SiriusPoint (SPNT) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		95,529,485
Entity Central Index Key	0001576018
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Investment in related party investment fund, at fair value (cost - $891,850; 2019 - $891,850)	$ 868,971	$ 860,630
Debt securities, trading, at fair value (cost - $176,521; 2019 - $129,330)	186,260	125,071
Other investments, at fair value	4,000	4,000
Total investments	1,059,231	989,701
Cash and cash equivalents	513,783	639,415
Restricted cash and cash equivalents	1,101,693	1,014,543
Due from brokers	81,142	0
Interest and dividends receivable	1,835	2,178
Reinsurance balances receivable, net	572,672	596,120
Deferred acquisition costs, net	142,846	154,717
Unearned premiums ceded	27,463	16,945
Loss and loss adjustment expenses recoverable, net	13,626	5,520
Other assets	20,171	20,555
Total assets	3,534,462	3,439,694
Liabilities
Accounts payable and accrued expenses	13,963	17,816
Reinsurance balances payable	120,469	81,941
Deposit liabilities	155,697	172,259
Unearned premium reserves	498,893	524,768
Loss and loss adjustment expense reserves	1,186,149	1,111,692
Securities sold, not yet purchased, at fair value	15,389	0
Interest and Dividends Payable	1,110	3,055
Senior notes payable, net of deferred costs	114,222	114,089
Total liabilities	2,105,892	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: 95,314,893; 2019 - 94,225,498)	9,531	9,423
Additional paid-in capital	931,972	927,704
Retained earnings	486,068	476,947
Shareholders’ equity attributable to Third Point Re common shareholders	1,427,571	1,414,074
Stockholders' Equity Attributable to Noncontrolling Interest	999	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,428,570	1,414,074
Total liabilities, noncontrolling interests and shareholders’ equity	$ 3,534,462	$ 3,439,694

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets
Investment in related party investment fund, cost	$ 891,850	$ 891,850
Debt securities, trading, cost	$ 176,521	$ 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)	95,314,893	94,225,498
Common share, shares outstanding (in shares)	95,314,893	94,225,498

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Gross premiums written	$ 60,779	$ 95,388	$ 422,481	$ 497,616
Gross premiums ceded	185	(1,116)	(30,037)	(3,301)
Net premiums written	60,964	94,272	392,444	494,315
Change in net unearned premium reserves	80,748	108,976	36,393	7,435
Net premiums earned	141,712	203,248	428,837	501,750
Net investment income (loss) from investment in related party investment fund	110,552	(5,751)	8,341	207,597
Other net investment income	4,439	5,259	11,245	10,649
Net investment income (loss)	121,956	(3,138)	74,140	220,946
Total revenues	263,668	200,110	502,977	722,696
Gain (Loss) on Investments	6,965	(2,646)	54,554	2,700
Expenses
Loss and loss adjustment expenses incurred, net	110,487	85,703	287,379	263,105
Acquisition costs, net	54,817	118,271	147,741	233,775
General and administrative expenses	21,320	9,237	44,934	41,019
Other (income) expense	(283)	5,058	6,410	12,994
Interest expense	2,068	2,074	6,162	6,154
Foreign exchange (gains) losses	5,885	(4,921)	(3,129)	(6,663)
Total expenses	194,294	215,422	489,497	550,384
Income (loss) before income tax (expense) benefit	69,374	(15,312)	13,480	172,312
Income tax (expense) benefit	(652)	213	(4,380)	(1,431)
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	68,722	(15,099)	9,100	170,881
Net loss attributable to noncontrolling interests	21	0	21	0
Net income (loss) available to Third Point Re common shareholders	$ 68,743	$ (15,099)	$ 9,121	$ 170,881
Earnings (loss) per share available to Third Point Re common shareholders
Basic earnings (loss) per share available to Third Point Re common share holders (in dollars per share)	$ 0.74	$ (0.16)	$ 0.10	$ 1.86
Diluted earnings (loss) per share available to Third Point Re common share holders (in dollars per share)	$ 0.73	$ (0.16)	$ 0.10	$ 1.84
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic (in shares)	92,613,393	91,903,556	92,466,813	91,784,268
Diluted (in shares)	92,969,646	91,903,556	92,877,674	92,709,421

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		58	1,761
Share compensation expense			6,306
Net income (loss)	$ 170,881			170,881
Balance. end of period at Sep. 30, 2019	1,383,580	9,422	926,949	447,209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	170,881			170,881
Net loss attributable to noncontrolling interests	0			0
Balance, beginning of period at Jun. 30, 2019		9,399	924,191	462,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		23	1,864
Share compensation expense			894
Net income (loss)				(15,099)
Balance. end of period at Sep. 30, 2019	1,383,580	9,422	926,949	447,209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				(15,099)
Net loss attributable to noncontrolling interests	0			0
Shareholders’ equity attributable to Third Point Re common shareholders	1,383,580
Stockholders' Equity Attributable to Noncontrolling Interest	0
Shareholders’ equity attributable to Third Point Re common shareholders	1,414,074
Stockholders' Equity Attributable to Noncontrolling Interest	0
Balance, beginning of period at Dec. 31, 2019	1,414,074	9,423	927,704	476,947
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		108	(410)
Share compensation expense			4,678
Net income (loss)	9,100			9,100
Balance. end of period at Sep. 30, 2020	1,428,570	9,531	931,972	486,068
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,100			9,100
Net loss attributable to noncontrolling interests	21			21
Balance, beginning of period at Jun. 30, 2020		9,492	930,487	417,325
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, net		39	(40)
Share compensation expense			1,525
Net income (loss)	68,722			68,722
Balance. end of period at Sep. 30, 2020	1,428,570	$ 9,531	$ 931,972	486,068
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,722			68,722
Net loss attributable to noncontrolling interests	21			$ 21
Shareholders’ equity attributable to Third Point Re common shareholders	1,427,571
Stockholders' Equity Attributable to Noncontrolling Interest	$ 999

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement of Cash Flows [Abstract]
Net income	$ 9,100	$ 170,881
Adjustments to reconcile net income to net cash provided by operating activities:
Share compensation expense	4,678	6,306
Net interest (income) expense on deposit liabilities	(95)	4,980
Net realized and unrealized gain on investments and derivatives	(56,799)	(2,177)
Net realized and unrealized gain on investment in related party investment fund	(8,341)	(207,597)
Net foreign exchange gains	(3,129)	(6,663)
Amortization of premium and accretion of discount, net	(1,986)	(231)
Changes in assets and liabilities:
Reinsurance balances receivable	22,930	(50,711)
Deferred acquisition costs, net	11,871	36,874
Unearned premiums ceded	(10,518)	3,182
Loss and loss adjustment expenses recoverable	(8,106)	(2,239)
Other assets	660	2,827
Interest and dividends receivable, net	(1,602)	(3,645)
Unearned premium reserves	(25,875)	(10,617)
Loss and loss adjustment expense reserves	77,823	119,129
Accounts payable and accrued expenses	(3,853)	7,346
Reinsurance balances payable	38,523	29,052
Net cash provided by operating activities	45,281	96,697
Investing activities
Proceeds from redemptions from related party investment fund	0	760,000
Contributions to related party investment fund	0	(87,000)
Change in participation agreement with related party investment fund	0	(2,297)
Purchases of investments	(444,111)	(330,963)
Proceeds from sales and maturities of investments	441,611	349,696
Purchases of investments to cover short sales	(129)	0
Proceeds from short sales of investments	15,721	0
Change in due to/from brokers, net	(81,142)	1,411
Net cash provided by (used in) investing activities	(68,050)	690,847
Proceeds from Issuance of Common Stock	0	(1,887)
Financing activities
Taxes paid on withholding shares	(302)	(68)
Net proceeds (payments) on deposit liability contracts	(16,431)	6,924
Proceeds from (Payments to) Noncontrolling Interests	1,020	0
Net cash provided by (used in) financing activities	(15,713)	8,743
Net increase (decrease) in cash, cash equivalents and restricted cash	(38,482)	796,287
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	1,615,476	1,509,624
Supplementary information
Interest paid in cash	8,235	8,050
Income taxes paid in cash	$ 53	$ 10

Organization

Organization	9 Months Ended
	Sep. 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. In September 2020, the Company co-founded Arcadian Risk Capital Ltd (“Arcadian”) , a managing general agent incorporated in Bermuda writing business on behalf of the Company. Arcadian commenced operations on October 1, 2020. Arcadian is considered a variable interest entity and the Company is the primary beneficiary. As a result, Arcadian is consolidated by the Company and all significant intercompany accounts and transactions have been eliminated. 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 nine months ended September 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	9 Months Ended
	Sep. 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. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no impact on the previously reported total net investment income (loss), total revenues or net income (loss). Recently issued accounting standards Issued and effective as of September 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 September 30, 2020 Other accounting pronouncements issued during the nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, December 31, 2019 Cash and cash equivalents $ 513,783 $ 639,415 Restricted cash securing letter of credit facilities (1) 275,189 254,176 Restricted cash securing reinsurance contracts (2) 826,504 760,367 Total cash, cash equivalents and restricted cash (3) 1,615,476 1,653,958 Restricted investments securing reinsurance contracts (2) 126,851 142,617 Total cash, cash equivalents, restricted cash and restricted investments $ 1,742,327 $ 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	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, December 31, 2019 Assets TP Fund $ 868,971 $ 860,630 Debt securities 186,260 125,071 Total investments 1,055,231 985,701 Cash and cash equivalents 450,018 588,196 Restricted cash and cash equivalents 1,101,693 1,014,543 Due from brokers 81,142 — Interest and dividends receivable 1,650 2,178 Other assets — 18 Total assets 2,689,734 2,590,636 Liabilities Accounts payable and accrued expenses 1,245 509 Securities sold, not yet purchased 15,389 — Interest and dividends payable 76 — Total liabilities 16,710 509 Total net investments managed by Third Point LLC $ 2,673,024 $ 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 (the “2019 LPA”) of TP Fund which amended and restated the 2018 LPA, effective January 1, 2019. On August 6, 2020, Third Point Re, Third Point Re BDA and Third Point Re USA entered into the Third Amended and Restated Exempted Limited Partnership Agreement (“2020 LPA”) of TP Fund, which amended and restated the 2019 LPA, which will become effective at the closing of the merger with Sirius International Insurance Group, Ltd. (“Sirius”) , except for the amendment to the calculation of the loss recovery account which becomes effective on December 31, 2020. The 2020 LPA updated the terms of the 2019 LPA to reflect adjustments to the loss carryforward terms for the year ended December 31, 2020. The performance of certain fixed income and other investments managed by Third Point LLC will now be considered when calculating the performance fee allocation and loss recovery account amounts under the terms of the 2019 LPA. Other material terms of the 2020 LPA will become effective upon closing of the merger. 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 September 30, 2020, the Company and TP GP hold interests of approximately 85.9% and 14.1%, respectively, of the net asset value of TP Fund. As a result, both entities hold significant financial interests in TP Fund. However, TP GP controls all of the investment decision-making authority and the Company does not have the power to direct the activities which most significantly impact the economic performance of TP Fund. As a result, the Company is not considered the primary beneficiary and does not consolidate TP Fund. As of September 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 2019 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 2019 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 nine months ended September 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 September 30, 2020.

Fair Value Measurements (Notes)

Fair Value Measurements (Notes)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 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 — 29,245 — 29,245 Bank debt — 718 — 718 Corporate bonds — 56,798 — 56,798 U.S. Treasury securities — 99,499 — 99,499 Total debt securities — 186,260 — 186,260 $ — $ 186,260 $ 4,000 190,260 Investments in funds valued at NAV 868,971 Total assets $ 1,059,231 Liabilities U.S. Treasury securities $ — $ 15,389 $ — $ 15,389 Total securities sold, not yet purchased — 15,389 — 15,389 Derivative liabilities (embedded) — — 4 4 Total liabilities $ — $ 15,389 $ 4 $ 15,393 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 September 30, 2020 were $nil a nd $0.7 million, respectively (2019 - $nil and $4.4 million, respectively). The total change in unrealized gains (losses) on equity and debt securities held at the nine months ended September 30, 2020 were $nil and $16.3 million, respectively (2019 - $nil and $6.8 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 September 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 September 30, 2020, $nil of securities 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 nine months ended September 30, 2020 and 2019: July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) September 30, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities 1,153 (1,153) — — — — Total assets $ 5,153 $ (1,153) $ — $ — $ — $ 4,000 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) September 30, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities — (5,577) 5,458 — 119 — Total assets $ 4,000 $ (5,577) $ 5,458 $ — $ 119 $ 4,000 Liabilities Derivative liabilities (embedded) $ (31) $ — $ — $ — $ 27 $ (4) Total liabilities $ (31) $ — $ — $ — $ 27 $ (4) July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities 3,000 — — — — 3,000 Total assets $ 3,000 $ — $ 500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (54) $ — $ — $ — $ 17 $ (37) Total liabilities $ (54) $ — $ — $ — $ 17 $ (37) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities — — 3,000 — — 3,000 Total assets $ — $ — $ 3,500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (22) $ — $ — $ — $ (15) $ (37) Total liabilities $ (22) $ — $ — $ — $ (15) $ (37) (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 nine months ended September 30, 2020 were $nil and $nil, respectively (2019 - $nil and $nil, respectively). For the nine months ended September 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	9 Months Ended
	Sep. 30, 2020
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Due from/to brokers	6. Due from brokers In the nine months ended September 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 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 September 30, 2020, the Company’s due from/to brokers were comprised of the following: September 30, Due from brokers Cash held at brokers $ 69,824 Receivable from unsettled trades (1) 11,318 $ 81,142 (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 brokers include cash balances maintained with the Company’s prime brokers, receivables 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	9 Months Ended
	Sep. 30, 2020
Insurance Loss Reserves [Abstract]
Loss and loss adjustment expense reserves	7. Loss and loss adjustment expense reserves As of September 30, 2020 and December 31, 2019, loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: September 30, December 31, 2019 Case loss and loss adjustment expense reserves $ 232,697 $ 148,166 Incurred but not reported loss and loss adjustment expense reserves 952,319 963,359 Deferred gains on retroactive reinsurance contracts 1,133 167 $ 1,186,149 $ 1,111,692 The following table represents the activity in the loss and loss adjustment expense reserves for the nine months ended September 30, 2020 and 2019: September 30, 2020 September 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 302,264 345,479 Prior years (14,885) (82,374) Total incurred loss and loss adjustment expenses 287,379 263,105 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (43,545) (45,380) Prior years (173,433) (101,594) Total net paid losses (216,978) (146,974) Foreign currency translation (3,366) 3,714 Net reserves for loss and loss adjustment expenses, end of period 1,166,469 1,051,124 Plus: loss and loss adjustment expenses recoverable, end of period 13,626 4,270 Plus: deferred charges on retroactive reinsurance contracts 6,054 4,606 Gross reserves for loss and loss adjustment expenses, end of period $ 1,186,149 $ 1,060,000 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 $14.9 million net decrease in prior years’ reserves for the nine months ended September 30, 2020 includes $30.4 million of net favorable reserve development related to decreases in loss reserve estimates, partially offset by a $15.5 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 $30.4 million of net favorable prior years’ reserve development related to decreases in loss reserve estimates for the nine months ended September 30, 2020 was accompanied by net increases of $20.0 million in acquisition costs and net decreases of $7.8 million in earned premium, resulting in a $2.6 million improvement in the net underwriting results, primarily due to: • $6.5 million of improvement in net underwriting loss development relating to our workers’ compensation contracts as a result of better than expected loss experience; • $2.9 million of improvement in net underwriting loss development from several other contracts as a result of better than expected loss experience; partially offset by • $6.7 million of net adverse underwriting loss development relating to our general liability contracts as a result of worse than expected loss experience; and • $0.1 million of net adverse underwriting loss development relating to one retroactive reinsurance contract as a result of worse than expected loss experience. This retroactive reinsurance contract had profit commission terms such that the net favorable prior years’ reserve development of $23.2 million associated with this contract was offset by an increase in acquisition costs of $23.3 million. • The $15.5 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $2.9 million increase in acquisition costs, for a total of $18.4 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $19.2 million. The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $0.8 million improvement in the net underwriting results for the nine months ended September 30, 2020. • 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 nine months ended September 30, 2020. As of September 30, 2020, the Company had unamortized deferred charges of $6.1 million (December 31, 2019 - $6.7 million) relating to retroactive reinsurance contracts. Deferred charges on retroactive contracts are recorded in other assets on the Company’s condensed consolidated balance sheets. The $82.4 million net decrease in prior years’ reserves for the nine months ended September 30, 2019 includes $88.8 million of net favorable reserve development related to decreases in loss reserve estimates, partially offset by a $6.4 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 $88.8 million of net favorable prior years’ reserve development related to decreases in loss reserve estimates for the nine months ended September 30, 2019 was accompanied by net increases of $84.5 million in acquisition costs, resulting in a $4.3 million improvement in the net underwriting results, primarily due to: • $8.9 million of improvement in net underwriting loss development relating to our workers’ compensation contracts as a result of better than expected loss experience; • $3.2 million of improvement in net underwriting loss development relating to our non-standard auto contracts as a result of better than expected loss experience; • $0.9 million of improvement in net underwriting loss development relating to one retroactive reinsurance contract as a result of better than expected loss experience. This retroactive reinsurance contract had profit commission terms such that the net favorable prior years’ reserve development of $69.5 million associated with this contract was offset by an increase in acquisition costs of $68.6 million; partially offset by • $6.4 million of net adverse underwriting loss development relating to our multi-line contracts as a result of worse than expected loss experience; and • $2.2 million of net adverse underwriting loss development relating to our general liability contracts, as a result of worse than expected loss experience. • The $6.4 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $2.1 million increase in acquisition costs, for a total of $8.5 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $8.0 million. The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $0.5 million increase in net underwriting loss for the nine months ended September 30, 2019. • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $3.8 million improvement in the net underwriting results for the nine months ended September 30, 2019.

