net realized gain (loss) from securities, derivative contracts and foreign currency translations $ 15,595 $ (23,101 ) Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations (251,459 ) 190,038 Net loss from currencies (300 ) (482 ) Dividend and interest income 4,408 12,324 Other income 649 2,108 Total investment income (loss) (231,107 ) 180,887 Expenses Management fees 3,865 4,842 Interest 2,671 3,623 Dividends on securities sold, not yet purchased 1,280 2,355 Administrative and professional fees 465 402 Other expenses 488 1,598 Total expenses 8,769 12,820 Net income (loss) $ (239,876 ) $ 168,067 The following table is a summarized balance sheet of TP Fund as of March 31, 2020 and December 31, 2019 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 March 31, 2020 December 31, 2019 Assets Total investments in securities and affiliated funds $ 1,381,651 $ 1,620,531 Cash and cash equivalents 55 52 Due from brokers 184,826 162,682 Derivative assets, at fair value 30,710 21,861 Interest and dividends receivable 2,832 1,210 Other assets 207 212 Total assets $ 1,600,281 $ 1,806,548 Liabilities Accounts payable and accrued expenses $ 2,195 $ 2,417 Securities sold, not yet purchased, at fair value 172,351 283,711 Securities sold under agreement to repurchase 11,294 — Due to brokers 557,021 426,612 Derivative liabilities, at fair value 65,307 19,282 Withdrawals payable to General Partner — 42,381 Interest and dividends payable 851 972 Management fee payable 221 256 Total liabilities 809,240 775,631 Total partners' capital $ 791,041 $ 1,030,917

Income taxes (Tables)

Income taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of income tax expenses	For the three months ended March 31, 2020 and 2019 , the Company recorded income tax expense, as follows: 2020 2019 Income tax expense related to U.S. and U.K. subsidiaries (1) $ 419 $ 1,718 (1) As of March 31, 2020 , the Company has recorded $7.9 million ( December 31, 2019 - $8.3 million ) of net deferred tax assets, which are included in other assets in the condensed consolidated balance sheets. As of March 31, 2020 the net deferred tax asset was primarily the result of operating losses in the Company’s U.S. subsidiaries. The Company believes that it is more likely than not that the tax benefit will be realized.

Share capital (Tables)

Share capital (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019 : Common shares 2020 2019 Common shares issued, beginning of period 94,225,498 93,639,610 Restricted shares granted, net of forfeitures 283,008 281,221 Performance restricted shares granted, net of forfeitures and shares withheld 372,723 372,083 Common shares issued, end of period 94,881,229 94,292,914

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share-based compensation expense	The following table provides the total share-based compensation expense included in general and administrative expenses during the three months ended March 31, 2020 and 2019 : 2020 2019 Restricted shares with service condition $ 507 $ 194 Restricted shares with service and performance condition 1,059 1,264 $ 1,566 $ 1,458
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 March 31, 2020 : Range of exercise prices Number of options Weighted average exercise price Remaining contractual life $10.00 - $10.89 4,774,694 $ 10.04 1.8 years $15.05 - $16.89 1,800,866 15.92 2.0 years $20.00 - $25.05 1,731,098 20.28 2.0 years 8,306,658 $ 13.45 1.9 years
Schedule of restricted shares with service condition activity	Restricted share award activity for the three months ended March 31, 2020 and year ended December 31, 2019 was as follows: Number of non- vested restricted shares Weighted average grant date fair value Balance as of January 1, 2019 24,065 $ 13.35 Granted 403,360 11.10 Forfeited (36,907 ) 11.31 Vested (49,751 ) 12.40 Balance as of January 1, 2020 340,767 11.83 Granted 285,573 9.50 Forfeited (2,565 ) 11.21 Vested (99,965 ) 11.20 Balance as of March 31, 2020 523,810 $ 10.17
Schedule of restricted shares with performance condition activity	Restricted share award activity for the restricted shares with a service and performance condition for the three months ended March 31, 2020 and year ended December 31, 2019 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, 2019 2,001,048 1,185,220 $ 12.80 Granted 862,176 574,784 10.95 Forfeited (823,977 ) (290,552 ) 11.70 Vested (148,718 ) (148,718 ) 11.40 Change in estimated restricted shares considered probable of vesting n/a (6,698 ) 12.92 Balance as of January 1, 2020 1,890,529 1,314,036 12.43 Granted 735,592 490,389 9.50 Forfeited (330,319 ) (6,839 ) 12.35 Vested (504,440 ) (504,440 ) 12.16 Change in estimated restricted shares considered probable of vesting n/a (1,215 ) 12.61 Balance as of March 31, 2020 1,791,362 1,291,931 $ 11.41

Earnings (loss) per share ava_2

Earnings (loss) per share available to Third Point Re common shareholders (Tables)	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019 : 2020 2019 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 92,191,837 91,669,810 Dilutive effect of options — 291,248 Dilutive effect of warrants — 207,134 Dilutive effect of restricted shares with service and performance condition — 410,741 Diluted number of common shares outstanding 92,191,837 92,578,933 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ (183,637 ) $ 132,915 Net income allocated to Third Point Re participating common shareholders — (173 ) Net income (loss) allocated to Third Point Re common shareholders $ (183,637 ) $ 132,742 Basic earnings (loss) per share available to Third Point Re common shareholders $ (1.99 ) $ 1.45 Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ (183,637 ) $ 132,915 Net income allocated to Third Point Re participating common shareholders — (171 ) Net income (loss) allocated to Third Point Re common shareholders $ (183,637 ) $ 132,744 Diluted earnings (loss) per share available to Third Point Re common shareholders $ (1.99 ) $ 1.43

Segment reporting (Tables)

Segment reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of operating segments	The following is a summary of the Company’s operating segment results for the three months ended March 31, 2020 and 2019 : 2020 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 204,131 $ 204,131 $ 319,591 $ 319,591 Gross premiums ceded 265 265 (712 ) (712 ) Net premiums written 204,396 204,396 318,879 318,879 Change in net unearned premium reserves (58,081 ) (58,081 ) (165,829 ) (165,829 ) Net premiums earned 146,315 146,315 153,050 153,050 Expenses Loss and loss adjustment expenses incurred, net 87,786 87,786 95,068 95,068 Acquisition costs, net 49,253 49,253 57,498 57,498 General and administrative expenses 4,880 4,880 6,224 6,224 Total expenses 141,919 141,919 158,790 158,790 Net underwriting income (loss) $ 4,396 4,396 $ (5,740 ) (5,740 ) Net investment income (loss) (185,027 ) 154,953 Corporate expenses (5,279 ) (5,908 ) Other expenses (3,477 ) (4,125 ) Interest expense (2,048 ) (2,029 ) Foreign exchange gains (losses) 8,217 (2,518 ) Income tax expense (419 ) (1,718 ) Net income (loss) available to Third Point Re common shareholders $ (183,637 ) $ 132,915 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 60.0 % 62.1 % Acquisition cost ratio 33.7 % 37.6 % Composite ratio 93.7 % 99.7 % General and administrative expense ratio 3.3 % 4.1 % Combined ratio 97.0 % 103.8 % (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 months ended March 31, 2020 and 2019 : 2020 2019 Property $ 46,373 22.7 % $ 53,981 16.9 % Casualty 66,940 32.8 % 77,892 24.4 % Specialty 90,818 44.5 % 193,071 60.4 % Total prospective reinsurance contracts 204,131 100.0 % 324,944 101.7 % Retroactive reinsurance contracts (1) — — % (5,353 ) (1.7 )% $ 204,131 100.0 % $ 319,591 100.0 % (1) The negative gross premiums written amount for the retroactive reinsurance contracts lines of business in the three months ended March 31, 2019 was the result of a reduction in premium estimate on one contract during the period.

