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Supplemental guarantor information | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
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 the consolidating balance sheets as of December 31, 2019 and 2018 and the consolidating statements of income (loss) and cash flows for the years ended December 31, 2019, 2018 and 2017 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.
CONSOLIDATING BALANCE SHEET
As of December 31, 2019
| Third Point Re |  | 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 | — |  |  | — |  |  | 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 | — |  |  | — |  |  | 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 |
CONSOLIDATING BALANCE SHEET
As of December 31, 2018
| Third Point Re |  | TPRUSA |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Total investments in securities | $ | — |  |  | $ | — |  |  | $ | 1,523,728 |  |  | $ | — |  |  | $ | 1,523,728 |
Cash and cash equivalents | — |  |  | 187 |  |  | 103,996 |  |  | — |  |  | 104,183 |
Restricted cash and cash equivalents | — |  |  | — |  |  | 609,154 |  |  | — |  |  | 609,154 |
Investment in subsidiaries | 1,207,161 |  |  | 251,350 |  |  | 175,758 |  |  | (1,634,269 | ) |  | — |
Due from brokers | — |  |  | — |  |  | 1,411 |  |  | — |  |  | 1,411 |
Interest and dividends receivable | — |  |  | — |  |  | 1,316 |  |  | — |  |  | 1,316 |
Reinsurance balances receivable | — |  |  | — |  |  | 602,448 |  |  | — |  |  | 602,448 |
Deferred acquisition costs, net | — |  |  | — |  |  | 203,842 |  |  | — |  |  | 203,842 |
Unearned premiums ceded | — |  |  | — |  |  | 17,552 |  |  | — |  |  | 17,552 |
Loss and loss adjustment expenses recoverable | — |  |  | — |  |  | 2,031 |  |  | — |  |  | 2,031 |
Amounts due from (to) affiliates | (3,522 | ) |  | 52 |  |  | 3,470 |  |  | — |  |  | — |
Other assets | 1,673 |  |  | 5,069 |  |  | 13,827 |  |  | — |  |  | 20,569 |
Total assets | $ | 1,205,312 |  |  | $ | 256,658 |  |  | $ | 3,258,533 |  |  | $ | (1,634,269 | ) |  | $ | 3,086,234 |
Liabilities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 738 |  |  | $ | 70 |  |  | $ | 6,453 |  |  | $ | — |  |  | $ | 7,261 |
Reinsurance balances payable | — |  |  | — |  |  | 69,701 |  |  | — |  |  | 69,701 |
Deposit liabilities | — |  |  | — |  |  | 145,342 |  |  | — |  |  | 145,342 |
Unearned premium reserves | — |  |  | — |  |  | 602,936 |  |  | — |  |  | 602,936 |
Loss and loss adjustment expense reserves | — |  |  | — |  |  | 937,157 |  |  | — |  |  | 937,157 |
Participation agreement with related party investment fund | — |  |  | — |  |  | 2,297 |  |  | — |  |  | 2,297 |
Interest and dividends payable | — |  |  | 3,055 |  |  | — |  |  | — |  |  | 3,055 |
Senior notes payable, net of deferred costs | — |  |  | 113,911 |  |  | — |  |  | — |  |  | 113,911 |
Total liabilities | 738 |  |  | 117,036 |  |  | 1,763,886 |  |  | — |  |  | 1,881,660 |
Shareholders’ equity |  |  |  |  |  |  |  |  |
Common shares | 9,364 |  |  | — |  |  | 1,239 |  |  | (1,239 | ) |  | 9,364 |
Additional paid-in capital | 918,882 |  |  | 176,005 |  |  | 1,557,016 |  |  | (1,733,021 | ) |  | 918,882 |
Retained earnings (deficit) | 276,328 |  |  | (36,383 | ) |  | (63,608 | ) |  | 99,991 |  |  | 276,328 |
Shareholders’ equity attributable to Third Point Re common shareholders | 1,204,574 |  |  | 139,622 |  |  | 1,494,647 |  |  | (1,634,269 | ) |  | 1,204,574 |
Total liabilities and shareholders’ equity | $ | 1,205,312 |  |  | $ | 256,658 |  |  | $ | 3,258,533 |  |  | $ | (1,634,269 | ) |  | $ | 3,086,234 |
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 2019
