Supplemental guarantor information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]



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