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2020 Third Point Re TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 1,022,936 $ — $ 1,026,936 Cash and cash equivalents 6 169 445,601 — 445,776 Restricted cash and cash equivalents — — 975,109 — 975,109 Investment in subsidiaries 1,239,241 275,053 191,313 (1,705,607 ) — Due from brokers — — 57,929 — 57,929 Interest and dividends receivable — — 3,732 — 3,732 Reinsurance balances receivable, net — — 622,883 — 622,883 Deferred acquisition costs, net — — 168,505 — 168,505 Unearned premiums ceded — — 13,411 — 13,411 Loss and loss adjustment expenses recoverable, net — — 6,865 — 6,865 Amounts due from (to) affiliates (10,064 ) (7,923 ) 17,987 — — Other assets 570 7,216 13,602 — 21,388 Total assets $ 1,233,753 $ 274,515 $ 3,539,873 $ (1,705,607 ) $ 3,342,534 Liabilities Accounts payable and accrued expenses $ 2,052 $ — $ 6,816 $ — $ 8,868 Reinsurance balances payable — — 78,323 — 78,323 Deposit liabilities — — 170,402 — 170,402 Unearned premium reserves — — 579,315 — 579,315 Loss and loss adjustment expense reserves — — 1,107,911 — 1,107,911 Securities sold, not yet purchased, at fair value — — 47,427 — 47,427 Due to brokers — — 3,150 — 3,150 Interest and dividends payable — 1,034 270 — 1,304 Senior notes payable, net of deferred costs — 114,133 — — 114,133 Total liabilities 2,052 115,167 1,993,614 — 2,110,833 Shareholders’ equity Common shares 9,488 — 1,239 (1,239 ) 9,488 Additional paid-in capital 928,903 191,617 1,593,414 (1,785,031 ) 928,903 Retained earnings (deficit) 293,310 (32,269 ) (48,394 ) 80,663 293,310 Shareholders’ equity attributable to Third Point Re common shareholders 1,231,701 159,348 1,546,259 (1,705,607 ) 1,231,701 Total liabilities and shareholders’ equity $ 1,233,753 $ 274,515 $ 3,539,873 $ (1,705,607 ) $ 3,342,534 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 985,701 $ — $ 989,701 Cash and cash equivalents 10 176 639,229 — 639,415 Restricted cash and cash equivalents — — 1,014,543 — 1,014,543 Investment in subsidiaries 1,419,197 271,624 191,077 (1,881,898 ) — Interest and dividends receivable — — 2,178 — 2,178 Reinsurance balances receivable, net — — 596,120 — 596,120 Deferred acquisition costs, net — — 154,717 — 154,717 Unearned premiums ceded — — 16,945 — 16,945 Loss and loss adjustment expenses recoverable, net — — 5,520 — 5,520 Amounts due from (to) affiliates (5,722 ) (3,898 ) 9,620 — — Other assets 764 6,784 13,007 — 20,555 Total assets $ 1,418,249 $ 274,686 $ 3,628,657 $ (1,881,898 ) $ 3,439,694 Liabilities Accounts payable and accrued expenses $ 4,175 $ — $ 13,641 $ — $ 17,816 Reinsurance balances payable — — 81,941 — 81,941 Deposit liabilities — — 172,259 — 172,259 Unearned premium reserves — — 524,768 — 524,768 Loss and loss adjustment expense reserves — — 1,111,692 — 1,111,692 Interest and dividends payable — 3,055 — — 3,055 Senior notes payable, net of deferred costs — 114,089 — — 114,089 Total liabilities 4,175 117,144 1,904,301 — 2,025,620 Shareholders’ equity Common shares 9,423 — 1,239 (1,239 ) 9,423 Additional paid-in capital 927,704 191,361 1,591,796 (1,783,157 ) 927,704 Retained earnings (deficit) 476,947 (33,819 ) 131,321 (97,502 ) 476,947 Shareholders' equity attributable to Third Point Re common shareholders 1,414,074 157,542 1,724,356 (1,881,898 ) 1,414,074 Total liabilities and shareholders’ equity $ 1,418,249 $ 274,686 $ 3,628,657 $ (1,881,898 ) $ 3,439,694
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended March 31, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 204,131 $ — $ 204,131 Gross premiums ceded — — 265 — 265 Net premiums written — — 204,396 — 204,396 Change in net unearned premium reserves — — (58,081 ) — (58,081 ) Net premiums earned — — 146,315 — 146,315 Net investment loss — — (185,027 ) — (185,027 ) Equity in earnings (losses) of subsidiaries (181,335 ) 3,173 (19 ) 178,181 — Total revenues (181,335 ) 3,173 (38,731 ) 178,181 (38,712 ) Expenses Loss and loss adjustment expenses incurred, net — — 87,786 — 87,786 Acquisition costs, net — — 49,253 — 49,253 General and administrative expenses 2,302 7 7,850 — 10,159 Other expenses — — 3,477 — 3,477 Interest expense — 2,048 — — 2,048 Foreign exchange gains — — (8,217 ) — (8,217 ) Total expenses 2,302 2,055 140,149 — 144,506 Income (loss) before income tax (expense) benefit (183,637 ) 1,118 (178,880 ) 178,181 (183,218 ) Income tax (expense) benefit — 432 (851 ) — (419 ) Net income (loss) available to Third Point Re common shareholders $ (183,637 ) $ 1,550 $ (179,731 ) $ 178,181 $ (183,637 ) CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the three months ended March 31, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 319,591 $ — $ 319,591 Gross premiums ceded — — (712 ) — (712 ) Net premiums written — — 318,879 — 318,879 Change in net unearned premium reserves — — (165,829 ) — (165,829 ) Net premiums earned — — 153,050 — 153,050 Net investment income — — 154,953 — 154,953 Equity in earnings (losses) of subsidiaries 135,541 8,012 (8 ) (143,545 ) — Total revenues 135,541 8,012 307,995 (143,545 ) 308,003 Expenses Loss and loss adjustment expenses incurred, net — — 95,068 — 95,068 Acquisition costs, net — — 57,498 — 57,498 General and administrative expenses 2,626 (39 ) 9,545 — 12,132 Other expenses — — 4,125 — 4,125 Interest expense — 2,029 — — 2,029 Foreign exchange losses — — 2,518 — 2,518 Total expenses 2,626 1,990 168,754 — 173,370 Income before income tax (expense) benefit 132,915 6,022 139,241 (143,545 ) 134,633 Income tax (expense) benefit — 418 (2,136 ) — (1,718 ) Net income available to Third Point Re common shareholders $ 132,915 $ 6,440 $ 137,105 $ (143,545 ) $ 132,915
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income (loss) $ (183,637 ) $ 1,550 $ (179,731 ) $ 178,181 $ (183,637 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries 181,335 (3,173 ) 19 (178,181 ) — Share compensation expense 187 — 1,379 — 1,566 Net interest expense on deposit liabilities — — 1,002 — 1,002 Net realized and unrealized gain on investments and derivatives — — (18,673 ) — (18,673 ) Net realized and unrealized loss on investment in related party investment fund — — 200,815 — 200,815 Net foreign exchange gains — — (8,217 ) — (8,217 ) Amortization of premium and accretion of discount, net — 44 37 — 81 Changes in assets and liabilities: Reinsurance balances receivable — — (28,236 ) — (28,236 ) Deferred acquisition costs, net — — (13,788 ) — (13,788 ) Unearned premiums ceded — — 3,534 — 3,534 Loss and loss adjustment expenses recoverable — — (1,345 ) — (1,345 ) Other assets 194 (432 ) (1,081 ) — (1,319 ) Interest and dividends receivable, net — (2,021 ) (1,284 ) — (3,305 ) Unearned premium reserves — — 54,547 — 54,547 Loss and loss adjustment expense reserves — — 6,349 — 6,349 Accounts payable and accrued expenses (2,123 ) — (7,924 ) — (10,047 ) Reinsurance balances payable — — (2,544 ) — (2,544 ) Amounts due from (to) affiliates 4,342 4,025 (8,367 ) — — Net cash provided by (used in) operating activities 298 (7 ) (3,508 ) — (3,217 ) Investing activities Purchases of investments — — (241,619 ) — (241,619 ) Proceeds from sales and maturities of investments — — 22,264 — 22,264 Purchases of investments to cover short sales — — (5,656 ) — (5,656 ) Proceeds from short sales of investments — — 53,000 — 53,000 Change in due to/from brokers, net — — (54,779 ) — (54,779 ) Net cash used in investing activities — — (226,790 ) — (226,790 ) Financing activities Taxes paid on withholding shares (302 ) — — — (302 ) Net payments on deposit liability contracts — — (2,764 ) — (2,764 ) Net cash used in financing activities (302 ) — (2,764 ) — (3,066 ) Net decrease in cash, cash equivalents and restricted cash (4 ) (7 ) (233,062 ) — (233,073 ) Cash, cash equivalents and restricted cash at beginning of period 10 176 1,653,772 — 1,653,958 Cash, cash equivalents and restricted cash at end of period $ 6 $ 169 $ 1,420,710 $ — $ 1,420,885 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 132,915 $ 6,440 $ 137,105 $ (143,545 ) $ 132,915 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (135,541 ) (8,012 ) 8 143,545 — Share compensation expense 163 — 1,295 — 1,458 Net interest expense on deposit liabilities — — 1,500 — 1,500 Net realized and unrealized gain on investments and derivatives — — (1,692 ) — (1,692 ) Net realized and unrealized gain on investment in related party investment fund — — (146,991 ) — (146,991 ) Net foreign exchange losses — — 2,518 — 2,518 Amortization of premium and accretion of discount, net — 44 278 — 322 Changes in assets and liabilities: Reinsurance balances receivable — — (154,205 ) — (154,205 ) Deferred acquisition costs, net — — (29,266 ) — (29,266 ) Unearned premiums ceded — — 1,413 — 1,413 Loss and loss adjustment expenses recoverable — — (720 ) — (720 ) Other assets 585 (418 ) 248 — 415 Interest and dividends receivable, net — (2,040 ) (575 ) — (2,615 ) Unearned premium reserves — — 164,416 — 164,416 Loss and loss adjustment expense reserves — — 44,838 — 44,838 Accounts payable and accrued expenses 571 (40 ) 1,433 — 1,964 Reinsurance balances payable — — 6,720 — 6,720 Amounts due from (to) affiliates 4,375 (75 ) (4,300 ) — — Net cash provided by (used in) operating activities 3,068 (4,101 ) 24,023 — 22,990 Investing activities Proceeds from redemptions from related party investment fund — — 10,000 — 10,000 Contributions to related party investment fund — — (70,000 ) — (70,000 ) Change in participation agreement with related party investment fund — — (776 ) — (776 ) Purchases of investments (3,000 ) — — — (3,000 ) Change in due to/from brokers, net — — 774 — 774 Contributed capital to subsidiaries (15,000 ) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000 ) 15,000 — — Net cash used in investing activities (18,000 ) — (45,002 ) — (63,002 ) Financing activities Taxes paid on withholding shares (68 ) — — — (68 ) Net payments on deposit liability contracts — — (2,094 ) — (2,094 ) Dividend received by (paid to) parent 15,000 4,100 (19,100 ) — — Net cash provided by (used in) financing activities 14,932 4,100 (21,194 ) — (2,162 ) Net decrease in cash, cash equivalents and restricted cash — (1 ) (42,173 ) — (42,174 ) 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 $ — $ 186 $ 670,977 $ — $ 671,163