Management, and performance fee

Management, and performance fees	9 Months Ended
	Sep. 30, 2020
Management, Performance and Founders Fees [Abstract]
Management, and performance fees	8. Management and performance fees Management fees Pursuant to the 2019 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 fees associated with the management of the other investment assets managed by Third Point LLC. Performance fees Pursuant to the 2019 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 2019 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. Pursuant to the 2020 LPA, the performance of certain fixed income and other investments managed by Third Point LLC are now included when calculating the performance fee allocation and loss recovery account amounts under the terms of the 2019 LPA for the year ended December 31, 2020. As of September 30, 2020, the loss recovery account for Third Point Re BDA’s investment in TP Fund was $nil (December 31, 2019 - $nil) and for Third Point Re USA’s investment in TP Fund was $nil (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 for the three and nine months ended September 30, 2020 and 2019 were as follows: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Management fees - TP Fund $ 3,534 $ 3,617 $ 10,568 $ 13,603 Performance fees - fixed income and other investments (1) 12,511 — 12,511 — Performance fees - TP Fund (before loss carryforward) 25,320 — 4,878 40,969 Performance fees - loss carryforward utilized (20,949) — (506) (40,969) Total management and performance fees to related parties $ 20,416 $ 3,617 $ 27,451 $ 13,603 (1) Pursuant to the terms of the 2020 LPA, the performance of certain fixed income and other investments managed by Third Point LLC are now also subject to 20% performance fees for the year ended December 31, 2020.

Deposit contracts

Deposit contracts	9 Months Ended
	Sep. 30, 2020
Deposit Contracts, Liabilities [Abstract]
Deposit contracts	9. Deposit accounted contracts The following table represents activity for the deposit contracts for the nine months ended September 30, 2020 and year ended December 31, 2019: September 30, December 31, 2019 Balance, beginning of period $ 172,259 $ 145,342 Consideration received 550 23,884 Consideration receivable — 10,164 Net investment expense (income) allocation (95) 5,879 Payments (16,981) (13,052) Foreign currency translation (36) 42 Balance, end of period $ 155,697 $ 172,259

Senior notes payable and letter

Senior notes payable and letter of credit facilities	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2020, the Notes had a n estimated fair value of $116.7 million (December 31, 2019 - $121.7 million). The fair value measurements were based on observable inputs and therefore were considered to be Level 2. The Company was in compliance with all debt covenants as of and for the periods ended September 30, 2020 and December 31, 2019. Letters of credit As of September 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 $ 72,910 $ 72,910 Uncommitted - Secured letters of credit facilities n/a 202,279 202,279 $ 275,189 $ 275,189 The Company’s secured letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the secured letter of credit facilities are fully collateralized. See Note 3 for additional information.

Net investment income

Net investment income	9 Months Ended
	Sep. 30, 2020
Net Investment Income [Abstract]
Net investment income (loss)	11. Net investment income (loss) Net investment income (loss) for the three and nine months ended September 30, 2020 and 2019 consisted of the following: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net investment income (loss) by type Net realized gains (losses) on investments and investment derivatives $ 3,446 $ (4,242) $ 42,572 $ (4,198) Net change in unrealized gains (losses) on investments and investment derivatives (1,830) 3,661 14,200 6,390 Net gains (losses) on foreign currencies 5,349 (2,065) (2,218) 508 Dividend and interest income 4,846 5,595 12,593 11,428 Other expenses (407) (336) (1,348) (779) Net investment income (loss) from investment in related party investment fund 110,552 (5,751) 8,341 207,597 Net investment income (loss) $ 121,956 $ (3,138) $ 74,140 $ 220,946 The following table provides an additional breakdown of our net investment income (loss) by asset and liability type for the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net investment income (loss) by asset type Asset-backed securities $ 2,566 $ — $ 33,733 $ — Bank debt 183 — 336 — Corporate bonds 1,596 — 28,416 — U.S. Treasury securities 90 2,696 2,403 7,718 Sovereign debt 1,595 (1,247) 162 (1,215) Total debt securities 6,030 1,449 65,050 6,503 Net investment loss in funds valued at NAV, excluding TP Fund — (10) — (6) Total net investment income from invested assets 6,030 1,439 65,050 6,497 Net investment income (loss) by liability type U.S. Treasury securities 97 — (57) — Total net investment income (loss) from securities sold, not yet purchased 97 — (57) — Other investment income (losses) and other expenses not presented above Other investment expenses (325) (335) (1,087) (779) Net investment income on cash, including foreign exchange gain 5,602 1,509 1,893 7,631 Total other investment income and other expenses 5,277 1,174 806 6,852 Net investment income (loss) from investment in related party investment fund 110,552 (5,751) 8,341 207,597 Net investment income (loss) $ 121,956 $ (3,138) $ 74,140 $ 220,946 As a result of the Company’s holding in TP Fund and its contribution to the Company’s overall financial results, the Company includes the following summarized income statement of the TP Fund for the three and nine months ended September 30, 2020 and 2019, and summarized balance sheet as of September 30, 2020 and December 31, 2019. Thi s summarized income (loss) statement of TP Fund reflects the main components of total investment income (loss) and expenses of TP Fund. This summarized income (loss) statement is not a breakdown of the Company’s proportional investment income (loss) in TP Fund as presented in the Company’s condensed consolidated statement of income. Three months ended Nine months ended TP Fund summarized income (loss) statement September 30, 2020 September 30, September 30, 2020 September 30, 2019 Investment income (loss) Net realized gain (loss) from securities, derivative contracts and foreign currency translations $ (7,017) $ (402) $ 11,115 $ (3,840) Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations 151,487 (3,685) 13,352 246,081 Net income (loss) from currencies 1,476 217 1,286 (2,375) Dividend and interest income 10,045 8,246 23,491 38,326 Other income 11 1,803 695 6,217 Total investment income 156,002 6,179 49,939 284,409 Expenses Management fees 3,534 3,617 10,568 13,603 Interest 1,325 4,270 5,814 13,094 Dividends on securities sold, not yet purchased 952 2,077 3,295 6,821 Administrative and professional fees 1,330 490 2,154 1,505 Other expenses 727 1,411 1,732 4,615 Total expenses 7,868 11,865 23,563 39,638 Net income (loss) $ 148,134 $ (5,686) $ 26,376 $ 244,771 The following table is a summarized balance sheet of TP Fund as of September 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 September 30, December 31, 2019 Assets Total investments in securities and affiliated funds $ 1,865,701 $ 1,620,531 Cash and cash equivalents 40,069 52 Due from brokers 175,067 162,682 Derivative assets, at fair value 13,316 21,861 Interest and dividends receivable 4,398 1,210 Other assets 186 212 Total assets $ 2,098,737 $ 1,806,548 Liabilities Accounts payable and accrued expenses $ 1,731 $ 2,417 Securities sold, not yet purchased, at fair value 250,537 283,711 Securities sold under agreement to repurchase 15,173 — Due to brokers 770,225 426,612 Derivative liabilities, at fair value 31,260 19,282 Withdrawals payable to General Partner — 42,381 Interest and dividends payable 913 972 Management fee payable 224 256 Total liabilities 1,070,063 775,631 Total partners' capital $ 1,028,674 $ 1,030,917

Income taxes

Income taxes	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019, the Company recorded income tax (expense) benefit, as follows: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 ($ in thousands) Income tax expense (benefit) related to U.S. and U.K. subsidiaries (1) $ 652 $ (213) $ 4,380 $ 1,431 (1) As of September 30, 2020, the Company has recorded $4.0 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 September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Common shares 2020 2019 Common shares issued, beginning of period 94,225,498 93,639,610 Options exercised — 187,678 Restricted shares granted, net of forfeitures 745,099 361,522 Performance restricted shares granted, net of forfeitures and shares withheld 344,296 31,757 Common shares issued, end of period 95,314,893 94,220,567 Authorized and issued The Company’s authorized share capital of $33.0 million is comprised of 300,000,000 common shares with a par value of $0.10 each and 30,000,000 preference shares with a par value of $0.10 each. No preference shares have been issued to date. Share repurchases As of September 30, 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 nine months ended September 30, 2020, the Company did not repurchase any of its common shares.

Share-based compensation

Share-based compensation	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 ($ in thousands) Restricted shares with service condition $ 729 $ 379 $ 1,903 $ 1,513 Restricted shares with service and performance condition 796 515 2,775 4,793 $ 1,525 $ 894 $ 4,678 $ 6,306 As of September 30, 2020, the Company had $12.9 million (December 31, 2019 - $7.1 million) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.9 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 September 30, 2020: Range of exercise prices Number of Weighted average Remaining contractual life $10.00 - $10.89 4,774,694 $ 10.04 1.3 years $15.05 - $16.89 1,800,866 15.92 1.5 years $20.00 - $25.05 1,731,098 20.28 1.5 years 8,306,658 $ 13.45 1.4 years Restricted shares with service condition Restricted share award activity for the nine months ended September 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 761,533 8.59 Forfeited (16,434) 9.77 Vested (153,674) 10.58 Balance as of September 30, 2020 932,192 $ 9.14 Restricted shares with service condition vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment or service and transferability. Restricted shares with service and performance condition Restricted share award activity for the restricted shares with a service and performance condition for the nine months ended September 30, 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 (19,902) 13.86 Balance as of September 30, 2020 1,762,935 1,250,022 $ 11.32

Non-controlling interests

Non-controlling interests	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Non-controlling interests	15. Noncontrolling interests Noncontrolling interests represent the portion of equity in consolidated subsidiaries not attributable, directly or indirectly, to the Company. Arcadian In September 2020, the Company co-founded Arcadian, a managing general agent incorporated in Bermuda writing business on behalf of the Company. The Company’s ownership in Arcadian as of September 30, 2020 was 49%, representing 980,000 common shares at $1.00 par value. The Company has determined that Arcadian has the characteristics of a variable interest entity (“VIE”) that are addressed by the guidance in ASC 810, Consolidation (ASC 810). Arcadian is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company concluded that it is the primary beneficiary of Arcadian as it has power over the activities that most significantly impact the economic performance of Arcadian. As a result, the Company has consolidated the results of Arcadian in its condensed consolidated financial statements. The Company’s financial exposure to Arcadian is limited to its investment in Arcadian’s common shares and other financial support up to $18.0 million through an unsecured promissory note. As Arcadian had not commenced operations as of September 30, 2020, there is no counterparty credit risk arising from any insurance or reinsurance transactions as of such date. The following table is a reconciliation of the beginning and ending carrying amount of total noncontrolling interests for the three and nine months ended September 30, 2020: September 30, 2020 Balance, beginning of period $ — Net loss attributable to noncontrolling interests (21) Contributions 1,020 Balance, end of period $ 999

Earnings (loss) per share avail

Earnings (loss) per share available to Third Point Re common shareholders	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (loss) per share available to Third Point Re common shareholders	16. Earnings (loss) per share available to Third Point Re common shareholders The following sets forth the computation of basic and diluted earnings (loss) per share available to Third Point Re common shareholders for the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 92,613,393 91,903,556 92,466,813 91,784,268 Dilutive effect of options — — — 208,652 Dilutive effect of warrants — — — 150,501 Dilutive effect of restricted shares with service and performance condition 356,253 — 410,861 566,000 Diluted number of common shares outstanding 92,969,646 91,903,556 92,877,674 92,709,421 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 68,743 $ (15,099) $ 9,121 $ 170,881 Net income allocated to Third Point Re participating common shareholders (574) — (56) (515) Net income (loss) allocated to Third Point Re common shareholders $ 68,169 $ (15,099) $ 9,065 $ 170,366 Basic earnings (loss) per share available to Third Point Re common shareholders $ 0.74 $ (0.16) $ 0.10 $ 1.86 Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 68,743 $ (15,099) $ 9,121 $ 170,881 Net income allocated to Third Point Re participating common shareholders (572) — (56) (510) Net income (loss) allocated to Third Point Re common shareholders $ 68,171 $ (15,099) $ 9,065 $ 170,371 Diluted earnings (loss) per share available to Third Point Re common shareholders $ 0.73 $ (0.16) $ 0.10 $ 1.84 For the three and nine months ended September 30, 2020, anti-dilutive options of 3,741,266 and 3,741,266, respectively, and warrants of 3,494,979 and 3,494,979, respectively , were excluded from the computation of diluted earnings per share. For the nine months ended September 30, 2019, anti-dilutive options of 3,712,037 were excluded from the computation of diluted earnings per share.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. 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 From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company’s reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or to collect funds owed to it. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. The Company is not currently involved in any material formal or informal dispute resolution procedures. Debt Commitment Letter On August 6, 2020, Third Point Re, entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Sirius 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. (“SiriusPoint”) following the Merger. In connection with entering into the Merger Agreement, the Company entered into a commitment letter (the “Debt Commitment Letter”), dated as of August 6, 2020, with JPMorgan Chase Bank, N.A. (“JPMorgan”), pursuant to which JPMorgan committed to provide a senior unsecured bridge loan facility in an aggregate principal amount of up to $125.0 million (the “Bridge Facility”) to finance the Merger. The Bridge Facility is subject to reduction at the Company’s option or with the proceeds of certain equity, debt or equity-linked securities issued by the Company or its subsidiaries, as more particularly set forth in the Term Sheet (as defined in the Debt Commitment Letter). The obligation of JPMorgan to provide the Bridge Facility is subject to a number of customary conditions, including execution and delivery of certain definitive documentation. The Company will pay certain fees and expenses in connection with the Bridge Facili ty. On September 25, 2020, the Company terminated the Debt Commitment Letter. The Company terminated the Debt Commitment Letter because, in light of the Company’s agreement with the Sirius Series B preference shareholders, funds committed by JPMorgan to be provided under the Bridge Facility are no longer anticipated to be necessary to consummate the Merger. 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. committed, subject to the conditions set forth in the Equity Commitment Letter and the Merger Agreement, to purchase up to 9.5%, which approximates $50.0 million, of the Company’s Shares in connection with closing of the Merger. Preference Shares On September 4, 2020, the Company entered into a definitive agreement (the “Agreement”) with the holders of Sirius Series B Preference Shares (the “Series B Preference Shares”). Pursuant to the terms of the Agreement, the Series B Preference Shares holders have agreed that upon closing of the Merger, they will convert their existing Series B Preference Shares of Sirius into up to $260.0 million face value of newly-issued Series B Preference Shares of SiriusPoint (the “New Preference Shares”). The New Preference Shares will be perpetual in nature, carry an 8.00% annual cumulative cash dividend, and will be callable by SiriusPoint on each fifth anniversary of the closing of the Merger or upon certain other events. At the time of issuance upon the closing of the Merger, SiriusPoint will have the option to substitute up to $60.0 million in cash in lieu of an equal face amount of the New Preference Shares (or pay in cash the agreed New Preference Shares face amount of $260.0 million in full). Promissory Note On September 6, 2020, the Company entered into an Unsecured Promissory Note agreement (the “Notes”) with Arcadian, pursuant to which the Company has committed to loan up to $18.0 million. Interest shall accrue and be computed on the aggregate principal amount drawn and outstanding at a rate of 8.0% per annum. No amounts were drawn as of September 30, 2020.

