Third Point Reinsurance Ltd.

Financial Supplement

December 31, 2020

(UNAUDITED)

This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the Securities and Exchange Commission by Third Point Reinsurance Ltd., including the Company’s Annual Report on Form 10-K.

Point House						Christopher S. Coleman - Chief Financial Officer
3 Waterloo Lane						Tel: (441) 542-3333
Pembroke HM 08						Email: investorrelations@thirdpointre.bm
Bermuda						Website: www.thirdpointre.bm

Third Point Reinsurance Ltd.

Basis of Presentation and Non-GAAP Financial Measures:

Unless the context otherwise indicates or requires, as used in this financial supplement references to “we,” “our,” “us,” and the “Company,” refer to Third Point Reinsurance Ltd. (“Third Point Re”) and its directly and indirectly owned subsidiaries, including Third Point Reinsurance Company Ltd. (“Third Point Re BDA”) and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”), as a combined entity, except where otherwise stated or where it is clear that the terms mean only Third Point Reinsurance Ltd. exclusive of its subsidiaries. We have made rounding adjustments to reach some of the figures included in this financial supplement and, unless otherwise indicated, percentages presented in this financial supplement are approximate.

In presenting the Company’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including basic book value per share, diluted book value per share and return on beginning shareholders’ equity, are referred to as non-GAAP measures. These non-GAAP financial measures may be defined or calculated differently by other companies. Management believes these measures allow for a more complete understanding of the underlying business. These measures are used to monitor our results and should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures, if any, are included in the attached financial information in accordance with Regulation G.

Safe Harbor Statement Regarding Forward-Looking Statements:

This Financial Supplement includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: results of operations fluctuate and may not be indicative of our prospects; a pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak, may adversely impact our financial condition or results of operations; more established competitors; losses exceeding reserves; highly cyclical property and casualty reinsurance industry; losses from catastrophe exposure; downgrade, withdrawal of ratings or change in rating outlook by rating agencies; significant decrease in our capital or surplus; dependence on key executives; inability to service our indebtedness; limited cash flow and liquidity due to our indebtedness; inability to raise necessary funds to pay principal or interest on debt; potential lack of availability of capital in the future; credit risk associated with the use of reinsurance brokers; future strategic transactions such as acquisitions, dispositions, mergers or joint ventures; technology breaches or failures, including cyber-attacks; lack of control over Third Point Enhanced LP (“TP Fund”); lack of control over the allocation and performance of TP Fund’s investment portfolio; dependence on Third Point LLC to implement TP Fund’s investment strategy; limited ability to withdraw our capital accounts from TP Fund; decline in revenue due to poor performance of TP Fund’s investment portfolio; TP Fund’s investment strategy involves risks that are greater than those faced by competitors; termination by Third Point LLC of our or TP Fund’s investment management agreements; potential conflicts of interest with Third Point LLC; losses resulting from significant investment positions; credit risk associated with the default on obligations of counterparties; ineffective investment risk management systems; fluctuations in the market value of TP Fund’s investment portfolio; trading restrictions being placed on TP Fund’s investments; limited termination provisions in our investment management agreements; limited liquidity and lack of valuation data on certain TP Fund’s investments; fluctuations in market value of our fixed-income securities; U.S. and global economic downturns; specific characteristics of investments in mortgage-backed securities and other asset-backed securities, in securities of issues based outside the U.S., and in special situation or distressed companies; loss of key employees at Third Point LLC; Third Point LLC’s compensation arrangements may incentivize investments that are risky or speculative; increased regulation or scrutiny of alternative investment advisers affecting our reputation; suspension or revocation of our reinsurance licenses; potentially being deemed an investment company under U.S. federal securities law; failure of reinsurance subsidiaries to meet minimum capital and surplus requirements; changes in Bermuda or other law and regulation that may have an adverse impact on our operations; Third Point Re and/or Third Point Re BDA potentially becoming subject to U.S. federal income taxation; potential characterization of Third Point Re and/or Third Point Re BDA as a passive foreign investment company; subjection of our affiliates to the base erosion and anti-abuse tax; potentially becoming subject to U.S. withholding and information reporting requirements under the Foreign Account Tax Compliance Act; risks associated with the failure to complete, or the failure to realize the expected benefits of the merger with Sirius International Insurance Group, Ltd.; Arcadian Risk Capital Ltd.’s ability to, and success at, writing the business indicated, its expansion plans and the Company’s ability to place quota share reinsurance on the portfolio; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other periodic and current disclosures filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Page 1 of 15

Third Point Reinsurance Ltd.