Restricted cash and cash equi_3

Restricted cash and cash equivalents and restricted investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 445,776	$ 639,415
Restricted cash and cash equivalents	975,109	1,014,543
Total cash, cash equivalents and restricted cash	1,420,885	1,653,958	$ 671,163	$ 713,337
Restricted Investments	149,278	142,617
Total restricted cash and cash equivalents and investments	1,570,163	1,796,575
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	267,297	254,176
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 707,812	$ 760,367

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Total assets	$ 2,426,600	$ 2,590,636
Liabilities
Total liabilities and shareholders' equity	51,608	509
Total net investments managed by Third Point LLC	2,374,992	2,590,127
TP Fund
Assets
Total assets	659,815	860,630
Debt securities
Assets
Total assets	363,121	125,071
Total investments
Assets
Total assets	1,022,936	985,701
Cash and cash equivalents
Assets
Total assets	366,894	588,196
Restricted cash and cash equivalents
Assets
Total assets	975,109	1,014,543
Due from brokers
Assets
Total assets	57,929	0
Interest and dividends receivable
Assets
Total assets	3,732	2,178
Other assets
Assets
Total assets	0	18
Accounts payable and accrued expenses
Liabilities
Total liabilities and shareholders' equity	761	509
Securities sold, not yet purchased
Liabilities
Total liabilities and shareholders' equity	47,427	0
Due to brokers
Liabilities
Total liabilities and shareholders' equity	$ 3,150	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	Mar. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deposits Paid for Securities Borrowed, at Carrying Value	$ 51,695
TP Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	83.40%
TP GP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	16.20%

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
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Assets
Equity securities	$ 1,000		$ 1,000
Private common equity securities	3,000
Private preferred equity securities			3,000
Total equities	4,000		4,000
Asset-backed securities	79,868
Bank debt	1,378
Corporate bonds	159,069
U.S. Treasury securities	100,475		101,186
Sovereign debt	22,331		23,885
Total debt securities	363,121		125,071
Total assets	367,121		129,071
Investments in funds valued at NAV	659,815		860,630
Assets including alternative investments, fair value disclosure	1,026,936		989,701
Liabilities
U.S. Treasury securities	47,427
Total securities sold, not yet purchased	47,427		0
Derivative liabilities (embedded)	4		31
Total liabilities	47,431		31
Debt securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	19,300	$ 1,400
Equity securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	0	$ 0
Quoted prices in active markets (Level 1)
Assets
Equity securities	0		0
Private common equity securities	0
Private preferred equity securities			0
Total equities	0		0
Asset-backed securities	0
Bank debt	0
Corporate bonds	0
U.S. Treasury securities	0		0
Sovereign debt	0		0
Total debt securities	0		0
Total assets	0		0
Liabilities
U.S. Treasury securities	0
Total securities sold, not yet purchased	0
Derivative liabilities (embedded)	0		0
Total liabilities	0		0
Significant other observable inputs (Level 2)
Assets
Equity securities	0		0
Private common equity securities	0
Private preferred equity securities			0
Total equities	0		0
Asset-backed securities	75,442
Bank debt	1,378
Corporate bonds	159,069
U.S. Treasury securities	100,475		101,186
Sovereign debt	22,331		23,885
Total debt securities	358,695		125,071
Total assets	358,695		125,071
Liabilities
U.S. Treasury securities	47,427
Total securities sold, not yet purchased	47,427
Derivative liabilities (embedded)	0		0
Total liabilities	47,427		0
Significant unobservable inputs (Level 3)
Assets
Equity securities	1,000		1,000
Private common equity securities	3,000
Private preferred equity securities			3,000
Total equities	4,000		4,000
Asset-backed securities	4,426
Bank debt	0
Corporate bonds	0
U.S. Treasury securities	0		0
Sovereign debt	0		0
Total debt securities	4,426		0
Total assets	8,426		4,000
Liabilities
U.S. Treasury securities	0
Total securities sold, not yet purchased	0
Derivative liabilities (embedded)	4		31
Total liabilities	$ 4		$ 31

