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Senior Notes payable and letter of credit facilities (Notes) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Senior Notes payable and letter of credit facilities | Senior Notes payable As of December 31, 2019, 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 December 31, 2019, the Company had capitalized $0.9 million of costs associated with the Notes, which are presented as a direct deduction from the principal amount of the Notes on the consolidated balance sheets. As of December 31, 2019, the Notes had an estimated fair value of $121.7 million (December 31, 2018 - $114.7 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 December 31, 2019 and 2018. Letters of credit As of December 31, 2019, 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 |  |  | $ | 64,702 |  |  | $ | 64,702 |
Uncommitted - Secured letters of credit facilities | n/a |  |  | 187,135 |  |  | 189,474 |
|  |  |  | $ | 251,837 |  |  | $ | 254,176 |
(1) | The $200.0 million syndicated unsecured letter of credit facility expired on July 30, 2019 and was not renewed.
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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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