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v3.19.3.a.u2

Segment reporting (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Schedule of operating segments | The following is a summary of the Company’s operating segment results for the years ended December 31, 2019, 2018 and 2017:
| 2019 |  | 2018 |  | 2017
| Property and Casualty Reinsurance |  | Total |  | Property and Casualty Reinsurance |  | Total |  | Property and Casualty Reinsurance |  | Total
Revenues |  |  |  |  |  |  |  |  |
Gross premiums written | $ | 631,846 |  |  | $ | 631,846 |  |  | $ | 578,252 |  |  | $ | 578,252 |  |  | $ | 641,620 |  |  | $ | 641,620 |
Gross premiums ceded | (9,265 | ) |  | (9,265 | ) |  | (19,895 | ) |  | (19,895 | ) |  | (2,475 | ) |  | (2,475 | )
Net premiums written | 622,581 |  |  | 622,581 |  |  | 558,357 |  |  | 558,357 |  |  | 639,145 |  |  | 639,145 |
Change in net unearned premium reserves | 77,561 |  |  | 77,561 |  |  | 63,085 |  |  | 63,085 |  |  | (92,087 | ) |  | (92,087 | )
Net premiums earned | 700,142 |  |  | 700,142 |  |  | 621,442 |  |  | 621,442 |  |  | 547,058 |  |  | 547,058 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net | 403,499 |  |  | 403,499 |  |  | 438,414 |  |  | 438,414 |  |  | 370,058 |  |  | 370,058 |
Acquisition costs, net | 295,626 |  |  | 295,626 |  |  | 206,498 |  |  | 206,498 |  |  | 188,904 |  |  | 188,904 |
General and administrative expenses | 23,366 |  |  | 23,366 |  |  | 18,635 |  |  | 18,635 |  |  | 30,656 |  |  | 30,656 |
Total expenses | 722,491 |  |  | 722,491 |  |  | 663,547 |  |  | 663,547 |  |  | 589,618 |  |  | 589,618 |
Net underwriting loss | $ | (22,349 | ) |  | (22,349 | ) |  | $ | (42,105 | ) |  | (42,105 | ) |  | $ | (42,560 | ) |  | (42,560 | )
Net investment income (loss) |  |  | 282,560 |  |  |  |  | (251,433 | ) |  |  |  | 391,953 |
Corporate expenses |  |  | (30,397 | ) |  |  |  | (17,606 | ) |  |  |  | (22,447 | )
Other expenses |  |  | (16,619 | ) |  |  |  | (9,610 | ) |  |  |  | (12,674 | )
Interest expense |  |  | (8,228 | ) |  |  |  | (8,228 | ) |  |  |  | (8,225 | )
Foreign exchange gains (losses) |  |  | (3,635 | ) |  |  |  | 7,503 |  |  |  |  | (12,300 | )
Income tax (expense) benefit |  |  | (713 | ) |  |  |  | 4,010 |  |  |  |  | (11,976 | )
Net income attributable to noncontrolling interests in related party |  |  | — |  |  |  |  | (223 | ) |  |  |  | (3,973 | )
Net income (loss) available to Third Point Re common shareholders |  |  | $ | 200,619 |  |  |  |  | $ | (317,692 | ) |  |  |  | $ | 277,798 |
Property and Casualty Reinsurance - Underwriting Ratios (1): |  |  |  |
Loss ratio | 57.6 | % |  |  |  | 70.6 | % |  |  |  | 67.6 | % |  |
Acquisition cost ratio | 42.2 | % |  |  |  | 33.2 | % |  |  |  | 34.5 | % |  |
Composite ratio | 99.8 | % |  |  |  | 103.8 | % |  |  |  | 102.1 | % |  |
General and administrative expense ratio | 3.4 | % |  |  |  | 3.0 | % |  |  |  | 5.6 | % |  |
Combined ratio | 103.2 | % |  |  |  | 106.8 | % |  |  |  | 107.7 | % |  |
(1) | Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Schedules of number of contracts that individually contributed more than 10% of total gross premiums written | The following table lists the number of contracts that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2019, 2018 and 2017 as a percentage of total gross premiums written in the relevant year:
| 2019 |  | 2018 |  | 2017
Largest contract | 15.2 | % |  | 17.5 | % |  | 16.1 | %