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Securities valued based on dealer quotes or other quoted market prices for similar securities	$ 16,300
Percent of securities valued based on dealer quotes or other quoted market prices for similar securities	4.50%
Security Owned and Sold, Not yet Purchased Fair Value, Security Sold, Not yet Purchased	$ 0
Total change in unrealized (gains) losses on fair value of assets using significant unobservable inputs	$ 0	$ 0

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
	Mar. 31, 2020	Mar. 31, 2019
Assets
Asset fair value, beginning balance	$ 4,000	$ 0
Transfers in to (out of) Level 3 (1)	0	0
Purchases	4,469	3,000
Sales	0	0
Realized and Unrealized Gains (Losses)	(43)	0
Asset fair value, ending balance	8,426	3,000
Liabilities
Liability fair value, beginning balance	(31)	(22)
Transfers in to (out of) Level 3 (1)	0	0
Purchases	0	0
Sales	0	0
Realized and Unrealized Gains (Losses)	27	(10)
Liability fair value, ending balance	(4)	(32)
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(31)	(22)
Transfers in to (out of) Level 3 (1)	0	0
Purchases	0	0
Sales	0	0
Realized and Unrealized Gains (Losses)	27	(10)
Liability fair value, ending balance	(4)	(32)
Private common equity securities
Assets
Asset fair value, beginning balance	1,000
Transfers in to (out of) Level 3 (1)	0
Purchases	0
Sales	0
Realized and Unrealized Gains (Losses)	0
Asset fair value, ending balance	1,000
Private preferred equity securities
Assets
Asset fair value, beginning balance	3,000	0
Transfers in to (out of) Level 3 (1)	0	0
Purchases	0	3,000
Sales	0	0
Realized and Unrealized Gains (Losses)	0	0
Asset fair value, ending balance	$ 3,000	$ 3,000

Due from_to brokers (Details)

Due from/to brokers (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Due from brokers
Cash held at brokers	$ 51,695
Receivable from unsettled trades	6,234
Due from brokers	57,929	$ 0
Due to brokers
Borrowing from prime brokers	3,150
Due to brokers	$ 3,150	$ 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	Mar. 31, 2020	Dec. 31, 2019
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 199,804	$ 148,166
Incurred but not reported loss and loss adjustment expense reserves	907,766	963,359
Deferred gains on retroactive reinsurance contracts	341	167
Loss and loss adjustment expense reserves	$ 1,107,911	$ 1,111,692

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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for loss and loss adjustment expenses, beginning of period	$ 1,111,692	$ 937,157
Less: loss and loss adjustment expenses recoverable, beginning of period	(5,520)	(2,031)
Less: deferred charges on retroactive reinsurance contracts	(6,738)	(3,847)
Net reserves for loss and loss adjustment expenses, beginning of period	1,099,434	931,279
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	92,180	97,794
Prior years	4,394	2,726
Total incurred loss and loss adjustment expenses	87,786	95,068
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(10,095)	(13,047)
Prior years	(74,002)	(37,578)
Total net paid losses	(84,097)	(50,625)
Foreign currency translation	(10,130)	4,644
Net reserves for loss and loss adjustment expenses, end of period	1,092,993	980,366
Plus: loss and loss adjustment expenses recoverable, end of period	6,865	2,751
Plus: deferred charges on retroactive reinsurance contracts, end of period	(8,053)	(3,522)
Prior Year Claims and Claims Adjustment Expense, Including Amortization of Deferred Gains	(4,400)	(2,700)
Gross reserves for loss and loss adjustment expenses, end of period	1,107,911	986,639
Unfavorable (Favorable) Reserve Development
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	11,000	4,000
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	(1,000)	(3,700)
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Earned Premium	7,800
Increase in net underwriting loss	(2,200)	(300)
Premium Adjustments on Certain Contracts
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	(6,600)	(1,300)
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact	9,400	2,300
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates	10,400	2,200
Change In Policy Acquisition Costs	(2,800)	(1,000)
Increase in net underwriting loss	(1,000)	100
Impact On Underwriting Income
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	$ (3,200)	(200)
Worker Compensation Contracts | Unfavorable (Favorable) Reserve Development
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss		(7,700)
General Liability | Unfavorable (Favorable) Reserve Development
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss		$ 7,100

Management, and performance f_3

Management, and performance fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction
Management and performance fees to related parties	$ (3,865)	$ (4,843)
TP Fund
Related Party Transaction
Annual investment management fee	1.25%
Annual investment performance fee	20.00%
TP Fund | Investment income, net, related party investment fund
Related Party Transaction
Management Fees - TP Fund	$ 3,865	4,843
Performance Fees - TP Fund	0	29,398
Performance Fees - Loss Carryforward Utilization - TP Fund	0	$ 29,398
Third Point Re BDA
Related Party Transaction
Loss Recovery Account	38,900		$ 0
Third Point Re USA
Related Party Transaction
Loss Recovery Account	$ 1,800		$ 500

Deposit contracts (Details)

Deposit contracts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Deposit Contracts, Liabilities [Roll Forward]
Balance, beginning of period	$ 172,259	$ 145,342
Consideration received	579	23,884
Consideration receivable	0	10,164
Net investment expense allocation	1,002	5,879
Payments	(3,343)	(13,052)
Foreign currency translation	(95)	42
Balance, end of period	$ 170,402	$ 172,259

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 ($)	Mar. 31, 2020	Dec. 31, 2019	Feb. 28, 2015
Debt Instrument [Line Items]
Debt issued	$ 115,000,000		$ 115,000,000
Interest rate	7.00%		7.00%
Debt issuance cost	$ 900,000
Debt fair value	$ 122,700,000	$ 121,700,000

Senior notes payable and lett_4

Senior notes payable and letter of credit facilities (Letters of credit) (Details)	Mar. 31, 2020USD ($)
Line of Credit Facility
Utilized	$ 267,297,000
Collateral	267,297,000
Committed, secured facility
Line of Credit Facility
Facility	225,000,000
Utilized	66,141,000
Collateral	66,141,000
Uncommitted, unsecured facility
Line of Credit Facility
Utilized	201,156,000
Collateral	$ 201,156,000

Net investment income (Details)

