SiriusPoint (SPNT) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		94,920,203
Entity Central Index Key	0001576018
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Investment in related party investment fund, at fair value (cost - $891,850; 2019 - $891,850)	$ 758,419	$ 860,630
Debt securities, trading, at fair value (cost - $226,694; 2019 - $129,330)	238,574	125,071
Other investments, at fair value	4,000	4,000
Total investments	1,000,993	989,701
Cash and cash equivalents	584,809	639,415
Restricted cash and cash equivalents	887,308	1,014,543
Due from brokers	169,078	0
Interest and dividends receivable	2,195	2,178
Reinsurance balances receivable, net	613,204	596,120
Deferred acquisition costs, net	172,288	154,717
Unearned premiums ceded	35,817	16,945
Loss and loss adjustment expenses recoverable, net	10,064	5,520
Other assets	17,807	20,555
Total assets	3,493,563	3,439,694
Liabilities
Accounts payable and accrued expenses	12,167	17,816
Reinsurance balances payable	94,810	81,941
Deposit liabilities	168,910	172,259
Unearned premium reserves	587,995	524,768
Loss and loss adjustment expense reserves	1,133,983	1,111,692
Securities sold, not yet purchased, at fair value	19,597	0
Due to brokers	1,456	0
Interest and Dividends Payable	3,164	3,055
Senior notes payable, net of deferred costs	114,177	114,089
Total liabilities	2,136,259	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: 94,920,203; 2019 - 94,225,498)	9,492	9,423
Additional paid-in capital	930,487	927,704
Retained earnings	417,325	476,947
Shareholders’ equity attributable to Third Point Re common shareholders	1,357,304	1,414,074
Total liabilities and shareholders’ equity	$ 3,493,563	$ 3,439,694

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Assets
Investment in related party investment fund, cost	$ 891,850	$ 891,850
Debt securities, trading, cost	$ 226,694	$ 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)	94,920,203	94,225,498
Common share, shares outstanding (in shares)	94,920,203	94,225,498

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Gross premiums written	$ 157,571	$ 82,637	$ 361,702	$ 402,228
Gross premiums ceded	(30,487)	(1,473)	(30,222)	(2,185)
Net premiums written	127,084	81,164	331,480	400,043
Change in net unearned premium reserves	13,726	64,288	(44,355)	(101,541)
Net premiums earned	140,810	145,452	287,125	298,502
Net investment income (loss) from investment in related party investment fund	98,604	66,357	(102,211)	213,348
Other net investment income	38,607	2,774	54,395	10,736
Net investment income (loss)	137,211	69,131	(47,816)	224,084
Total revenues	278,021	214,583	239,309	522,586
Expenses
Loss and loss adjustment expenses incurred, net	89,106	82,334	176,892	177,402
Acquisition costs, net	43,671	58,006	92,924	115,504
General and administrative expenses	13,455	19,650	23,614	31,782
Other expenses	3,216	3,811	6,693	7,936
Interest expense	2,046	2,051	4,094	4,080
Foreign exchange gains	(797)	(4,260)	(9,014)	(1,742)
Total expenses	150,697	161,592	295,203	334,962
Income (loss) before income tax (expense) benefit	127,324	52,991	(55,894)	187,624
Income tax (expense) benefit	(3,309)	74	(3,728)	(1,644)
Net income (loss) available to Third Point Re common shareholders	$ 124,015	$ 53,065	$ (59,622)	$ 185,980
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)	$ 1.33	$ 0.58	$ (0.65)	$ 2.02
Diluted earnings (loss) per share available to Third Point Re common share holders (in dollars per share)	$ 1.33	$ 0.57	$ (0.65)	$ 2
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic (in shares)	92,593,599	91,776,870	92,392,718	91,723,636
Diluted (in shares)	92,738,293	92,801,799	92,392,718	92,720,466

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		35	(103)
Share compensation expense			5,412
Net income (loss)	$ 185,980			185,980
Balance. end of period at Jun. 30, 2019		9,399	924,191	462,308
Balance, beginning of period at Mar. 31, 2019		9,429	920,207	409,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		(30)	30
Share compensation expense			3,954
Net income (loss)				53,065
Balance. end of period at Jun. 30, 2019		9,399	924,191	462,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders’ equity attributable to Third Point Re common shareholders	1,395,898
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		69	(370)
Share compensation expense			3,153
Net income (loss)	(59,622)			(59,622)
Balance. end of period at Jun. 30, 2020		9,492	930,487	417,325
Balance, beginning of period at Mar. 31, 2020		9,488	928,903	293,310
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		4	(3)
Share compensation expense			1,587
Net income (loss)				124,015
Balance. end of period at Jun. 30, 2020		$ 9,492	$ 930,487	$ 417,325
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders’ equity attributable to Third Point Re common shareholders	$ 1,357,304

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ (59,622)	$ 185,980
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share compensation expense	3,153	5,412
Net interest expense on deposit liabilities	1,973	2,422
Net realized and unrealized gain on investments and derivatives	(55,183)	(2,740)
Net realized and unrealized (gain) loss on investment in related party investment fund	102,211	(213,348)
Net foreign exchange gains	(9,014)	(1,742)
Amortization of premium and accretion of discount, net	470	485
Changes in assets and liabilities:
Reinsurance balances receivable	(18,385)	(87,348)
Deferred acquisition costs, net	(17,571)	(4,185)
Unearned premiums ceded	(18,872)	2,079
Loss and loss adjustment expenses recoverable	(4,544)	(1,624)
Other assets	2,313	1,266
Interest and dividends receivable, net	92	(509)
Unearned premium reserves	63,227	99,462
Loss and loss adjustment expense reserves	32,951	85,805
Accounts payable and accrued expenses	(5,649)	7,582
Reinsurance balances payable	12,886	18,809
Net cash provided by operating activities	30,436	97,806
Investing activities
Proceeds from redemptions from related party investment fund	0	360,000
Contributions to related party investment fund	0	(87,000)
Change in participation agreement with related party investment fund	0	(2,297)
Purchases of investments	(421,683)	(330,463)
Proceeds from sales and maturities of investments	363,047	2,198
Purchases of investments to cover short sales	(2,785)	0
Proceeds from short sales of investments	22,290	0
Change in due to/from brokers, net	(167,622)	1,411
Net cash used in investing activities	(206,753)	(56,151)
Financing activities
Taxes paid on withholding shares	(301)	(68)
Net payments on deposit liability contracts	(5,223)	(5,021)
Net cash used in financing activities	(5,524)	(5,089)
Net increase (decrease) in cash, cash equivalents and restricted cash	(181,841)	36,566
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	1,472,117	749,903
Supplementary information
Interest paid in cash	4,075	4,025
Income taxes paid in cash	$ 0	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2020 Other accounting pronouncements issued during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019: June 30, December 31, 2019 Cash and cash equivalents $ 584,809 $ 639,415 Restricted cash securing letter of credit facilities (1) 262,228 254,176 Restricted cash securing reinsurance contracts (2) 625,080 760,367 Total cash, cash equivalents and restricted cash (3) 1,472,117 1,653,958 Restricted investments securing reinsurance contracts (2) 152,433 142,617 Total cash, cash equivalents, restricted cash and restricted investments $ 1,624,550 $ 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	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Investments	4. Investments The following is a summary of the net investments managed by Third Point LLC as of June 30, 2020 and December 31, 2019: June 30, December 31, 2019 Assets TP Fund $ 758,419 $ 860,630 Debt securities 238,574 125,071 Total investments 996,993 985,701 Cash and cash equivalents 502,937 588,196 Restricted cash and cash equivalents 887,308 1,014,543 Due from brokers 169,078 — Interest and dividends receivable 2,195 2,178 Other assets — 18 Total assets 2,558,511 2,590,636 Liabilities Accounts payable and accrued expenses 933 509 Securities sold, not yet purchased 19,597 — Due to brokers 1,456 — Interest and dividends payable 129 — Total liabilities 22,115 509 Total net investments managed by Third Point LLC $ 2,536,396 $ 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 June 30, 2020, the Company and TP GP hold interests of approximately 86.1% and 13.9%, 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 June 30, 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 six months ended June 30, 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 June 30, 2020.

Fair Value Measurements (Notes)

Fair Value Measurements (Notes)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019: June 30, 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 — 47,268 1,153 48,421 Bank debt — 1,257 — 1,257 Corporate bonds — 66,894 — 66,894 U.S. Treasury securities — 99,955 — 99,955 Sovereign debt — 22,047 — 22,047 Total debt securities — 237,421 1,153 238,574 $ — $ 237,421 $ 5,153 242,574 Investments in funds valued at NAV 758,419 Total assets $ 1,000,993 Liabilities U.S. Treasury securities $ — $ 19,597 $ — $ 19,597 Total securities sold, not yet purchased — 19,597 — 19,597 Derivative liabilities (embedded) — — 4 4 Total liabilities $ — $ 19,597 $ 4 $ 19,601 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 June 30, 2020 were $nil and $(3.7) million, respectively (2019 - $nil and $1.0 million, respectively). The total change in unrealized gains (losses) on equity and debt securities held at the six months ended June 30, 2020 were $nil and $15.6 million, respectively (2019 - $nil and $2.4 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 June 30, 2020, the Company’s ABS holdings primarily consisted 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 June 30, 2020, securities valued at $1.2 million, representing 0.5% 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 and six months ended June 30, 2020 and 2019: April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities 4,426 (4,426) 989 — 164 1,153 Total assets $ 8,426 $ (4,426) $ 989 $ — $ 164 $ 5,153 Liabilities Derivative liabilities (embedded) $ (4) $ — $ — $ — $ — $ (4) Total liabilities $ (4) $ — $ — $ — $ — $ (4) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities — — 989 — 164 1,153 Total assets $ 4,000 $ — $ 989 $ — $ 164 $ 5,153 Liabilities Derivative liabilities (embedded) $ (31) $ — $ — $ — $ 27 $ (4) Total liabilities $ (31) $ — $ — $ — $ 27 $ (4) April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities 3,000 — — — — 3,000 Total assets $ 3,000 $ — $ — $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) (32) — — — (22) (54) Total liabilities $ (32) $ — $ — $ — $ (22) $ (54) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities $ — $ — $ 3,000 $ — $ — $ 3,000 Total assets $ — $ — $ 3,000 $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (22) $ — $ — $ — $ (32) $ (54) Total liabilities $ (22) $ — $ — $ — $ (32) $ (54) (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 and six months ended June 30, 2020 were $0.2 million and $0.2 million, respectively (2019 - $nil and $nil, respectively). For the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Due from/to brokers	6. Due from/to brokers In the six months ended June 30, 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 June 30, 2020, the Company’s due from/to brokers were comprised of the following: June 30, Due from brokers Cash held at brokers $ 165,303 Receivable from unsettled trades (1) 3,775 $ 169,078 Due to brokers Borrowing from prime brokers $ 70 Payable from unsettled trades 1,386 $ 1,456 (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	6 Months Ended
	Jun. 30, 2020
Insurance Loss Reserves [Abstract]
Loss and loss adjustment expense reserves	7. Loss and loss adjustment expense reserves As of June 30, 2020 and December 31, 2019, loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: June 30, December 31, 2019 Case loss and loss adjustment expense reserves $ 215,316 $ 148,166 Incurred but not reported loss and loss adjustment expense reserves 918,667 963,359 Deferred gains on retroactive reinsurance contracts — 167 $ 1,133,983 $ 1,111,692 The following table represents the activity in the loss and loss adjustment expense reserves for the six months ended June 30, 2020 and 2019: June 30, 2020 June 30, 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 176,644 186,382 Prior years 248 (8,980) Total incurred loss and loss adjustment expenses 176,892 177,402 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (24,893) (25,503) Prior years (123,844) (67,824) Total net paid losses (148,737) (93,327) Foreign currency translation (10,660) (1,186) Net reserves for loss and loss adjustment expenses, end of period 1,116,929 1,014,168 Plus: loss and loss adjustment expenses recoverable, end of period 10,064 3,655 Plus: deferred charges on retroactive reinsurance contracts 6,990 3,953 Gross reserves for loss and loss adjustment expenses, end of period $ 1,133,983 $ 1,021,776 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 $0.2 million net increase in prior years’ reserves for the six months ended June 30, 2020 includes $10.3 million increase in loss reserves resulting from increases in premium earnings estimates on certain contracts, partially offset by a $10.1 million decrease of net favorable reserve development related to decreases in loss reserve estimates. The net increase in loss reserves as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows: • The $10.3 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by an $8.6 million increase in acquisition costs, for a total of $18.9 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $19.8 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 $0.9 million improvement in the net underwriting results for the six months ended June 30, 2020. • The $10.1 million of net favorable prior years’ reserve development for the six months ended June 30, 2020 was accompanied by net decreases of $0.2 million in acquisition costs and net decreases of $7.8 million in earned premium, resulting in a $2.5 million improvement in the net underwriting results. • In total, the change in net underwriting results for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $3.4 million improvement in the net underwriting results for the six months ended June 30, 2020. As of June 30, 2020, the Company had unamortized deferred charges of $7.0 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 sheets. The $9.0 million net decrease in prior years’ reserves for the six months ended June 30, 2019 includes $12.3 million of net favorable reserve development related to decreases in loss reserve estimates, partially offset by a $3.3 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 $12.3 million of net favorable prior years’ reserve development for the six months ended June 30, 2019 was accompanied by net increases of $11.8 million in acquisition costs, resulting in a $0.5 million improvement in the net underwriting results, primarily due to: • $7.9 million of net favorable underwriting loss development relating to our workers’ compensation contracts as a result of better than expected loss experience; • $2.3 million of net favorable underwriting loss development from several other contracts as a result of better than expected loss experience; partially offset by • $9.7 million of net adverse underwriting loss development relating to our multi-line, homeowners and general liability contracts, as a result of worse than expected loss experience. • The $3.3 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $2.5 million increase in acquisition costs, for a total of $5.8 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $5.5 million. The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $0.3 million increase in net underwriting loss for the six months ended June 30, 2019. • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $0.2 million improvement in the net underwriting results for the six months ended June 30, 2019.