Table of Contents

Key Performance Indicators
Key Performance Indicators						3
Consolidated Financial Statements
Condensed Consolidated Balance Sheets - by Quarter						4
Condensed Consolidated Statements of Income						5
Condensed Consolidated Statements of Income (Loss) - by Quarter						6
Operating Segment Information
Segment Reporting - Three and twelve months ended December 31, 2020 and 2019						7
Property and Casualty Reinsurance Segment - by Quarter						8
Gross Premiums Written by Lines and Type of Business - by Quarter						9
Underwriting Ratios - by Quarter						10
Investments
Net Investments Managed by Third Point LLC - by Quarter						11
Net Investment Return by Investment Strategy - by Quarter						12
Other
Basic and Diluted Book Value per Share - by Quarter						13
Earnings (Loss) per Share - by Quarter						14
Return on Beginning Shareholders’ Equity - by Quarter						15

Page 2 of 15

Third Point Reinsurance Ltd.

Key Performance Indicators

December 31, 2020 and 2019

(expressed in thousands of U.S. dollars, except per share data and ratios)

			Three months ended												Twelve months ended
			December 31, 2020						December 31, 2019						December 31, 2020						December 31, 2019
Key underwriting metrics for Property and Casualty Reinsurance segment:
Net underwriting loss (1)			$	(41,853)					$	(9,577)					$	(63,185)					$	(22,349)
Combined ratio (1)			123.0		%				104.8		%				110.3		%				103.2		%
Key investment return metrics:
Net investment income			$	204,798					$	61,614					$	278,938					$	282,560
Net investment return on net investments managed by Third Point LLC			7.6		%				2.4		%				10.6		%				12.8		%
Key shareholders’ value creation metrics:
Basic book value per share (2)			$	16.88					$	15.37					$	16.88					$	15.37
Diluted book value per share (2)			$	16.42					$	15.04					$	16.42					$	15.04
Increase in diluted book value per share (2)			9.0		%				1.9		%				9.2		%				15.9		%
Return on beginning shareholders’ equity attributable to Third Point Re common shareholders (2)			9.4		%				2.1		%				10.1		%				16.7		%

(1)Refer to accompanying “Segment Reporting - Three and twelve months ended December 31, 2020 and 2019” for a calculation of net underwriting loss and combined ratio.

(2)Basic book value per share, diluted book value per share and return on beginning shareholders’ equity attributable to Third Point Re common shareholders are non-GAAP financial measures. There are no comparable GAAP measures. Refer to accompanying “Basic book value per share and diluted book value per share - by Quarter” for calculation of basic and diluted book value per share and “Return on beginning shareholders’ equity - by Quarter” for calculation of return on beginning shareholders' equity attributable to Third Point Re common shareholders.

Page 3 of 15

Third Point Reinsurance Ltd.

Condensed Consolidated Balance Sheets - by Quarter

(expressed in thousands of U.S. dollars)