Segment reporting

Segment reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment reporting	18. 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, other income (expense), interest expense, foreign exchange (gains) losses and income tax (expense) benefit are presented as a reconciliation to the Company’s consolidated results. The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments. The following is a summary of the Company’s operating segment results for the three and nine months ended September 30, 2020 and 2019: Three months ended September 30, 2020 September 30, 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 60,779 $ 60,779 $ 95,388 $ 95,388 Gross premiums ceded 185 185 (1,116) (1,116) Net premiums written 60,964 60,964 94,272 94,272 Change in net unearned premium reserves 80,748 80,748 108,976 108,976 Net premiums earned 141,712 141,712 203,248 203,248 Expenses Loss and loss adjustment expenses incurred, net 110,487 110,487 85,703 85,703 Acquisition costs, net 54,817 54,817 118,271 118,271 General and administrative expenses 4,556 4,556 4,769 4,769 Total expenses 169,860 169,860 208,743 208,743 Net underwriting loss $ (28,148) (28,148) $ (5,495) (5,495) Net investment income (loss) 121,956 (3,138) Corporate expenses (16,764) (4,468) Other income (expense) 283 (5,058) Interest expense (2,068) (2,074) Foreign exchange gains (losses) (5,885) 4,921 Income tax benefit (expense) (652) 213 Net loss attributable to noncontrolling interests 21 — Net income (loss) available to Third Point Re common shareholders $ 68,743 $ (15,099) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 78.0 % 42.2 % Acquisition cost ratio 38.7 % 58.2 % Composite ratio 116.7 % 100.4 % General and administrative expense ratio 3.2 % 2.3 % Combined ratio 119.9 % 102.7 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2020 September 30, 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 422,481 $ 422,481 $ 497,616 $ 497,616 Gross premiums ceded (30,037) (30,037) (3,301) (3,301) Net premiums written 392,444 392,444 494,315 494,315 Change in net unearned premium reserves 36,393 36,393 7,435 7,435 Net premiums earned 428,837 428,837 501,750 501,750 Expenses Loss and loss adjustment expenses incurred, net 287,379 287,379 263,105 263,105 Acquisition costs, net 147,741 147,741 233,775 233,775 General and administrative expenses 15,031 15,031 17,762 17,762 Total expenses 450,151 450,151 514,642 514,642 Net underwriting loss $ (21,314) (21,314) $ (12,892) (12,892) Net investment income 74,140 220,946 Corporate expenses (29,903) (23,257) Other expenses (6,410) (12,994) Interest expense (6,162) (6,154) Foreign exchange gains 3,129 6,663 Income tax expense (4,380) (1,431) Net loss attributable to noncontrolling interests 21 — Net income available to Third Point Re common shareholders $ 9,121 $ 170,881 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 67.0 % 52.4 % Acquisition cost ratio 34.5 % 46.6 % Composite ratio 101.5 % 99.0 % General and administrative expense ratio 3.5 % 3.6 % Combined ratio 105.0 % 102.6 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Property $ 16,854 27.7 % $ 6,705 7.0 % $ 148,678 35.2 % $ 102,548 20.6 % Casualty 31,278 51.5 % 17,024 17.8 % 125,361 29.7 % 119,354 24.0 % Specialty 9,727 16.0 % 12,967 13.7 % 145,522 34.4 % 222,375 44.7 % Total prospective reinsurance contracts 57,859 95.2 % 36,696 38.5 % 419,561 99.3 % 444,277 89.3 % Retroactive reinsurance contracts 2,920 4.8 % 58,692 61.5 % 2,920 0.7 % 53,339 10.7 % $ 60,779 100.0 % $ 95,388 100.0 % $ 422,481 100.0 % $ 497,616 100.0 %

Subsequent event

Subsequent event	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent event	19. Subsequent event Revolving Credit Facility On November 2, 2020, the Company entered into a three-year, $300.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent. The Facility includes an option, subject to satisfaction of certain conditions including agreement of lenders representing greater than a majority of commitments, for the Company to request an extension by such lenders of the maturity date of the Facility by an additional 12 months. The Facility provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. Loans and letters of credit under the Facility will become available, subject to customary conditions precedent, upon the consummation of the merger (the date such loans and letters of credit are first made available, the “Closing Date”). Prior to the Closing Date, the Facility is guaranteed solely by Third Point Re (USA) Holdings Inc. On and after the Closing Date, the Facility will be required to be guaranteed by Sirius International Group, Ltd., Sirius International Holdings Ltd., Sirius International Insurance Group, Ltd., and subject to customary exceptions certain other material subsidiaries of the Company. All borrowings under the Facility bear interest at a rate per annum equal to, at the option of the Company, (i) adjusted LIBOR plus an applicable margin ranging from 1.25% to 2.25%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.25%, in each case with the applicable margin determined based upon the Company’s credit rating. The Facility is subject to an unused line fee on or after the Closing Date on the average daily undrawn commitments under the Facility, payable quarterly in arrears, of 0.20% to 0.40% per annum based upon the Company’s credit rating.

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Information	20. Supplemental guarantor information Third Point Re fully and unconditionally guarantees the $115.0 million of Notes issued by TPRUSA, a wholly owned subsidiary. The following information sets forth condensed consolidating balance sheets as of September 30, 2020 and December 31, 2019, condensed consolidating statements of income (loss) for the three and nine months ended September 30, 2020 and 2019 and condensed consolidating statements of cash flows for the nine months ended September 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 September 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 1,055,231 $ — $ 1,059,231 Cash and cash equivalents — 166 513,617 — 513,783 Restricted cash and cash equivalents — — 1,101,693 — 1,101,693 Investment in subsidiaries 1,443,188 285,559 191,838 (1,920,585) — Due from brokers — — 81,142 — 81,142 Interest and dividends receivable — — 1,835 — 1,835 Reinsurance balances receivable, net — — 572,672 — 572,672 Deferred acquisition costs, net — — 142,846 — 142,846 Unearned premiums ceded — — 27,463 — 27,463 Loss and loss adjustment expenses recoverable, net — — 13,626 — 13,626 Amounts due from (to) affiliates (17,296) (3,948) 21,244 — — Other assets 2,599 8,081 9,491 — 20,171 Total assets $ 1,432,491 $ 289,858 $ 3,732,698 $ (1,920,585) $ 3,534,462 Liabilities Accounts payable and accrued expenses $ 4,920 $ — $ 9,043 $ — $ 13,963 Reinsurance balances payable — — 120,469 — 120,469 Deposit liabilities — — 155,697 — 155,697 Unearned premium reserves — — 498,893 — 498,893 Loss and loss adjustment expense reserves — — 1,186,149 — 1,186,149 Securities sold, not yet purchased, at fair value — — 15,389 — 15,389 Interest and dividends payable — 1,034 76 — 1,110 Senior notes payable, net of deferred costs — 114,222 — — 114,222 Total liabilities 4,920 115,256 1,985,716 — 2,105,892 Shareholders’ equity Common shares 9,531 — 1,239 (1,239) 9,531 Additional paid-in capital 931,972 192,168 1,596,758 (1,788,926) 931,972 Retained earnings (deficit) 486,068 (17,566) 147,986 (130,420) 486,068 Shareholders’ equity attributable to Third Point Re common shareholders 1,427,571 174,602 1,745,983 (1,920,585) 1,427,571 Noncontrolling interests — — 999 — 999 Total shareholders’ equity 1,427,571 174,602 1,746,982 (1,920,585) 1,428,570 Total liabilities, noncontrolling interests and shareholders’ equity $ 1,432,491 $ 289,858 $ 3,732,698 $ (1,920,585) $ 3,534,462 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 For the three months ended September 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 60,779 $ — $ 60,779 Gross premiums ceded — — 185 — 185 Net premiums written — — 60,964 — 60,964 Change in net unearned premium reserves — — 80,748 — 80,748 Net premiums earned — — 141,712 — 141,712 Net investment income — — 121,956 — 121,956 Equity in earnings (losses) of subsidiaries 82,648 3,692 (9) (86,331) — Total revenues 82,648 3,692 263,659 (86,331) 263,668 Expenses Loss and loss adjustment expenses incurred, net — — 110,487 — 110,487 Acquisition costs, net — — 54,817 — 54,817 General and administrative expenses 13,905 1 7,414 — 21,320 Other income — — (283) — (283) Interest expense — 2,068 — — 2,068 Foreign exchange losses — — 5,885 — 5,885 Total expenses 13,905 2,069 178,320 — 194,294 Income before income tax (expense) benefit 68,743 1,623 85,339 (86,331) 69,374 Income tax (expense) benefit — 435 (1,087) — (652) Net income 68,743 2,058 84,252 (86,331) 68,722 Net loss attributable to noncontrolling interests — — 21 — 21 Net income available to Third Point Re common shareholders $ 68,743 $ 2,058 $ 84,273 $ (86,331) $ 68,743 For the nine months ended September 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 422,481 $ — $ 422,481 Gross premiums ceded — — (30,037) — (30,037) Net premiums written — — 392,444 — 392,444 Change in net unearned premium reserves — — 36,393 — 36,393 Net premiums earned — — 428,837 — 428,837 Net investment income — — 74,140 — 74,140 Equity in earnings (losses) of subsidiaries 29,837 21,129 (44) (50,922) — Total revenues 29,837 21,129 502,933 (50,922) 502,977 Expenses Loss and loss adjustment expenses incurred, net — — 287,379 — 287,379 Acquisition costs, net — — 147,741 — 147,741 General and administrative expenses 20,716 10 24,208 — 44,934 Other expenses — — 6,410 — 6,410 Interest expense — 6,162 — — 6,162 Foreign exchange gains — — (3,129) — (3,129) Total expenses 20,716 6,172 462,609 — 489,497 Income before income tax (expense) benefit 9,121 14,957 40,324 (50,922) 13,480 Income tax (expense) benefit — 1,296 (5,676) — (4,380) Net income 9,121 16,253 34,648 (50,922) 9,100 Net loss attributable to noncontrolling interests — — 21 — 21 Net income available to Third Point Re common shareholders $ 9,121 $ 16,253 $ 34,669 $ (50,922) $ 9,121 CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 95,388 $ — $ 95,388 Gross premiums ceded — — (1,116) — (1,116) Net premiums written — — 94,272 — 94,272 Change in net unearned premium reserves — — 108,976 — 108,976 Net premiums earned — — 203,248 — 203,248 Net investment loss — — (3,138) — (3,138) Equity in earnings (losses) of subsidiaries (13,516) 649 (15) 12,882 — Total revenues (13,516) 649 200,095 12,882 200,110 Expenses Loss and loss adjustment expenses incurred, net — — 85,703 — 85,703 Acquisition costs, net — — 118,271 — 118,271 General and administrative expenses 1,583 6 7,648 — 9,237 Other expenses — — 5,058 — 5,058 Interest expense — 2,074 — — 2,074 Foreign exchange gains — — (4,921) — (4,921) Total expenses 1,583 2,080 211,759 — 215,422 Loss before income tax (expense) benefit (15,099) (1,431) (11,664) 12,882 (15,312) Income tax (expense) benefit — 437 (224) — 213 Net loss attributable to Third Point Re common shareholders $ (15,099) $ (994) $ (11,888) $ 12,882 $ (15,099) For the nine months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 497,616 $ — $ 497,616 Gross premiums ceded — — (3,301) — (3,301) Net premiums written — — 494,315 — 494,315 Change in net unearned premium reserves — — 7,435 — 7,435 Net premiums earned — — 501,750 — 501,750 Net investment income — — 220,946 — 220,946 Equity in earnings (losses) of subsidiaries 183,936 9,980 (26) (193,890) — Total revenues 183,936 9,980 722,670 (193,890) 722,696 Expenses Loss and loss adjustment expenses incurred, net — — 263,105 — 263,105 Acquisition costs, net — — 233,775 — 233,775 General and administrative expenses 13,055 (20) 27,984 — 41,019 Other expenses — — 12,994 — 12,994 Interest expense — 6,154 — — 6,154 Foreign exchange gains — — (6,663) — (6,663) Total expenses 13,055 6,134 531,195 — 550,384 Income before income tax (expense) benefit 170,881 3,846 191,475 (193,890) 172,312 Income tax (expense) benefit — 1,288 (2,719) — (1,431) Net income available to Third Point Re common shareholders $ 170,881 $ 5,134 $ 188,756 $ (193,890) $ 170,881 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 9,121 $ 16,253 $ 34,648 $ (50,922) $ 9,100 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (29,837) (21,129) 44 50,922 — Share compensation expense 524 — 4,154 — 4,678 Net interest income on deposit liabilities — — (95) — (95) Net realized and unrealized gain on investments and derivatives — — (56,799) — (56,799) Net realized and unrealized gain on investment in related party investment fund — — (8,341) — (8,341) Net foreign exchange gains — — (3,129) — (3,129) Amortization of premium and accretion of discount, net — 133 (2,119) — (1,986) Changes in assets and liabilities: Reinsurance balances receivable — — 22,930 — 22,930 Deferred acquisition costs, net — — 11,871 — 11,871 Unearned premiums ceded — — (10,518) — (10,518) Loss and loss adjustment expenses recoverable — — (8,106) — (8,106) Other assets (1,835) (1,297) 3,792 — 660 Interest and dividends receivable, net — (2,021) 419 — (1,602) Unearned premium reserves — — (25,875) — (25,875) Loss and loss adjustment expense reserves — — 77,823 — 77,823 Accounts payable and accrued expenses 745 1 (4,599) — (3,853) Reinsurance balances payable — — 38,523 — 38,523 Amounts due from (to) affiliates 11,574 50 (11,624) — — Net cash provided by (used in) operating activities (9,708) (8,010) 62,999 — 45,281 Investing activities Purchases of investments — — (444,111) — (444,111) Proceeds from sales and maturities of investments — — 441,611 — 441,611 Purchases of investments to cover short sales — — (129) — (129) Proceeds from short sales of investments — — 15,721 — 15,721 Change in due to/from brokers, net — — (81,142) — (81,142) Net cash used in investing activities — — (68,050) — (68,050) Financing activities Taxes paid on withholding shares (302) — — — (302) Net payments on deposit liability contracts — — (16,431) — (16,431) Change in total noncontrolling interests, net — — 1,020 — 1,020 Dividend received by (paid to) parent 10,000 8,000 (18,000) — — Net cash provided by (used in) financing activities 9,698 8,000 (33,411) — (15,713) Net decrease in cash, cash equivalents and restricted cash (10) (10) (38,462) — (38,482) 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 $ — $ 166 $ 1,615,310 $ — $ 1,615,476 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 170,881 $ 5,134 $ 188,756 $ (193,890) $ 170,881 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (183,936) (9,980) 26 193,890 — Share compensation expense 2,635 — 3,671 — 6,306 Net interest expense on deposit liabilities — — 4,980 — 4,980 Net realized and unrealized gain on investments and derivatives — — (2,177) — (2,177) Net realized and unrealized gain on investment in related party investment fund — — (207,597) — (207,597) Net foreign exchange gains — — (6,663) — (6,663) Amortization of premium and accretion of discount, net — 133 (364) — (231) Changes in assets and liabilities: Reinsurance balances receivable — — (50,711) — (50,711) Deferred acquisition costs, net — — 36,874 — 36,874 Unearned premiums ceded — — 3,182 — 3,182 Loss and loss adjustment expenses recoverable — — (2,239) — (2,239) Other assets 913 (1,288) 3,202 — 2,827 Interest and dividends receivable, net — (2,029) (1,616) — (3,645) Unearned premium reserves — — (10,617) — (10,617) Loss and loss adjustment expense reserves — — 119,129 — 119,129 Accounts payable and accrued expenses 3,520 (30) 3,856 — 7,346 Reinsurance balances payable — — 29,052 — 29,052 Amounts due from (to) affiliates (1,453) 3,950 (2,497) — — Net cash provided by (used in) operating activities (7,440) (4,110) 108,247 — 96,697 Investing activities Proceeds from redemptions from related party investment fund — — 760,000 — 760,000 Contributions to related party investment fund — — (87,000) — (87,000) Change in participation agreement with related party investment fund — — (2,297) — (2,297) Purchases of investments (3,500) — (327,463) — (330,963) Proceeds from sales and maturities of investments — — 349,696 — 349,696 Change in due to/from brokers, net — — 1,411 — 1,411 Contributed capital to subsidiaries (15,000) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000) 15,000 — — Net cash provided by (used in) investing activities (18,500) — 709,347 — 690,847 Financing activities Proceeds from issuance of Third Point Re common shares, net of costs 1,887 — — — 1,887 Taxes paid on withholding shares (68) — — — (68) Net proceeds from deposit liability contracts — — 6,924 — 6,924 Dividend received by (paid to) parent 24,249 4,100 (28,349) — — Net cash provided by (used in) financing activities 26,068 4,100 (21,425) — 8,743 Net increase (decrease) in cash, cash equivalents and restricted cash 128 (10) 796,169 — 796,287 Cash, cash equivalents and restricted cash at beginning of period — 187 713,150 — 713,337 Cash, cash equivalents and restricted cash at end of period $ 128 $ 177 $ 1,509,319 $ — $ 1,509,624