Management, and performance fee

Management, and performance fees	6 Months Ended
	Jun. 30, 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 June 30, 2020, the Loss Recovery Account for Third Point Re BDA’s investment in TP Fund was $18.1 million (December 31, 2019 - $nil) and for Third Point Re USA’s investment in TP Fund was $2.8 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 and six months ended June 30, 2020 and 2019 were as follows: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Management fees - TP Fund $ 3,169 $ 5,143 $ 7,034 $ 9,986 Performance fees - TP Fund (before loss carryforward) 19,721 12,721 710 42,119 Performance fees - loss carryforward utilized (19,721) (12,721) (710) (42,119) Total management and performance fees to related parties $ 3,169 $ 5,143 $ 7,034 $ 9,986

Deposit contracts

Deposit contracts	6 Months Ended
	Jun. 30, 2020
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	9. Deposit accounted contracts The following table represents activity for the deposit contracts for the six months ended June 30, 2020 and year ended December 31, 2019: June 30, December 31, 2019 Balance, beginning of period $ 172,259 $ 145,342 Consideration received 550 23,884 Consideration receivable — 10,164 Net investment expense allocation 1,973 5,879 Payments (5,773) (13,052) Foreign currency translation (99) 42 Balance, end of period $ 168,910 $ 172,259

Senior notes payable and letter

Senior notes payable and letter of credit facilities	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2020, the Company had capitalized $0.8 million of costs associated with the Notes, which are presented as a direct deduction from the principal amount of the Notes on the condensed consolidated balance sheets. As of June 30, 2020, the Notes had an estimated fair value of $122.4 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 June 30, 2020 and December 31, 2019. Letters of credit As of June 30, 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 $ 59,949 $ 59,949 Uncommitted - Secured letters of credit facilities n/a 202,279 202,279 $ 262,228 $ 262,228 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	6 Months Ended
	Jun. 30, 2020
Net Investment Income [Abstract]
Net investment income (loss)	11. Net investment income (loss) Net investment income (loss) for the three and six months ended June 30, 2020 and 2019 consisted of the following: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net investment income (loss) by type Net realized gains on investments and investment derivatives $ 39,826 $ 44 $ 39,126 $ 44 Net change in unrealized gains (losses) on investments and investment derivatives (3,316) 1,026 16,030 2,728 Net gains (losses) on foreign currencies (518) (1,192) (7,567) 2,573 Dividend and interest income 3,258 3,149 7,747 5,834 Other expenses (643) (253) (941) (443) Net investment income (loss) from investment in related party investment fund 98,604 66,357 (102,211) 213,348 Net investment income (loss) $ 137,211 $ 69,131 $ (47,816) $ 224,084 The following table provides an additional breakdown of our net investment income (loss) by asset and liability type for the three and six months ended June 30, 2020 and 2019: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net investment income (loss) by asset type Asset-backed securities $ 19,100 $ — $ 31,167 $ — Bank debt 270 — 153 — Corporate bonds 19,875 — 26,820 — U.S. Treasury securities 20 3,224 2,313 5,022 Sovereign debt (82) (934) (1,433) 32 Total debt securities 39,183 2,290 59,020 5,054 Net investment income in funds valued at NAV, excluding TP Fund — — — 3 Total net investment income from invested assets 39,183 2,290 59,020 5,057 Net investment income (loss) by liability type U.S. Treasury securities (42) — (154) — Total net investment loss from securities sold, not yet purchased (42) — (154) — Other investment income (losses) and other expenses not presented above Other investment expenses (494) (254) (762) (444) Net investment income (loss) on cash, including foreign exchange gain (loss) (40) 738 (3,709) 6,123 Total other investment income (losses) and other expenses (534) 484 (4,471) 5,679 Net investment income (loss) from investment in related party investment fund 98,604 66,357 (102,211) 213,348 Net investment income (loss) $ 137,211 $ 69,131 $ (47,816) $ 224,084 As a result of the Company’s holding in TP Fund and its contribution to the Company’s overall financial results, the Company includes the following summarized income statement of the TP Fund for the three and six months ended June 30, 2020 and 2019, and summarized balance sheet as of June 30, 2020 and December 31, 2019. Thi s summarized income statement of TP Fund reflects the main components of total investment income and expenses of TP Fund. This summarized income statement is not a breakdown of the Company’s proportional investment income in TP Fund as presented in the Company’s condensed consolidated statement of income. Three months ended Six months ended TP Fund summarized income statement June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Investment income (loss) Net realized gain (loss) from securities, derivative contracts and foreign currency translations $ 2,537 $ 19,663 $ 18,132 $ (3,438) Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations 113,324 59,728 (138,135) 249,766 Net income (loss) from currencies 110 (2,110) (190) (2,592) Dividend and interest income 9,038 17,756 13,446 30,080 Other income 35 2,306 684 4,414 Total investment income (loss) 125,044 97,343 (106,063) 278,230 Expenses Management fees 3,169 5,143 7,034 9,986 Interest 1,818 5,201 4,489 8,824 Dividends on securities sold, not yet purchased 1,063 2,389 2,343 4,744 Administrative and professional fees 359 613 824 1,015 Other expenses 517 1,607 1,005 3,204 Total expenses 6,926 14,953 15,695 27,773 Net income (loss) $ 118,118 $ 82,390 $ (121,758) $ 250,457 The following table is a summarized balance sheet of TP Fund as of June 30, 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 June 30, December 31, 2019 Assets Total investments in securities and affiliated funds $ 1,504,499 $ 1,620,531 Cash and cash equivalents 16 52 Due from brokers 170,659 162,682 Derivative assets, at fair value 7,554 21,861 Interest and dividends receivable 2,449 1,210 Other assets 183 212 Total assets $ 1,685,360 $ 1,806,548 Liabilities Accounts payable and accrued expenses $ 1,599 $ 2,417 Securities sold, not yet purchased, at fair value 206,766 283,711 Securities sold under agreement to repurchase 15,241 — Due to brokers 551,626 426,612 Derivative liabilities, at fair value 28,805 19,282 Withdrawals payable to General Partner — 42,381 Interest and dividends payable 693 972 Management fee payable 90 256 Total liabilities 804,820 775,631 Total partners' capital $ 880,540 $ 1,030,917

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020 and 2019, the Company recorded income tax expense, as follows: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ 3,309 $ (74) $ 3,728 $ 1,644 (1) As of June 30, 2020, the Company has recorded $4.6 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 June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 350,409 371,596 Performance restricted shares granted, net of forfeitures and shares withheld 344,296 (16,282) Common shares issued, end of period 94,920,203 93,994,924 Authorized and issued The Company’s authorized share capital of $33.0 million is comprised of 300,000,000 common shares with a par value of $0.10 each and 30,000,000 preference shares with a par value of $0.10 each. No preference shares have been issued to date. Share repurchases As of June 30, 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 six months ended June 30, 2020, the Company did not repurchase any of its common shares.

Share-based compensation

Share-based compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [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 and six months ended June 30, 2020 and 2019: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Restricted shares with service condition $ 667 $ 940 $ 1,174 $ 1,134 Restricted shares with service and performance condition 920 3,014 1,979 4,278 $ 1,587 $ 3,954 $ 3,153 $ 5,412 As of June 30, 2020, the Company had $11.4 million (December 31, 2019 - $7.1 million) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.6 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 June 30, 2020: Range of exercise prices Number of Weighted average Remaining contractual life $10.00 - $10.89 4,774,694 $ 10.04 1.6 years $15.05 - $16.89 1,800,866 15.92 1.8 years $20.00 - $25.05 1,731,098 20.28 1.7 years 8,306,658 $ 13.45 1.7 years Restricted shares with service condition Restricted share award activity for the six months ended June 30, 2020 and year ended December 31, 2019 was as follows: Number of non- Weighted 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 366,843 8.98 Forfeited (16,434) 9.77 Vested (134,757) 11.06 Balance as of June 30, 2020 556,419 $ 9.72 Restricted shares with service condition vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment or service and transferability. Restricted shares with service and performance condition Restricted share award activity for the restricted shares with a service and performance condition for the six months ended June 30, 2020 and year ended December 31, 2019 were as follows: Number of non- Number of non- 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 749,322 499,542 9.46 Forfeited (372,476) (39,214) 12.12 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 June 30, 2020 1,762,935 1,268,709 $ 11.36

Earnings (loss) per share avail

Earnings (loss) per share available to Third Point Re common shareholders	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020 and 2019: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 92,593,599 91,776,870 92,392,718 91,723,636 Dilutive effect of options — 321,492 — 308,579 Dilutive effect of warrants — 228,643 — 219,460 Dilutive effect of restricted shares with service and performance condition 144,694 474,794 — 468,791 Diluted number of common shares outstanding 92,738,293 92,801,799 92,392,718 92,720,466 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 124,015 $ 53,065 $ (59,622) $ 185,980 Net income allocated to Third Point Re participating common shareholders (721) (85) — (482) Net income (loss) allocated to Third Point Re common shareholders $ 123,294 $ 52,980 $ (59,622) $ 185,498 Basic earnings (loss) per share available to Third Point Re common shareholders $ 1.33 $ 0.58 $ (0.65) $ 2.02 Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 124,015 $ 53,065 $ (59,622) $ 185,980 Net income allocated to Third Point Re participating common shareholders (720) (84) — (476) Net income (loss) allocated to Third Point Re common shareholders $ 123,295 $ 52,981 $ (59,622) $ 185,504 Diluted earnings (loss) per share available to Third Point Re common shareholders $ 1.33 $ 0.57 $ (0.65) $ 2.00

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 and income tax (expense) benefit are presented as a reconciliation to the Company’s consolidated results. The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments. The following is a summary of the Company’s operating segment results for the three and six months ended June 30, 2020 and 2019: Three months ended June 30, 2020 June 30, 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 157,571 $ 157,571 $ 82,637 $ 82,637 Gross premiums ceded (30,487) (30,487) (1,473) (1,473) Net premiums written 127,084 127,084 81,164 81,164 Change in net unearned premium reserves 13,726 13,726 64,288 64,288 Net premiums earned 140,810 140,810 145,452 145,452 Expenses Loss and loss adjustment expenses incurred, net 89,106 89,106 82,334 82,334 Acquisition costs, net 43,671 43,671 58,006 58,006 General and administrative expenses 5,596 5,596 6,769 6,769 Total expenses 138,373 138,373 147,109 147,109 Net underwriting income (loss) $ 2,437 2,437 $ (1,657) (1,657) Net investment income 137,211 69,131 Corporate expenses (7,859) (12,881) Other expenses (3,216) (3,811) Interest expense (2,046) (2,051) Foreign exchange gains 797 4,260 Income tax benefit (expense) (3,309) 74 Net income available to Third Point Re common shareholders $ 124,015 $ 53,065 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 63.3 % 56.6 % Acquisition cost ratio 31.0 % 39.9 % Composite ratio 94.3 % 96.5 % General and administrative expense ratio 4.0 % 4.6 % Combined ratio 98.3 % 101.1 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Six months ended June 30, 2020 June 30, 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 361,702 $ 361,702 $ 402,228 $ 402,228 Gross premiums ceded (30,222) (30,222) (2,185) (2,185) Net premiums written 331,480 331,480 400,043 400,043 Change in net unearned premium reserves (44,355) (44,355) (101,541) (101,541) Net premiums earned 287,125 287,125 298,502 298,502 Expenses Loss and loss adjustment expenses incurred, net 176,892 176,892 177,402 177,402 Acquisition costs, net 92,924 92,924 115,504 115,504 General and administrative expenses 10,475 10,475 12,993 12,993 Total expenses 280,291 280,291 305,899 305,899 Net underwriting income (loss) $ 6,834 6,834 $ (7,397) (7,397) Net investment income (loss) (47,816) 224,084 Corporate expenses (13,139) (18,789) Other expenses (6,693) (7,936) Interest expense (4,094) (4,080) Foreign exchange gains 9,014 1,742 Income tax expense (3,728) (1,644) Net income (loss) available to Third Point Re common shareholders $ (59,622) $ 185,980 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 61.6 % 59.4 % Acquisition cost ratio 32.4 % 38.7 % Composite ratio 94.0 % 98.1 % General and administrative expense ratio 3.6 % 4.4 % Combined ratio 97.6 % 102.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and six months ended June 30, 2020 and 2019: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Property $ 85,451 54.2 % $ 41,862 50.7 % $ 131,824 36.4 % $ 95,843 23.8 % Casualty 27,143 17.2 % 24,438 29.6 % 94,083 26.0 % 102,330 25.4 % Specialty 44,977 28.6 % 16,337 19.7 % 135,795 37.6 % 209,408 52.1 % Total prospective reinsurance contracts 157,571 100.0 % 82,637 100.0 % 361,702 100.0 % 407,581 101.3 % Retroactive reinsurance contracts (1) — — % — — % — — % (5,353) (1.3) % $ 157,571 100.0 % $ 82,637 100.0 % $ 361,702 100.0 % $ 402,228 100.0 % (1) The negative gross premiums written amount for the retroactive reinsurance contracts lines of business in the six months ended June 30, 2019 was the result of a reduction in premium estimate on one contract during the period.