						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Assets
Investment in related party investment fund, at fair value						$	1,055,618					$	868,971					$	758,419					$	659,815					$	860,630
Debt securities, trading, at fair value						101,311						186,260						238,574						363,121						125,071
Other investments, at fair value						4,000						4,000						4,000						4,000						4,000
Total investments						1,160,929						1,059,231						1,000,993						1,026,936						989,701
Cash and cash equivalents						525,991						513,783						584,809						445,776						639,415
Restricted cash and cash equivalents						1,187,948						1,101,693						887,308						975,109						1,014,543
Due from brokers						94,902						81,142						169,078						57,929						—
Interest and dividends receivable						909						1,835						2,195						3,732						2,178
Reinsurance balances receivable, net						559,388						572,672						613,204						622,883						596,120
Deferred acquisition costs, net						134,308						142,846						172,288						168,505						154,717
Unearned premiums ceded						27,659						27,463						35,817						13,411						16,945
Loss and loss adjustment expenses recoverable, net						14,375						13,626						10,064						6,865						5,520
Other assets						19,185						20,171						17,807						21,388						20,555
Total assets						$	3,725,594					$	3,534,462					$	3,493,563					$	3,342,534					$	3,439,694
Liabilities
Accounts payable and accrued expenses						$	14,588					$	13,963					$	12,167					$	8,868					$	17,816
Reinsurance balances payable						80,408						120,469						94,810						78,323						81,941
Deposit liabilities						152,961						155,697						168,910						170,402						172,259
Unearned premium reserves						472,948						498,893						587,995						579,315						524,768
Loss and loss adjustment expense reserves						1,310,068						1,186,149						1,133,983						1,107,911						1,111,692
Securities sold, not yet purchased, at fair value						11,990						15,389						19,597						47,427						—
Due to brokers						—						—						1,456						3,150						—
Interest and dividends payable						3,078						1,110						3,164						1,304						3,055
Senior notes payable, net of deferred costs						114,267						114,222						114,177						114,133						114,089
Total liabilities						2,160,308						2,105,892						2,136,259						2,110,833						2,025,620
Commitments and contingent liabilities
Shareholders’ equity
Preference shares						—						—						—						—						—
Common shares						9,558						9,531						9,492						9,488						9,423
Additional paid-in capital						933,903						931,972						930,487						928,903						927,704
Retained earnings						620,464						486,068						417,325						293,310						476,947
Shareholders’ equity attributable to Third Point Re common shareholders						1,563,925						1,427,571						1,357,304						1,231,701						1,414,074
Noncontrolling interests						1,361						999						—						—						—
Total shareholders’ equity						1,565,286						1,428,570						1,357,304						1,231,701						1,414,074
Total liabilities, noncontrolling interests and shareholders’ equity						$	3,725,594					$	3,534,462					$	3,493,563					$	3,342,534					$	3,439,694

Page 4 of 15

Third Point Reinsurance Ltd.

Condensed Consolidated Statements of Income

(expressed in thousands of U.S. dollars, except share and per share data)

			Three months ended												Twelve months ended
			December 31, 2020						December 31, 2019						December 31, 2020						December 31, 2019
Revenues
Gross premiums written			$	165,554					$	134,230					$	588,035					$	631,846
Gross premiums ceded			(9,680)						(5,964)						(39,717)						(9,265)
Net premiums written			155,874						128,266						548,318						622,581
Change in net unearned premium reserves			26,141						70,126						62,534						77,561
Net premiums earned			182,015						198,392						610,852						700,142
Net investment income from investment in related party investment fund			186,647						42,029						194,988						249,626
Net realized and unrealized investment gains			14,694						12,637						69,248						15,337
Other net investment income			3,457						6,948						14,702						17,597
Net investment income			204,798						61,614						278,938						282,560
Total revenues			386,813						260,006						889,790						982,702
Expenses
Loss and loss adjustment expenses incurred, net			177,919						140,394						465,298						403,499
Acquisition costs, net			39,321						61,851						187,062						295,626
General and administrative expenses			16,508						12,744						61,442						53,763
Other expenses			4,163						3,625						10,573						16,619
Interest expense			2,068						2,074						8,230						8,228
Foreign exchange losses			8,348						10,298						5,219						3,635
Total expenses			248,327						230,986						737,824						781,370
Income before income tax (expense) benefit			138,486						29,020						151,966						201,332
Income tax (expense) benefit			(3,728)						718						(8,108)						(713)
Net income			134,758						29,738						143,858						200,619
Net income attributable to noncontrolling interests			(362)						—						(341)						—
Net income available to Third Point Re common shareholders			$	134,396					$	29,738					$	143,517					$	200,619
Earnings per share available to Third Point Re common shareholders
Basic earnings per share available to Third Point Re common shareholders (1)			$	1.43					$	0.32					$	1.54					$	2.18
Diluted earnings per share available to Third Point Re common shareholders (1)			$	1.43					$	0.32					$	1.53					$	2.16
Weighted average number of common shares used in the determination of earnings per share
Basic			92,638,978						91,989,469						92,510,090						91,835,990
Diluted			93,165,559						92,696,491						92,957,799						92,652,316

(1)     Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as “participating securities”), be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

Page 5 of 15

Third Point Reinsurance Ltd.