Significant accounting polici_2

Significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Recently issued accounting standards	Recently issued accounting standards Issued and effective as of September 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 September 30, 2020 Other accounting pronouncements issued during the nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, December 31, 2019 Cash and cash equivalents $ 513,783 $ 639,415 Restricted cash securing letter of credit facilities (1) 275,189 254,176 Restricted cash securing reinsurance contracts (2) 826,504 760,367 Total cash, cash equivalents and restricted cash (3) 1,615,476 1,653,958 Restricted investments securing reinsurance contracts (2) 126,851 142,617 Total cash, cash equivalents, restricted cash and restricted investments $ 1,742,327 $ 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)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, December 31, 2019 Assets TP Fund $ 868,971 $ 860,630 Debt securities 186,260 125,071 Total investments 1,055,231 985,701 Cash and cash equivalents 450,018 588,196 Restricted cash and cash equivalents 1,101,693 1,014,543 Due from brokers 81,142 — Interest and dividends receivable 1,650 2,178 Other assets — 18 Total assets 2,689,734 2,590,636 Liabilities Accounts payable and accrued expenses 1,245 509 Securities sold, not yet purchased 15,389 — Interest and dividends payable 76 — Total liabilities 16,710 509 Total net investments managed by Third Point LLC $ 2,673,024 $ 2,590,127

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 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 — 29,245 — 29,245 Bank debt — 718 — 718 Corporate bonds — 56,798 — 56,798 U.S. Treasury securities — 99,499 — 99,499 Total debt securities — 186,260 — 186,260 $ — $ 186,260 $ 4,000 190,260 Investments in funds valued at NAV 868,971 Total assets $ 1,059,231 Liabilities U.S. Treasury securities $ — $ 15,389 $ — $ 15,389 Total securities sold, not yet purchased — 15,389 — 15,389 Derivative liabilities (embedded) — — 4 4 Total liabilities $ — $ 15,389 $ 4 $ 15,393 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 nine months ended September 30, 2020 and 2019: July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) September 30, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities 1,153 (1,153) — — — — Total assets $ 5,153 $ (1,153) $ — $ — $ — $ 4,000 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) September 30, Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Asset-backed securities — (5,577) 5,458 — 119 — Total assets $ 4,000 $ (5,577) $ 5,458 $ — $ 119 $ 4,000 Liabilities Derivative liabilities (embedded) $ (31) $ — $ — $ — $ 27 $ (4) Total liabilities $ (31) $ — $ — $ — $ 27 $ (4) July 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities 3,000 — — — — 3,000 Total assets $ 3,000 $ — $ 500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (54) $ — $ — $ — $ 17 $ (37) Total liabilities $ (54) $ — $ — $ — $ 17 $ (37) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) September 30, Assets Private common equity securities $ — $ — $ 500 $ — $ — $ 500 Private preferred equity securities — — 3,000 — — 3,000 Total assets $ — $ — $ 3,500 $ — $ — $ 3,500 Liabilities Derivative liabilities (embedded) $ (22) $ — $ — $ — $ (15) $ (37) Total liabilities $ (22) $ — $ — $ — $ (15) $ (37) (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)	9 Months Ended
	Sep. 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: September 30, Due from brokers Cash held at brokers $ 69,824 Receivable from unsettled trades (1) 11,318 $ 81,142

Loss and loss adjustment expe_2

Loss and loss adjustment expense reserves (Tables)	9 Months Ended
	Sep. 30, 2020
Insurance Loss Reserves [Abstract]
Schedule of loss and loss adjustment expense reserves	As of September 30, 2020 and December 31, 2019, loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following: September 30, December 31, 2019 Case loss and loss adjustment expense reserves $ 232,697 $ 148,166 Incurred but not reported loss and loss adjustment expense reserves 952,319 963,359 Deferred gains on retroactive reinsurance contracts 1,133 167 $ 1,186,149 $ 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 nine months ended September 30, 2020 and 2019: September 30, 2020 September 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 302,264 345,479 Prior years (14,885) (82,374) Total incurred loss and loss adjustment expenses 287,379 263,105 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (43,545) (45,380) Prior years (173,433) (101,594) Total net paid losses (216,978) (146,974) Foreign currency translation (3,366) 3,714 Net reserves for loss and loss adjustment expenses, end of period 1,166,469 1,051,124 Plus: loss and loss adjustment expenses recoverable, end of period 13,626 4,270 Plus: deferred charges on retroactive reinsurance contracts 6,054 4,606 Gross reserves for loss and loss adjustment expenses, end of period $ 1,186,149 $ 1,060,000

Management, and performance f_2

Management, and performance fees (Tables)	9 Months Ended
	Sep. 30, 2020
Management, Performance and Founders Fees [Abstract]
Schedule of investment fee expenses	The total management and performance fees to related parties for the three and nine months ended September 30, 2020 and 2019 were as follows: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Management fees - TP Fund $ 3,534 $ 3,617 $ 10,568 $ 13,603 Performance fees - fixed income and other investments (1) 12,511 — 12,511 — Performance fees - TP Fund (before loss carryforward) 25,320 — 4,878 40,969 Performance fees - loss carryforward utilized (20,949) — (506) (40,969) Total management and performance fees to related parties $ 20,416 $ 3,617 $ 27,451 $ 13,603 (1) Pursuant to the terms of the 2020 LPA, the performance of certain fixed income and other investments managed by Third Point LLC are now also subject to 20% performance fees for the year ended December 31, 2020.

Deposit contracts (Tables)

Deposit contracts (Tables)	9 Months Ended
	Sep. 30, 2020
Deposit Contracts, Liabilities [Abstract]
Schedule of deposit contracts	The following table represents activity for the deposit contracts for the nine months ended September 30, 2020 and year ended December 31, 2019: September 30, December 31, 2019 Balance, beginning of period $ 172,259 $ 145,342 Consideration received 550 23,884 Consideration receivable — 10,164 Net investment expense (income) allocation (95) 5,879 Payments (16,981) (13,052) Foreign currency translation (36) 42 Balance, end of period $ 155,697 $ 172,259

Senior notes payable and lett_2

Senior notes payable and letter of credit facilities (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of credit facilities	As of September 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 $ 72,910 $ 72,910 Uncommitted - Secured letters of credit facilities n/a 202,279 202,279 $ 275,189 $ 275,189

Net investment income (Tables)

Net investment income (Tables)	9 Months Ended
	Sep. 30, 2020
Net Investment Income [Abstract]
Schedule of net investment income	Net investment income (loss) for the three and nine months ended September 30, 2020 and 2019 consisted of the following: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net investment income (loss) by type Net realized gains (losses) on investments and investment derivatives $ 3,446 $ (4,242) $ 42,572 $ (4,198) Net change in unrealized gains (losses) on investments and investment derivatives (1,830) 3,661 14,200 6,390 Net gains (losses) on foreign currencies 5,349 (2,065) (2,218) 508 Dividend and interest income 4,846 5,595 12,593 11,428 Other expenses (407) (336) (1,348) (779) Net investment income (loss) from investment in related party investment fund 110,552 (5,751) 8,341 207,597 Net investment income (loss) $ 121,956 $ (3,138) $ 74,140 $ 220,946 The following table provides an additional breakdown of our net investment income (loss) by asset and liability type for the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net investment income (loss) by asset type Asset-backed securities $ 2,566 $ — $ 33,733 $ — Bank debt 183 — 336 — Corporate bonds 1,596 — 28,416 — U.S. Treasury securities 90 2,696 2,403 7,718 Sovereign debt 1,595 (1,247) 162 (1,215) Total debt securities 6,030 1,449 65,050 6,503 Net investment loss in funds valued at NAV, excluding TP Fund — (10) — (6) Total net investment income from invested assets 6,030 1,439 65,050 6,497 Net investment income (loss) by liability type U.S. Treasury securities 97 — (57) — Total net investment income (loss) from securities sold, not yet purchased 97 — (57) — Other investment income (losses) and other expenses not presented above Other investment expenses (325) (335) (1,087) (779) Net investment income on cash, including foreign exchange gain 5,602 1,509 1,893 7,631 Total other investment income and other expenses 5,277 1,174 806 6,852 Net investment income (loss) from investment in related party investment fund 110,552 (5,751) 8,341 207,597 Net investment income (loss) $ 121,956 $ (3,138) $ 74,140 $ 220,946
Equity Method Investment, Summarized Financial Information, Related Party Investment Fund	As a result of the Company’s holding in TP Fund and its contribution to the Company’s overall financial results, the Company includes the following summarized income statement of the TP Fund for the three and nine months ended September 30, 2020 and 2019, and summarized balance sheet as of September 30, 2020 and December 31, 2019. Thi s summarized income (loss) statement of TP Fund reflects the main components of total investment income (loss) and expenses of TP Fund. This summarized income (loss) statement is not a breakdown of the Company’s proportional investment income (loss) in TP Fund as presented in the Company’s condensed consolidated statement of income. Three months ended Nine months ended TP Fund summarized income (loss) statement September 30, 2020 September 30, September 30, 2020 September 30, 2019 Investment income (loss) Net realized gain (loss) from securities, derivative contracts and foreign currency translations $ (7,017) $ (402) $ 11,115 $ (3,840) Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations 151,487 (3,685) 13,352 246,081 Net income (loss) from currencies 1,476 217 1,286 (2,375) Dividend and interest income 10,045 8,246 23,491 38,326 Other income 11 1,803 695 6,217 Total investment income 156,002 6,179 49,939 284,409 Expenses Management fees 3,534 3,617 10,568 13,603 Interest 1,325 4,270 5,814 13,094 Dividends on securities sold, not yet purchased 952 2,077 3,295 6,821 Administrative and professional fees 1,330 490 2,154 1,505 Other expenses 727 1,411 1,732 4,615 Total expenses 7,868 11,865 23,563 39,638 Net income (loss) $ 148,134 $ (5,686) $ 26,376 $ 244,771 The following table is a summarized balance sheet of TP Fund as of September 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 September 30, December 31, 2019 Assets Total investments in securities and affiliated funds $ 1,865,701 $ 1,620,531 Cash and cash equivalents 40,069 52 Due from brokers 175,067 162,682 Derivative assets, at fair value 13,316 21,861 Interest and dividends receivable 4,398 1,210 Other assets 186 212 Total assets $ 2,098,737 $ 1,806,548 Liabilities Accounts payable and accrued expenses $ 1,731 $ 2,417 Securities sold, not yet purchased, at fair value 250,537 283,711 Securities sold under agreement to repurchase 15,173 — Due to brokers 770,225 426,612 Derivative liabilities, at fair value 31,260 19,282 Withdrawals payable to General Partner — 42,381 Interest and dividends payable 913 972 Management fee payable 224 256 Total liabilities 1,070,063 775,631 Total partners' capital $ 1,028,674 $ 1,030,917

Share capital (Tables)

Share capital (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Common shares 2020 2019 Common shares issued, beginning of period 94,225,498 93,639,610 Options exercised — 187,678 Restricted shares granted, net of forfeitures 745,099 361,522 Performance restricted shares granted, net of forfeitures and shares withheld 344,296 31,757 Common shares issued, end of period 95,314,893 94,220,567

Share-based compensation (Table

Share-based compensation (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 ($ in thousands) Restricted shares with service condition $ 729 $ 379 $ 1,903 $ 1,513 Restricted shares with service and performance condition 796 515 2,775 4,793 $ 1,525 $ 894 $ 4,678 $ 6,306
Schedule of management and director options outstanding	The following table summarizes information about the Company’s management and director share options outstanding and exercisable as of September 30, 2020: Range of exercise prices Number of Weighted average Remaining contractual life $10.00 - $10.89 4,774,694 $ 10.04 1.3 years $15.05 - $16.89 1,800,866 15.92 1.5 years $20.00 - $25.05 1,731,098 20.28 1.5 years 8,306,658 $ 13.45 1.4 years
Schedule of restricted shares with service condition activity	Restricted share award activity for the nine months ended September 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 761,533 8.59 Forfeited (16,434) 9.77 Vested (153,674) 10.58 Balance as of September 30, 2020 932,192 $ 9.14
Schedule of restricted shares with performance condition activity	Restricted share award activity for the restricted shares with a service and performance condition for the nine months ended September 30, 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 (19,902) 13.86 Balance as of September 30, 2020 1,762,935 1,250,022 $ 11.32