| Third Point Re |  | TPRUSA |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |
Gross premiums written | $ | — |  |  | $ | — |  |  | $ | 631,846 |  |  | $ | — |  |  | $ | 631,846 |
Gross premiums ceded | — |  |  | — |  |  | (9,265 | ) |  | — |  |  | (9,265 | )
Net premiums written | — |  |  | — |  |  | 622,581 |  |  | — |  |  | 622,581 |
Change in net unearned premium reserves | — |  |  | — |  |  | 77,561 |  |  | — |  |  | 77,561 |
Net premiums earned | — |  |  | — |  |  | 700,142 |  |  | — |  |  | 700,142 |
Net investment income | — |  |  | — |  |  | 282,560 |  |  | — |  |  | 282,560 |
Equity in earnings (losses) of subsidiaries | 216,877 |  |  | 9,017 |  |  | (40 | ) |  | (225,854 | ) |  | — |
Total revenues | 216,877 |  |  | 9,017 |  |  | 982,662 |  |  | (225,854 | ) |  | 982,702 |
Expenses |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net | — |  |  | — |  |  | 403,499 |  |  | — |  |  | 403,499 |
Acquisition costs, net | — |  |  | — |  |  | 295,626 |  |  | — |  |  | 295,626 |
General and administrative expenses | 16,258 |  |  | (59 | ) |  | 37,564 |  |  | — |  |  | 53,763 |
Other expenses | — |  |  | — |  |  | 16,619 |  |  | — |  |  | 16,619 |
Interest expense | — |  |  | 8,228 |  |  | — |  |  | — |  |  | 8,228 |
Foreign exchange losses | — |  |  | — |  |  | 3,635 |  |  | — |  |  | 3,635 |
Total expenses | 16,258 |  |  | 8,169 |  |  | 756,943 |  |  | — |  |  | 781,370 |
Income before income tax (expense) benefit | 200,619 |  |  | 848 |  |  | 225,719 |  |  | (225,854 | ) |  | 201,332 |
Income tax (expense) benefit | — |  |  | 1,716 |  |  | (2,429 | ) |  | — |  |  | (713 | )
Net income | 200,619 |  |  | 2,564 |  |  | 223,290 |  |  | (225,854 | ) |  | 200,619 |
Net income attributable to noncontrolling interests in related party | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income available to Third Point Re common shareholders | $ | 200,619 |  |  | $ | 2,564 |  |  | $ | 223,290 |  |  | $ | (225,854 | ) |  | $ | 200,619 |
CONSOLIDATING STATEMENT OF LOSS
Year Ended December 31, 2018
| Third Point Re |  | TPRUSA |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |
Gross premiums written | $ | — |  |  | $ | — |  |  | $ | 578,252 |  |  | $ | — |  |  | $ | 578,252 |
Gross premiums ceded | — |  |  | — |  |  | (19,895 | ) |  | — |  |  | (19,895 | )
Net premiums written | — |  |  | — |  |  | 558,357 |  |  | — |  |  | 558,357 |
Change in net unearned premium reserves | — |  |  | — |  |  | 63,085 |  |  | — |  |  | 63,085 |
Net premiums earned | — |  |  | — |  |  | 621,442 |  |  | — |  |  | 621,442 |
Net investment loss | — |  |  | — |  |  | (251,433 | ) |  | — |  |  | (251,433 | )
Equity in losses of subsidiaries | (310,552 | ) |  | (29,492 | ) |  | (57 | ) |  | 340,101 |  |  | — |
Total revenues | (310,552 | ) |  | (29,492 | ) |  | 369,952 |  |  | 340,101 |  |  | 370,009 |
Expenses |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net | — |  |  | — |  |  | 438,414 |  |  | — |  |  | 438,414 |
Acquisition costs, net | — |  |  | — |  |  | 206,498 |  |  | — |  |  | 206,498 |
General and administrative expenses | 7,140 |  |  | 47 |  |  | 29,054 |  |  | — |  |  | 36,241 |
Other expenses | — |  |  | — |  |  | 9,610 |  |  | — |  |  | 9,610 |
Interest expense | — |  |  | 8,228 |  |  | — |  |  | — |  |  | 8,228 |
Foreign exchange gains | — |  |  | — |  |  | (7,503 | ) |  | — |  |  | (7,503 | )
Total expenses | 7,140 |  |  | 8,275 |  |  | 676,073 |  |  | — |  |  | 691,488 |
Loss before income tax (expense) benefit | (317,692 | ) |  | (37,767 | ) |  | (306,121 | ) |  | 340,101 |  |  | (321,479 | )
Income tax (expense) benefit | — |  |  | (419 | ) |  | 4,429 |  |  | — |  |  | 4,010 |