Condensed Consolidated Statements of Income (Loss) - by Quarter

(expressed in thousands of U.S. dollars, except share and per share data)

						Three months ended
						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Revenues
Gross premiums written						$	165,554					$	60,779					$	157,571					$	204,131					$	134,230
Gross premiums ceded						(9,680)						185						(30,487)						265						(5,964)
Net premiums written						155,874						60,964						127,084						204,396						128,266
Change in net unearned premium reserves						26,141						80,748						13,726						(58,081)						70,126
Net premiums earned						182,015						141,712						140,810						146,315						198,392
Net investment income (loss) from investment in related party investment fund						186,647						110,552						98,604						(200,815)						42,029
Net realized and unrealized investment gains						14,694						6,965						35,992						11,597						12,637
Other net investment income						3,457						4,439						2,615						4,191						6,948
Net investment income (loss)						204,798						121,956						137,211						(185,027)						61,614
Total revenues						386,813						263,668						278,021						(38,712)						260,006
Expenses
Loss and loss adjustment expenses incurred, net						177,919						110,487						89,106						87,786						140,394
Acquisition costs, net						39,321						54,817						43,671						49,253						61,851
General and administrative expenses						16,508						21,320						13,455						10,159						12,744
Other (income) expenses						4,163						(283)						3,216						3,477						3,625
Interest expense						2,068						2,068						2,046						2,048						2,074
Foreign exchange (gains) losses						8,348						5,885						(797)						(8,217)						10,298
Total expenses						248,327						194,294						150,697						144,506						230,986
Income (loss) before income tax (expense) benefit						138,486						69,374						127,324						(183,218)						29,020
Income tax (expense) benefit						(3,728)						(652)						(3,309)						(419)						718
Net income (loss)						134,758						68,722						124,015						(183,637)						29,738
Net (income) loss attributable to noncontrolling interests						(362)						21						—						—						—
Net income (loss) available to Third Point Re common shareholders						$	134,396					$	68,743					$	124,015					$	(183,637)					$	29,738
Earnings (loss) per share available to Third Point Re common shareholders
Basic earnings (loss) per share available to Third Point Re common shareholders (1)						$	1.43					$	0.74					$	1.33					$	(1.99)					$	0.32
Diluted earnings (loss) per share available to Third Point Re common shareholders (1)						$	1.43					$	0.73					$	1.33					$	(1.99)					$	0.32
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic						92,638,978						92,613,393						92,593,599						92,191,837						91,989,469
Diluted						93,165,559						92,969,646						92,738,293						92,191,837						92,696,491

(1) Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as “participating securities”), be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

Page 6 of 15

Third Point Reinsurance Ltd.

Segment Reporting - Three and twelve months ended December 31, 2020 and 2019

(expressed in thousands of U.S. dollars)