Subsequent event

Subsequent event	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent event	18. Subsequent event Sirius Merger On August 6, 2020, Third Point Re, entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Sirius International Insurance Group, Ltd. (“Sirius”), a Bermuda exempted company limited by shares, and Yoga Merger Sub Limited (“Merger Sub”), a Bermuda exempted company limited by shares and wholly owned subsidiary of the Company. Pursuant to the Merger Agreement, Merger Sub will be merged with and into Sirius (the “Merger”), with Sirius continuing as the surviving company in the Merger, as a wholly owned subsidiary of the Company. The Company is to be renamed SiriusPoint Ltd. following the Merger. The total deal consideration is estimated as $788.0 million, which comprises stock, cash, and other contingent value components. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2021. Amended and Restated Exempted Limited Partnership Agreement On August 6, 2020, the Company, Third Point Re BDA and Third Point Re USA entered into the Third Amended and Restated Exempted Limited Partnership Agreement (“Second Amended LPA”) of TP Fund, which amended and restated the Amended LPA, which will become effective at the closing of the Merger. The Second Amended LPA updated the terms of the Amended LPA to reflect adjustments to the loss carryforward terms for the period ending on December 31, 2020. The performance of certain fixed income and other investments managed by Third Point LLC will be considered when calculating the performance fee allocation and Loss Recovery Account amounts under the terms of the Amended LPA. All other material terms of the Second Amended LPA remain consistent with the Amended LPA. Equity Commitment Letter On August 6, 2020, the Company, Third Point Opportunities Master Fund Ltd. and Daniel S. Loeb entered into an equity commitment letter (the “Equity Commitment Letter”), pursuant to which Third Point Opportunities Master Fund Ltd. commits, subject to the conditions set forth in the Equity Commitment Letter and the Merger Agreement, to purchase approximately $50.0 million of Company Shares in connection with closing of the Merger. Debt Commitment Letter

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Information	19. Supplemental guarantor information Third Point Re fully and unconditionally guarantees the $115.0 million of Notes issued by TPRUSA, a wholly owned subsidiary. The following information sets forth condensed consolidating balance sheets as of June 30, 2020 and December 31, 2019, condensed consolidating statements of income (loss) for the three and six months ended June 30, 2020 and 2019 and condensed consolidating statements of cash flows for the six months ended June 30, 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 June 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 996,993 $ — $ 1,000,993 Cash and cash equivalents 6 167 584,636 — 584,809 Restricted cash and cash equivalents — — 887,308 — 887,308 Investment in subsidiaries 1,359,206 281,603 191,585 (1,832,394) — Due from brokers — — 169,078 — 169,078 Interest and dividends receivable — — 2,195 — 2,195 Reinsurance balances receivable, net — — 613,204 — 613,204 Deferred acquisition costs, net — — 172,288 — 172,288 Unearned premiums ceded — — 35,817 — 35,817 Loss and loss adjustment expenses recoverable, net — — 10,064 — 10,064 Amounts due from (to) affiliates (2,515) 77 2,438 — — Other assets 270 7,646 9,891 — 17,807 Total assets $ 1,360,967 $ 289,493 $ 3,675,497 $ (1,832,394) $ 3,493,563 Liabilities Accounts payable and accrued expenses $ 3,663 $ — $ 8,504 $ — $ 12,167 Reinsurance balances payable — — 94,810 — 94,810 Deposit liabilities — — 168,910 — 168,910 Unearned premium reserves — — 587,995 — 587,995 Loss and loss adjustment expense reserves — — 1,133,983 — 1,133,983 Securities sold, not yet purchased, at fair value — — 19,597 — 19,597 Due to brokers — — 1,456 — 1,456 Interest and dividends payable — 3,035 129 — 3,164 Senior notes payable, net of deferred costs — 114,177 — — 114,177 Total liabilities 3,663 117,212 2,015,384 — 2,136,259 Shareholders’ equity Common shares 9,492 — 1,239 (1,239) 9,492 Additional paid-in capital 930,487 191,906 1,595,139 (1,787,045) 930,487 Retained earnings (deficit) 417,325 (19,625) 63,735 (44,110) 417,325 Shareholders’ equity attributable to Third Point Re common shareholders 1,357,304 172,281 1,660,113 (1,832,394) 1,357,304 Total liabilities and shareholders’ equity $ 1,360,967 $ 289,493 $ 3,675,497 $ (1,832,394) $ 3,493,563 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 June 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 157,571 $ — $ 157,571 Gross premiums ceded — — (30,487) — (30,487) Net premiums written — — 127,084 — 127,084 Change in net unearned premium reserves — — 13,726 — 13,726 Net premiums earned — — 140,810 — 140,810 Net investment income — — 137,211 — 137,211 Equity in earnings (losses) of subsidiaries 128,524 14,262 (16) (142,770) — Total revenues 128,524 14,262 278,005 (142,770) 278,021 Expenses Loss and loss adjustment expenses incurred, net — — 89,106 — 89,106 Acquisition costs, net — — 43,671 — 43,671 General and administrative expenses 4,509 2 8,944 — 13,455 Other expenses — — 3,216 — 3,216 Interest expense — 2,046 — — 2,046 Foreign exchange gains — — (797) — (797) Total expenses 4,509 2,048 144,140 — 150,697 Income before income tax (expense) benefit 124,015 12,214 133,865 (142,770) 127,324 Income tax (expense) benefit — 430 (3,739) — (3,309) Net income available to Third Point Re common shareholders $ 124,015 $ 12,644 $ 130,126 $ (142,770) $ 124,015 For the six months ended June 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 361,702 $ — $ 361,702 Gross premiums ceded — — (30,222) — (30,222) Net premiums written — — 331,480 — 331,480 Change in net unearned premium reserves — — (44,355) — (44,355) Net premiums earned — — 287,125 — 287,125 Net investment loss — — (47,816) — (47,816) Equity in earnings (losses) of subsidiaries (52,811) 17,435 (35) 35,411 — Total revenues (52,811) 17,435 239,274 35,411 239,309 Expenses Loss and loss adjustment expenses incurred, net — — 176,892 — 176,892 Acquisition costs, net — — 92,924 — 92,924 General and administrative expenses 6,811 9 16,794 — 23,614 Other expenses — — 6,693 — 6,693 Interest expense — 4,094 — — 4,094 Foreign exchange gains — — (9,014) — (9,014) Total expenses 6,811 4,103 284,289 — 295,203 Income (loss) before income tax (expense) benefit (59,622) 13,332 (45,015) 35,411 (55,894) Income tax (expense) benefit — 862 (4,590) — (3,728) Net income (loss) available to Third Point Re common shareholders $ (59,622) $ 14,194 $ (49,605) $ 35,411 $ (59,622) CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 82,637 $ — $ 82,637 Gross premiums ceded — — (1,473) — (1,473) Net premiums written — — 81,164 — 81,164 Change in net unearned premium reserves — — 64,288 — 64,288 Net premiums earned — — 145,452 — 145,452 Net investment income — — 69,131 — 69,131 Equity in earnings (losses) of subsidiaries 61,912 1,320 (3) (63,229) — Total revenues 61,912 1,320 214,580 (63,229) 214,583 Expenses Loss and loss adjustment expenses incurred, net — — 82,334 — 82,334 Acquisition costs, net — — 58,006 — 58,006 General and administrative expenses 8,847 13 10,790 — 19,650 Other expenses — — 3,811 — 3,811 Interest expense — 2,051 — — 2,051 Foreign exchange gains — — (4,260) — (4,260) Total expenses 8,847 2,064 150,681 — 161,592 Income (loss) before income tax (expense) benefit 53,065 (744) 63,899 (63,229) 52,991 Income tax (expense) benefit — 433 (359) — 74 Net income (loss) available to Third Point Re common shareholders $ 53,065 $ (311) $ 63,540 $ (63,229) $ 53,065 For the six months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 402,228 $ — $ 402,228 Gross premiums ceded — — (2,185) — (2,185) Net premiums written — — 400,043 — 400,043 Change in net unearned premium reserves — — (101,541) — (101,541) Net premiums earned — — 298,502 — 298,502 Net investment income — — 224,084 — 224,084 Equity in earnings (losses) of subsidiaries 197,453 9,333 (11) (206,775) — Total revenues 197,453 9,333 522,575 (206,775) 522,586 Expenses Loss and loss adjustment expenses incurred, net — — 177,402 — 177,402 Acquisition costs, net — — 115,504 — 115,504 General and administrative expenses 11,473 (26) 20,335 — 31,782 Other expenses — — 7,936 — 7,936 Interest expense — 4,080 — — 4,080 Foreign exchange gains — — (1,742) — (1,742) Total expenses 11,473 4,054 319,435 — 334,962 Income before income tax (expense) benefit 185,980 5,279 203,140 (206,775) 187,624 Income tax (expense) benefit — 851 (2,495) — (1,644) Net income available to Third Point Re common shareholders $ 185,980 $ 6,130 $ 200,645 $ (206,775) $ 185,980 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income (loss) $ (59,622) $ 14,194 $ (49,605) $ 35,411 $ (59,622) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries 52,811 (17,435) 35 (35,411) — Share compensation expense 333 — 2,820 — 3,153 Net interest expense on deposit liabilities — — 1,973 — 1,973 Net realized and unrealized gain on investments and derivatives — — (55,183) — (55,183) Net realized and unrealized loss on investment in related party investment fund — — 102,211 — 102,211 Net foreign exchange gains — — (9,014) — (9,014) Amortization of premium and accretion of discount, net — 88 382 — 470 Changes in assets and liabilities: Reinsurance balances receivable — — (18,385) — (18,385) Deferred acquisition costs, net — — (17,571) — (17,571) Unearned premiums ceded — — (18,872) — (18,872) Loss and loss adjustment expenses recoverable — — (4,544) — (4,544) Other assets 494 (862) 2,681 — 2,313 Interest and dividends receivable, net — (20) 112 — 92 Unearned premium reserves — — 63,227 — 63,227 Loss and loss adjustment expense reserves — — 32,951 — 32,951 Accounts payable and accrued expenses (512) 1 (5,138) — (5,649) Reinsurance balances payable — — 12,886 — 12,886 Amounts due from (to) affiliates (3,207) (3,975) 7,182 — — Net cash provided by (used in) operating activities (9,703) (8,009) 48,148 — 30,436 Investing activities Purchases of investments — — (421,683) — (421,683) Proceeds from sales and maturities of investments — — 363,047 — 363,047 Purchases of investments to cover short sales — — (2,785) — (2,785) Proceeds from short sales of investments — — 22,290 — 22,290 Change in due to/from brokers, net — — (167,622) — (167,622) Net cash used in investing activities — — (206,753) — (206,753) Financing activities Taxes paid on withholding shares (301) — — — (301) Net payments on deposit liability contracts — — (5,223) — (5,223) Dividend received by (paid to) parent 10,000 8,000 (18,000) — — Net cash provided by (used in) financing activities 9,699 8,000 (23,223) — (5,524) Net decrease in cash, cash equivalents and restricted cash (4) (9) (181,828) — (181,841) 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 $ 167 $ 1,471,944 $ — $ 1,472,117 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 185,980 $ 6,130 $ 200,645 $ (206,775) $ 185,980 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (197,453) (9,333) 11 206,775 — Share compensation expense 2,640 — 2,772 — 5,412 Net interest expense on deposit liabilities — — 2,422 — 2,422 Net realized and unrealized gain on investments and derivatives — — (2,740) — (2,740) Net realized and unrealized gain on investment in related party investment fund — — (213,348) — (213,348) Net foreign exchange gains — — (1,742) — (1,742) Amortization of premium and accretion of discount, net — 88 397 — 485 Changes in assets and liabilities: Reinsurance balances receivable — — (87,348) — (87,348) Deferred acquisition costs, net — — (4,185) — (4,185) Unearned premiums ceded — — 2,079 — 2,079 Loss and loss adjustment expenses recoverable — — (1,624) — (1,624) Other assets 1,282 (851) 835 — 1,266 Interest and dividends receivable, net — (33) (476) — (509) Unearned premium reserves — — 99,462 — 99,462 Loss and loss adjustment expense reserves — — 85,805 — 85,805 Accounts payable and accrued expenses 3,778 (34) 3,838 — 7,582 Reinsurance balances payable — — 18,809 — 18,809 Amounts due from (to) affiliates (2,158) (75) 2,233 — — Net cash provided by (used in) operating activities (5,931) (4,108) 107,845 — 97,806 Investing activities Proceeds from redemptions from related party investment fund — — 360,000 — 360,000 Contributions to related party investment fund — — (87,000) — (87,000) Change in participation agreement with related party investment fund — — (2,297) — (2,297) Purchases of investments (3,000) — (327,463) — (330,463) Proceeds from sales and maturities of investments — — 2,198 — 2,198 Change in due to/from brokers, net — — 1,411 — 1,411 Contributed capital to subsidiaries (15,000) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000) 15,000 — — Net cash used in investing activities (18,000) — (38,151) — (56,151) Financing activities Taxes paid on withholding shares (68) — — — (68) Net payments on deposit liability contracts — — (5,021) — (5,021) Dividend received by (paid to) parent 24,000 4,100 (28,100) — — Net cash provided by (used in) financing activities 23,932 4,100 (33,121) — (5,089) Net increase (decrease) in cash, cash equivalents and restricted cash 1 (8) 36,573 — 36,566 Cash, cash equivalents and restricted cash at beginning of period — 187 713,150 — 713,337 Cash, cash equivalents and restricted cash at end of period $ 1 $ 179 $ 749,723 $ — $ 749,903