Net loss | (317,692 | ) |  | (38,186 | ) |  | (301,692 | ) |  | 340,101 |  |  | (317,469 | )
Net income attributable to noncontrolling interests in related party | — |  |  | — |  |  | (223 | ) |  | — |  |  | (223 | )
Net loss attributable to Third Point Re common shareholders | $ | (317,692 | ) |  | $ | (38,186 | ) |  | $ | (301,915 | ) |  | $ | 340,101 |  |  | $ | (317,692 | )
CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 2017
| Third Point Re |  | TPRUSA |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |
Gross premiums written | $ | — |  |  | $ | — |  |  | $ | 641,620 |  |  | $ | — |  |  | $ | 641,620 |
Gross premiums ceded | — |  |  | — |  |  | (2,475 | ) |  | — |  |  | (2,475 | )
Net premiums written | — |  |  | — |  |  | 639,145 |  |  | — |  |  | 639,145 |
Change in net unearned premium reserves | — |  |  | — |  |  | (92,087 | ) |  | — |  |  | (92,087 | )
Net premiums earned | — |  |  | — |  |  | 547,058 |  |  | — |  |  | 547,058 |
Net investment income | — |  |  | — |  |  | 391,953 |  |  | — |  |  | 391,953 |
Equity in earnings (losses) of subsidiaries | 283,088 |  |  | 22,309 |  |  | (57 | ) |  | (305,340 | ) |  | — |
Total revenues | 283,088 |  |  | 22,309 |  |  | 938,954 |  |  | (305,340 | ) |  | 939,011 |
Expenses |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net | — |  |  | — |  |  | 370,058 |  |  | — |  |  | 370,058 |
Acquisition costs, net | — |  |  | — |  |  | 188,904 |  |  | — |  |  | 188,904 |
General and administrative expenses | 5,290 |  |  | 49 |  |  | 47,764 |  |  | — |  |  | 53,103 |
Other expenses | — |  |  | — |  |  | 12,674 |  |  | — |  |  | 12,674 |
Interest expense | — |  |  | 8,225 |  |  | — |  |  | — |  |  | 8,225 |
Foreign exchange losses | — |  |  | — |  |  | 12,300 |  |  | — |  |  | 12,300 |
Total expenses | 5,290 |  |  | 8,274 |  |  | 631,700 |  |  | — |  |  | 645,264 |
Income before income tax (expense) benefit | 277,798 |  |  | 14,035 |  |  | 307,254 |  |  | (305,340 | ) |  | 293,747 |
Income tax (expense) benefit | — |  |  | 3,062 |  |  | (15,038 | ) |  | — |  |  | (11,976 | )
Net income | 277,798 |  |  | 17,097 |  |  | 292,216 |  |  | (305,340 | ) |  | 281,771 |
Net income attributable to noncontrolling interests in related party | — |  |  | — |  |  | (3,973 | ) |  | — |  |  | (3,973 | )
Net income available to Third Point Re common shareholders | $ | 277,798 |  |  | $ | 17,097 |  |  | $ | 288,243 |  |  | $ | (305,340 | ) |  | $ | 277,798 |
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2019
| Third Point Re |  | TPRUSA |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating activities |  |  |  |  |  |  |  |  |
Net income | $ | 200,619 |  |  | $ | 2,564 |  |  | $ | 223,290 |  |  | $ | (225,854 | ) |  | $ | 200,619 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in (earnings) losses of subsidiaries | (216,877 | ) |  | (9,017 | ) |  | 40 |  |  | 225,854 |  |  | — |
Share compensation expense | 2,653 |  |  | — |  |  | 4,408 |  |  | — |  |  | 7,061 |
Net interest expense on deposit liabilities | — |  |  | — |  |  | 5,879 |  |  | — |  |  | 5,879 |
Net realized and unrealized gain on investments and derivatives | — |  |  | — |  |  | (2,522 | ) |  | — |  |  | (2,522 | )
Net realized and unrealized gain on investment in related party investment fund | — |  |  | — |  |  | (249,626 | ) |  | — |  |  | (249,626 | )
Net foreign exchange losses | — |  |  | — |  |  | 3,635 |  |  | — |  |  | 3,635 |
Amortization of premium and accretion of discount, net | — |  |  | 178 |  |  | (1,560 | ) |  | — |  |  | (1,382 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Reinsurance balances receivable | — |  |  | — |  |  | 30,039 |  |  | — |  |  | 30,039 |