Non-controlling interests Nonco

Non-controlling interests Noncontrolling interests (Tables)	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Reconciliation of total noncontrolling interests	The following table is a reconciliation of the beginning and ending carrying amount of total noncontrolling interests for the three and nine months ended September 30, 2020: September 30, 2020 Balance, beginning of period $ — Net loss attributable to noncontrolling interests (21) Contributions 1,020 Balance, end of period $ 999

Earnings (loss) per share ava_2

Earnings (loss) per share available to Third Point Re common shareholders (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 92,613,393 91,903,556 92,466,813 91,784,268 Dilutive effect of options — — — 208,652 Dilutive effect of warrants — — — 150,501 Dilutive effect of restricted shares with service and performance condition 356,253 — 410,861 566,000 Diluted number of common shares outstanding 92,969,646 91,903,556 92,877,674 92,709,421 Basic earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 68,743 $ (15,099) $ 9,121 $ 170,881 Net income allocated to Third Point Re participating common shareholders (574) — (56) (515) Net income (loss) allocated to Third Point Re common shareholders $ 68,169 $ (15,099) $ 9,065 $ 170,366 Basic earnings (loss) per share available to Third Point Re common shareholders $ 0.74 $ (0.16) $ 0.10 $ 1.86 Diluted earnings (loss) per common share: Net income (loss) available to Third Point Re common shareholders $ 68,743 $ (15,099) $ 9,121 $ 170,881 Net income allocated to Third Point Re participating common shareholders (572) — (56) (510) Net income (loss) allocated to Third Point Re common shareholders $ 68,171 $ (15,099) $ 9,065 $ 170,371 Diluted earnings (loss) per share available to Third Point Re common shareholders $ 0.73 $ (0.16) $ 0.10 $ 1.84

Segment reporting (Tables)

Segment reporting (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Three months ended September 30, 2020 September 30, 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 60,779 $ 60,779 $ 95,388 $ 95,388 Gross premiums ceded 185 185 (1,116) (1,116) Net premiums written 60,964 60,964 94,272 94,272 Change in net unearned premium reserves 80,748 80,748 108,976 108,976 Net premiums earned 141,712 141,712 203,248 203,248 Expenses Loss and loss adjustment expenses incurred, net 110,487 110,487 85,703 85,703 Acquisition costs, net 54,817 54,817 118,271 118,271 General and administrative expenses 4,556 4,556 4,769 4,769 Total expenses 169,860 169,860 208,743 208,743 Net underwriting loss $ (28,148) (28,148) $ (5,495) (5,495) Net investment income (loss) 121,956 (3,138) Corporate expenses (16,764) (4,468) Other income (expense) 283 (5,058) Interest expense (2,068) (2,074) Foreign exchange gains (losses) (5,885) 4,921 Income tax benefit (expense) (652) 213 Net loss attributable to noncontrolling interests 21 — Net income (loss) available to Third Point Re common shareholders $ 68,743 $ (15,099) Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 78.0 % 42.2 % Acquisition cost ratio 38.7 % 58.2 % Composite ratio 116.7 % 100.4 % General and administrative expense ratio 3.2 % 2.3 % Combined ratio 119.9 % 102.7 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2020 September 30, 2019 Property and Casualty Reinsurance Total Property and Casualty Reinsurance Total Revenues Gross premiums written $ 422,481 $ 422,481 $ 497,616 $ 497,616 Gross premiums ceded (30,037) (30,037) (3,301) (3,301) Net premiums written 392,444 392,444 494,315 494,315 Change in net unearned premium reserves 36,393 36,393 7,435 7,435 Net premiums earned 428,837 428,837 501,750 501,750 Expenses Loss and loss adjustment expenses incurred, net 287,379 287,379 263,105 263,105 Acquisition costs, net 147,741 147,741 233,775 233,775 General and administrative expenses 15,031 15,031 17,762 17,762 Total expenses 450,151 450,151 514,642 514,642 Net underwriting loss $ (21,314) (21,314) $ (12,892) (12,892) Net investment income 74,140 220,946 Corporate expenses (29,903) (23,257) Other expenses (6,410) (12,994) Interest expense (6,162) (6,154) Foreign exchange gains 3,129 6,663 Income tax expense (4,380) (1,431) Net loss attributable to noncontrolling interests 21 — Net income available to Third Point Re common shareholders $ 9,121 $ 170,881 Property and Casualty Reinsurance - Underwriting Ratios (1): Loss ratio 67.0 % 52.4 % Acquisition cost ratio 34.5 % 46.6 % Composite ratio 101.5 % 99.0 % General and administrative expense ratio 3.5 % 3.6 % Combined ratio 105.0 % 102.6 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Schedule of breakdown of the Company’s gross premiums written by line of business	The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and nine months ended September 30, 2020 and 2019: Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Property $ 16,854 27.7 % $ 6,705 7.0 % $ 148,678 35.2 % $ 102,548 20.6 % Casualty 31,278 51.5 % 17,024 17.8 % 125,361 29.7 % 119,354 24.0 % Specialty 9,727 16.0 % 12,967 13.7 % 145,522 34.4 % 222,375 44.7 % Total prospective reinsurance contracts 57,859 95.2 % 36,696 38.5 % 419,561 99.3 % 444,277 89.3 % Retroactive reinsurance contracts 2,920 4.8 % 58,692 61.5 % 2,920 0.7 % 53,339 10.7 % $ 60,779 100.0 % $ 95,388 100.0 % $ 422,481 100.0 % $ 497,616 100.0 %

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 1,055,231 $ — $ 1,059,231 Cash and cash equivalents — 166 513,617 — 513,783 Restricted cash and cash equivalents — — 1,101,693 — 1,101,693 Investment in subsidiaries 1,443,188 285,559 191,838 (1,920,585) — Due from brokers — — 81,142 — 81,142 Interest and dividends receivable — — 1,835 — 1,835 Reinsurance balances receivable, net — — 572,672 — 572,672 Deferred acquisition costs, net — — 142,846 — 142,846 Unearned premiums ceded — — 27,463 — 27,463 Loss and loss adjustment expenses recoverable, net — — 13,626 — 13,626 Amounts due from (to) affiliates (17,296) (3,948) 21,244 — — Other assets 2,599 8,081 9,491 — 20,171 Total assets $ 1,432,491 $ 289,858 $ 3,732,698 $ (1,920,585) $ 3,534,462 Liabilities Accounts payable and accrued expenses $ 4,920 $ — $ 9,043 $ — $ 13,963 Reinsurance balances payable — — 120,469 — 120,469 Deposit liabilities — — 155,697 — 155,697 Unearned premium reserves — — 498,893 — 498,893 Loss and loss adjustment expense reserves — — 1,186,149 — 1,186,149 Securities sold, not yet purchased, at fair value — — 15,389 — 15,389 Interest and dividends payable — 1,034 76 — 1,110 Senior notes payable, net of deferred costs — 114,222 — — 114,222 Total liabilities 4,920 115,256 1,985,716 — 2,105,892 Shareholders’ equity Common shares 9,531 — 1,239 (1,239) 9,531 Additional paid-in capital 931,972 192,168 1,596,758 (1,788,926) 931,972 Retained earnings (deficit) 486,068 (17,566) 147,986 (130,420) 486,068 Shareholders’ equity attributable to Third Point Re common shareholders 1,427,571 174,602 1,745,983 (1,920,585) 1,427,571 Noncontrolling interests — — 999 — 999 Total shareholders’ equity 1,427,571 174,602 1,746,982 (1,920,585) 1,428,570 Total liabilities, noncontrolling interests and shareholders’ equity $ 1,432,491 $ 289,858 $ 3,732,698 $ (1,920,585) $ 3,534,462 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 For the three months ended September 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 60,779 $ — $ 60,779 Gross premiums ceded — — 185 — 185 Net premiums written — — 60,964 — 60,964 Change in net unearned premium reserves — — 80,748 — 80,748 Net premiums earned — — 141,712 — 141,712 Net investment income — — 121,956 — 121,956 Equity in earnings (losses) of subsidiaries 82,648 3,692 (9) (86,331) — Total revenues 82,648 3,692 263,659 (86,331) 263,668 Expenses Loss and loss adjustment expenses incurred, net — — 110,487 — 110,487 Acquisition costs, net — — 54,817 — 54,817 General and administrative expenses 13,905 1 7,414 — 21,320 Other income — — (283) — (283) Interest expense — 2,068 — — 2,068 Foreign exchange losses — — 5,885 — 5,885 Total expenses 13,905 2,069 178,320 — 194,294 Income before income tax (expense) benefit 68,743 1,623 85,339 (86,331) 69,374 Income tax (expense) benefit — 435 (1,087) — (652) Net income 68,743 2,058 84,252 (86,331) 68,722 Net loss attributable to noncontrolling interests — — 21 — 21 Net income available to Third Point Re common shareholders $ 68,743 $ 2,058 $ 84,273 $ (86,331) $ 68,743 For the nine months ended September 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 422,481 $ — $ 422,481 Gross premiums ceded — — (30,037) — (30,037) Net premiums written — — 392,444 — 392,444 Change in net unearned premium reserves — — 36,393 — 36,393 Net premiums earned — — 428,837 — 428,837 Net investment income — — 74,140 — 74,140 Equity in earnings (losses) of subsidiaries 29,837 21,129 (44) (50,922) — Total revenues 29,837 21,129 502,933 (50,922) 502,977 Expenses Loss and loss adjustment expenses incurred, net — — 287,379 — 287,379 Acquisition costs, net — — 147,741 — 147,741 General and administrative expenses 20,716 10 24,208 — 44,934 Other expenses — — 6,410 — 6,410 Interest expense — 6,162 — — 6,162 Foreign exchange gains — — (3,129) — (3,129) Total expenses 20,716 6,172 462,609 — 489,497 Income before income tax (expense) benefit 9,121 14,957 40,324 (50,922) 13,480 Income tax (expense) benefit — 1,296 (5,676) — (4,380) Net income 9,121 16,253 34,648 (50,922) 9,100 Net loss attributable to noncontrolling interests — — 21 — 21 Net income available to Third Point Re common shareholders $ 9,121 $ 16,253 $ 34,669 $ (50,922) $ 9,121 CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) For the three months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 95,388 $ — $ 95,388 Gross premiums ceded — — (1,116) — (1,116) Net premiums written — — 94,272 — 94,272 Change in net unearned premium reserves — — 108,976 — 108,976 Net premiums earned — — 203,248 — 203,248 Net investment loss — — (3,138) — (3,138) Equity in earnings (losses) of subsidiaries (13,516) 649 (15) 12,882 — Total revenues (13,516) 649 200,095 12,882 200,110 Expenses Loss and loss adjustment expenses incurred, net — — 85,703 — 85,703 Acquisition costs, net — — 118,271 — 118,271 General and administrative expenses 1,583 6 7,648 — 9,237 Other expenses — — 5,058 — 5,058 Interest expense — 2,074 — — 2,074 Foreign exchange gains — — (4,921) — (4,921) Total expenses 1,583 2,080 211,759 — 215,422 Loss before income tax (expense) benefit (15,099) (1,431) (11,664) 12,882 (15,312) Income tax (expense) benefit — 437 (224) — 213 Net loss attributable to Third Point Re common shareholders $ (15,099) $ (994) $ (11,888) $ 12,882 $ (15,099) For the nine months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 497,616 $ — $ 497,616 Gross premiums ceded — — (3,301) — (3,301) Net premiums written — — 494,315 — 494,315 Change in net unearned premium reserves — — 7,435 — 7,435 Net premiums earned — — 501,750 — 501,750 Net investment income — — 220,946 — 220,946 Equity in earnings (losses) of subsidiaries 183,936 9,980 (26) (193,890) — Total revenues 183,936 9,980 722,670 (193,890) 722,696 Expenses Loss and loss adjustment expenses incurred, net — — 263,105 — 263,105 Acquisition costs, net — — 233,775 — 233,775 General and administrative expenses 13,055 (20) 27,984 — 41,019 Other expenses — — 12,994 — 12,994 Interest expense — 6,154 — — 6,154 Foreign exchange gains — — (6,663) — (6,663) Total expenses 13,055 6,134 531,195 — 550,384 Income before income tax (expense) benefit 170,881 3,846 191,475 (193,890) 172,312 Income tax (expense) benefit — 1,288 (2,719) — (1,431) Net income available to Third Point Re common shareholders $ 170,881 $ 5,134 $ 188,756 $ (193,890) $ 170,881
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2020 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 9,121 $ 16,253 $ 34,648 $ (50,922) $ 9,100 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (29,837) (21,129) 44 50,922 — Share compensation expense 524 — 4,154 — 4,678 Net interest income on deposit liabilities — — (95) — (95) Net realized and unrealized gain on investments and derivatives — — (56,799) — (56,799) Net realized and unrealized gain on investment in related party investment fund — — (8,341) — (8,341) Net foreign exchange gains — — (3,129) — (3,129) Amortization of premium and accretion of discount, net — 133 (2,119) — (1,986) Changes in assets and liabilities: Reinsurance balances receivable — — 22,930 — 22,930 Deferred acquisition costs, net — — 11,871 — 11,871 Unearned premiums ceded — — (10,518) — (10,518) Loss and loss adjustment expenses recoverable — — (8,106) — (8,106) Other assets (1,835) (1,297) 3,792 — 660 Interest and dividends receivable, net — (2,021) 419 — (1,602) Unearned premium reserves — — (25,875) — (25,875) Loss and loss adjustment expense reserves — — 77,823 — 77,823 Accounts payable and accrued expenses 745 1 (4,599) — (3,853) Reinsurance balances payable — — 38,523 — 38,523 Amounts due from (to) affiliates 11,574 50 (11,624) — — Net cash provided by (used in) operating activities (9,708) (8,010) 62,999 — 45,281 Investing activities Purchases of investments — — (444,111) — (444,111) Proceeds from sales and maturities of investments — — 441,611 — 441,611 Purchases of investments to cover short sales — — (129) — (129) Proceeds from short sales of investments — — 15,721 — 15,721 Change in due to/from brokers, net — — (81,142) — (81,142) Net cash used in investing activities — — (68,050) — (68,050) Financing activities Taxes paid on withholding shares (302) — — — (302) Net payments on deposit liability contracts — — (16,431) — (16,431) Change in total noncontrolling interests, net — — 1,020 — 1,020 Dividend received by (paid to) parent 10,000 8,000 (18,000) — — Net cash provided by (used in) financing activities 9,698 8,000 (33,411) — (15,713) Net decrease in cash, cash equivalents and restricted cash (10) (10) (38,462) — (38,482) 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 $ — $ 166 $ 1,615,310 $ — $ 1,615,476 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2019 Third TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 170,881 $ 5,134 $ 188,756 $ (193,890) $ 170,881 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (183,936) (9,980) 26 193,890 — Share compensation expense 2,635 — 3,671 — 6,306 Net interest expense on deposit liabilities — — 4,980 — 4,980 Net realized and unrealized gain on investments and derivatives — — (2,177) — (2,177) Net realized and unrealized gain on investment in related party investment fund — — (207,597) — (207,597) Net foreign exchange gains — — (6,663) — (6,663) Amortization of premium and accretion of discount, net — 133 (364) — (231) Changes in assets and liabilities: Reinsurance balances receivable — — (50,711) — (50,711) Deferred acquisition costs, net — — 36,874 — 36,874 Unearned premiums ceded — — 3,182 — 3,182 Loss and loss adjustment expenses recoverable — — (2,239) — (2,239) Other assets 913 (1,288) 3,202 — 2,827 Interest and dividends receivable, net — (2,029) (1,616) — (3,645) Unearned premium reserves — — (10,617) — (10,617) Loss and loss adjustment expense reserves — — 119,129 — 119,129 Accounts payable and accrued expenses 3,520 (30) 3,856 — 7,346 Reinsurance balances payable — — 29,052 — 29,052 Amounts due from (to) affiliates (1,453) 3,950 (2,497) — — Net cash provided by (used in) operating activities (7,440) (4,110) 108,247 — 96,697 Investing activities Proceeds from redemptions from related party investment fund — — 760,000 — 760,000 Contributions to related party investment fund — — (87,000) — (87,000) Change in participation agreement with related party investment fund — — (2,297) — (2,297) Purchases of investments (3,500) — (327,463) — (330,963) Proceeds from sales and maturities of investments — — 349,696 — 349,696 Change in due to/from brokers, net — — 1,411 — 1,411 Contributed capital to subsidiaries (15,000) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000) 15,000 — — Net cash provided by (used in) investing activities (18,500) — 709,347 — 690,847 Financing activities Proceeds from issuance of Third Point Re common shares, net of costs 1,887 — — — 1,887 Taxes paid on withholding shares (68) — — — (68) Net proceeds from deposit liability contracts — — 6,924 — 6,924 Dividend received by (paid to) parent 24,249 4,100 (28,349) — — Net cash provided by (used in) financing activities 26,068 4,100 (21,425) — 8,743 Net increase (decrease) in cash, cash equivalents and restricted cash 128 (10) 796,169 — 796,287 Cash, cash equivalents and restricted cash at beginning of period — 187 713,150 — 713,337 Cash, cash equivalents and restricted cash at end of period $ 128 $ 177 $ 1,509,319 $ — $ 1,509,624