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Recently issued accounting standards	Recently issued accounting standards Issued and effective as of June 30, 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 June 30, 2020 Other accounting pronouncements issued during the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019: June 30, December 31, 2019 Cash and cash equivalents $ 584,809 $ 639,415 Restricted cash securing letter of credit facilities (1) 262,228 254,176 Restricted cash securing reinsurance contracts (2) 625,080 760,367 Total cash, cash equivalents and restricted cash (3) 1,472,117 1,653,958 Restricted investments securing reinsurance contracts (2) 152,433 142,617 Total cash, cash equivalents, restricted cash and restricted investments $ 1,624,550 $ 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)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019: June 30, December 31, 2019 Assets TP Fund $ 758,419 $ 860,630 Debt securities 238,574 125,071 Total investments 996,993 985,701 Cash and cash equivalents 502,937 588,196 Restricted cash and cash equivalents 887,308 1,014,543 Due from brokers 169,078 — Interest and dividends receivable 2,195 2,178 Other assets — 18 Total assets 2,558,511 2,590,636 Liabilities Accounts payable and accrued expenses 933 509 Securities sold, not yet purchased 19,597 — Due to brokers 1,456 — Interest and dividends payable 129 — Total liabilities 22,115 509 Total net investments managed by Third Point LLC $ 2,536,396 $ 2,590,127

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019: June 30, 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 — 47,268 1,153 48,421 Bank debt — 1,257 — 1,257 Corporate bonds — 66,894 — 66,894 U.S. Treasury securities — 99,955 — 99,955 Sovereign debt — 22,047 — 22,047 Total debt securities — 237,421 1,153 238,574 $ — $ 237,421 $ 5,153 242,574 Investments in funds valued at NAV 758,419 Total assets $ 1,000,993 Liabilities U.S. Treasury securities $ — $ 19,597 $ — $ 19,597 Total securities sold, not yet purchased — 19,597 — 19,597 Derivative liabilities (embedded) — — 4 4 Total liabilities $ — $ 19,597 $ 4 $ 19,601 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
Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs	The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the three and six months ended June 30, 2020 and 2019: April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities 4,426 (4,426) 989 — 164 1,153 Total assets $ 8,426 $ (4,426) $ 989 $ — $ 164 $ 5,153 Liabilities Derivative liabilities (embedded) $ (4) $ — $ — $ — $ — $ (4) Total liabilities $ (4) $ — $ — $ — $ — $ (4) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities — — 989 — 164 1,153 Total assets $ 4,000 $ — $ 989 $ — $ 164 $ 5,153 Liabilities Derivative liabilities (embedded) $ (31) $ — $ — $ — $ 27 $ (4) Total liabilities $ (31) $ — $ — $ — $ 27 $ (4) April 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities 3,000 — — — — 3,000 Total assets $ 3,000 $ — $ — $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) (32) — — — (22) (54) Total liabilities $ (32) $ — $ — $ — $ (22) $ (54) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) June 30, Assets Private preferred equity securities $ — $ — $ 3,000 $ — $ — $ 3,000 Total assets $ — $ — $ 3,000 $ — $ — $ 3,000 Liabilities Derivative liabilities (embedded) $ (22) $ — $ — $ — $ (32) $ (54) Total liabilities $ (22) $ — $ — $ — $ (32) $ (54) (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)	6 Months Ended
	Jun. 30, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Due from/to Brokers	, the Company’s due from/to brokers were comprised of the following: June 30, Due from brokers Cash held at brokers $ 165,303 Receivable from unsettled trades (1) 3,775 $ 169,078 Due to brokers Borrowing from prime brokers $ 70 Payable from unsettled trades 1,386 $ 1,456

Loss and loss adjustment expe_2

Loss and loss adjustment expense reserves (Tables)	6 Months Ended
	Jun. 30, 2020
Insurance Loss Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of June 30, 2020 and December 31, 2019, loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: June 30, December 31, 2019 Case loss and loss adjustment expense reserves $ 215,316 $ 148,166 Incurred but not reported loss and loss adjustment expense reserves 918,667 963,359 Deferred gains on retroactive reinsurance contracts — 167 $ 1,133,983 $ 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 six months ended June 30, 2020 and 2019: June 30, 2020 June 30, 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 176,644 186,382 Prior years 248 (8,980) Total incurred loss and loss adjustment expenses 176,892 177,402 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (24,893) (25,503) Prior years (123,844) (67,824) Total net paid losses (148,737) (93,327) Foreign currency translation (10,660) (1,186) Net reserves for loss and loss adjustment expenses, end of period 1,116,929 1,014,168 Plus: loss and loss adjustment expenses recoverable, end of period 10,064 3,655 Plus: deferred charges on retroactive reinsurance contracts 6,990 3,953 Gross reserves for loss and loss adjustment expenses, end of period $ 1,133,983 $ 1,021,776

Management, and performance f_2

Management, and performance fees (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020 and 2019 were as follows: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Management fees - TP Fund $ 3,169 $ 5,143 $ 7,034 $ 9,986 Performance fees - TP Fund (before loss carryforward) 19,721 12,721 710 42,119 Performance fees - loss carryforward utilized (19,721) (12,721) (710) (42,119) Total management and performance fees to related parties $ 3,169 $ 5,143 $ 7,034 $ 9,986

Deposit contracts (Tables)

Deposit contracts (Tables)	6 Months Ended
	Jun. 30, 2020
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity for the deposit contracts for the six months ended June 30, 2020 and year ended December 31, 2019: June 30, December 31, 2019 Balance, beginning of period $ 172,259 $ 145,342 Consideration received 550 23,884 Consideration receivable — 10,164 Net investment expense allocation 1,973 5,879 Payments (5,773) (13,052) Foreign currency translation (99) 42 Balance, end of period $ 168,910 $ 172,259

Senior notes payable and lett_2

Senior notes payable and letter of credit facilities (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of credit facilities	As of June 30, 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 $ 59,949 $ 59,949 Uncommitted - Secured letters of credit facilities n/a 202,279 202,279 $ 262,228 $ 262,228

Net investment income (Tables)

Net investment income (Tables)	6 Months Ended
	Jun. 30, 2020
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income (loss) for the three and six months ended June 30, 2020 and 2019 consisted of the following: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net investment income (loss) by type Net realized gains on investments and investment derivatives $ 39,826 $ 44 $ 39,126 $ 44 Net change in unrealized gains (losses) on investments and investment derivatives (3,316) 1,026 16,030 2,728 Net gains (losses) on foreign currencies (518) (1,192) (7,567) 2,573 Dividend and interest income 3,258 3,149 7,747 5,834 Other expenses (643) (253) (941) (443) Net investment income (loss) from investment in related party investment fund 98,604 66,357 (102,211) 213,348 Net investment income (loss) $ 137,211 $ 69,131 $ (47,816) $ 224,084 The following table provides an additional breakdown of our net investment income (loss) by asset and liability type for the three and six months ended June 30, 2020 and 2019: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net investment income (loss) by asset type Asset-backed securities $ 19,100 $ — $ 31,167 $ — Bank debt 270 — 153 — Corporate bonds 19,875 — 26,820 — U.S. Treasury securities 20 3,224 2,313 5,022 Sovereign debt (82) (934) (1,433) 32 Total debt securities 39,183 2,290 59,020 5,054 Net investment income in funds valued at NAV, excluding TP Fund — — — 3 Total net investment income from invested assets 39,183 2,290 59,020 5,057 Net investment income (loss) by liability type U.S. Treasury securities (42) — (154) — Total net investment loss from securities sold, not yet purchased (42) — (154) — Other investment income (losses) and other expenses not presented above Other investment expenses (494) (254) (762) (444) Net investment income (loss) on cash, including foreign exchange gain (loss) (40) 738 (3,709) 6,123 Total other investment income (losses) and other expenses (534) 484 (4,471) 5,679 Net investment income (loss) from investment in related party investment fund 98,604 66,357 (102,211) 213,348 Net investment income (loss) $ 137,211 $ 69,131 $ (47,816) $ 224,084
Equity Method Investment, Summarized Financial Information, Related Party Investment Fund	As a result of the Company’s holding in TP Fund and its contribution to the Company’s overall financial results, the Company includes the following summarized income statement of the TP Fund for the three and six months ended June 30, 2020 and 2019, and summarized balance sheet as of June 30, 2020 and December 31, 2019. Thi s summarized income statement of TP Fund reflects the main components of total investment income and expenses of TP Fund. This summarized income statement is not a breakdown of the Company’s proportional investment income in TP Fund as presented in the Company’s condensed consolidated statement of income. Three months ended Six months ended TP Fund summarized income statement June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Investment income (loss) Net realized gain (loss) from securities, derivative contracts and foreign currency translations $ 2,537 $ 19,663 $ 18,132 $ (3,438) Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations 113,324 59,728 (138,135) 249,766 Net income (loss) from currencies 110 (2,110) (190) (2,592) Dividend and interest income 9,038 17,756 13,446 30,080 Other income 35 2,306 684 4,414 Total investment income (loss) 125,044 97,343 (106,063) 278,230 Expenses Management fees 3,169 5,143 7,034 9,986 Interest 1,818 5,201 4,489 8,824 Dividends on securities sold, not yet purchased 1,063 2,389 2,343 4,744 Administrative and professional fees 359 613 824 1,015 Other expenses 517 1,607 1,005 3,204 Total expenses 6,926 14,953 15,695 27,773 Net income (loss) $ 118,118 $ 82,390 $ (121,758) $ 250,457 The following table is a summarized balance sheet of TP Fund as of June 30, 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 June 30, December 31, 2019 Assets Total investments in securities and affiliated funds $ 1,504,499 $ 1,620,531 Cash and cash equivalents 16 52 Due from brokers 170,659 162,682 Derivative assets, at fair value 7,554 21,861 Interest and dividends receivable 2,449 1,210 Other assets 183 212 Total assets $ 1,685,360 $ 1,806,548 Liabilities Accounts payable and accrued expenses $ 1,599 $ 2,417 Securities sold, not yet purchased, at fair value 206,766 283,711 Securities sold under agreement to repurchase 15,241 — Due to brokers 551,626 426,612 Derivative liabilities, at fair value 28,805 19,282 Withdrawals payable to General Partner — 42,381 Interest and dividends payable 693 972 Management fee payable 90 256 Total liabilities 804,820 775,631 Total partners' capital $ 880,540 $ 1,030,917

Income taxes (Tables)

Income taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of income tax expenses	For the three and six months ended June 30, 2020 and 2019, the Company recorded income tax expense, as follows: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ 3,309 $ (74) $ 3,728 $ 1,644 (1) As of June 30, 2020, the Company has recorded $4.6 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 June 30, 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)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 350,409 371,596 Performance restricted shares granted, net of forfeitures and shares withheld 344,296 (16,282) Common shares issued, end of period 94,920,203 93,994,924

Share-based compensation (Table

Share-based compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of share-based compensation expense	The following table provides the total share-based compensation expense included in general and administrative expenses during the three and six months ended June 30, 2020 and 2019: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Restricted shares with service condition $ 667 $ 940 $ 1,174 $ 1,134 Restricted shares with service and performance condition 920 3,014 1,979 4,278 $ 1,587 $ 3,954 $ 3,153 $ 5,412
Schedule of management and director options outstanding	The following table summarizes information about the Company’s management and director share options outstanding and exercisable as of June 30, 2020: Range of exercise prices Number of Weighted average Remaining contractual life $10.00 - $10.89 4,774,694 $ 10.04 1.6 years $15.05 - $16.89 1,800,866 15.92 1.8 years $20.00 - $25.05 1,731,098 20.28 1.7 years 8,306,658 $ 13.45 1.7 years
Schedule of restricted shares with service condition activity	Restricted share award activity for the six months ended June 30, 2020 and year ended December 31, 2019 was as follows: Number of non- Weighted 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 366,843 8.98 Forfeited (16,434) 9.77 Vested (134,757) 11.06 Balance as of June 30, 2020 556,419 $ 9.72
Schedule of restricted shares with performance condition activity	Restricted share award activity for the restricted shares with a service and performance condition for the six months ended June 30, 2020 and year ended December 31, 2019 were as follows: Number of non- Number of non- 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 749,322 499,542 9.46 Forfeited (372,476) (39,214) 12.12 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 June 30, 2020 1,762,935 1,268,709 $ 11.36