Net investment income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Investment Income [Abstract]
Net realized gains (losses) on investments and investment derivatives	$ (700)	$ 0
Net change in unrealized gains on investments and investment derivatives	19,346	1,702
Net gains (losses) on foreign currencies	(7,049)	3,765
Dividend and interest income	4,489	2,685
Dividends paid on securities sold, not yet purchased	0	0
Other expenses	(298)	(190)
Net investment income (loss) from investment in related party investment fund	(200,815)	146,991
Net investment income (loss)	$ (185,027)	$ 154,953

Net investment income - by Type

Net investment income - by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	$ (185,027)	$ 154,953
Other investment expenses	(268)	(190)
Net investment income (loss) on cash, including foreign exchange gain (loss)	(3,669)	5,385
Total other investment income (losses) and other expenses	(3,937)	5,195
Net investment income (loss) from investment in related party investment fund	(200,815)	146,991
Net investment income (loss)	(185,027)	154,953
Net investment income (loss) by asset type
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	19,837	2,767
Net investment income (loss) by asset type | Net investment income in funds valued at NAV, excluding TP Fund
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0	3
Net investment income (loss) by asset type | Debt securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	19,837	2,764
Net investment income (loss) by asset type | Asset-backed securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	12,067	0
Net investment income (loss) by asset type | Bank debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	(117)	0
Net investment income (loss) by asset type | Corporate bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	6,945	0
Net investment income (loss) by asset type | U.S. Treasury securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	2,293	1,798
Net investment income (loss) by asset type | Sovereign debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	(1,351)	966
Net investment income (loss) by asset type | Other debt securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0	0
Net investment income (loss) by liability type
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	(112)	0
Net investment income (loss) by liability type | U.S. Treasury securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	$ (112)	$ 0

Net investment income - TP Fund

Net investment income - TP Fund income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investment income
Other Investment Income and Other	$ (3,937)	$ 5,195
Total investment income	(185,027)	154,953
Expenses
Dividends on securities sold, not yet purchased	0	0
Net income (loss)	(183,637)	132,915
TP Fund
Investment income
Net realized loss from securities, derivative contracts and foreign currency translations	15,595	(23,101)
Net change in unrealized gain on securities, derivative contracts and foreign currency translations	(251,459)	190,038
Net income (loss) from currencies	(300)	(482)
Dividend and interest income	4,408	12,324
Other Investment Income and Other	649	2,108
Total investment income	(231,107)	180,887
Expenses
Management fees	3,865	4,842
Interest	2,671	3,623
Dividends on securities sold, not yet purchased	1,280	2,355
Administrative and professional fees	465	402
Other expenses	488	1,598
Total expenses	8,769	12,820
Net income (loss)	$ (239,876)	$ 168,067

Net investment income - TP Fu_2

Net investment income - TP Fund Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Total investments in securities	$ 1,026,936	$ 989,701
Cash and cash equivalents	445,776	639,415
Due from brokers	57,929	0
Interest and dividends receivable	3,732	2,178
Other assets	21,388	20,555
Total assets	3,342,534	3,439,694
Liabilities
Accounts payable and accrued expenses	8,868	17,816
Securities sold, not yet purchased, at fair value	47,427	0
Due to brokers	3,150	0
Interest and dividends payable	1,304	3,055
Total liabilities	2,110,833	2,025,620
TP Fund
Assets
Total investments in securities	1,381,651	1,620,531
Cash and cash equivalents	55	52
Due from brokers	184,826	162,682
Derivative assets, at fair value	30,710	21,861
Interest and dividends receivable	2,832	1,210
Other assets	207	212
Total assets	1,600,281	1,806,548
Liabilities
Accounts payable and accrued expenses	2,195	2,417
Securities sold, not yet purchased, at fair value	172,351	283,711
Securities sold under agreement to repurchase	11,294	0
Due to brokers	557,021	426,612
Derivative liabilities, at fair value	65,307	19,282
Withdrawals payable to General Partner	0	42,381
Interest and dividends payable	851	972
Management Fee Payable	221	256
Total liabilities	809,240	775,631
Partners' Capital	$ 791,041	$ 1,030,917

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax
Income tax expense	$ 419	$ 1,718
Deferred Tax Assets, Net	7,900		$ 8,300
Income tax expense related to U.S. and U.K. subsidiaries
Income Tax
Income tax expense	$ 419	$ 1,718

Share capital - Common shares a

Share capital - Common shares and treasury shares (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued, beginning of period, shares	94,225,498	93,639,610
Common shares issued, end of period, shares	94,881,229	94,292,914
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	283,008	281,221
Performance restricted shares granted, net of forfeitures and shares withheld
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	372,723	372,083

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
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	Mar. 31, 2020USD ($)
Share repurchase [Abstract]
Stock repurchase program, remaining authorized shares	$ 61.3

Share-based compensation - Sche

Share-based compensation - Schedule of share-based comp expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,566	$ 1,458
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	507	194
Restricted shares with service and performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,059	$ 1,264

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share compensation expense	$ 12.9	$ 7.1
Unamortized share compensation expense, period of recognition	1 year 8 months 12 days	1 year 6 months

Share-based compensation - Sc_2

Share-based compensation - Schedule of management and director options outstanding (Details) - Management and director options	3 Months Ended
	Mar. 31, 2020$ / 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	1 year 10 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	1 year 9 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
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
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	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Number of non-vested restricted shares (in shares)
Outstanding, beginning of period (in shares)	340,767	24,065
Granted (in shares)	285,573	403,360
Forfeited (in shares)	(2,565)	(36,907)
Vested (in shares)	(99,965)	(49,751)
Outstanding, end of period (in shares)	523,810	340,767
Weighted average grant data fair value (in dollars per share)
Outstanding (in dollars per share)	$ 11.83	$ 13.35
Granted (in dollars per share)	9.50	11.10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	11.21	11.31
Vested (in dollars per share)	11.20	12.40
Outstanding (in dollars per share)	$ 10.17	$ 11.83

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 ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Number of non-vested restricted shares (in shares)
Outstanding, beginning of period (in shares)	1,890,529	2,001,048
Granted (in shares)	735,592	862,176
Forfeited (in shares)	(330,319)	(823,977)
Vested (in shares)	(504,440)	(148,718)
Outstanding, end of period (in shares)	1,791,362	1,890,529
Number of non-vested restricted shares probable of vesting
Outstanding, beginning of period (in shares)	1,314,036	1,185,220
Granted (in shares)	490,389	574,784
Forfeited (in shares)	6,839	(290,552)
Vested (in shares)	$ (504,440)	$ (148,718)
Change in estimated restricted shares considered probably of vesting (in shares)	(1,215)	(6,698)
Outstanding, end of period (in shares)	1,291,931	1,314,036
Weighted average grant data fair value (in dollars per share)
Outstanding (in dollars per share)	$ 12.43	$ 12.80
Granted (in dollars per share)	9.50	10.95
Forfeited (in dollars per share)	12.35	11.70
Vested (in dollars per share)	12.16	11.40
Change in estimated restricted shares considered probable of vesting (in dollars per share)	12.61	12.92
Outstanding (in dollars per share)	$ 11.41	$ 12.43