			Three months ended																								Twelve months ended
			December 31, 2020												December 31, 2019												December 31, 2020												December 31, 2019
			Property and Casualty Reinsurance						Total						Property and Casualty Reinsurance						Total						Property and Casualty Reinsurance						Total						Property and Casualty Reinsurance						Total
Revenues
Gross premiums written			$	165,554					$	165,554					$	134,230					$	134,230					$	588,035					$	588,035					$	631,846					$	631,846
Gross premiums ceded			(9,680)						(9,680)						(5,964)						(5,964)						(39,717)						(39,717)						(9,265)						(9,265)
Net premiums written			155,874						155,874						128,266						128,266						548,318						548,318						622,581						622,581
Change in net unearned premium reserves			26,141						26,141						70,126						70,126						62,534						62,534						77,561						77,561
Net premiums earned			182,015						182,015						198,392						198,392						610,852						610,852						700,142						700,142
Expenses
Loss and loss adjustment expenses incurred, net			177,919						177,919						140,394						140,394						465,298						465,298						403,499						403,499
Acquisition costs, net			39,321						39,321						61,851						61,851						187,062						187,062						295,626						295,626
General and administrative expenses			6,628						6,628						5,724						5,724						21,677						21,677						23,366						23,366
Total expenses			223,868						223,868						207,969						207,969						674,037						674,037						722,491						722,491
Net underwriting loss			$	(41,853)					(41,853)						$	(9,577)					(9,577)						$	(63,185)					(63,185)						$	(22,349)					(22,349)
Net investment income									204,798												61,614												278,938												282,560
Corporate expenses									(9,880)												(7,020)												(39,765)												(30,397)
Other expenses									(4,163)												(3,625)												(10,573)												(16,619)
Interest expense									(2,068)												(2,074)												(8,230)												(8,228)
Foreign exchange losses									(8,348)												(10,298)												(5,219)												(3,635)
Income tax (expense) benefit									(3,728)												718												(8,108)												(713)
Net income attributable to noncontrolling interests									(362)												—												(341)												—
Net income available to Third Point Re common shareholders									$	134,396											$	29,738											$	143,517											$	200,619
Property and Casualty Reinsurance - Underwriting Ratios (1):
Loss ratio			97.8		%										70.7		%										76.2		%										57.6		%
Acquisition cost ratio			21.6		%										31.2		%										30.6		%										42.2		%
Composite ratio			119.4		%										101.9		%										106.8		%										99.8		%
General and administrative expense ratio			3.6		%										2.9		%										3.5		%										3.4		%
Combined ratio			123.0		%										104.8		%										110.3		%										103.2		%

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 7 of 15

Third Point Reinsurance Ltd.

Property and Casualty Reinsurance Segment - by Quarter (1)

(expressed in thousands of U.S. dollars)

						Three months ended
						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Revenues
Gross premiums written						$	165,554					$	60,779					$	157,571					$	204,131					$	134,230
Gross premiums ceded						(9,680)						185						(30,487)						265						(5,964)
Net premiums written						155,874						60,964						127,084						204,396						128,266
Change in net unearned premium reserves						26,141						80,748						13,726						(58,081)						70,126
Net premiums earned						182,015						141,712						140,810						146,315						198,392
Expenses
Loss and loss adjustment expenses incurred, net						177,919						110,487						89,106						87,786						140,394
Acquisition costs, net						39,321						54,817						43,671						49,253						61,851
General and administrative expenses						6,628						4,556						5,596						4,880						5,724
Total expenses						223,868						169,860						138,373						141,919						207,969
Net underwriting income (loss)						$	(41,853)					$	(28,148)					$	2,437					$	4,396					$	(9,577)
Underwriting ratios (1)
Loss ratio						97.8		%				78.0		%				63.3		%				60.0		%				70.7		%
Acquisition cost ratio						21.6		%				38.7		%				31.0		%				33.7		%				31.2		%
Composite ratio						119.4		%				116.7		%				94.3		%				93.7		%				101.9		%
General and administrative expense ratio						3.6		%				3.2		%				4.0		%				3.3		%				2.9		%
Combined ratio						123.0		%				119.9		%				98.3		%				97.0		%				104.8		%

(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 8 of 15

Third Point Reinsurance Ltd.