Earnings (loss) per share ava_2

Earnings (loss) per share available to Third Point Re common shareholders (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020 and 2019: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 92,593,599 91,776,870 92,392,718 91,723,636 Dilutive effect of options — 321,492 — 308,579 Dilutive effect of warrants — 228,643 — 219,460 Dilutive effect of restricted shares with service and performance condition 144,694 474,794 — 468,791 Diluted number of common shares outstanding 92,738,293 92,801,799 92,392,718 92,720,466 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 124,015 $ 53,065 $ (59,622) $ 185,980 Net income allocated to Third Point Re participating common shareholders (721) (85) — (482) Net income (loss) allocated to Third Point Re common shareholders $ 123,294 $ 52,980 $ (59,622) $ 185,498 Basic earnings (loss) per share available to Third Point Re common shareholders $ 1.33 $ 0.58 $ (0.65) $ 2.02 Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 124,015 $ 53,065 $ (59,622) $ 185,980 Net income allocated to Third Point Re participating common shareholders (720) (84) — (476) Net income (loss) allocated to Third Point Re common shareholders $ 123,295 $ 52,981 $ (59,622) $ 185,504 Diluted earnings (loss) per share available to Third Point Re common shareholders $ 1.33 $ 0.57 $ (0.65) $ 2.00

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of operating segments	The following is a summary of the Company’s operating segment results for the three and six months ended June 30, 2020 and 2019: Three months ended June 30, 2020 June 30, 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 157,571 $ 157,571 $ 82,637 $ 82,637 Gross premiums ceded (30,487) (30,487) (1,473) (1,473) Net premiums written 127,084 127,084 81,164 81,164 Change in net unearned premium reserves 13,726 13,726 64,288 64,288 Net premiums earned 140,810 140,810 145,452 145,452 Expenses Loss and loss adjustment expenses incurred, net 89,106 89,106 82,334 82,334 Acquisition costs, net 43,671 43,671 58,006 58,006 General and administrative expenses 5,596 5,596 6,769 6,769 Total expenses 138,373 138,373 147,109 147,109 Net underwriting income (loss) $ 2,437 2,437 $ (1,657) (1,657) Net investment income 137,211 69,131 Corporate expenses (7,859) (12,881) Other expenses (3,216) (3,811) Interest expense (2,046) (2,051) Foreign exchange gains 797 4,260 Income tax benefit (expense) (3,309) 74 Net income available to Third Point Re common shareholders $ 124,015 $ 53,065 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 63.3 % 56.6 % Acquisition cost ratio 31.0 % 39.9 % Composite ratio 94.3 % 96.5 % General and administrative expense ratio 4.0 % 4.6 % Combined ratio 98.3 % 101.1 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Six months ended June 30, 2020 June 30, 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 361,702 $ 361,702 $ 402,228 $ 402,228 Gross premiums ceded (30,222) (30,222) (2,185) (2,185) Net premiums written 331,480 331,480 400,043 400,043 Change in net unearned premium reserves (44,355) (44,355) (101,541) (101,541) Net premiums earned 287,125 287,125 298,502 298,502 Expenses Loss and loss adjustment expenses incurred, net 176,892 176,892 177,402 177,402 Acquisition costs, net 92,924 92,924 115,504 115,504 General and administrative expenses 10,475 10,475 12,993 12,993 Total expenses 280,291 280,291 305,899 305,899 Net underwriting income (loss) $ 6,834 6,834 $ (7,397) (7,397) Net investment income (loss) (47,816) 224,084 Corporate expenses (13,139) (18,789) Other expenses (6,693) (7,936) Interest expense (4,094) (4,080) Foreign exchange gains 9,014 1,742 Income tax expense (3,728) (1,644) Net income (loss) available to Third Point Re common shareholders $ (59,622) $ 185,980 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 61.6 % 59.4 % Acquisition cost ratio 32.4 % 38.7 % Composite ratio 94.0 % 98.1 % General and administrative expense ratio 3.6 % 4.4 % Combined ratio 97.6 % 102.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Schedule of breakdown of the Company’s gross premiums written by line of business	The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and six months ended June 30, 2020 and 2019: Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Property $ 85,451 54.2 % $ 41,862 50.7 % $ 131,824 36.4 % $ 95,843 23.8 % Casualty 27,143 17.2 % 24,438 29.6 % 94,083 26.0 % 102,330 25.4 % Specialty 44,977 28.6 % 16,337 19.7 % 135,795 37.6 % 209,408 52.1 % Total prospective reinsurance contracts 157,571 100.0 % 82,637 100.0 % 361,702 100.0 % 407,581 101.3 % Retroactive reinsurance contracts (1) — — % — — % — — % (5,353) (1.3) % $ 157,571 100.0 % $ 82,637 100.0 % $ 361,702 100.0 % $ 402,228 100.0 % (1) The negative gross premiums written amount for the retroactive reinsurance contracts lines of business in the six months ended June 30, 2019 was the result of a reduction in premium estimate on one contract during the period.

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 996,993 $ — $ 1,000,993 Cash and cash equivalents 6 167 584,636 — 584,809 Restricted cash and cash equivalents — — 887,308 — 887,308 Investment in subsidiaries 1,359,206 281,603 191,585 (1,832,394) — Due from brokers — — 169,078 — 169,078 Interest and dividends receivable — — 2,195 — 2,195 Reinsurance balances receivable, net — — 613,204 — 613,204 Deferred acquisition costs, net — — 172,288 — 172,288 Unearned premiums ceded — — 35,817 — 35,817 Loss and loss adjustment expenses recoverable, net — — 10,064 — 10,064 Amounts due from (to) affiliates (2,515) 77 2,438 — — Other assets 270 7,646 9,891 — 17,807 Total assets $ 1,360,967 $ 289,493 $ 3,675,497 $ (1,832,394) $ 3,493,563 Liabilities Accounts payable and accrued expenses $ 3,663 $ — $ 8,504 $ — $ 12,167 Reinsurance balances payable — — 94,810 — 94,810 Deposit liabilities — — 168,910 — 168,910 Unearned premium reserves — — 587,995 — 587,995 Loss and loss adjustment expense reserves — — 1,133,983 — 1,133,983 Securities sold, not yet purchased, at fair value — — 19,597 — 19,597 Due to brokers — — 1,456 — 1,456 Interest and dividends payable — 3,035 129 — 3,164 Senior notes payable, net of deferred costs — 114,177 — — 114,177 Total liabilities 3,663 117,212 2,015,384 — 2,136,259 Shareholders’ equity Common shares 9,492 — 1,239 (1,239) 9,492 Additional paid-in capital 930,487 191,906 1,595,139 (1,787,045) 930,487 Retained earnings (deficit) 417,325 (19,625) 63,735 (44,110) 417,325 Shareholders’ equity attributable to Third Point Re common shareholders 1,357,304 172,281 1,660,113 (1,832,394) 1,357,304 Total liabilities and shareholders’ equity $ 1,360,967 $ 289,493 $ 3,675,497 $ (1,832,394) $ 3,493,563 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 June 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 157,571 $ — $ 157,571 Gross premiums ceded — — (30,487) — (30,487) Net premiums written — — 127,084 — 127,084 Change in net unearned premium reserves — — 13,726 — 13,726 Net premiums earned — — 140,810 — 140,810 Net investment income — — 137,211 — 137,211 Equity in earnings (losses) of subsidiaries 128,524 14,262 (16) (142,770) — Total revenues 128,524 14,262 278,005 (142,770) 278,021 Expenses Loss and loss adjustment expenses incurred, net — — 89,106 — 89,106 Acquisition costs, net — — 43,671 — 43,671 General and administrative expenses 4,509 2 8,944 — 13,455 Other expenses — — 3,216 — 3,216 Interest expense — 2,046 — — 2,046 Foreign exchange gains — — (797) — (797) Total expenses 4,509 2,048 144,140 — 150,697 Income before income tax (expense) benefit 124,015 12,214 133,865 (142,770) 127,324 Income tax (expense) benefit — 430 (3,739) — (3,309) Net income available to Third Point Re common shareholders $ 124,015 $ 12,644 $ 130,126 $ (142,770) $ 124,015 For the six months ended June 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 361,702 $ — $ 361,702 Gross premiums ceded — — (30,222) — (30,222) Net premiums written — — 331,480 — 331,480 Change in net unearned premium reserves — — (44,355) — (44,355) Net premiums earned — — 287,125 — 287,125 Net investment loss — — (47,816) — (47,816) Equity in earnings (losses) of subsidiaries (52,811) 17,435 (35) 35,411 — Total revenues (52,811) 17,435 239,274 35,411 239,309 Expenses Loss and loss adjustment expenses incurred, net — — 176,892 — 176,892 Acquisition costs, net — — 92,924 — 92,924 General and administrative expenses 6,811 9 16,794 — 23,614 Other expenses — — 6,693 — 6,693 Interest expense — 4,094 — — 4,094 Foreign exchange gains — — (9,014) — (9,014) Total expenses 6,811 4,103 284,289 — 295,203 Income (loss) before income tax (expense) benefit (59,622) 13,332 (45,015) 35,411 (55,894) Income tax (expense) benefit — 862 (4,590) — (3,728) Net income (loss) available to Third Point Re common shareholders $ (59,622) $ 14,194 $ (49,605) $ 35,411 $ (59,622) CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 82,637 $ — $ 82,637 Gross premiums ceded — — (1,473) — (1,473) Net premiums written — — 81,164 — 81,164 Change in net unearned premium reserves — — 64,288 — 64,288 Net premiums earned — — 145,452 — 145,452 Net investment income — — 69,131 — 69,131 Equity in earnings (losses) of subsidiaries 61,912 1,320 (3) (63,229) — Total revenues 61,912 1,320 214,580 (63,229) 214,583 Expenses Loss and loss adjustment expenses incurred, net — — 82,334 — 82,334 Acquisition costs, net — — 58,006 — 58,006 General and administrative expenses 8,847 13 10,790 — 19,650 Other expenses — — 3,811 — 3,811 Interest expense — 2,051 — — 2,051 Foreign exchange gains — — (4,260) — (4,260) Total expenses 8,847 2,064 150,681 — 161,592 Income (loss) before income tax (expense) benefit 53,065 (744) 63,899 (63,229) 52,991 Income tax (expense) benefit — 433 (359) — 74 Net income (loss) available to Third Point Re common shareholders $ 53,065 $ (311) $ 63,540 $ (63,229) $ 53,065 For the six months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 402,228 $ — $ 402,228 Gross premiums ceded — — (2,185) — (2,185) Net premiums written — — 400,043 — 400,043 Change in net unearned premium reserves — — (101,541) — (101,541) Net premiums earned — — 298,502 — 298,502 Net investment income — — 224,084 — 224,084 Equity in earnings (losses) of subsidiaries 197,453 9,333 (11) (206,775) — Total revenues 197,453 9,333 522,575 (206,775) 522,586 Expenses Loss and loss adjustment expenses incurred, net — — 177,402 — 177,402 Acquisition costs, net — — 115,504 — 115,504 General and administrative expenses 11,473 (26) 20,335 — 31,782 Other expenses — — 7,936 — 7,936 Interest expense — 4,080 — — 4,080 Foreign exchange gains — — (1,742) — (1,742) Total expenses 11,473 4,054 319,435 — 334,962 Income before income tax (expense) benefit 185,980 5,279 203,140 (206,775) 187,624 Income tax (expense) benefit — 851 (2,495) — (1,644) Net income available to Third Point Re common shareholders $ 185,980 $ 6,130 $ 200,645 $ (206,775) $ 185,980
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income (loss) $ (59,622) $ 14,194 $ (49,605) $ 35,411 $ (59,622) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries 52,811 (17,435) 35 (35,411) — Share compensation expense 333 — 2,820 — 3,153 Net interest expense on deposit liabilities — — 1,973 — 1,973 Net realized and unrealized gain on investments and derivatives — — (55,183) — (55,183) Net realized and unrealized loss on investment in related party investment fund — — 102,211 — 102,211 Net foreign exchange gains — — (9,014) — (9,014) Amortization of premium and accretion of discount, net — 88 382 — 470 Changes in assets and liabilities: Reinsurance balances receivable — — (18,385) — (18,385) Deferred acquisition costs, net — — (17,571) — (17,571) Unearned premiums ceded — — (18,872) — (18,872) Loss and loss adjustment expenses recoverable — — (4,544) — (4,544) Other assets 494 (862) 2,681 — 2,313 Interest and dividends receivable, net — (20) 112 — 92 Unearned premium reserves — — 63,227 — 63,227 Loss and loss adjustment expense reserves — — 32,951 — 32,951 Accounts payable and accrued expenses (512) 1 (5,138) — (5,649) Reinsurance balances payable — — 12,886 — 12,886 Amounts due from (to) affiliates (3,207) (3,975) 7,182 — — Net cash provided by (used in) operating activities (9,703) (8,009) 48,148 — 30,436 Investing activities Purchases of investments — — (421,683) — (421,683) Proceeds from sales and maturities of investments — — 363,047 — 363,047 Purchases of investments to cover short sales — — (2,785) — (2,785) Proceeds from short sales of investments — — 22,290 — 22,290 Change in due to/from brokers, net — — (167,622) — (167,622) Net cash used in investing activities — — (206,753) — (206,753) Financing activities Taxes paid on withholding shares (301) — — — (301) Net payments on deposit liability contracts — — (5,223) — (5,223) Dividend received by (paid to) parent 10,000 8,000 (18,000) — — Net cash provided by (used in) financing activities 9,699 8,000 (23,223) — (5,524) Net decrease in cash, cash equivalents and restricted cash (4) (9) (181,828) — (181,841) 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 $ 167 $ 1,471,944 $ — $ 1,472,117 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 185,980 $ 6,130 $ 200,645 $ (206,775) $ 185,980 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (197,453) (9,333) 11 206,775 — Share compensation expense 2,640 — 2,772 — 5,412 Net interest expense on deposit liabilities — — 2,422 — 2,422 Net realized and unrealized gain on investments and derivatives — — (2,740) — (2,740) Net realized and unrealized gain on investment in related party investment fund — — (213,348) — (213,348) Net foreign exchange gains — — (1,742) — (1,742) Amortization of premium and accretion of discount, net — 88 397 — 485 Changes in assets and liabilities: Reinsurance balances receivable — — (87,348) — (87,348) Deferred acquisition costs, net — — (4,185) — (4,185) Unearned premiums ceded — — 2,079 — 2,079 Loss and loss adjustment expenses recoverable — — (1,624) — (1,624) Other assets 1,282 (851) 835 — 1,266 Interest and dividends receivable, net — (33) (476) — (509) Unearned premium reserves — — 99,462 — 99,462 Loss and loss adjustment expense reserves — — 85,805 — 85,805 Accounts payable and accrued expenses 3,778 (34) 3,838 — 7,582 Reinsurance balances payable — — 18,809 — 18,809 Amounts due from (to) affiliates (2,158) (75) 2,233 — — Net cash provided by (used in) operating activities (5,931) (4,108) 107,845 — 97,806 Investing activities Proceeds from redemptions from related party investment fund — — 360,000 — 360,000 Contributions to related party investment fund — — (87,000) — (87,000) Change in participation agreement with related party investment fund — — (2,297) — (2,297) Purchases of investments (3,000) — (327,463) — (330,463) Proceeds from sales and maturities of investments — — 2,198 — 2,198 Change in due to/from brokers, net — — 1,411 — 1,411 Contributed capital to subsidiaries (15,000) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000) 15,000 — — Net cash used in investing activities (18,000) — (38,151) — (56,151) Financing activities Taxes paid on withholding shares (68) — — — (68) Net payments on deposit liability contracts — — (5,021) — (5,021) Dividend received by (paid to) parent 24,000 4,100 (28,100) — — Net cash provided by (used in) financing activities 23,932 4,100 (33,121) — (5,089) Net increase (decrease) in cash, cash equivalents and restricted cash 1 (8) 36,573 — 36,566 Cash, cash equivalents and restricted cash at beginning of period — 187 713,150 — 713,337 Cash, cash equivalents and restricted cash at end of period $ 1 $ 179 $ 749,723 $ — $ 749,903