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
	Mar. 31, 2020	Mar. 31, 2019
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding	92,191,837	91,669,810
Dilutive effect of options	0	291,248
Dilutive effect of warrants	0	207,134
Dilutive effect of restricted shares with service and performance condition	0	410,741
Diluted number of common shares outstanding	92,191,837	92,578,933
Basic earnings (loss) per common share:
Net income (loss) available to Third Point Re common shareholders	$ (183,637)	$ 132,915
Net income allocated to Third Point Re participating common shareholders	0	(173)
Net income (loss) allocated to Third Point Re common shareholders	$ (183,637)	$ 132,742
Basic earnings (loss) per share available to Third Point Re common shareholders	$ (1.99)	$ 1.45
Earnings per share, diluted [Abstract]
Net income (loss) available to Third Point Re common shareholders	$ (183,637)	$ 132,915
Net income allocated to Third Point Re participating common shareholders	0	(171)
Net income (loss) allocated to Third Point Re common shareholders	$ (183,637)	$ 132,744
Diluted earnings (loss) per share available to Third Point Re common shareholders	$ (1.99)	$ 1.43
Options and warrants
Earnings per share, diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share	5,117,702	3,973,824

Commitments and Contingencies (

Commitments and Contingencies (Details) - Senior unsecured notes - 7% Senior Unsecured Notes - USD ($)	Mar. 31, 2020	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
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	1
Segment Reporting Information [Line Items]
Gross premiums written	$ 204,131	$ 319,591
Gross premiums ceded	265	(712)
Net premiums written	204,396	318,879
Change in net unearned premium reserves	(58,081)	(165,829)
Net premiums earned	146,315	153,050
Loss and loss adjustment expenses incurred, net	87,786	95,068
Acquisition costs, net	49,253	57,498
General and administrative expenses	(10,159)	(12,132)
Total expenses	141,919	158,790
Net investment income (loss)	(185,027)	154,953
Other expenses	(3,477)	(4,125)
Interest expense	(2,048)	(2,029)
Foreign exchange gains	8,217	(2,518)
Income tax expense	(419)	(1,718)
Net income (loss) available to Third Point Re common shareholders	(183,637)	132,915
Corporate
Segment Reporting Information [Line Items]
General and administrative expenses	(5,279)	(5,908)
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	204,131	319,591
Gross premiums ceded	265	(712)
Net premiums written	204,396	318,879
Change in net unearned premium reserves	(58,081)	(165,829)
Net premiums earned	146,315	153,050
Loss and loss adjustment expenses incurred, net	87,786	95,068
Acquisition costs, net	49,253	57,498
General and administrative expenses	(4,880)	(6,224)
Total expenses	141,919	158,790
Net underwriting loss	$ (4,396)	$ 5,740
Loss ratio	60.00%	62.10%
Acquisition cost ratio	33.70%	37.60%
Composite ratio	93.70%	99.70%
General and administrative expense ratio	3.30%	4.10%
Combined ratio	97.00%	103.80%

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 204,131	$ 319,591
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%
Property and Casualty Reinsurance | Property
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 46,373	$ 53,981
Gross Premiums As Percentage Of Total Gross Premiums	22.70%	16.90%
Property and Casualty Reinsurance | Casualty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 66,940	$ 77,892
Gross Premiums As Percentage Of Total Gross Premiums	32.80%	24.40%
Property and Casualty Reinsurance | Specialty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 90,818	$ 193,071
Gross Premiums As Percentage Of Total Gross Premiums	44.50%	60.40%
Property and Casualty Reinsurance | Prospective Reinsurance Contract
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 204,131	$ 324,944
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	101.70%
Property and Casualty Reinsurance | Retroactive Reinsurance Contract
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 0	$ (5,353)
Gross Premiums As Percentage Of Total Gross Premiums	0.00%	(1.70%)