Gross Premiums Written by Lines and Type of Business - by Quarter

(expressed in thousands of U.S. dollars)

						Three months ended
						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Line and Type of Business
Property Catastrophe						$	1,336					$	11,246					$	39,706					$	31,164					$	4,831
Other Property						22,316						5,608						45,745						15,209						36,892
Property						23,652						16,854						85,451						46,373						41,723
Workers Compensation						17,122						12,572						7,915						21,320						121
Auto						7,668						12,308						(3,817)						21,249						(2,897)
Other Casualty						57,862						6,398						23,045						24,371						35,315
Casualty						82,652						31,278						27,143						66,940						32,539
Credit & Financial Lines						12,096						12,682						38,653						9,012						3,633
Multi-line						19,591						(4,163)						4,726						66,746						16,268
Other Specialty						1,537						1,208						1,598						15,060						5,768
Specialty						33,224						9,727						44,977						90,818						25,669
Total prospective reinsurance contracts						$	139,528					$	57,859					$	157,571					$	204,131					$	99,931
Retroactive reinsurance contracts						26,026						2,920						—						—						34,299
Total property and casualty reinsurance segment						$	165,554					$	60,779					$	157,571					$	204,131					$	134,230

Page 9 of 15

Third Point Reinsurance Ltd.

Underwriting Ratios - by Quarter (1)

(expressed in thousands of U.S. dollars)

						Three months ended
						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Underwriting ratios (1)
Loss ratio						97.8		%				78.0		%				63.3		%				60.0		%				70.7		%
Acquisition cost ratio						21.6		%				38.7		%				31.0		%				33.7		%				31.2		%
Composite ratio						119.4		%				116.7		%				94.3		%				93.7		%				101.9		%
General and administrative expense ratio						3.6		%				3.2		%				4.0		%				3.3		%				2.9		%
Combined ratio						123.0		%				119.9		%				98.3		%				97.0		%				104.8		%
Impact of catastrophe losses (2)
Loss ratio						3.9		%				21.3		%				—		%				—		%				9.1		%
Acquisition cost ratio						(0.1)		%				(0.4)		%				—		%				—		%				(0.9)		%
Composite ratio						3.8		%				20.9		%				—		%				—		%				8.2		%
Impact of reserve developments (2)
Loss ratio						24.9		%				(14.3)		%				0.7		%				(7.5)		%				(4.9)		%
Acquisition cost ratio						(4.5)		%				14.2		%				(0.8)		%				6.0		%				4.3		%
Composite ratio						20.4		%				(0.1)		%				(0.1)		%				(1.5)		%				(0.6)		%
Accident year ex-CAT underwriting ratios (3)
Loss ratio						69.0		%				71.0		%				62.6		%				67.5		%				66.5		%
Acquisition cost ratio						26.2		%				24.9		%				31.8		%				27.7		%				27.8		%
Composite ratio						95.2		%				95.9		%				94.4		%				95.2		%				94.3		%
General and administrative expense ratio						3.6		%				3.2		%				4.0		%				3.3		%				2.9		%
Combined ratio						98.8		%				99.1		%				98.4		%				98.5		%				97.2		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(2)General and administrative expense ratio excluded because catastrophe losses and impact of reserve developments do not impact this ratio.

(3)The accident year ex-CAT underwriting ratios exclude catastrophe losses, net of reinstatement premiums and profit commission adjustments, and prior year loss development. We believe that the adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes losses which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.

Page 10 of 15

Third Point Reinsurance Ltd.

Net Investments Managed by Third Point LLC - by Quarter

(expressed in thousands of U.S. dollars)

			December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Assets
TP Fund			$	1,055,618					$	868,971					$	758,419					$	659,815					$	860,630
Debt securities, trading, at fair value			101,311						186,260						238,574						363,121						125,071
Total investments			1,156,929						1,055,231						996,993						1,022,936						985,701
Cash and cash equivalents			451,239						450,018						502,937						366,894						588,196
Restricted cash and cash equivalents			1,187,948						1,101,693						887,308						975,109						1,014,543
Due from brokers			94,902						81,142						169,078						57,929						—
Interest and dividends receivable			632						1,650						2,195						3,732						2,178
Other assets			—						—						—						—						18
Total assets			$	2,891,650					$	2,689,734					$	2,558,511					$	2,426,600					$	2,590,636
Liabilities
Accounts payable and accrued expenses			$	1,171					$	1,245					$	933					$	761					$	509
Securities sold, not yet purchased			11,990						15,389						19,597						47,427						—
Due to brokers			—						—						1,456						3,150						—
Interest and dividends payable			21						76						129						270						—
Total liabilities			13,182						16,710						22,115						51,608						509
Total net investments managed by Third Point LLC			$	2,878,468					$	2,673,024					$	2,536,396					$	2,374,992					$	2,590,127

Page 11 of 15

Third Point Reinsurance Ltd.