Restricted cash and cash equi_3

Restricted cash and cash equivalents and restricted investments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 584,809	$ 639,415
Restricted cash and cash equivalents	887,308	1,014,543
Total cash, cash equivalents and restricted cash	1,472,117	1,653,958	$ 749,903	$ 713,337
Restricted Investments	152,433	142,617
Total restricted cash and cash equivalents and investments	1,624,550	1,796,575
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	262,228	254,176
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 625,080	$ 760,367

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Total assets	$ 2,558,511	$ 2,590,636
Liabilities
Total liabilities and shareholders' equity	22,115	509
Total net investments managed by Third Point LLC	2,536,396	2,590,127
TP Fund
Assets
Total assets	758,419	860,630
Debt securities
Assets
Total assets	238,574	125,071
Total investments
Assets
Total assets	996,993	985,701
Cash and cash equivalents
Assets
Total assets	502,937	588,196
Restricted cash and cash equivalents
Assets
Total assets	887,308	1,014,543
Due from brokers
Assets
Total assets	169,078	0
Interest and dividends receivable
Assets
Total assets	2,195	2,178
Other assets
Assets
Total assets	0	18
Accounts payable and accrued expenses
Liabilities
Total liabilities and shareholders' equity	933	509
Securities sold, not yet purchased
Liabilities
Total liabilities and shareholders' equity	19,597	0
Due to brokers
Liabilities
Total liabilities and shareholders' equity	1,456	0
Interest and dividends payable
Liabilities
Total liabilities and shareholders' equity	$ 129	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details)	Jun. 30, 2020
TP Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	86.10%
TP GP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	13.90%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of investments, categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Assets
Equity securities	$ 1,000		$ 1,000		$ 1,000
Private common equity securities	3,000		3,000
Private preferred equity securities					3,000
Total equities	4,000		4,000		4,000
Asset-backed securities	48,421		48,421
Bank debt	1,257		1,257
Corporate bonds	66,894		66,894
U.S. Treasury securities	99,955		99,955		101,186
Sovereign debt	22,047		22,047		23,885
Total debt securities	238,574		238,574		125,071
Total assets	242,574		242,574		129,071
Investments in funds valued at NAV	758,419		758,419		860,630
Assets including alternative investments, fair value disclosure	1,000,993		1,000,993		989,701
Liabilities
U.S. Treasury securities	19,597		19,597
Total securities sold, not yet purchased	19,597		19,597		0
Derivative liabilities (embedded)	4		4		31
Total liabilities	19,601		19,601		31
Debt securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	(3,700)	$ 1,000	15,600	$ 2,400
Equity securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	0	$ 0	0	$ 0
Quoted prices in active markets (Level 1)
Assets
Equity securities	0		0		0
Private common equity securities	0		0
Private preferred equity securities					0
Total equities	0		0		0
Asset-backed securities	0		0
Bank debt	0		0
Corporate bonds	0		0
U.S. Treasury securities	0		0		0
Sovereign debt	0		0		0
Total debt securities	0		0		0
Total assets	0		0		0
Liabilities
U.S. Treasury securities	0		0
Total securities sold, not yet purchased	0		0
Derivative liabilities (embedded)	0		0		0
Total liabilities	0		0		0
Significant other observable inputs (Level 2)
Assets
Equity securities	0		0		0
Private common equity securities	0		0
Private preferred equity securities					0
Total equities	0		0		0
Asset-backed securities	47,268		47,268
Bank debt	1,257		1,257
Corporate bonds	66,894		66,894
U.S. Treasury securities	99,955		99,955		101,186
Sovereign debt	22,047		22,047		23,885
Total debt securities	237,421		237,421		125,071
Total assets	237,421		237,421		125,071
Liabilities
U.S. Treasury securities	19,597		19,597
Total securities sold, not yet purchased	19,597		19,597
Derivative liabilities (embedded)	0		0		0
Total liabilities	19,597		19,597		0
Significant unobservable inputs (Level 3)
Assets
Equity securities	1,000		1,000		1,000
Private common equity securities	3,000		3,000
Private preferred equity securities					3,000
Total equities	4,000		4,000		4,000
Asset-backed securities	1,153		1,153
Bank debt	0		0
Corporate bonds	0		0
U.S. Treasury securities	0		0		0
Sovereign debt	0		0		0
Total debt securities	1,153		1,153		0
Total assets	5,153		5,153		4,000
Liabilities
U.S. Treasury securities	0		0
Total securities sold, not yet purchased	0		0
Derivative liabilities (embedded)	4		4		31
Total liabilities	$ 4		$ 4		$ 31

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Securities valued based on dealer quotes or other quoted market prices for similar securities	$ 1,200		$ 1,200
Percent of securities valued based on dealer quotes or other quoted market prices for similar securities	0.50%		0.50%
Total change in unrealized (gains) losses on fair value of assets using significant unobservable inputs	$ 200	$ 0	$ 200	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Assets
Asset fair value, beginning balance	$ 8,426	$ 3,000	$ 4,000	$ 0
Transfers in to (out of) Level 3 (1)	(4,426)	0	0	0
Purchases	989	0	989	3,000
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	164	0	164	0
Asset fair value, ending balance	5,153	3,000	5,153	3,000
Liabilities
Liability fair value, beginning balance	(4)	(32)	(31)	(22)
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	0	(22)	27	(32)
Liability fair value, ending balance	(4)	(54)	(4)	(54)
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(4)	(32)	(31)	(22)
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	0	(22)	27	(32)
Liability fair value, ending balance	(4)	(54)	(4)	(54)
Private common equity securities
Assets
Asset fair value, beginning balance	1,000		1,000
Transfers in to (out of) Level 3 (1)	0		0
Purchases	0		0
Sales	0		0
Realized and Unrealized Gains (Losses)	0		0
Asset fair value, ending balance	1,000		1,000
Private preferred equity securities
Assets
Asset fair value, beginning balance	3,000		3,000	0
Transfers in to (out of) Level 3 (1)	0		0	0
Purchases	0		0	3,000
Sales	0		0	0
Realized and Unrealized Gains (Losses)	0		0	0
Asset fair value, ending balance	3,000	$ 3,000	3,000	$ 3,000
Asset-backed securities
Assets
Asset fair value, beginning balance	4,426		0
Transfers in to (out of) Level 3 (1)	(4,426)		0
Purchases	989		989
Sales	0		0
Realized and Unrealized Gains (Losses)	164		164
Asset fair value, ending balance	$ 1,153		$ 1,153

Due from_to brokers (Details)

Due from/to brokers (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Due from brokers
Cash held at brokers	$ 165,303
Receivable from unsettled trades	3,775
Due from brokers	169,078	$ 0
Due to brokers
Borrowing from prime brokers	70
Payable from unsettled trades	1,386
Due to brokers	$ 1,456	$ 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	Jun. 30, 2020	Dec. 31, 2019
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 215,316	$ 148,166
Incurred but not reported loss and loss adjustment expense reserves	918,667	963,359
Deferred gains on retroactive reinsurance contracts	0	167
Loss and loss adjustment expense reserves	$ 1,133,983	$ 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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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	176,644	186,382
Prior years	(248)	8,980
Total incurred loss and loss adjustment expenses	176,892	177,402
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(24,893)	(25,503)
Prior years	(123,844)	(67,824)
Total net paid losses	(148,737)	(93,327)
Foreign currency translation	(10,660)	(1,186)
Net reserves for loss and loss adjustment expenses, end of period	1,116,929	1,014,168
Plus: loss and loss adjustment expenses recoverable, end of period	10,064	3,655
Plus: deferred charges on retroactive reinsurance contracts, end of period	(6,990)	(3,953)
Prior Year Claims and Claims Adjustment Expense, Including Amortization of Deferred Gains	(200)	(9,000)
Gross reserves for loss and loss adjustment expenses, end of period	1,133,983	1,021,776
Unfavorable (Favorable) Reserve Development
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	(10,100)	(12,300)
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	(200)	11,800
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Earned Premium	7,800
Increase in net underwriting loss	(2,500)	(500)
Premium Adjustments on Certain Contracts
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	10,300	3,300
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact	18,900	5,800
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates	(19,800)	(5,500)
Change In Policy Acquisition Costs	8,600	2,500
Increase in net underwriting loss	(900)	300
Impact On Underwriting Income
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	$ (3,400)	(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		(7,900)
Other Contracts | Unfavorable (Favorable) Reserve Development
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss		(2,300)
Multi Line Contract | Unfavorable (Favorable) Reserve Development
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss		$ 9,700

Management, and performance f_3

Management, and performance fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction
Management and performance fees to related parties	$ (3,169)	$ (5,143)	$ (7,034)	$ (9,986)
TP Fund
Related Party Transaction
Annual investment management fee	1.25%		1.25%
Annual investment performance fee	20.00%		20.00%
TP Fund | Investment income, net, related party investment fund
Related Party Transaction
Management Fees - TP Fund	$ 3,169	5,143	$ 7,034	9,986
Performance Fees - TP Fund	19,721	12,721	710	42,119
Performance Fees - Loss Carryforward Utilization - TP Fund	19,721	$ 12,721	710	$ 42,119
Third Point Re BDA
Related Party Transaction
Loss Recovery Account	18,100		18,100		$ 0
Third Point Re USA
Related Party Transaction
Loss Recovery Account	$ 2,800		$ 2,800		$ 500

Deposit contracts (Details)

Deposit contracts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Deposit Contracts, Liabilities [Roll Forward]
Balance, beginning of period	$ 172,259	$ 145,342
Consideration received	550	23,884
Consideration receivable	0	10,164
Net investment expense allocation	1,973	5,879
Payments	(5,773)	(13,052)
Foreign currency translation	(99)	$ 42
Balance, end of period	$ 168,910

Senior notes payable and lett_3

Senior notes payable and letter of credit facilities (Senior notes payable) (Details) - Senior unsecured notes - 7% Senior Unsecured Notes - USD ($)	Jun. 30, 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	$ 800,000
Debt fair value	$ 122,400,000	$ 121,700,000

Senior notes payable and lett_4

Senior notes payable and letter of credit facilities (Letters of credit) (Details)	Jun. 30, 2020USD ($)
Line of Credit Facility
Utilized	$ 262,228,000
Collateral	262,228,000
Committed, secured facility
Line of Credit Facility
Facility	225,000,000
Utilized	59,949,000
Collateral	59,949,000
Uncommitted, unsecured facility
Line of Credit Facility
Utilized	202,279,000
Collateral	$ 202,279,000

Net investment income (Details)

Net investment income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Investment Income [Abstract]
Net realized gains on investments and investment derivatives	$ 39,826	$ 44	$ 39,126	$ 44
Net change in unrealized gains (losses) on investments and investment derivatives	(3,316)	1,026	16,030	2,728
Net gains (losses) on foreign currencies	(518)	(1,192)	(7,567)	2,573
Dividend and interest income	3,258	3,149	7,747	5,834
Other expenses	(643)	(253)	(941)	(443)
Net investment income (loss) from investment in related party investment fund	98,604	66,357	(102,211)	213,348
Net investment income	$ 137,211	$ 69,131	$ (47,816)	$ 224,084