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Total investments in securities	$ 1,026,936,000	$ 989,701,000
Cash and cash equivalents	445,776,000	639,415,000
Restricted cash and cash equivalents	975,109,000	1,014,543,000
Investment in subsidiaries	0	0
Due from brokers	57,929,000	0
Interest and dividends receivable	3,732,000	2,178,000
Reinsurance balances receivable, net	622,883,000	596,120,000
Deferred acquisition costs, net	168,505,000	154,717,000
Unearned premiums ceded	13,411,000	16,945,000
Loss and loss adjustment expenses recoverable, net	6,865,000	5,520,000	$ 2,751,000	$ 2,031,000
Amounts due from (to) affiliates	0	0
Other assets	21,388,000	20,555,000
Total assets	3,342,534,000	3,439,694,000
Liabilities
Accounts payable and accrued expenses	(8,868,000)	(17,816,000)
Reinsurance balances payable	78,323,000	81,941,000
Deposit liabilities	170,402,000	172,259,000		$ 145,342,000
Unearned premium reserves	579,315,000	524,768,000
Loss and loss adjustment expense reserves	1,107,911,000	1,111,692,000
Securities sold, not yet purchased, at fair value	47,427,000	0
Due to brokers	3,150,000	0
Interest and dividends payable	1,304,000	3,055,000
Senior notes payable, net of deferred costs	114,133,000	114,089,000
Total liabilities	2,110,833,000	2,025,620,000
Shareholders’ equity
Common shares	9,488,000	9,423,000
Additional paid-in capital	928,903,000	927,704,000
Retained earnings	293,310,000	476,947,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,231,701,000	1,414,074,000	$ 1,338,879,000
Total liabilities and shareholders’ equity	3,342,534,000	3,439,694,000
Eliminations
Assets
Total investments in securities	0	0
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	(1,705,607,000)	(1,881,898,000)
Due from brokers	0
Interest and dividends receivable	0	0
Reinsurance balances receivable, net	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0	0
Loss and loss adjustment expenses recoverable, net	0	0
Amounts due from (to) affiliates	0	0
Other assets	0	0
Total assets	(1,705,607,000)	(1,881,898,000)
Liabilities
Accounts payable and accrued expenses	0	0
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0
Due to brokers	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	(1,785,031,000)	(1,783,157,000)
Retained earnings	80,663,000	(97,502,000)
Shareholders’ equity attributable to Third Point Re common shareholders	(1,705,607,000)	(1,881,898,000)
Total liabilities and shareholders’ equity	(1,705,607,000)	(1,881,898,000)
Third Point Re | Reportable Legal Entities
Assets
Total investments in securities	4,000,000	4,000,000
Cash and cash equivalents	6,000	10,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	1,239,241,000	1,419,197,000
Due from brokers	0
Interest and dividends receivable	0	0
Reinsurance balances receivable, net	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0	0
Loss and loss adjustment expenses recoverable, net	0	0
Amounts due from (to) affiliates	(10,064,000)	(5,722,000)
Other assets	570,000	764,000
Total assets	1,233,753,000	1,418,249,000
Liabilities
Accounts payable and accrued expenses	(2,052,000)	(4,175,000)
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0
Due to brokers	0
Interest and dividends payable	0	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	2,052,000	4,175,000
Shareholders’ equity
Common shares	9,488,000	9,423,000
Additional paid-in capital	928,903,000	927,704,000
Retained earnings	293,310,000	476,947,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,231,701,000	1,414,074,000
Total liabilities and shareholders’ equity	1,233,753,000	1,418,249,000
TPRUSA | Reportable Legal Entities
Assets
Total investments in securities	0	0
Cash and cash equivalents	169,000	176,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	275,053,000	271,624,000
Due from brokers	0
Interest and dividends receivable	0	0
Reinsurance balances receivable, net	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0	0
Loss and loss adjustment expenses recoverable, net	0	0
Amounts due from (to) affiliates	(7,923,000)	(3,898,000)
Other assets	7,216,000	6,784,000
Total assets	274,515,000	274,686,000
Liabilities
Accounts payable and accrued expenses	0	0
Reinsurance balances payable	0	0
Deposit liabilities	0	0
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Securities sold, not yet purchased, at fair value	0
Due to brokers	0
Interest and dividends payable	1,034,000	3,055,000
Senior notes payable, net of deferred costs	114,133,000	114,089,000
Total liabilities	115,167,000	117,144,000
Shareholders’ equity
Common shares	0	0
Additional paid-in capital	191,617,000	191,361,000
Retained earnings	(32,269,000)	(33,819,000)
Shareholders’ equity attributable to Third Point Re common shareholders	159,348,000	157,542,000
Total liabilities and shareholders’ equity	274,515,000	274,686,000
Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets
Total investments in securities	1,022,936,000	985,701,000
Cash and cash equivalents	445,601,000	639,229,000
Restricted cash and cash equivalents	975,109,000	1,014,543,000
Investment in subsidiaries	191,313,000	191,077,000
Due from brokers	57,929,000
Interest and dividends receivable	3,732,000	2,178,000
Reinsurance balances receivable, net	622,883,000	596,120,000
Deferred acquisition costs, net	168,505,000	154,717,000
Unearned premiums ceded	13,411,000	16,945,000
Loss and loss adjustment expenses recoverable, net	6,865,000	5,520,000
Amounts due from (to) affiliates	17,987,000	9,620,000
Other assets	13,602,000	13,007,000
Total assets	3,539,873,000	3,628,657,000
Liabilities
Accounts payable and accrued expenses	(6,816,000)	(13,641,000)
Reinsurance balances payable	78,323,000	81,941,000
Deposit liabilities	170,402,000	172,259,000
Unearned premium reserves	579,315,000	524,768,000
Loss and loss adjustment expense reserves	1,107,911,000	1,111,692,000
Securities sold, not yet purchased, at fair value	47,427,000
Due to brokers	3,150,000
Interest and dividends payable	270,000	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	1,993,614,000	1,904,301,000
Shareholders’ equity
Common shares	1,239,000	1,239,000
Additional paid-in capital	1,593,414,000	1,591,796,000
Retained earnings	(48,394,000)	131,321,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,546,259,000	1,724,356,000
Total liabilities and shareholders’ equity	3,539,873,000	$ 3,628,657,000
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
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Gross premiums written	$ 204,131	$ 319,591
Gross premiums ceded	265	(712)
Net premiums written	204,396	318,879
Change in net unearned premium reserves	(58,081)	(165,829)
Net premiums earned	146,315	153,050
Net investment income (loss)	(185,027)	154,953
Equity in earnings (losses) of subsidiaries	0	0
Total revenues	(38,712)	308,003
Expenses
Loss and loss adjustment expenses incurred, net	87,786	95,068
Acquisition costs, net	49,253	57,498
General and administrative expenses	10,159	12,132
Other expenses	3,477	4,125
Interest expense	2,048	2,029
Net foreign exchange (gains) losses	(8,217)	2,518
Total expenses	144,506	173,370
Income (loss) before income tax (expense) benefit	(183,218)	134,633
Income tax expense	(419)	(1,718)
Net income (loss) available to Third Point Re common shareholders	(183,637)	132,915
Eliminations
Revenues
Gross premiums written	0	0
Gross premiums ceded	0	0
Net premiums written	0	0
Change in net unearned premium reserves	0	0
Net premiums earned	0	0
Net investment income (loss)	0	0
Equity in earnings (losses) of subsidiaries	178,181	(143,545)
Total revenues	178,181	(143,545)
Expenses
Loss and loss adjustment expenses incurred, net	0	0
Acquisition costs, net	0	0
General and administrative expenses	0	0
Other expenses	0	0
Interest expense	0	0
Net foreign exchange (gains) losses	0	0
Total expenses	0	0
Income (loss) before income tax (expense) benefit	178,181	(143,545)
Income tax expense	0	0
Net income (loss) available to Third Point Re common shareholders	178,181	(143,545)
Third Point Re | Reportable Legal Entities
Revenues
Gross premiums written	0	0
Gross premiums ceded	0	0
Net premiums written	0	0
Change in net unearned premium reserves	0	0
Net premiums earned	0	0
Net investment income (loss)	0	0
Equity in earnings (losses) of subsidiaries	(181,335)	135,541
Total revenues	(181,335)	135,541
Expenses
Loss and loss adjustment expenses incurred, net	0	0
Acquisition costs, net	0	0
General and administrative expenses	2,302	2,626
Other expenses	0	0
Interest expense	0	0
Net foreign exchange (gains) losses	0	0
Total expenses	2,302	2,626
Income (loss) before income tax (expense) benefit	(183,637)	132,915
Income tax expense	0	0
Net income (loss) available to Third Point Re common shareholders	(183,637)	132,915
TPRUSA | Reportable Legal Entities
Revenues
Gross premiums written	0	0
Gross premiums ceded	0	0
Net premiums written	0	0
Change in net unearned premium reserves	0	0
Net premiums earned	0	0
Net investment income (loss)	0	0
Equity in earnings (losses) of subsidiaries	3,173	8,012
Total revenues	3,173	8,012
Expenses
Loss and loss adjustment expenses incurred, net	0	0
Acquisition costs, net	0	0
General and administrative expenses	7	(39)
Other expenses	0	0
Interest expense	2,048	2,029
Net foreign exchange (gains) losses	0	0
Total expenses	2,055	1,990
Income (loss) before income tax (expense) benefit	1,118	6,022
Income tax expense	432	418
Net income (loss) available to Third Point Re common shareholders	1,550	6,440
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written	204,131	319,591
Gross premiums ceded	265	(712)
Net premiums written	204,396	318,879
Change in net unearned premium reserves	(58,081)	(165,829)
Net premiums earned	146,315	153,050
Net investment income (loss)	(185,027)	154,953
Equity in earnings (losses) of subsidiaries	(19)	(8)
Total revenues	(38,731)	307,995
Expenses
Loss and loss adjustment expenses incurred, net	87,786	95,068
Acquisition costs, net	49,253	57,498
General and administrative expenses	7,850	9,545
Other expenses	3,477	4,125
Interest expense	0	0
Net foreign exchange (gains) losses	(8,217)	2,518
Total expenses	140,149	168,754
Income (loss) before income tax (expense) benefit	(178,880)	139,241
Income tax expense	(851)	(2,136)
Net income (loss) available to Third Point Re common shareholders	$ (179,731)	$ 137,105