Restricted cash and cash equi_3

Restricted cash and cash equivalents and restricted investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 513,783	$ 639,415
Restricted cash and cash equivalents	1,101,693	1,014,543
Total cash, cash equivalents and restricted cash	1,615,476	1,653,958	$ 1,509,624	$ 713,337
Restricted Investments	126,851	142,617
Total restricted cash and cash equivalents and investments	1,742,327	1,796,575
Restricted cash securing letter of credit facilities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	275,189	254,176
Restricted cash securing other reinsurance contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 826,504	$ 760,367

Investments - Schedule of the s

Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Total assets	$ 2,689,734	$ 2,590,636
Liabilities
Total liabilities and shareholders' equity	16,710	509
Total net investments managed by Third Point LLC	2,673,024	2,590,127
TP Fund
Assets
Total assets	868,971	860,630
Debt securities
Assets
Total assets	186,260	125,071
Total investments
Assets
Total assets	1,055,231	985,701
Cash and cash equivalents
Assets
Total assets	450,018	588,196
Restricted cash and cash equivalents
Assets
Total assets	1,101,693	1,014,543
Due from brokers
Assets
Total assets	81,142	0
Interest and dividends receivable
Assets
Total assets	1,650	2,178
Other assets
Assets
Total assets	0	18
Accounts payable and accrued expenses
Liabilities
Total liabilities and shareholders' equity	1,245	509
Securities sold, not yet purchased
Liabilities
Total liabilities and shareholders' equity	15,389	0
Interest and dividends payable
Liabilities
Total liabilities and shareholders' equity	$ 76	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details)	Sep. 30, 2020
TP Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	85.90%
TP GP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	14.10%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of investments, categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Assets
Equity securities	$ 1,000		$ 1,000		$ 1,000
Private preferred equity securities	3,000		3,000		3,000
Total equities	4,000		4,000		4,000
Asset-backed securities	29,245		29,245
Bank debt	718		718
Corporate bonds	56,798		56,798
U.S. Treasury securities	99,499		99,499		101,186
Sovereign debt					23,885
Total debt securities	186,260		186,260		125,071
Total assets	190,260		190,260		129,071
Investments in funds valued at NAV	868,971		868,971		860,630
Assets including alternative investments, fair value disclosure	1,059,231		1,059,231		989,701
Liabilities
U.S. Treasury securities	15,389		15,389
Total securities sold, not yet purchased	15,389		15,389		0
Derivative liabilities (embedded)	4		4		31
Total liabilities	15,393		15,393		31
Debt securities
Liabilities
Trading securities, change in unrealized holding gains (loss)	700	$ 4,400	16,300	$ 6,800
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 preferred equity securities	0		0		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
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 preferred equity securities	0		0		0
Total equities	0		0		0
Asset-backed securities	29,245		29,245
Bank debt	718		718
Corporate bonds	56,798		56,798
U.S. Treasury securities	99,499		99,499		101,186
Sovereign debt					23,885
Total debt securities	186,260		186,260		125,071
Total assets	186,260		186,260		125,071
Liabilities
U.S. Treasury securities	15,389		15,389
Total securities sold, not yet purchased	15,389		15,389
Derivative liabilities (embedded)	0		0		0
Total liabilities	15,389		15,389		0
Significant unobservable inputs (Level 3)
Assets
Equity securities	1,000		1,000		1,000
Private preferred equity securities	3,000		3,000		3,000
Total equities	4,000		4,000		4,000
Asset-backed securities	0		0
Bank debt	0		0
Corporate bonds	0		0
U.S. Treasury securities	0		0		0
Sovereign debt					0
Total debt securities	0		0		0
Total assets	4,000		4,000		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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Securities valued based on dealer quotes or other quoted market prices for similar securities	$ 0		$ 0
Percent of securities valued based on dealer quotes or other quoted market prices for similar securities	0.00%		0.00%
Total change in unrealized (gains) losses on fair value of assets using significant unobservable inputs	$ 0	$ 0	$ 0	$ 0
Security Owned and Sold Not Yet Purchased, Not Readily Marketable, Quoted Price, Percent	0.00%		0.00%

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Assets
Asset fair value, beginning balance	$ 5,153	$ 3,000	$ 4,000	$ 0
Transfers in to (out of) Level 3 (1)	(1,153)	0	(5,577)	0
Purchases	0	500	5,458	3,500
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	0	0	119	0
Asset fair value, ending balance	4,000	3,500	4,000	3,500
Liabilities
Liability fair value, beginning balance	(4)	(54)	(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	17	27	(15)
Liability fair value, ending balance	(4)	(37)	(4)	(37)
Derivative liabilities (embedded)
Liabilities
Liability fair value, beginning balance	(4)	(54)	(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	17	27	(15)
Liability fair value, ending balance	(4)	(37)	(4)	(37)
Private common equity securities
Assets
Asset fair value, beginning balance	1,000	0	1,000	0
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	0	500	0	500
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	0	0	0	0
Asset fair value, ending balance	1,000	500	1,000	500
Private preferred equity securities
Assets
Asset fair value, beginning balance	3,000	3,000	3,000	0
Transfers in to (out of) Level 3 (1)	0	0	0	0
Purchases	0	0	0	3,000
Sales	0	0	0	0
Realized and Unrealized Gains (Losses)	0	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	1,153		0
Transfers in to (out of) Level 3 (1)	(1,153)		(5,577)
Purchases	0		5,458
Sales	0		0
Realized and Unrealized Gains (Losses)	0		119
Asset fair value, ending balance	$ 0		$ 0

Due from_to brokers (Details)

Due from/to brokers (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Due from brokers
Cash held at brokers	$ 69,824
Receivable from unsettled trades	11,318
Due from brokers	$ 81,142	$ 0

Loss and loss adjustment expe_3

Loss and loss adjustment expense reserves - Schedule of loss and loss adjustment expense reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Insurance Loss Reserves [Abstract]
Case loss and loss adjustment expense reserves	$ 232,697	$ 148,166
Incurred but not reported loss and loss adjustment expense reserves	952,319	963,359
Deferred gains on retroactive reinsurance contracts	1,133	167
Loss and loss adjustment expense reserves	$ 1,186,149	$ 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	9 Months Ended
	Sep. 30, 2020	Sep. 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	302,264	345,479
Prior years	(14,885)	(82,374)
Total incurred loss and loss adjustment expenses	287,379	263,105
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(43,545)	(45,380)
Prior years	(173,433)	(101,594)
Total net paid losses	(216,978)	(146,974)
Foreign currency translation	(3,366)	3,714
Net reserves for loss and loss adjustment expenses, end of period	1,166,469	1,051,124
Plus: loss and loss adjustment expenses recoverable, end of period	13,626	4,270
Plus: deferred charges on retroactive reinsurance contracts, end of period	(6,054)	(4,606)
Gross reserves for loss and loss adjustment expenses, end of period	1,186,149	1,060,000
Prior Year Claims and Claims Adjustment Expense, Including Amortization of Deferred Gains	(14,900)	(82,400)
Unfavorable (Favorable) Reserve Development
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	30,400	88,800
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	20,000	84,500
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Earned Premium	7,800
Increase in net underwriting loss	(2,600)	(4,300)
Premium Adjustments on Certain Contracts
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	(15,500)	(6,400)
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change in Accounting Estimate, Financial Impact	18,400	8,500
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates	(19,200)	(8,000)
Change In Policy Acquisition Costs	2,900	2,100
Increase in net underwriting loss	(800)	500
Impact On Underwriting Income
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	(3,400)	(3,800)
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	(6,500)	(8,900)
Other Contracts | Unfavorable (Favorable) Reserve Development
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	(2,900)
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		6,400
Retroactive Reinsurance Contract | Unfavorable (Favorable) Reserve Development
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Prior years	23,200	(69,500)
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Change In Policy Acquisition Costs	23,300	68,600
Increase in net underwriting loss	100	(900)
Auto Contracts [Member] | Unfavorable (Favorable) Reserve Development
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss		(3,200)
General Liability [Member] | Unfavorable (Favorable) Reserve Development
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Increase in net underwriting loss	$ 6,700	$ 2,200

Management, and performance f_3

Management, and performance fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction
Management and performance fees to related parties	$ (20,416)	$ (3,617)	$ (27,451)	$ (13,603)
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	$ 3,534	3,617	$ 10,568	13,603
Performance Fees - FI and other investments - TP LLC	12,511	0	12,511	0
Performance Fees - TP Fund	25,320	0	4,878	40,969
Performance Fees - Loss Carryforward Utilization - TP Fund	20,949	$ 0	506	$ 40,969
Third Point Re BDA
Related Party Transaction
Loss Recovery Account	0		0		$ 0
Third Point Re USA
Related Party Transaction
Loss Recovery Account	$ 0		$ 0		$ 500

Deposit contracts (Details)

Deposit contracts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 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 (income) allocation	(95)	5,879
Payments	(16,981)	(13,052)
Foreign currency translation	(36)	$ 42
Balance, end of period	$ 155,697

Senior notes payable and lett_3

Senior notes payable and letter of credit facilities (Senior notes payable) (Details) - Senior unsecured notes - 7% Senior Unsecured Notes - USD ($)	Sep. 30, 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	$ 116,700,000	$ 121,700,000

Senior notes payable and lett_4

Senior notes payable and letter of credit facilities (Letters of credit) (Details)	Sep. 30, 2020USD ($)
Line of Credit Facility
Utilized	$ 275,189,000
Collateral	275,189,000
Committed, secured facility
Line of Credit Facility
Facility	225,000,000
Utilized	72,910,000
Collateral	72,910,000
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Investment Income [Abstract]
Net realized gains (losses) on investments and investment derivatives	$ 3,446	$ (4,242)	$ 42,572	$ (4,198)
Net change in unrealized gains (losses) on investments and investment derivatives	(1,830)	3,661	14,200	6,390
Net gains (losses) on foreign currencies	5,349	(2,065)	(2,218)	508
Dividend and interest income	4,846	5,595	12,593	11,428
Other expenses	(407)	(336)	(1,348)	(779)
Net investment income (loss) from investment in related party investment fund	110,552	(5,751)	8,341	207,597
Net investment income (loss)	$ 121,956	$ (3,138)	$ 74,140	$ 220,946

Net investment income - by Type

Net investment income - by Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	$ 121,956	$ (3,138)	$ 74,140	$ 220,946
Other investment expenses	(325)	(335)	(1,087)	(779)
Net investment income on cash, including foreign exchange gain	5,602	1,509	1,893	7,631
Total other investment income and other expenses	5,277	1,174	806	6,852
Net investment income (loss) from investment in related party investment fund	110,552	(5,751)	8,341	207,597
Net investment income (loss)	121,956	(3,138)	74,140	220,946
Net investment income (loss) by asset type
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	6,030	1,439	65,050	6,497
Net investment income (loss) by asset type | Net investment loss in funds valued at NAV, excluding TP Fund
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	0	(10)	0	(6)
Net investment income (loss) by asset type | Debt securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	6,030	1,449	65,050	6,503
Net investment income (loss) by asset type | Asset-backed securities
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	2,566	0	33,733	0
Net investment income (loss) by asset type | Bank debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	183	0	336	0
Net investment income (loss) by asset type | Corporate bonds
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	1,596	0	28,416	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)	90	2,696	2,403	7,718
Net investment income (loss) by asset type | Sovereign debt
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	1,595	(1,247)	162	(1,215)
Net investment income (loss) by liability type
Schedule of Net Investment Income (Loss) by Asset Type
Net investment income (loss)	97	0	(57)	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)	$ 97	$ 0	$ (57)	$ 0

Net investment income - TP Fund

Net investment income - TP Fund income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment income (loss)
Other Investment Income and Other	$ 5,277	$ 1,174	$ 806	$ 6,852
Total investment income	121,956	(3,138)	74,140	220,946
Expenses
Net income (loss)	68,722		9,100	170,881
TP Fund
Investment income (loss)
Net realized gain (loss) from securities, derivative contracts and foreign currency translations	(7,017)	(402)	11,115	(3,840)
Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations	151,487	(3,685)	13,352	246,081
Net income (loss) from currencies	1,476	217	1,286	(2,375)
Dividend and interest income	10,045	8,246	23,491	38,326
Other Investment Income and Other	11	1,803	695	6,217
Total investment income	156,002	6,179	49,939	284,409
Expenses
Management fees	3,534	3,617	10,568	13,603
Interest	1,325	4,270	5,814	13,094
Dividends on securities sold, not yet purchased	952	2,077	3,295	6,821
Administrative and professional fees	1,330	490	2,154	1,505
Other expenses	727	1,411	1,732	4,615
Total expenses	7,868	11,865	23,563	39,638
Net income (loss)	$ 148,134	$ (5,686)	$ 26,376	$ 244,771

Net investment income - TP Fu_2

Net investment income - TP Fund Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Total investments in securities	$ 1,059,231	$ 989,701
Cash and cash equivalents	513,783	639,415
Due from brokers	81,142	0
Interest and dividends receivable	1,835	2,178
Other assets	20,171	20,555
Total assets	3,534,462	3,439,694
Liabilities
Accounts payable and accrued expenses	13,963	17,816
Securities sold, not yet purchased, at fair value	15,389	0
Interest and Dividends Payable	1,110	3,055
Total liabilities	2,105,892	2,025,620
TP Fund
Assets
Total investments in securities	1,865,701	1,620,531
Cash and cash equivalents	40,069	52
Due from brokers	175,067	162,682
Derivative assets, at fair value	13,316	21,861
Interest and dividends receivable	4,398	1,210
Other assets	186	212
Total assets	2,098,737	1,806,548
Liabilities
Accounts payable and accrued expenses	1,731	2,417
Securities sold, not yet purchased, at fair value	250,537	283,711
Securities sold under agreement to repurchase	15,173	0
Due to brokers	770,225	426,612
Derivative liabilities, at fair value	31,260	19,282
Withdrawals payable to General Partner	0	42,381
Interest and Dividends Payable	913	972
Management Fee Payable	224	256
Total liabilities	1,070,063	775,631
Partners' Capital	$ 1,028,674	$ 1,030,917