Net investment income - by Type

Net investment income - by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	$ 137,211	$ 69,131	$ (47,816)	$ 224,084
Other investment expenses	(494)	(254)	(762)	(444)
Net investment income (loss) on cash, including foreign exchange gain (loss)	(40)	738	(3,709)	6,123
Total other investment income (losses) and other expenses	(534)	484	(4,471)	5,679
Net investment income (loss) from investment in related party investment fund	98,604	66,357	(102,211)	213,348
Net investment income	137,211	69,131	(47,816)	224,084
Net investment income (loss) by asset type
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	39,183	2,290	59,020	5,057
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	0	0	3
Net investment income (loss) by asset type | Debt securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	39,183	2,290	59,020	5,054
Net investment income (loss) by asset type | Asset-backed securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	19,100	0	31,167	0
Net investment income (loss) by asset type | Bank debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	270	0	153	0
Net investment income (loss) by asset type | Corporate bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	19,875	0	26,820	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)	20	3,224	2,313	5,022
Net investment income (loss) by asset type | Sovereign debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	(82)	(934)	(1,433)	32
Net investment income (loss) by liability type
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	(42)	0	(154)	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)	$ (42)	$ 0	$ (154)	$ 0

Net investment income - TP Fund

Net investment income - TP Fund income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investment income (loss)
Other Investment Income and Other	$ (534)	$ 484	$ (4,471)	$ 5,679
Total investment income (loss)	137,211	69,131	(47,816)	224,084
Expenses
Net income (loss)			(59,622)	185,980
TP Fund
Investment income (loss)
Net realized gain (loss) from securities, derivative contracts and foreign currency translations	2,537	19,663	18,132	(3,438)
Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations	113,324	59,728	(138,135)	249,766
Net income (loss) from currencies	110	(2,110)	(190)	(2,592)
Dividend and interest income	9,038	17,756	13,446	30,080
Other Investment Income and Other	35	2,306	684	4,414
Total investment income (loss)	125,044	97,343	(106,063)	278,230
Expenses
Management fees	3,169	5,143	7,034	9,986
Interest	1,818	5,201	4,489	8,824
Dividends on securities sold, not yet purchased	1,063	2,389	2,343	4,744
Administrative and professional fees	359	613	824	1,015
Other expenses	517	1,607	1,005	3,204
Total expenses	6,926	14,953	15,695	27,773
Net income (loss)	$ 118,118	$ 82,390	$ (121,758)	$ 250,457

Net investment income - TP Fu_2

Net investment income - TP Fund Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Total investments in securities	$ 1,000,993	$ 989,701
Cash and cash equivalents	584,809	639,415
Due from brokers	169,078	0
Interest and dividends receivable	2,195	2,178
Other assets	17,807	20,555
Total assets	3,493,563	3,439,694
Liabilities
Accounts payable and accrued expenses	12,167	17,816
Securities sold, not yet purchased, at fair value	19,597	0
Due to brokers	1,456	0
Interest and Dividends Payable	3,164	3,055
Total liabilities	2,136,259	2,025,620
TP Fund
Assets
Total investments in securities	1,504,499	1,620,531
Cash and cash equivalents	16	52
Due from brokers	170,659	162,682
Derivative assets, at fair value	7,554	21,861
Interest and dividends receivable	2,449	1,210
Other assets	183	212
Total assets	1,685,360	1,806,548
Liabilities
Accounts payable and accrued expenses	1,599	2,417
Securities sold, not yet purchased, at fair value	206,766	283,711
Securities sold under agreement to repurchase	15,241	0
Due to brokers	551,626	426,612
Derivative liabilities, at fair value	28,805	19,282
Withdrawals payable to General Partner	0	42,381
Interest and Dividends Payable	693	972
Management Fee Payable	90	256
Total liabilities	804,820	775,631
Partners' Capital	$ 880,540	$ 1,030,917

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax
Income tax expense	$ 3,309	$ (74)	$ 3,728	$ 1,644
Deferred Tax Assets, Net	4,600		4,600		$ 8,300
Income tax expense related to U.S. and U.K. subsidiaries
Income Tax
Income tax expense	$ 3,309	$ (74)	$ 3,728	$ 1,644

Share capital - Common shares a

Share capital - Common shares and treasury shares (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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	94,920,203	93,994,924
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	350,409	371,596
Performance restricted shares granted, net of forfeitures and shares withheld
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	344,296	(16,282)

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($)	Jun. 30, 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	Jun. 30, 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,587	$ 3,954	$ 3,153	$ 5,412
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	667	940	1,174	1,134
Restricted shares with service and performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 920	$ 3,014	$ 1,979	$ 4,278

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share compensation expense	$ 11.4		$ 7.1
Unamortized share compensation expense, period of recognition	1 year 7 months 6 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	6 Months Ended
	Jun. 30, 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 8 months 12 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 7 months 6 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	1 year 9 months 18 days
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	1 year 8 months 12 days
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	6 Months Ended	12 Months Ended
	Jun. 30, 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)	366,843	403,360
Forfeited (in shares)	(16,434)	(36,907)
Vested (in shares)	(134,757)	(49,751)
Outstanding, end of period (in shares)	556,419	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)	8.98	11.10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	9.77	11.31
Vested (in dollars per share)	11.06	12.40
Outstanding (in dollars per share)	$ 9.72	$ 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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 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)	749,322	862,176
Forfeited (in shares)	(372,476)	(823,977)
Vested (in shares)	(504,440)	(148,718)
Outstanding, end of period (in shares)	1,762,935	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)	499,542	574,784
Forfeited (in shares)	39,214	(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)	1,268,709	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)	9.46	10.95
Forfeited (in dollars per share)	12.12	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)	$ 11.36	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding	92,593,599	91,776,870	92,392,718	91,723,636
Dilutive effect of options	0	321,492	0	308,579
Dilutive effect of warrants	0	228,643	0	219,460
Dilutive effect of restricted shares with service and performance condition	144,694	474,794	0	468,791
Diluted number of common shares outstanding	92,738,293	92,801,799	92,392,718	92,720,466
Basic earnings (loss) per common share:
Net income (loss) available to Third Point Re common shareholders	$ 124,015	$ 53,065	$ (59,622)	$ 185,980
Net income allocated to Third Point Re participating common shareholders	(721)	(85)	0	(482)
Net income (loss) allocated to Third Point Re common shareholders	$ 123,294	$ 52,980	$ (59,622)	$ 185,498
Basic earnings (loss) per share available to Third Point Re common shareholders	$ 1.33	$ 0.58	$ (0.65)	$ 2.02
Earnings per share, diluted [Abstract]
Net income (loss) available to Third Point Re common shareholders	$ 124,015	$ 53,065	$ (59,622)	$ 185,980
Net income allocated to Third Point Re participating common shareholders	(720)	(84)	0	(476)
Net income (loss) allocated to Third Point Re common shareholders	$ 123,295	$ 52,981	$ (59,622)	$ 185,504
Diluted earnings (loss) per share available to Third Point Re common shareholders	$ 1.33	$ 0.57	$ (0.65)	$ 2
Antidilutive securities excluded from computation of earnings per share	3,741,266	3,973,824		3,973,824
Options and warrants
Earnings per share, diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share			5,214,310

Commitments and Contingencies (

Commitments and Contingencies (Details) - Senior unsecured notes - 7% Senior Unsecured Notes - USD ($)	Jun. 30, 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		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Segment Reporting Information [Line Items]
Gross premiums written	$ 157,571	$ 82,637	$ 361,702	$ 402,228
Gross premiums ceded	(30,487)	(1,473)	(30,222)	(2,185)
Net premiums written	127,084	81,164	331,480	400,043
Change in net unearned premium reserves	13,726	64,288	(44,355)	(101,541)
Net premiums earned	140,810	145,452	287,125	298,502
Loss and loss adjustment expenses incurred, net	89,106	82,334	176,892	177,402
Acquisition costs, net	43,671	58,006	92,924	115,504
General and administrative expenses	(13,455)	(19,650)	(23,614)	(31,782)
Total expenses	138,373	147,109	280,291	305,899
Net investment income	137,211	69,131	(47,816)	224,084
Other expenses	(3,216)	(3,811)	(6,693)	(7,936)
Interest expense	(2,046)	(2,051)	(4,094)	(4,080)
Foreign exchange gains	797	4,260	9,014	1,742
Income tax (expense) benefit	(3,309)	74	(3,728)	(1,644)
Net income (loss) available to Third Point Re common shareholders	124,015	53,065	(59,622)	185,980
Corporate
Segment Reporting Information [Line Items]
General and administrative expenses	(7,859)	(12,881)	(13,139)	(18,789)
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	157,571	82,637	361,702	402,228
Gross premiums ceded	(30,487)	(1,473)	(30,222)	(2,185)
Net premiums written	127,084	81,164	331,480	400,043
Change in net unearned premium reserves	13,726	64,288	(44,355)	(101,541)
Net premiums earned	140,810	145,452	287,125	298,502
Loss and loss adjustment expenses incurred, net	89,106	82,334	176,892	177,402
Acquisition costs, net	43,671	58,006	92,924	115,504
General and administrative expenses	(5,596)	(6,769)	(10,475)	(12,993)
Total expenses	138,373	147,109	280,291	305,899
Net underwriting loss	$ (2,437)	$ 1,657	$ (6,834)	$ 7,397
Loss ratio	63.30%	56.60%	61.60%	59.40%
Acquisition cost ratio	31.00%	39.90%	32.40%	38.70%
Composite ratio	94.30%	96.50%	94.00%	98.10%
General and administrative expense ratio	4.00%	4.60%	3.60%	4.40%
Combined ratio	98.30%	101.10%	97.60%	102.50%

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 157,571	$ 82,637	$ 361,702	$ 402,228
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%	100.00%	100.00%
Property and Casualty Reinsurance | Property
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 85,451	$ 41,862	$ 131,824	$ 95,843
Gross Premiums As Percentage Of Total Gross Premiums	54.20%	50.70%	36.40%	23.80%
Property and Casualty Reinsurance | Casualty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 27,143	$ 24,438	$ 94,083	$ 102,330
Gross Premiums As Percentage Of Total Gross Premiums	17.20%	29.60%	26.00%	25.40%
Property and Casualty Reinsurance | Specialty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 44,977	$ 16,337	$ 135,795	$ 209,408
Gross Premiums As Percentage Of Total Gross Premiums	28.60%	19.70%	37.60%	52.10%
Property and Casualty Reinsurance | Prospective Reinsurance Contract
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 157,571	$ 82,637	$ 361,702	$ 407,581
Gross Premiums As Percentage Of Total Gross Premiums	100.00%	100.00%	100.00%	101.30%
Property and Casualty Reinsurance | Retroactive Reinsurance Contract
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 0	$ 0	$ 0	$ (5,353)
Gross Premiums As Percentage Of Total Gross Premiums	0.00%	0.00%	0.00%	(1.30%)

Subsequent events (Details)

Subsequent events (Details) - Forecast - Subsequent event	3 Months Ended
	Mar. 31, 2021USD ($)
Bridge facility
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 125,000,000
Equity Commitment Letter | Affiliated Entity
Subsequent Event [Line Items]
Purchase price of Company Shares	50,000,000
Sirius International Insurance Group, Ltd.
Subsequent Event [Line Items]
Deal consideration	$ 788,000,000