Net Investment Return by Investment Strategy - by Quarter

Summary of net investment return on investments managed by Third Point LLC (1)			December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Long
Equity			7.8		%				4.2		%				6.1		%				(11.2)		%				3.3		%
Credit			1.4		%				0.8		%				3.8		%				0.1		%				0.1		%
Other			0.9		%				0.9		%				—		%				(0.3)		%				0.7		%
			10.1		%				5.9		%				9.9		%				(11.4)		%				4.1		%
Short
Equity			(3.0)		%				(1.2)		%				(4.0)		%				4.4		%				(1.8)		%
Credit			—		%				—		%				—		%				(0.1)		%				—		%
Other			0.5		%				0.1		%				(0.1)		%				(0.2)		%				0.1		%
			(2.5)		%				(1.1)		%				(4.1)		%				4.1		%				(1.7)		%
Net
Equity			4.8		%				3.0		%				2.1		%				(6.8)		%				1.5		%
Credit			1.4		%				0.8		%				3.8		%				—		%				0.1		%
Other			1.4		%				1.0		%				(0.1)		%				(0.5)		%				0.8		%
			7.6		%				4.8		%				5.8		%				(7.3)		%				2.4		%

(1) Net investment return represents the return on our net investments managed by Third Point LLC, net of fees. The net investment return on net investments managed by Third Point LLC is the percentage change in value of a dollar invested over the reporting period on our net investment assets managed by Third Point LLC. The net investment return reflects the combined results of our investments in TP Fund, collateral assets and certain other investment assets managed by Third Point LLC. Net investment return is the key indicator by which we measure the performance of Third Point LLC, our investment manager.

Page 12 of 15

Third Point Reinsurance Ltd.

Basic and Diluted Book Value per Share - by Quarter

(expressed in thousands of U.S. dollars)

			December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Basic and diluted book value per share numerator:
Shareholders' equity attributable to Third Point Re common shareholders			$	1,563,925					$	1,427,571					$	1,357,304					$	1,231,701					$	1,414,074
Basic and diluted book value per share denominator:
Common shares outstanding			95,582,733						95,314,893						94,920,203						94,881,229						94,225,498
Unvested restricted shares			(2,933,993)						(2,695,127)						(2,319,354)						(2,315,172)						(2,231,296)
Basic book value per share denominator:			92,648,740						92,619,766						92,600,849						92,566,057						91,994,202
Effect of dilutive warrants issued to founders and an advisor (1)			—						—						—						—						172,756
Effect of dilutive stock options issued to directors and employees (1)			—						—						—						—						225,666
Effect of dilutive restricted shares issued to directors and employees (2)			2,573,638						2,182,214						1,825,128						1,815,741						1,654,803
Diluted book value per share denominator:			95,222,378						94,801,980						94,425,977						94,381,798						94,047,427
Basic book value per share (2)			$	16.88					$	15.41					$	14.66					$	13.31					$	15.37
Diluted book value per share (2)			$	16.42					$	15.06					$	14.37					$	13.05					$	15.04
Increase (decrease) in diluted book value per share			9.0		%				4.8		%				10.1		%				(13.2)		%				1.9		%

(1)As of December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, there was no dilution as a result of the Company’s share price being under the lowest exercise price for warrants and options.