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax
Income tax expense	$ 652	$ (213)	$ 4,380	$ 1,431
Deferred Tax Assets, Net	4,000		4,000		$ 8,300
Income tax expense related to U.S. and U.K. subsidiaries
Income Tax
Income tax expense	$ 652	$ (213)	$ 4,380	$ 1,431

Share capital - Common shares a

Share capital - Common shares and treasury shares (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 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	95,314,893	94,220,567
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	745,099	361,522
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	31,757
Management and director options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	0	187,678

Share capital - Authorized and

Share capital - Authorized and issued (Details) - USD ($)	Sep. 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	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 1,525	$ 894	$ 4,678	$ 6,306
Restricted shares with service condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	729	379	1,903	1,513
Restricted shares with service and performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share compensation expenses	$ 796	$ 515	$ 2,775	$ 4,793

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share compensation expense	$ 12.9		$ 7.1
Unamortized share compensation expense, period of recognition	1 year 10 months 24 days	1 year 6 months
Management and director options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	0	187,678

Share-based compensation - Sc_2

Share-based compensation - Schedule of management and director options outstanding (Details) - Management and director options	9 Months Ended
	Sep. 30, 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 4 months 24 days
Options exercisable (in shares) | shares	8,306,658
Options exercisable, weighted average exercise price (in dollars per share)	$ 13.45
$10.00 - $10.89
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Range Limit (usd per share)	10
Upper Range Limit (usd per share)	$ 10.89
Options outstanding (in shares) | shares	4,774,694
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.04
Remaining contractual life	1 year 3 months 18 days
Options exercisable (in shares) | shares	4,774,694
Options exercisable, weighted average exercise price (in dollars per share)	$ 10.04
$15.05 - $16.89
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Range Limit (usd per share)	15.05
Upper Range Limit (usd per share)	$ 16.89
Options outstanding (in shares) | shares	1,800,866
Options outstanding, weighted average exercise price (in dollars per share)	$ 15.92
Remaining contractual life	1 year 6 months
Options exercisable (in shares) | shares	1,800,866
Options exercisable, weighted average exercise price (in dollars per share)	$ 15.92
$20.00 - $25.05
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Range Limit (usd per share)	20
Upper Range Limit (usd per share)	$ 25.05
Options outstanding (in shares) | shares	1,731,098
Options outstanding, weighted average exercise price (in dollars per share)	$ 20.28
Remaining contractual life	1 year 6 months
Options exercisable (in shares) | shares	1,731,098
Options exercisable, weighted average exercise price (in dollars per share)	$ 20.28

Share-based compensation - Sc_3

Share-based compensation - Schedule of restricted shares with service condition award activity (Details) - Restricted shares with service condition - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 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)	761,533	403,360
Forfeited (in shares)	(16,434)	(36,907)
Vested (in shares)	(153,674)	(49,751)
Outstanding, end of period (in shares)	932,192	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)	8.59	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)	10.58	12.40
Outstanding (in dollars per share)	$ 9.14	$ 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 ($)	9 Months Ended	12 Months Ended
	Sep. 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)	(19,902)	(6,698)
Outstanding, end of period (in shares)	1,250,022	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)	13.86	12.92
Outstanding (in dollars per share)	$ 11.32	$ 12.43

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage	49.00%
Maximum financial exposure | $	$ 18
Arcadian
Variable Interest Entity [Line Items]
Number of common shares acquired | shares	980,000
Business acquisition, share price (in dollars per share) | $ / shares	$ 1

Non-controlling interests - Sch

Non-controlling interests - Schedule of Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total Noncontrolling Interests [Roll Forward]
Balance, beginning of period			$ 0
Net loss attributable to noncontrolling interests	$ 21	$ 0	21	$ 0
Contributions			1,020
Total Noncontrolling Interests	$ 999		$ 999

Earnings (loss) per share ava_3

Earnings (loss) per share available to Third Point Re common shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding	92,613,393	91,903,556	92,466,813	91,784,268
Dilutive effect of options	0	0	0	208,652
Dilutive effect of warrants	0	0	0	150,501
Dilutive effect of restricted shares with service and performance condition	356,253	0	410,861	566,000
Diluted number of common shares outstanding	92,969,646	91,903,556	92,877,674	92,709,421
Basic earnings (loss) per common share:
Net income (loss) available to Third Point Re common shareholders	$ 68,743	$ (15,099)	$ 9,121	$ 170,881
Net income allocated to Third Point Re participating common shareholders	(574)	0	(56)	(515)
Net income (loss) allocated to Third Point Re common shareholders	$ 68,169	$ (15,099)	$ 9,065	$ 170,366
Basic earnings (loss) per share available to Third Point Re common shareholders	$ 0.74	$ (0.16)	$ 0.10	$ 1.86
Earnings per share, diluted [Abstract]
Net income (loss) available to Third Point Re common shareholders	$ 68,743	$ (15,099)	$ 9,121	$ 170,881
Net income allocated to Third Point Re participating common shareholders	(572)	0	(56)	(510)
Net income (loss) allocated to Third Point Re common shareholders	$ 68,171	$ (15,099)	$ 9,065	$ 170,371
Diluted earnings (loss) per share available to Third Point Re common shareholders	$ 0.73	$ (0.16)	$ 0.10	$ 1.84
Antidilutive securities excluded from computation of earnings per share	3,741,266		3,741,266	3,712,037
Options and warrants
Earnings per share, diluted [Abstract]
Antidilutive securities excluded from computation of earnings per share	3,494,979	9,745,817	3,494,979

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Sep. 06, 2020	Aug. 06, 2020	Mar. 31, 2021	Sep. 30, 2020	Feb. 28, 2015
Arcadian
Other Commitments [Line Items]
Notes receivable, maximum commitment	$ 18,000,000
Notes receivable, interest rate (up to)	8.00%
Amount drawn	$ 0
Forecast | Series B Preferences Share conversion to partial cash
Other Commitments [Line Items]
Payments for cash conversion of preferred stock			$ 60,000,000
Forecast | Series B Preferences Share conversion to all cash
Other Commitments [Line Items]
Payments for cash conversion of preferred stock			$ 260,000,000
Forecast | Series B preferred stock
Other Commitments [Line Items]
Preference shares, dividend rate			8.00%
Forecast | Series B preferred stock | Series B Preferences Share conversion to New Preference Shares
Other Commitments [Line Items]
Conversion of stock, amount (up to)			$ 260,000,000
Equity Commitment Letter | Affiliated Entity
Other Commitments [Line Items]
Percentage of shares purchased (up to)		9.50%
Value of shares purchased		$ 50,000,000
Bridge facility
Other Commitments [Line Items]
Maximum borrowing capacity		$ 125,000,000
Senior unsecured notes | 7% Senior Unsecured Notes
Other Commitments [Line Items]
Debt issued				$ 115,000,000	$ 115,000,000
Interest rate				7.00%	7.00%

Segment reporting - Operating S

Segment reporting - Operating Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Segment Reporting Information [Line Items]
Gross premiums written	$ 60,779	$ 95,388	$ 422,481	$ 497,616
Gross premiums ceded	185	(1,116)	(30,037)	(3,301)
Net premiums written	60,964	94,272	392,444	494,315
Change in net unearned premium reserves	80,748	108,976	36,393	7,435
Net premiums earned	141,712	203,248	428,837	501,750
Loss and loss adjustment expenses incurred, net	110,487	85,703	287,379	263,105
Acquisition costs, net	54,817	118,271	147,741	233,775
General and administrative expenses	(21,320)	(9,237)	(44,934)	(41,019)
Total expenses	169,860	208,743	450,151	514,642
Net investment income (loss)	121,956	(3,138)	74,140	220,946
Other income (expense)	283	(5,058)	(6,410)	(12,994)
Interest expense	(2,068)	(2,074)	(6,162)	(6,154)
Foreign exchange gains	(5,885)	4,921	3,129	6,663
Income tax (expense) benefit	(652)	213	(4,380)	(1,431)
Net loss attributable to noncontrolling interests	21	0	21	0
Net income (loss) available to Third Point Re common shareholders	68,743	(15,099)	9,121	170,881
Retained earnings
Segment Reporting Information [Line Items]
Net loss attributable to noncontrolling interests	21	0	21	0
Corporate
Segment Reporting Information [Line Items]
General and administrative expenses	(16,764)	(4,468)	(29,903)	(23,257)
Property and Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross premiums written	60,779	95,388	422,481	497,616
Gross premiums ceded	185	(1,116)	(30,037)	(3,301)
Net premiums written	60,964	94,272	392,444	494,315
Change in net unearned premium reserves	80,748	108,976	36,393	7,435
Net premiums earned	141,712	203,248	428,837	501,750
Loss and loss adjustment expenses incurred, net	110,487	85,703	287,379	263,105
Acquisition costs, net	54,817	118,271	147,741	233,775
General and administrative expenses	(4,556)	(4,769)	(15,031)	(17,762)
Total expenses	169,860	208,743	450,151	514,642
Net underwriting loss	$ 28,148	$ 5,495	$ 21,314	$ 12,892
Loss ratio	78.00%	42.20%	67.00%	52.40%
Acquisition cost ratio	38.70%	58.20%	34.50%	46.60%
Composite ratio	116.70%	100.40%	101.50%	99.00%
General and administrative expense ratio	3.20%	2.30%	3.50%	3.60%
Combined ratio	119.90%	102.70%	105.00%	102.60%

Segment reporting - Concentrati

Segment reporting - Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 60,779	$ 95,388	$ 422,481	$ 497,616
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	$ 16,854	$ 6,705	$ 148,678	$ 102,548
Gross Premiums As Percentage Of Total Gross Premiums	27.70%	7.00%	35.20%	20.60%
Property and Casualty Reinsurance | Casualty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 31,278	$ 17,024	$ 125,361	$ 119,354
Gross Premiums As Percentage Of Total Gross Premiums	51.50%	17.80%	29.70%	24.00%
Property and Casualty Reinsurance | Specialty
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 9,727	$ 12,967	$ 145,522	$ 222,375
Gross Premiums As Percentage Of Total Gross Premiums	16.00%	13.70%	34.40%	44.70%
Property and Casualty Reinsurance | Prospective Reinsurance Contract
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 57,859	$ 36,696	$ 419,561	$ 444,277
Gross Premiums As Percentage Of Total Gross Premiums	95.20%	38.50%	99.30%	89.30%
Property and Casualty Reinsurance | Retroactive Reinsurance Contract
Revenue, Major Customer [Line Items]
Assumed Premiums Written	$ 2,920	$ 58,692	$ 2,920	$ 53,339
Gross Premiums As Percentage Of Total Gross Premiums	4.80%	61.50%	0.70%	10.70%

Subsequent events (Details)

Subsequent events (Details) - Subsequent event - Senior unsecured notes - Unsecured revolving credit facility $ in Millions	Nov. 02, 2020USD ($)
Subsequent Event [Line Items]
Contractual term	3 years
Debt issued	$ 300
Extension option term	12 months
Minimum
Subsequent Event [Line Items]
Fee on undrawn commitments	0.20%
Maximum
Subsequent Event [Line Items]
Fee on undrawn commitments	0.40%
LIBOR | Minimum
Subsequent Event [Line Items]
Basis spread on variable rate	1.25%
LIBOR | Maximum
Subsequent Event [Line Items]
Basis spread on variable rate	2.25%
Base rate | Minimum
Subsequent Event [Line Items]
Basis spread on variable rate	0.25%
Base rate | Maximum
Subsequent Event [Line Items]
Basis spread on variable rate	1.25%

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Assets
Total investments in securities	$ 1,059,231,000	$ 989,701,000
Cash and cash equivalents	513,783,000	639,415,000
Restricted cash and cash equivalents	1,101,693,000	1,014,543,000
Investment in subsidiaries	0	0
Due from brokers	81,142,000	0
Interest and dividends receivable	1,835,000	2,178,000
Reinsurance balances receivable, net	572,672,000	596,120,000
Deferred acquisition costs, net	142,846,000	154,717,000
Unearned premiums ceded	27,463,000	16,945,000
Loss and loss adjustment expenses recoverable, net	13,626,000	5,520,000	$ 4,270,000	$ 2,031,000
Amounts due from (to) affiliates	0	0
Other assets	20,171,000	20,555,000
Total assets	3,534,462,000	3,439,694,000
Liabilities
Accounts payable and accrued expenses	(13,963,000)	(17,816,000)
Reinsurance balances payable	120,469,000	81,941,000
Deposit liabilities	155,697,000	172,259,000		$ 145,342,000
Unearned premium reserves	498,893,000	524,768,000
Loss and loss adjustment expense reserves	1,186,149,000	1,111,692,000
Securities sold, not yet purchased, at fair value	15,389,000	0
Interest and Dividends Payable	1,110,000	3,055,000
Senior notes payable, net of deferred costs	114,222,000	114,089,000
Total liabilities	2,105,892,000	2,025,620,000
Shareholders’ equity
Common shares	9,531,000	9,423,000
Additional paid-in capital	931,972,000	927,704,000
Retained earnings	486,068,000	476,947,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,427,571,000	1,414,074,000	1,383,580,000
Total liabilities, noncontrolling interests and shareholders’ equity	3,534,462,000	3,439,694,000
Stockholders' Equity Attributable to Noncontrolling Interest	999,000	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,428,570,000	1,414,074,000	$ 1,383,580,000
Eliminations
Assets
Total investments in securities	0	0
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	(1,920,585,000)	(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	(1,920,585,000)	(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
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	(1,788,926,000)	(1,783,157,000)
Retained earnings	(130,420,000)	(97,502,000)
Shareholders’ equity attributable to Third Point Re common shareholders	(1,920,585,000)	(1,881,898,000)
Total liabilities, noncontrolling interests and shareholders’ equity	(1,920,585,000)	(1,881,898,000)
Stockholders' Equity Attributable to Noncontrolling Interest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(1,920,585,000)
Third Point Re | Reportable Legal Entities
Assets
Total investments in securities	4,000,000	4,000,000
Cash and cash equivalents	0	10,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	1,443,188,000	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	(17,296,000)	(5,722,000)
Other assets	2,599,000	764,000
Total assets	1,432,491,000	1,418,249,000
Liabilities
Accounts payable and accrued expenses	(4,920,000)	(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
Interest and Dividends Payable	0	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	4,920,000	4,175,000
Shareholders’ equity
Common shares	9,531,000	9,423,000
Additional paid-in capital	931,972,000	927,704,000
Retained earnings	486,068,000	476,947,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,427,571,000	1,414,074,000
Total liabilities, noncontrolling interests and shareholders’ equity	1,432,491,000	1,418,249,000
Stockholders' Equity Attributable to Noncontrolling Interest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,427,571,000
TPRUSA | Reportable Legal Entities
Assets
Total investments in securities	0	0
Cash and cash equivalents	166,000	176,000
Restricted cash and cash equivalents	0	0
Investment in subsidiaries	285,559,000	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	(3,948,000)	(3,898,000)
Other assets	8,081,000	6,784,000
Total assets	289,858,000	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
Interest and Dividends Payable	1,034,000	3,055,000
Senior notes payable, net of deferred costs	114,222,000	114,089,000
Total liabilities	115,256,000	117,144,000
Shareholders’ equity
Common shares	0	0
Additional paid-in capital	192,168,000	191,361,000
Retained earnings	(17,566,000)	(33,819,000)
Shareholders’ equity attributable to Third Point Re common shareholders	174,602,000	157,542,000
Total liabilities, noncontrolling interests and shareholders’ equity	289,858,000	274,686,000
Stockholders' Equity Attributable to Noncontrolling Interest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	174,602,000
Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets
Total investments in securities	1,055,231,000	985,701,000
Cash and cash equivalents	513,617,000	639,229,000
Restricted cash and cash equivalents	1,101,693,000	1,014,543,000
Investment in subsidiaries	191,838,000	191,077,000
Due from brokers	81,142,000
Interest and dividends receivable	1,835,000	2,178,000
Reinsurance balances receivable, net	572,672,000	596,120,000
Deferred acquisition costs, net	142,846,000	154,717,000
Unearned premiums ceded	27,463,000	16,945,000
Loss and loss adjustment expenses recoverable, net	13,626,000	5,520,000
Amounts due from (to) affiliates	21,244,000	9,620,000
Other assets	9,491,000	13,007,000
Total assets	3,732,698,000	3,628,657,000
Liabilities
Accounts payable and accrued expenses	(9,043,000)	(13,641,000)
Reinsurance balances payable	120,469,000	81,941,000
Deposit liabilities	155,697,000	172,259,000
Unearned premium reserves	498,893,000	524,768,000
Loss and loss adjustment expense reserves	1,186,149,000	1,111,692,000
Securities sold, not yet purchased, at fair value	15,389,000
Interest and Dividends Payable	76,000	0
Senior notes payable, net of deferred costs	0	0
Total liabilities	1,985,716,000	1,904,301,000
Shareholders’ equity
Common shares	1,239,000	1,239,000
Additional paid-in capital	1,596,758,000	1,591,796,000
Retained earnings	147,986,000	131,321,000
Shareholders’ equity attributable to Third Point Re common shareholders	1,745,983,000	1,724,356,000
Total liabilities, noncontrolling interests and shareholders’ equity	3,732,698,000	$ 3,628,657,000
Stockholders' Equity Attributable to Noncontrolling Interest	999,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,746,982,000
Financial Guarantee | TPRUSA
Condensed Balance Sheet Statements, Captions [Line Items]
Debt obligation	$ 115,000,000