Second largest contract | n/a |  |  | 12.1 | % |  | 14.1 | %
Third largest contract | n/a |  |  | n/a |  |  | 13.1 | %
Total for contracts contributing greater than 10% each | 15.2 | % |  | 29.6 | % |  | 43.3 | %
Total for contracts contributing less than 10% each | 84.8 | % |  | 70.4 | % |  | 56.7 | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %
The following table lists counterparties with whom the Company has reinsurance balances receivable representing more than 10% of the Company’s total reinsurance balances receivable as of December 31, 2019 and 2018:
| December 31, 2019 |  | December 31, 2018
Counterparty 1 | $ | 114,252 |  |  | 19.2 | % |  | $ | 86,155 |  |  | 14.3 | %
Counterparty 2 | 105,992 |  |  | 17.8 | % |  | 83,079 |  |  | 13.8 | %
Counterparty 3 | 88,895 |  |  | 14.9 | % |  | 69,641 |  |  | 11.6 | %
| 309,139 |  |  | 51.9 | % |  | 238,875 |  |  | 39.7 | %
Other counterparties representing less than 10% each | 286,981 |  |  | 48.1 | % |  | 363,573 |  |  | 60.3 | %
Reinsurance balances receivable | $ | 596,120 |  |  | 100.0 | % |  | $ | 602,448 |  |  | 100.0 | %
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 years ended December 31, 2019, 2018 and 2017:
| 2019 |  | 2018 |  | 2017
Property | $ | 144,271 |  |  | 22.8 | % |  | $ | 9,070 |  |  | 1.6 | % |  | $ | 136,999 |  |  | 21.4 | %
Casualty | 151,893 |  |  | 24.0 | % |  | 235,789 |  |  | 40.8 | % |  | 269,759 |  |  | 42.0 | %
Specialty | 248,044 |  |  | 39.3 | % |  | 259,173 |  |  | 44.8 | % |  | 125,511 |  |  | 19.6 | %
Total prospective reinsurance contracts | 544,208 |  |  | 86.1 | % |  | 504,032 |  |  | 87.2 | % |  | 532,269 |  |  | 83.0 | %
Retroactive reinsurance contracts | 87,638 |  |  | 13.9 | % |  | 74,220 |  |  | 12.8 | % |  | 109,351 |  |  | 17.0 | %
| $ | 631,846 |  |  | 100.0 | % |  | $ | 578,252 |  |  | 100.0 | % |  | $ | 641,620 |  |  | 100.0 | %
Schedule of breakdown of the Company’s gross premiums written from brokers | The following table sets forth the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2019, 2018 and 2017:
| 2019 |  | 2018 |  | 2017
Largest broker | $ | 160,404 |  |  | 25.4 | % |  | $ | 198,251 |  |  | 34.3 | % |  | $ | 243,581 |  |  | 38.0 | %
Second largest broker | 150,377 |  |  | 23.8 | % |  | 157,542 |  |  | 27.2 | % |  | 128,648 |  |  | 20.1 | %
Third largest broker | 137,685 |  |  | 21.8 | % |  | 70,524 |  |  | 12.2 | % |  | 107,612 |  |  | 16.8 | %
Other | 183,380 |  |  | 29.0 | % |  | 151,935 |  |  | 26.3 | % |  | 161,779 |  |  | 25.1 | %
| $ | 631,846 |  |  | 100.0 | % |  | $ | 578,252 |  |  | 100.0 | % |  | $ | 641,620 |  |  | 100.0 | %
Schedule of breakdown of the Company’s gross premiums written by domicile of the ceding companies | The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the years ended December 31, 2019, 2018 and 2017:
| 2019 |  | 2018 |  | 2017
United States | $ | 326,987 |  |  | 51.8 | % |  | $ | 326,261 |  |  | 56.4 | % |  | $ | 352,539 |  |  | 54.9 | %
United Kingdom | 154,909 |  |  | 24.5 | % |  | 63,619 |  |  | 11.0 | % |  | 203,768 |  |  | 31.8 | %
Bermuda | 142,246 |  |  | 22.5 | % |  | 93,406 |  |  | 16.2 | % |  | 62,234 |  |  | 9.7 | %
Other | 7,704 |  |  | 1.2 | % |  | 94,966 |  |  | 16.4 | % |  | 23,079 |  |  | 3.6 | %
| $ | 631,846 |  |  | 100.0 | % |  | $ | 578,252 |  |  | 100.0 | % |  | $ | 641,620 |  |  | 100.0 | %

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