Deferred acquisition costs, net | — |  |  | — |  |  | 49,125 |  |  | — |  |  | 49,125 |
Unearned premiums ceded | — |  |  | — |  |  | 607 |  |  | — |  |  | 607 |
Loss and loss adjustment expenses recoverable | — |  |  | — |  |  | (3,489 | ) |  | — |  |  | (3,489 | )
Other assets | 909 |  |  | (1,715 | ) |  | 634 |  |  | — |  |  | (172 | )
Interest and dividends receivable, net | — |  |  | — |  |  | (862 | ) |  | — |  |  | (862 | )
Unearned premium reserves | — |  |  | — |  |  | (78,168 | ) |  | — |  |  | (78,168 | )
Loss and loss adjustment expense reserves | — |  |  | — |  |  | 157,849 |  |  | — |  |  | 157,849 |
Accounts payable and accrued expenses | 3,437 |  |  | (71 | ) |  | 7,189 |  |  | — |  |  | 10,555 |
Reinsurance balances payable | — |  |  | — |  |  | 11,964 |  |  | — |  |  | 11,964 |
Amounts due from (to) affiliates | 2,200 |  |  | 3,950 |  |  | (6,150 | ) |  | — |  |  | — |
Net cash provided by (used in) operating activities | (7,059 | ) |  | (4,111 | ) |  | 152,282 |  |  | — |  |  | 141,112 |
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 | (4,000 | ) |  | — |  |  | (327,463 | ) |  | — |  |  | (331,463 | )
Proceeds from sales and maturities of investments | — |  |  | — |  |  | 446,206 |  |  | — |  |  | 446,206 |
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 | (19,000 | ) |  | — |  |  | 805,857 |  |  | — |  |  | 786,857 |
Financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of Third Point Re common shares, net of costs | 1,888 |  |  | — |  |  | — |  |  | — |  |  | 1,888 |
Taxes paid on withholding shares | (68 | ) |  | — |  |  | — |  |  | — |  |  | (68 | )
Net proceeds from deposit liability contracts | — |  |  | — |  |  | 10,832 |  |  | — |  |  | 10,832 |
Dividend received by (paid to) parent | 24,249 |  |  | 4,100 |  |  | (28,349 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities | 26,069 |  |  | 4,100 |  |  | (17,517 | ) |  | — |  |  | 12,652 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 10 |  |  | (11 | ) |  | 940,622 |  |  | — |  |  | 940,621 |
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 | $ | 10 |  |  | $ | 176 |  |  | $ | 1,653,772 |  |  | $ | — |  |  | $ | 1,653,958 |
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2018
| Third Point Re |  | TPRUSA |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating activities |  |  |  |  |  |  |  |  |
Net loss | $ | (317,692 | ) |  | $ | (38,186 | ) |  | $ | (301,692 | ) |  | $ | 340,101 |  |  | $ | (317,469 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in losses of subsidiaries | 310,552 |  |  | 29,492 |  |  | 57 |  |  | (340,101 | ) |  | — |
Share compensation expense | 610 |  |  | — |  |  | 4,346 |  |  | — |  |  | 4,956 |
Net interest income on deposit liabilities | — |  |  | — |  |  | (1,273 | ) |  | — |  |  | (1,273 | )
Net realized and unrealized gain on investments and derivatives | — |  |  | — |  |  | (34,145 | ) |  | — |  |  | (34,145 | )
Net realized and unrealized loss on investment in related party investment fund | — |  |  | — |  |  | 280,847 |  |  | — |  |  | 280,847 |
Net foreign exchange gains | — |  |  | — |  |  | (7,503 | ) |  | — |  |  | (7,503 | )
Amortization of premium and accretion of discount, net | — |  |  | 178 |  |  | 3,956 |  |  | — |  |  | 4,134 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |
Reinsurance balances receivable | — |  |  | — |  |  | (120,620 | ) |  | — |  |  | (120,620 | )
Deferred acquisition costs, net | — |  |  | — |  |  | 54,951 |  |  | — |  |  | 54,951 |
Unearned premiums ceded | — |  |  | — |  |  | (16,503 | ) |  | — |  |  | (16,503 | )
Loss and loss adjustment expenses recoverable | — |  |  | — |  |  | (918 | ) |  | — |  |  | (918 | )