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income (loss)	$ (183,637)	$ 132,915
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	0	0
Share compensation expense	1,566	1,458
Net interest expense on deposit liabilities	1,002	1,500
Net realized and unrealized gain on investments and derivatives	(18,673)	(1,692)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund	200,815	(146,991)
Net foreign exchange (gains) losses	(8,217)	2,518
Amortization of premium and accretion of discount, net	81	322
Changes in assets and liabilities:
Reinsurance balances receivable	(28,236)	(154,205)
Deferred acquisition costs, net	(13,788)	(29,266)
Unearned premiums ceded	3,534	1,413
Loss and loss adjustment expenses recoverable	(1,345)	(720)
Other assets	(1,319)	415
Interest and dividends receivable, net	(3,305)	(2,615)
Unearned premium reserves	54,547	164,416
Loss and loss adjustment expense reserves	6,349	44,838
Accounts payable and accrued expenses	(10,047)	1,964
Reinsurance balances payable	(2,544)	6,720
Amounts due from (to) affiliates	0	0
Net cash provided by operating activities	(3,217)	22,990
Investing activities
Proceeds from redemptions from related party investment fund	0	10,000
Contributions to related party investment fund	0	(70,000)
Change in participation agreement with related party investment fund	0	(776)
Purchases of investments	(241,619)	(3,000)
Proceeds from sales and maturities of investments	22,264	0
Purchases of investments to cover short sales	(5,656)	0
Proceeds from short sales of investments	53,000	0
Change in due to/from brokers, net	(54,779)	774
Contributed capital to subsidiaries		0
Contributed capital from parent and/or subsidiaries		0
Net cash used in investing activities	(226,790)	(63,002)
Financing activities
Taxes paid on withholding shares	(302)	(68)
Net payments on deposit liability contracts	(2,764)	(2,094)
Dividend received by (paid to) parent		0
Net cash used in financing activities	(3,066)	(2,162)
Net decrease in cash, cash equivalents and restricted cash	(233,073)	(42,174)
Cash, cash equivalents and restricted cash at beginning of period	1,653,958	713,337
Cash, cash equivalents and restricted cash at end of period	1,420,885	671,163
Eliminations
Operating activities
Net income (loss)	178,181	(143,545)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(178,181)	143,545
Share compensation expense	0	0
Net interest expense on deposit liabilities	0	0
Net realized and unrealized gain on investments and derivatives	0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund	0	0
Net foreign exchange (gains) losses	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
Investing activities
Proceeds from redemptions from related party investment fund		0
Contributions to related party investment fund		0
Change in participation agreement with related party investment fund		0
Purchases of investments	0	0
Proceeds from sales and maturities of investments	0
Purchases of investments to cover short sales	0
Proceeds from short sales of investments	0
Change in due to/from brokers, net	0	0
Contributed capital to subsidiaries		0
Contributed capital from parent and/or subsidiaries		0
Net cash used in investing activities	0	0
Financing activities
Taxes paid on withholding shares	0	0
Net payments on deposit liability contracts	0	0
Dividend received by (paid to) parent		0
Net cash used in financing activities	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash at beginning of period	0	0
Cash, cash equivalents and restricted cash at end of period	0	0
Third Point Re | Reportable Legal Entities
Operating activities
Net income (loss)	(183,637)	132,915
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	181,335	(135,541)
Share compensation expense	187	163
Net interest expense on deposit liabilities	0	0
Net realized and unrealized gain on investments and derivatives	0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund	0	0
Net foreign exchange (gains) losses	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	194	585
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	(2,123)	571
Reinsurance balances payable	0	0
Amounts due from (to) affiliates	4,342	4,375
Net cash provided by operating activities	298	3,068
Investing activities
Proceeds from redemptions from related party investment fund		0
Contributions to related party investment fund		0
Change in participation agreement with related party investment fund		0
Purchases of investments	0	(3,000)
Proceeds from sales and maturities of investments	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
Contributed capital to subsidiaries		15,000
Contributed capital from parent and/or subsidiaries		0
Net cash used in investing activities	0	(18,000)
Financing activities
Taxes paid on withholding shares	(302)	(68)
Net payments on deposit liability contracts	0	0
Dividend received by (paid to) parent		15,000
Net cash used in financing activities	(302)	14,932
Net decrease in cash, cash equivalents and restricted cash	(4)	0
Cash, cash equivalents and restricted cash at beginning of period	10	0
Cash, cash equivalents and restricted cash at end of period	6	0
TPRUSA | Reportable Legal Entities
Operating activities
Net income (loss)	1,550	6,440
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(3,173)	(8,012)
Share compensation expense	0	0
Net interest expense on deposit liabilities	0	0
Net realized and unrealized gain on investments and derivatives	0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund	0	0
Net foreign exchange (gains) losses	0	0
Amortization of premium and accretion of discount, net	44	44
Changes in assets and liabilities:
Reinsurance balances receivable	0	0
Deferred acquisition costs, net	0	0
Unearned premiums ceded	0	0
Loss and loss adjustment expenses recoverable	0	0
Other assets	(432)	(418)
Interest and dividends receivable, net	(2,021)	(2,040)
Unearned premium reserves	0	0
Loss and loss adjustment expense reserves	0	0
Accounts payable and accrued expenses	0	(40)
Reinsurance balances payable	0	0
Amounts due from (to) affiliates	4,025	(75)
Net cash provided by operating activities	(7)	(4,101)
Investing activities
Proceeds from redemptions from related party investment fund		0
Contributions to related party investment fund		0
Change in participation agreement with related party investment fund		0
Purchases of investments	0	0
Proceeds from sales and maturities of investments	0
Purchases of investments to cover short sales	0
Proceeds from short sales of investments	0
Change in due to/from brokers, net	0	0
Contributed capital to subsidiaries		(15,000)
Contributed capital from parent and/or subsidiaries		(15,000)
Net cash used in investing activities	0	0
Financing activities
Taxes paid on withholding shares	0	0
Net payments on deposit liability contracts	0	0
Dividend received by (paid to) parent		4,100
Net cash used in financing activities	0	4,100
Net decrease in cash, cash equivalents and restricted cash	(7)	(1)
Cash, cash equivalents and restricted cash at beginning of period	176	187
Cash, cash equivalents and restricted cash at end of period	169	186
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating activities
Net income (loss)	(179,731)	137,105
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	19	8
Share compensation expense	1,379	1,295
Net interest expense on deposit liabilities	1,002	1,500
Net realized and unrealized gain on investments and derivatives	(18,673)	(1,692)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund	200,815	(146,991)
Net foreign exchange (gains) losses	(8,217)	2,518
Amortization of premium and accretion of discount, net	37	278
Changes in assets and liabilities:
Reinsurance balances receivable	(28,236)	(154,205)
Deferred acquisition costs, net	(13,788)	(29,266)
Unearned premiums ceded	3,534	1,413
Loss and loss adjustment expenses recoverable	(1,345)	(720)
Other assets	(1,081)	248
Interest and dividends receivable, net	(1,284)	(575)
Unearned premium reserves	54,547	164,416
Loss and loss adjustment expense reserves	6,349	44,838
Accounts payable and accrued expenses	(7,924)	1,433
Reinsurance balances payable	(2,544)	6,720
Amounts due from (to) affiliates	(8,367)	(4,300)
Net cash provided by operating activities	(3,508)	24,023
Investing activities
Proceeds from redemptions from related party investment fund		10,000
Contributions to related party investment fund		(70,000)
Change in participation agreement with related party investment fund		(776)
Purchases of investments	(241,619)	0
Proceeds from sales and maturities of investments	22,264
Purchases of investments to cover short sales	(5,656)
Proceeds from short sales of investments	53,000
Change in due to/from brokers, net	(54,779)	774
Contributed capital to subsidiaries		0
Contributed capital from parent and/or subsidiaries		15,000
Net cash used in investing activities	(226,790)	(45,002)
Financing activities
Taxes paid on withholding shares	0	0
Net payments on deposit liability contracts	(2,764)	(2,094)
Dividend received by (paid to) parent		(19,100)
Net cash used in financing activities	(2,764)	(21,194)
Net decrease in cash, cash equivalents and restricted cash	(233,062)	(42,173)
Cash, cash equivalents and restricted cash at beginning of period	1,653,772	713,150
Cash, cash equivalents and restricted cash at end of period	$ 1,420,710	$ 670,977