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v3.19.3.a.u2

Supplemental guarantor information (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Balance Sheet |
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 |
Condensed Consolidating Statement of Income |
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 |
Condensed Consolidating Statement of Cash Flows |
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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