(2)Basic book value per share and diluted book value per share are non-GAAP financial measures and there are no comparable GAAP measures. Basic book value per share, as presented, is a non-GAAP financial measure and is calculated by dividing shareholders’ equity attributable to Third Point Re common shareholders by the number of common shares outstanding, excluding the total number of unvested restricted shares, at period end. Diluted book value per share, as presented, is a non-GAAP financial measure and is calculated using the treasury stock method. Under the treasury stock method, we assume that proceeds received from in-the-money options and/or warrants exercised are used to repurchase common shares in the market. For unvested restricted shares with a performance condition, we include the unvested restricted shares for which we consider vesting to be probable. Change in basic book value per share is calculated by taking the difference in basic book value per share for the periods presented divided by the beginning of period book value per share. Change in diluted book value per share is calculated by taking the difference in diluted book value per share for the periods presented divided by the beginning of period diluted book value per share. We believe that long-term growth in diluted book value per share is the most important measure of our financial performance because it allows our management and investors to track over time the value created by the retention of earnings. In addition, we believe this metric is used by investors because it provides a basis for comparison with other companies in our industry that also report a similar measure.

Page 13 of 15

Third Point Reinsurance Ltd.

Earnings (Loss) per Share - by Quarter

(expressed in thousands of U.S. dollars)

						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding						92,638,978						92,613,393						92,593,599						92,191,837						91,989,469
Dilutive effect of options (1)						—						—						—						—						—
Dilutive effect of warrants (1)						—						—						—						—						—
Dilutive effect of restricted shares with service and performance condition						526,581						356,253						144,694						—						707,022
Diluted number of common shares outstanding						93,165,559						92,969,646						92,738,293						92,191,837						92,696,491
Basic earnings (loss) per common share:
Net income (loss) available to Third Point Re common shareholders						$	134,396					$	68,743					$	124,015					$	(183,637)					$	29,738
Net income allocated to Third Point Re participating common shareholders						(1,644)						(574)						(721)						—						(111)
Net income (loss) allocated to Third Point Re common shareholders						$	132,752					$	68,169					$	123,294					$	(183,637)					$	29,627
Basic earnings (loss) per share available to Third Point Re common shareholders (2)						$	1.43					$	0.74					$	1.33					$	(1.99)					$	0.32
Diluted earnings (loss) per common share:
Net income (loss) available to Third Point Re common shareholders						$	134,396					$	68,743					$	124,015					$	(183,637)					$	29,738
Net income allocated to Third Point Re participating common shareholders						(1,635)						(572)						(720)						—						(110)
Net income (loss) allocated to Third Point Re common shareholders						$	132,761					$	68,171					$	123,295					$	(183,637)					$	29,628
Diluted earnings (loss) per share available to Third Point Re common shareholders (2)						$	1.43					$	0.73					$	1.33					$	(1.99)					$	0.32

(1)As of March 31, 2020, there was no dilution as a result of the net loss allocated to Third Point Re common shareholders in the quarter. As of December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, there was no dilution as a result of the Company’s average share price for the quarter being under the lowest exercise price for warrants and options.

(2)Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as “participating securities”), be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

Page 14 of 15

Third Point Reinsurance Ltd.

Return on Beginning Shareholders’ Equity - by Quarter

(expressed in thousands of U.S. dollars)

						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
Net income (loss) available to Third Point Re common shareholders						$	134,396					$	68,743					$	124,015					$	(183,637)					$	29,738
Shareholders’ equity attributable to Third Point Re common shareholders - beginning of period						$	1,427,571					$	1,357,304					$	1,231,701					$	1,414,074					$	1,383,580
Return on beginning shareholders’ equity attributable to Third Point Re common shareholders (1)						9.4		%				5.1		%				10.1		%				(13.0)		%				2.1		%

(1)Return on beginning shareholders’ equity attributable to Third Point Re common shareholders, as presented, is a non-GAAP financial measure. Return on beginning shareholders’ equity attributable to Third Point Re common shareholders is calculated by dividing net income (loss) available to Third Point Re common shareholders by the beginning shareholders’ equity attributable to Third Point Re common shareholders. We believe that return on beginning shareholders’ equity attributable to Third Point Re common shareholders is an important measure because it assists our management and investors in evaluating the Company’s profitability. We adjust the beginning shareholders’ equity for the impact of the shares repurchased on a weighted average basis. For period where there is a loss, this adjustment decreased the stated returns on beginning shareholders’ equity and for period where there is a gain, this adjustment increased the stated returns on beginning shareholders’ equity.

Page 15 of 15