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Assets
Total investments in securities	$ 1,000,993,000	$ 989,701,000
Cash and cash equivalents	584,809,000	639,415,000
Restricted cash and cash equivalents	887,308,000	1,014,543,000
Investment in subsidiaries	0	0
Due from brokers	169,078,000	0
Interest and dividends receivable	2,195,000	2,178,000
Reinsurance balances receivable, net	613,204,000	596,120,000
Deferred acquisition costs, net	172,288,000	154,717,000
Unearned premiums ceded	35,817,000	16,945,000
Loss and loss adjustment expenses recoverable, net	10,064,000	5,520,000	$ 3,655,000	$ 2,031,000
Amounts due from (to) affiliates	0	0
Other assets	17,807,000	20,555,000
Total assets	3,493,563,000	3,439,694,000
Liabilities
Accounts payable and accrued expenses	(12,167,000)	(17,816,000)
Reinsurance balances payable	94,810,000	81,941,000
Deposit liabilities	168,910,000	172,259,000		$ 145,342,000
Unearned premium reserves	587,995,000	524,768,000
Loss and loss adjustment expense reserves	1,133,983,000	1,111,692,000
Securities sold, not yet purchased, at fair value	19,597,000	0
Due to brokers	1,456,000	0
Interest and Dividends Payable	3,164,000	3,055,000
Senior notes payable, net of deferred costs	114,177,000	114,089,000
Total liabilities	2,136,259,000	2,025,620,000
Shareholders’ equity
Common shares	9,492,000	9,423,000
Additional paid-in capital	930,487,000	927,704,000
Retained earnings	417,325,000	476,947,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,357,304,000	1,414,074,000	$ 1,395,898,000
Total liabilities and shareholders’ equity	3,493,563,000	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	(1,832,394,000)	(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	(1,832,394,000)	(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	(1,787,045,000)	(1,783,157,000)
Retained earnings	(44,110,000)	(97,502,000)
Shareholders’ equity attributable to Third Point Re common shareholders	(1,832,394,000)	(1,881,898,000)
Total liabilities and shareholders’ equity	(1,832,394,000)	(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	1,359,206,000	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	(2,515,000)	(5,722,000)
Other assets	270,000	764,000
Total assets	1,360,967,000	1,418,249,000
Liabilities
Accounts payable and accrued expenses	(3,663,000)	(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	3,663,000	4,175,000
Shareholders’ equity
Common shares	9,492,000	9,423,000
Additional paid-in capital	930,487,000	927,704,000
Retained earnings	417,325,000	476,947,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,357,304,000	1,414,074,000
Total liabilities and shareholders’ equity	1,360,967,000	1,418,249,000
TPRUSA | Reportable Legal Entities
Assets
Total investments in securities	0	0
Cash and cash equivalents	167,000	176,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	281,603,000	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	77,000	(3,898,000)
Other assets	7,646,000	6,784,000
Total assets	289,493,000	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	3,035,000	3,055,000
Senior notes payable, net of deferred costs	114,177,000	114,089,000
Total liabilities	117,212,000	117,144,000
Shareholders’ equity
Common shares	0	0
Additional paid-in capital	191,906,000	191,361,000
Retained earnings	(19,625,000)	(33,819,000)
Shareholders’ equity attributable to Third Point Re common shareholders	172,281,000	157,542,000
Total liabilities and shareholders’ equity	289,493,000	274,686,000
Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets
Total investments in securities	996,993,000	985,701,000
Cash and cash equivalents	584,636,000	639,229,000
Restricted cash and cash equivalents	887,308,000	1,014,543,000
Investment in subsidiaries	191,585,000	191,077,000
Due from brokers	169,078,000
Interest and dividends receivable	2,195,000	2,178,000
Reinsurance balances receivable, net	613,204,000	596,120,000
Deferred acquisition costs, net	172,288,000	154,717,000
Unearned premiums ceded	35,817,000	16,945,000
Loss and loss adjustment expenses recoverable, net	10,064,000	5,520,000
Amounts due from (to) affiliates	2,438,000	9,620,000
Other assets	9,891,000	13,007,000
Total assets	3,675,497,000	3,628,657,000
Liabilities
Accounts payable and accrued expenses	(8,504,000)	(13,641,000)
Reinsurance balances payable	94,810,000	81,941,000
Deposit liabilities	168,910,000	172,259,000
Unearned premium reserves	587,995,000	524,768,000
Loss and loss adjustment expense reserves	1,133,983,000	1,111,692,000
Securities sold, not yet purchased, at fair value	19,597,000
Due to brokers	1,456,000
Interest and Dividends Payable	129,000	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	2,015,384,000	1,904,301,000
Shareholders’ equity
Common shares	1,239,000	1,239,000
Additional paid-in capital	1,595,139,000	1,591,796,000
Retained earnings	63,735,000	131,321,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,660,113,000	1,724,356,000
Total liabilities and shareholders’ equity	3,675,497,000	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Gross premiums written	$ 157,571	$ 82,637	$ 361,702	$ 402,228
Gross premiums ceded	(30,487)	(1,473)	(30,222)	(2,185)
Net premiums written	127,084	81,164	331,480	400,043
Change in net unearned premium reserves	13,726	64,288	(44,355)	(101,541)
Net premiums earned	140,810	145,452	287,125	298,502
Net investment income	137,211	69,131	(47,816)	224,084
Equity in earnings (losses) of subsidiaries	0	0	0	0
Total revenues	278,021	214,583	239,309	522,586
Expenses
Loss and loss adjustment expenses incurred, net	89,106	82,334	176,892	177,402
Acquisition costs, net	43,671	58,006	92,924	115,504
General and administrative expenses	13,455	19,650	23,614	31,782
Other expenses	3,216	3,811	6,693	7,936
Interest expense	2,046	2,051	4,094	4,080
Net foreign exchange gains	(797)	(4,260)	(9,014)	(1,742)
Total expenses	150,697	161,592	295,203	334,962
Income (loss) before income tax (expense) benefit	127,324	52,991	(55,894)	187,624
Income tax (expense) benefit	(3,309)	74	(3,728)	(1,644)
Net income (loss) available to Third Point Re common shareholders	124,015	53,065	(59,622)	185,980
Eliminations
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Equity in earnings (losses) of subsidiaries	(142,770)	(63,229)	35,411	(206,775)
Total revenues	(142,770)	(63,229)	35,411	(206,775)
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	0	0	0	0
Other expenses	0	0	0	0
Interest expense	0	0	0	0
Net foreign exchange gains	0	0	0	0
Total expenses	0	0	0	0
Income (loss) before income tax (expense) benefit	(142,770)	(63,229)	35,411	(206,775)
Income tax (expense) benefit	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	(142,770)	(63,229)	35,411	(206,775)
Third Point Re | Reportable Legal Entities
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Equity in earnings (losses) of subsidiaries	128,524	61,912	(52,811)	197,453
Total revenues	128,524	61,912	(52,811)	197,453
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	4,509	8,847	6,811	11,473
Other expenses	0	0	0	0
Interest expense	0	0	0	0
Net foreign exchange gains	0	0	0	0
Total expenses	4,509	8,847	6,811	11,473
Income (loss) before income tax (expense) benefit	124,015	53,065	(59,622)	185,980
Income tax (expense) benefit	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	124,015	53,065	(59,622)	185,980
TPRUSA | Reportable Legal Entities
Revenues
Gross premiums written	0	0	0	0
Gross premiums ceded	0	0	0	0
Net premiums written	0	0	0	0
Change in net unearned premium reserves	0	0	0	0
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Equity in earnings (losses) of subsidiaries	14,262	1,320	17,435	9,333
Total revenues	14,262	1,320	17,435	9,333
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	2	13	9	(26)
Other expenses	0	0	0	0
Interest expense	2,046	2,051	4,094	4,080
Net foreign exchange gains	0	0	0	0
Total expenses	2,048	2,064	4,103	4,054
Income (loss) before income tax (expense) benefit	12,214	(744)	13,332	5,279
Income tax (expense) benefit	430	433	862	851
Net income (loss) available to Third Point Re common shareholders	12,644	(311)	14,194	6,130
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written	157,571	82,637	361,702	402,228
Gross premiums ceded	(30,487)	(1,473)	(30,222)	(2,185)
Net premiums written	127,084	81,164	331,480	400,043
Change in net unearned premium reserves	13,726	64,288	(44,355)	(101,541)
Net premiums earned	140,810	145,452	287,125	298,502
Net investment income	137,211	69,131	(47,816)	224,084
Equity in earnings (losses) of subsidiaries	(16)	(3)	(35)	(11)
Total revenues	278,005	214,580	239,274	522,575
Expenses
Loss and loss adjustment expenses incurred, net	89,106	82,334	176,892	177,402
Acquisition costs, net	43,671	58,006	92,924	115,504
General and administrative expenses	8,944	10,790	16,794	20,335
Other expenses	3,216	3,811	6,693	7,936
Interest expense	0	0	0	0
Net foreign exchange gains	(797)	(4,260)	(9,014)	(1,742)
Total expenses	144,140	150,681	284,289	319,435
Income (loss) before income tax (expense) benefit	133,865	63,899	(45,015)	203,140
Income tax (expense) benefit	(3,739)	(359)	(4,590)	(2,495)
Net income (loss) available to Third Point Re common shareholders	$ 130,126	$ 63,540	$ (49,605)	$ 200,645

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income (loss)			$ (59,622)	$ 185,980
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			0	0
Share compensation expense			3,153	5,412
Net interest expense on deposit liabilities			1,973	2,422
Net realized and unrealized gain on investments and derivatives			(55,183)	(2,740)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			102,211	(213,348)
Net foreign exchange gains	$ (797)	$ (4,260)	(9,014)	(1,742)
Amortization of premium and accretion of discount, net			470	485
Changes in assets and liabilities:
Reinsurance balances receivable			(18,385)	(87,348)
Deferred acquisition costs, net			(17,571)	(4,185)
Unearned premiums ceded			(18,872)	2,079
Loss and loss adjustment expenses recoverable			(4,544)	(1,624)
Other assets			2,313	1,266
Interest and dividends receivable, net			92	(509)
Unearned premium reserves			63,227	99,462
Loss and loss adjustment expense reserves			32,951	85,805
Accounts payable and accrued expenses			(5,649)	7,582
Reinsurance balances payable			12,886	18,809
Amounts due from (to) affiliates			0	0
Net cash provided by operating activities			30,436	97,806
Investing activities
Proceeds from redemptions from related party investment fund			0	360,000
Contributions to related party investment fund			0	(87,000)
Change in participation agreement with related party investment fund			0	(2,297)
Purchases of investments			(421,683)	(330,463)
Proceeds from sales and maturities of investments			363,047	2,198
Purchases of investments to cover short sales			(2,785)	0
Proceeds from short sales of investments			22,290	0
Change in due to/from brokers, net			(167,622)	1,411
Contributed capital to subsidiaries				0
Contributed capital from parent and/or subsidiaries				0
Net cash used in investing activities			(206,753)	(56,151)
Financing activities
Taxes paid on withholding shares			(301)	(68)
Net payments on deposit liability contracts			(5,223)	(5,021)
Dividend received by (paid to) parent			0	0
Net cash used in financing activities			(5,524)	(5,089)
Net increase (decrease) in cash, cash equivalents and restricted cash			(181,841)	36,566
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	1,472,117	749,903	1,472,117	749,903
Eliminations
Operating activities
Net income (loss)			35,411	(206,775)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			(35,411)	206,775
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	0	0	0	0
Amortization of premium and accretion of discount, net			0	0
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			0	0
Other assets			0	0
Interest and dividends receivable, net			0	0
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			0	0
Reinsurance balances payable			0	0
Amounts due from (to) affiliates			0	0
Net cash provided by operating activities			0	0
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	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	0
Net cash used in financing activities			0	0
Net increase (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	0	0
Third Point Re | Reportable Legal Entities
Operating activities
Net income (loss)			(59,622)	185,980
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			52,811	(197,453)
Share compensation expense			333	2,640
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	0	0	0	0
Amortization of premium and accretion of discount, net			0	0
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			0	0
Other assets			494	1,282
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			(512)	3,778
Reinsurance balances payable			0	0
Amounts due from (to) affiliates			(3,207)	(2,158)
Net cash provided by operating activities			(9,703)	(5,931)
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	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			(301)	(68)
Net payments on deposit liability contracts			0	0
Dividend received by (paid to) parent			10,000	24,000
Net cash used in financing activities			9,699	23,932
Net increase (decrease) in cash, cash equivalents and restricted cash			(4)	1
Cash, cash equivalents and restricted cash at beginning of period			10	0
Cash, cash equivalents and restricted cash at end of period	6	1	6	1
TPRUSA | Reportable Legal Entities
Operating activities
Net income (loss)			14,194	6,130
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			(17,435)	(9,333)
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	0	0	0	0
Amortization of premium and accretion of discount, net			88	88
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			0	0
Other assets			(862)	(851)
Interest and dividends receivable, net			(20)	(33)
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			1	(34)
Reinsurance balances payable			0	0
Amounts due from (to) affiliates			(3,975)	(75)
Net cash provided by operating activities			(8,009)	(4,108)
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	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			8,000	4,100
Net cash used in financing activities			8,000	4,100
Net increase (decrease) in cash, cash equivalents and restricted cash			(9)	(8)
Cash, cash equivalents and restricted cash at beginning of period			176	187
Cash, cash equivalents and restricted cash at end of period	167	179	167	179
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating activities
Net income (loss)			(49,605)	200,645
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of subsidiaries			35	11
Share compensation expense			2,820	2,772
Net interest expense on deposit liabilities			1,973	2,422
Net realized and unrealized gain on investments and derivatives			(55,183)	(2,740)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			102,211	(213,348)
Net foreign exchange gains	(797)	(4,260)	(9,014)	(1,742)
Amortization of premium and accretion of discount, net			382	397
Changes in assets and liabilities:
Reinsurance balances receivable			(18,385)	(87,348)
Deferred acquisition costs, net			(17,571)	(4,185)
Unearned premiums ceded			(18,872)	2,079
Loss and loss adjustment expenses recoverable			(4,544)	(1,624)
Other assets			2,681	835
Interest and dividends receivable, net			112	(476)
Unearned premium reserves			63,227	99,462
Loss and loss adjustment expense reserves			32,951	85,805
Accounts payable and accrued expenses			(5,138)	3,838
Reinsurance balances payable			12,886	18,809
Amounts due from (to) affiliates			7,182	2,233
Net cash provided by operating activities			48,148	107,845
Investing activities
Proceeds from redemptions from related party investment fund				360,000
Contributions to related party investment fund				(87,000)
Change in participation agreement with related party investment fund				(2,297)
Purchases of investments			(421,683)	(327,463)
Proceeds from sales and maturities of investments			363,047	2,198
Purchases of investments to cover short sales			(2,785)
Proceeds from short sales of investments			22,290
Change in due to/from brokers, net			(167,622)	1,411
Contributed capital to subsidiaries				0
Contributed capital from parent and/or subsidiaries				15,000
Net cash used in investing activities			(206,753)	(38,151)
Financing activities
Taxes paid on withholding shares			0	0
Net payments on deposit liability contracts			(5,223)	(5,021)
Dividend received by (paid to) parent			(18,000)	(28,100)
Net cash used in financing activities			(23,223)	(33,121)
Net increase (decrease) in cash, cash equivalents and restricted cash			(181,828)	36,573
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	$ 1,471,944	$ 749,723	$ 1,471,944	$ 749,723