Other assets | (1,009 | ) |  | (5,069 | ) |  | (7,408 | ) |  | — |  |  | (13,486 | )
Interest and dividends receivable, net | — |  |  | — |  |  | (2,716 | ) |  | — |  |  | (2,716 | )
Unearned premium reserves | — |  |  | — |  |  | (46,582 | ) |  | — |  |  | (46,582 | )
Loss and loss adjustment expense reserves | — |  |  | — |  |  | 225,670 |  |  | — |  |  | 225,670 |
Accounts payable and accrued expenses | (25 | ) |  | 5,513 |  |  | (30,172 | ) |  | — |  |  | (24,684 | )
Reinsurance balances payable | — |  |  | — |  |  | 28,728 |  |  | — |  |  | 28,728 |
Amounts due from (to) affiliates | 2,234 |  |  | 360 |  |  | (2,594 | ) |  | — |  |  | — |
Net cash provided by (used in) operating activities | (5,330 | ) |  | (7,712 | ) |  | 26,429 |  |  | — |  |  | 13,387 |
Investing activities |  |  |  |  |  |  |  |  |
Proceeds from redemptions from related party investment fund | — |  |  | — |  |  | 142,968 |  |  | — |  |  | 142,968 |
Contributions to related party investment fund | — |  |  | — |  |  | (136,626 | ) |  | — |  |  | (136,626 | )
Change in participation agreement with related party investment fund | — |  |  | — |  |  | (20,852 | ) |  | — |  |  | (20,852 | )
Purchases of investments | — |  |  | — |  |  | (3,483,319 | ) |  | — |  |  | (3,483,319 | )
Proceeds from sales and maturities of investments | — |  |  | — |  |  | 3,475,515 |  |  | — |  |  | 3,475,515 |
Purchases of investments to cover short sales | — |  |  | — |  |  | (853,798 | ) |  | — |  |  | (853,798 | )
Proceeds from short sales of investments | — |  |  | — |  |  | 800,508 |  |  | — |  |  | 800,508 |
Change in due to/from brokers, net | — |  |  | — |  |  | 482,778 |  |  | — |  |  | 482,778 |
Decrease in securities sold under an agreement to repurchase | — |  |  | — |  |  | (29,618 | ) |  | — |  |  | (29,618 | )
Contributed capital to subsidiaries | (10,000 | ) |  | 10,000 |  |  | — |  |  | — |  |  | — |
Contributed capital from parent and/or subsidiaries | — |  |  | (10,000 | ) |  | 10,000 |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | (10,000 | ) |  | — |  |  | 387,556 |  |  | — |  |  | 377,556 |
Financing activities |  |  |  |  |  |  |  |  |
Taxes paid on withholding shares | (74 | ) |  | — |  |  | — |  |  | — |  |  | (74 | )
Purchases of Third Point Re common shares under share repurchase program | (138,705 | ) |  | — |  |  | — |  |  | — |  |  | (138,705 | )
Net proceeds from deposit liability contracts | — |  |  | — |  |  | 9,790 |  |  | — |  |  | 9,790 |
Change in total noncontrolling interests in related party, net | — |  |  | — |  |  | (97,950 | ) |  | — |  |  | (97,950 | )
Dividend received by (paid to) parent | 154,100 |  |  | 7,700 |  |  | (161,800 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities | 15,321 |  |  | 7,700 |  |  | (249,960 | ) |  | — |  |  | (226,939 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | (9 | ) |  | (12 | ) |  | 164,025 |  |  | — |  |  | 164,004 |
Cash, cash equivalents and restricted cash at beginning of period | 9 |  |  | 199 |  |  | 549,125 |  |  | — |  |  | 549,333 |
Cash, cash equivalents and restricted cash at end of period | $ | — |  |  | $ | 187 |  |  | $ | 713,150 |  |  | $ | — |  |  | $ | 713,337 |
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2017
| Third Point Re |  | TPRUSA |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating activities |  |  |  |  |  |  |  |  |
Net income | $ | 277,798 |  |  | $ | 17,097 |  |  | $ | 292,216 |  |  | $ | (305,340 | ) |  | $ | 281,771 |
Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Equity in (earnings) losses of subsidiaries | (283,088 | ) |  | (22,309 | ) |  | 57 |  |  | 305,340 |  |  | — |