Supplemental Guarantor Inform_4

Supplemental Guarantor Information - Condensed Consolidating Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Gross premiums written	$ 60,779	$ 95,388	$ 422,481	$ 497,616
Gross premiums ceded	185	(1,116)	(30,037)	(3,301)
Net premiums written	60,964	94,272	392,444	494,315
Change in net unearned premium reserves	80,748	108,976	36,393	7,435
Net premiums earned	141,712	203,248	428,837	501,750
Net investment income (loss)	121,956	(3,138)	74,140	220,946
Equity in earnings (losses) of subsidiaries	0	0	0	0
Total revenues	263,668	200,110	502,977	722,696
Expenses
Loss and loss adjustment expenses incurred, net	110,487	85,703	287,379	263,105
Acquisition costs, net	54,817	118,271	147,741	233,775
General and administrative expenses	21,320	9,237	44,934	41,019
Other Operating Income (Expense), Net	(283)	5,058	6,410	12,994
Interest expense	2,068	2,074	6,162	6,154
Net foreign exchange gains	5,885	(4,921)	(3,129)	(6,663)
Total expenses	194,294	215,422	489,497	550,384
Income (loss) before income tax (expense) benefit	69,374	(15,312)	13,480	172,312
Income tax (expense) benefit	(652)	213	(4,380)	(1,431)
Net income (loss) available to Third Point Re common shareholders	68,743	(15,099)	9,121	170,881
Net income	68,722		9,100	170,881
Net loss attributable to noncontrolling interests	21	0	21	0
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 (loss)	0	0	0	0
Equity in earnings (losses) of subsidiaries	(86,331)	12,882	(50,922)	(193,890)
Total revenues	(86,331)	12,882	(50,922)	(193,890)
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 Operating Income (Expense), Net	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	(86,331)	12,882	(50,922)	(193,890)
Income tax (expense) benefit	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	(86,331)	12,882	(50,922)	(193,890)
Net income	(86,331)		(50,922)	(193,890)
Net loss attributable to noncontrolling interests	0		0
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 (loss)	0	0	0	0
Equity in earnings (losses) of subsidiaries	82,648	(13,516)	29,837	183,936
Total revenues	82,648	(13,516)	29,837	183,936
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	13,905	1,583	20,716	13,055
Other Operating Income (Expense), Net	0	0	0	0
Interest expense	0	0	0	0
Net foreign exchange gains	0	0	0	0
Total expenses	13,905	1,583	20,716	13,055
Income (loss) before income tax (expense) benefit	68,743	(15,099)	9,121	170,881
Income tax (expense) benefit	0	0	0	0
Net income (loss) available to Third Point Re common shareholders	68,743	(15,099)	9,121	170,881
Net income	68,743		9,121	170,881
Net loss attributable to noncontrolling interests	0		0
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 (loss)	0	0	0	0
Equity in earnings (losses) of subsidiaries	3,692	649	21,129	9,980
Total revenues	3,692	649	21,129	9,980
Expenses
Loss and loss adjustment expenses incurred, net	0	0	0	0
Acquisition costs, net	0	0	0	0
General and administrative expenses	1	6	10	(20)
Other Operating Income (Expense), Net	0	0	0	0
Interest expense	2,068	2,074	6,162	6,154
Net foreign exchange gains	0	0	0	0
Total expenses	2,069	2,080	6,172	6,134
Income (loss) before income tax (expense) benefit	1,623	(1,431)	14,957	3,846
Income tax (expense) benefit	435	437	1,296	1,288
Net income (loss) available to Third Point Re common shareholders	2,058	(994)	16,253	5,134
Net income	2,058		16,253	5,134
Net loss attributable to noncontrolling interests	0		0
Non-Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Gross premiums written	60,779	95,388	422,481	497,616
Gross premiums ceded	185	(1,116)	(30,037)	(3,301)
Net premiums written	60,964	94,272	392,444	494,315
Change in net unearned premium reserves	80,748	108,976	36,393	7,435
Net premiums earned	141,712	203,248	428,837	501,750
Net investment income (loss)	121,956	(3,138)	74,140	220,946
Equity in earnings (losses) of subsidiaries	(9)	(15)	(44)	(26)
Total revenues	263,659	200,095	502,933	722,670
Expenses
Loss and loss adjustment expenses incurred, net	110,487	85,703	287,379	263,105
Acquisition costs, net	54,817	118,271	147,741	233,775
General and administrative expenses	7,414	7,648	24,208	27,984
Other Operating Income (Expense), Net	(283)	5,058	6,410	12,994
Interest expense	0	0	0	0
Net foreign exchange gains	5,885	(4,921)	(3,129)	(6,663)
Total expenses	178,320	211,759	462,609	531,195
Income (loss) before income tax (expense) benefit	85,339	(11,664)	40,324	191,475
Income tax (expense) benefit	(1,087)	(224)	(5,676)	(2,719)
Net income (loss) available to Third Point Re common shareholders	84,273	$ (11,888)	34,669	188,756
Net income	84,252		34,648	$ 188,756
Net loss attributable to noncontrolling interests	$ 21		$ 21

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income	$ 68,722		$ 9,100	$ 170,881
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries			0	0
Share compensation expense			4,678	6,306
Net interest (income) expense on deposit liabilities			(95)	4,980
Net realized and unrealized gain on investments and derivatives			(56,799)	(2,177)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			(8,341)	(207,597)
Net foreign exchange gains	5,885	$ (4,921)	(3,129)	(6,663)
Amortization of premium and accretion of discount, net			(1,986)	(231)
Changes in assets and liabilities:
Reinsurance balances receivable			22,930	(50,711)
Deferred acquisition costs, net			11,871	36,874
Unearned premiums ceded			(10,518)	3,182
Loss and loss adjustment expenses recoverable			(8,106)	(2,239)
Other assets			660	2,827
Interest and dividends receivable, net			(1,602)	(3,645)
Unearned premium reserves			(25,875)	(10,617)
Loss and loss adjustment expense reserves			77,823	119,129
Accounts payable and accrued expenses			(3,853)	7,346
Reinsurance balances payable			38,523	29,052
Amounts due from (to) affiliates			0	0
Net cash provided by operating activities			45,281	96,697
Investing activities
Proceeds from redemptions from related party investment fund			0	760,000
Contributions to related party investment fund			0	(87,000)
Change in participation agreement with related party investment fund			0	(2,297)
Purchases of investments			(444,111)	(330,963)
Proceeds from sales and maturities of investments			441,611	349,696
Purchases of investments to cover short sales			(129)	0
Proceeds from short sales of investments			15,721	0
Change in due to/from brokers, net			(81,142)	1,411
Contributed capital to subsidiaries				0
Contributed capital from parent and/or subsidiaries				0
Net cash provided by (used in) investing activities			(68,050)	690,847
Proceeds from Issuance of Common Stock			0	(1,887)
Financing activities
Taxes paid on withholding shares			(302)	(68)
Net proceeds (payments) on deposit liability contracts			(16,431)	6,924
Dividend received by (paid to) parent			0	0
Proceeds from (Payments to) Noncontrolling Interests			1,020	0
Proceeds from Issuance of Common Stock			0	(1,887)
Net cash used in financing activities			(15,713)	8,743
Net increase (decrease) in cash, cash equivalents and restricted cash			(38,482)	796,287
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	1,615,476	1,509,624	1,615,476	1,509,624
Eliminations
Operating activities
Net income	(86,331)		(50,922)	(193,890)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries			50,922	193,890
Share compensation expense			0	0
Net interest (income) expense on deposit liabilities			0	0
Net realized and unrealized gain on investments and derivatives			0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			0	0
Net foreign exchange gains	0	0	0	0
Amortization of premium and accretion of discount, net			0	0
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			0	0
Other assets			0	0
Interest and dividends receivable, net			0	0
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			0	0
Reinsurance balances payable			0	0
Amounts due from (to) affiliates			0	0
Net cash provided by operating activities			0	0
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 provided by (used in) investing activities			0	0
Proceeds from Issuance of Common Stock				0
Financing activities
Taxes paid on withholding shares			0	0
Net proceeds (payments) on deposit liability contracts			0	0
Dividend received by (paid to) parent			0	0
Proceeds from (Payments to) Noncontrolling Interests			0
Proceeds from Issuance of Common Stock				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	68,743		9,121	170,881
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries			(29,837)	(183,936)
Share compensation expense			524	2,635
Net interest (income) expense on deposit liabilities			0	0
Net realized and unrealized gain on investments and derivatives			0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			0	0
Net foreign exchange gains	0	0	0	0
Amortization of premium and accretion of discount, net			0	0
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			0	0
Other assets			(1,835)	913
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			745	3,520
Reinsurance balances payable			0	0
Amounts due from (to) affiliates			11,574	(1,453)
Net cash provided by operating activities			(9,708)	(7,440)
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	(3,500)
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 provided by (used in) investing activities			0	(18,500)
Proceeds from Issuance of Common Stock				(1,887)
Financing activities
Taxes paid on withholding shares			(302)	(68)
Net proceeds (payments) on deposit liability contracts			0	0
Dividend received by (paid to) parent			10,000	24,249
Proceeds from (Payments to) Noncontrolling Interests			0
Proceeds from Issuance of Common Stock				(1,887)
Net cash used in financing activities			9,698	26,068
Net increase (decrease) in cash, cash equivalents and restricted cash			(10)	128
Cash, cash equivalents and restricted cash at beginning of period			10	0
Cash, cash equivalents and restricted cash at end of period	0	128	0	128
TPRUSA | Reportable Legal Entities
Operating activities
Net income	2,058		16,253	5,134
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries			(21,129)	(9,980)
Share compensation expense			0	0
Net interest (income) expense on deposit liabilities			0	0
Net realized and unrealized gain on investments and derivatives			0	0
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			0	0
Net foreign exchange gains	0	0	0	0
Amortization of premium and accretion of discount, net			133	133
Changes in assets and liabilities:
Reinsurance balances receivable			0	0
Deferred acquisition costs, net			0	0
Unearned premiums ceded			0	0
Loss and loss adjustment expenses recoverable			0	0
Other assets			(1,297)	(1,288)
Interest and dividends receivable, net			(2,021)	(2,029)
Unearned premium reserves			0	0
Loss and loss adjustment expense reserves			0	0
Accounts payable and accrued expenses			1	(30)
Reinsurance balances payable			0	0
Amounts due from (to) affiliates			50	3,950
Net cash provided by operating activities			(8,010)	(4,110)
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 provided by (used in) investing activities			0	0
Proceeds from Issuance of Common Stock				0
Financing activities
Taxes paid on withholding shares			0	0
Net proceeds (payments) on deposit liability contracts			0	0
Dividend received by (paid to) parent			8,000	4,100
Proceeds from (Payments to) Noncontrolling Interests			0
Proceeds from Issuance of Common Stock				0
Net cash used in financing activities			8,000	4,100
Net increase (decrease) in cash, cash equivalents and restricted cash			(10)	(10)
Cash, cash equivalents and restricted cash at beginning of period			176	187
Cash, cash equivalents and restricted cash at end of period	166	177	166	177
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating activities
Net income	84,252		34,648	188,756
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries			44	26
Share compensation expense			4,154	3,671
Net interest (income) expense on deposit liabilities			(95)	4,980
Net realized and unrealized gain on investments and derivatives			(56,799)	(2,177)
Net Realized and Unrealized Gain (Loss) on Trading Securities, related party investment fund			(8,341)	(207,597)
Net foreign exchange gains	5,885	(4,921)	(3,129)	(6,663)
Amortization of premium and accretion of discount, net			(2,119)	(364)
Changes in assets and liabilities:
Reinsurance balances receivable			22,930	(50,711)
Deferred acquisition costs, net			11,871	36,874
Unearned premiums ceded			(10,518)	3,182
Loss and loss adjustment expenses recoverable			(8,106)	(2,239)
Other assets			3,792	3,202
Interest and dividends receivable, net			419	(1,616)
Unearned premium reserves			(25,875)	(10,617)
Loss and loss adjustment expense reserves			77,823	119,129
Accounts payable and accrued expenses			(4,599)	3,856
Reinsurance balances payable			38,523	29,052
Amounts due from (to) affiliates			(11,624)	(2,497)
Net cash provided by operating activities			62,999	108,247
Investing activities
Proceeds from redemptions from related party investment fund				760,000
Contributions to related party investment fund				(87,000)
Change in participation agreement with related party investment fund				(2,297)
Purchases of investments			(444,111)	(327,463)
Proceeds from sales and maturities of investments			441,611	349,696
Purchases of investments to cover short sales			(129)
Proceeds from short sales of investments			15,721
Change in due to/from brokers, net			(81,142)	1,411
Contributed capital to subsidiaries				0
Contributed capital from parent and/or subsidiaries				15,000
Net cash provided by (used in) investing activities			(68,050)	709,347
Proceeds from Issuance of Common Stock				0
Financing activities
Taxes paid on withholding shares			0	0
Net proceeds (payments) on deposit liability contracts			(16,431)	6,924
Dividend received by (paid to) parent			(18,000)	(28,349)
Proceeds from (Payments to) Noncontrolling Interests			1,020
Proceeds from Issuance of Common Stock				0
Net cash used in financing activities			(33,411)	(21,425)
Net increase (decrease) in cash, cash equivalents and restricted cash			(38,462)	796,169
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	$ 1,615,310	$ 1,509,319	$ 1,615,310	$ 1,509,319