Share compensation expense | 298 |  |  | — |  |  | 3,301 |  |  | — |  |  | 3,599 |
Net interest expense on deposit liabilities | — |  |  | — |  |  | 2,800 |  |  | — |  |  | 2,800 |
Net realized and unrealized gain on investments and derivatives | — |  |  | — |  |  | (480,045 | ) |  | — |  |  | (480,045 | )
Net foreign exchange losses | — |  |  | — |  |  | 12,300 |  |  | — |  |  | 12,300 |
Amortization of premium and accretion of discount, net | — |  |  | 178 |  |  | 295 |  |  | — |  |  | 473 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |
Reinsurance balances receivable | — |  |  | — |  |  | (86,606 | ) |  | — |  |  | (86,606 | )
Deferred acquisition costs, net | — |  |  | — |  |  | (37,175 | ) |  | — |  |  | (37,175 | )
Unearned premiums ceded | — |  |  | — |  |  | (354 | ) |  | — |  |  | (354 | )
Loss and loss adjustment expenses recoverable | — |  |  | — |  |  | (1,112 | ) |  | — |  |  | (1,112 | )
Other assets | (27 | ) |  | 5,507 |  |  | 3,657 |  |  | — |  |  | 9,137 |
Interest and dividends receivable, net | — |  |  | (2 | ) |  | 3,565 |  |  | — |  |  | 3,563 |
Unearned premium reserves | — |  |  | — |  |  | 92,442 |  |  | — |  |  | 92,442 |
Loss and loss adjustment expense reserves | — |  |  | — |  |  | 97,922 |  |  | — |  |  | 97,922 |
Accounts payable and accrued expenses | (388 | ) |  | (8,845 | ) |  | 33,445 |  |  | — |  |  | 24,212 |
Reinsurance balances payable | — |  |  | — |  |  | (1,463 | ) |  | — |  |  | (1,463 | )
Amounts due from (to) affiliates | 1,146 |  |  | (8,806 | ) |  | 7,660 |  |  | — |  |  | — |
Net cash used in operating activities | (4,261 | ) |  | (17,180 | ) |  | (57,095 | ) |  | — |  |  | (78,536 | )
Investing activities |  |  |  |  |  |  |  |  |
Purchases of investments | — |  |  | — |  |  | (3,099,525 | ) |  | — |  |  | (3,099,525 | )
Proceeds from sales of investments | — |  |  | — |  |  | 3,228,251 |  |  | — |  |  | 3,228,251 |
Purchases of investments to cover short sales | — |  |  | — |  |  | (791,753 | ) |  | — |  |  | (791,753 | )
Proceeds from short sales of investments | — |  |  | — |  |  | 1,048,552 |  |  | — |  |  | 1,048,552 |
Change in due to/from brokers, net | — |  |  | — |  |  | (149,898 | ) |  | — |  |  | (149,898 | )
Increase in securities sold under an agreement to repurchase | — |  |  | — |  |  | 29,618 |  |  | — |  |  | 29,618 |
Net cash provided by investing activities | — |  |  | — |  |  | 265,245 |  |  | — |  |  | 265,245 |
Financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of common shares, net of costs | 1,505 |  |  | — |  |  | — |  |  | — |  |  | 1,505 |
Purchases of Third Point Re common shares under share repurchase program | (40,864 | ) |  | — |  |  | — |  |  | — |  |  | (40,864 | )
Net proceeds from deposit liability contracts | — |  |  | — |  |  | 19,113 |  |  | — |  |  | 19,113 |
Change in total noncontrolling interests in related party, net | — |  |  | — |  |  | 73,979 |  |  | — |  |  | 73,979 |
Dividend received by (paid to) parent | 42,000 |  |  | 17,300 |  |  | (59,300 | ) |  | — |  |  | — |
Net cash provided by financing activities | 2,641 |  |  | 17,300 |  |  | 33,792 |  |  | — |  |  | 53,733 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,620 | ) |  | 120 |  |  | 241,942 |  |  | — |  |  | 240,442 |
Cash, cash equivalents and restricted cash at beginning of period | 1,629 |  |  | 79 |  |  | 307,183 |  |  | — |  |  | 308,891 |
Cash, cash equivalents and restricted cash at end of period | $ | 9 |  |  | $ | 199 |  |  | $ | 549,125 |  |  | $ | — |  |  | $ | 549,333 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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