Non-controlling interests represent the portion of equity in consolidated subsidiaries not attributable, directly or indirectly, to the Company. The ownership interests in consolidated subsidiaries held by parties other than the Company have been presented in the consolidated balance sheets, as a separate component of shareholders’ equity. Non-controlling interests as of December 31, 2015 and 2014 are as follows:



	December 31, 2015		December 31, 2014
	($ in thousands)
Catastrophe Fund	$	—	$	60,153
Catastrophe Fund Manager	—		(259		)
Joint Venture - Third Point Advisors LLC share	16,157		40,241
	$	16,157	$	100,135

Income (loss) attributable to non-controlling interests for the years ended December 31, 2015, 2014 and 2013 was:



	2015			2014			2013
	($ in thousands)
Catastrophe Fund	$	(121	)	$	4,748		$	4,284
Catastrophe Fund Manager	19			(23		)	(238		)
Joint Venture - Third Point Advisors LLC share	53			1,590			1,721
	$	(49	)	$	6,315		$	5,767

As of December 31, 2015 and 2014, the following entities were consolidated in accordance with the FASB’s consolidations voting model (ASC 810):


a)	Third Point Reinsurance Opportunities Fund Ltd. and Third Point Re Cat Ltd.

As of December 31, 2015, all investments in the Catastrophe Fund had been redeemed. As of December 31, 2014, Third Point Re’s investment in the Catastrophe Fund was $59.5 million, representing approximately 49.7% of the Catastrophe Fund’s issued, non-voting, participating share capital.

For the year ended December 31, 2015, the Catastrophe Fund distributed $119.4 million (Third Point Re’s share - $59.4 million) resulting in a distribution of non-controlling interests for the Catastrophe Fund of $60.0 million for the year ended December 31, 2015.

For the year ended December 31, 2014, the Catastrophe Fund distributed $6.2 million (Third Point Re’s share - $nil) resulting in a distribution of non-controlling interests for the Catastrophe Fund of $6.2 million for the year ended December 31, 2014.

For the year ended December 31, 2013, the Catastrophe Fund distributed $53.0 million (Third Point Re’s share - $28.0 million) resulting in a distribution of non-controlling interests for the Catastrophe Fund of $25.3 million for the year ended December 31, 2013.


b)	Third Point Reinsurance Investment Management Ltd. (the “Catastrophe Fund Manager”)

On January 5, 2015, the Company and Hiscox agreed to terminate Hiscox’s 15% ownership in the Catastrophe Fund Manager effective December 31, 2015. On January 5, 2015, the shareholders agreement between Third Point Re, Hiscox, and the Catastrophe Fund Manager was also terminated by agreement of the parties. The Catastrophe Fund Manager agreed to repurchase for cancellation Hiscox’s common shares, representing 15%, of the Catastrophe Fund Manager.


c)	Investment in Joint Ventures

As of December 31, 2015, the joint ventures created through the Investment Agreements (Note 9) have been considered variable interest entities in accordance with U.S. GAAP. Since the Company was deemed to be the primary beneficiary, the Company has consolidated the joint ventures and has recorded TP GP’s minority interests as a non-controlling interest in the consolidated statements of shareholders’ equity.

For the year ended December 31, 2015, a net distribution of $24.1 million (2014 - $51.0 million and 2013 - $35.1 million) was made to TP GP and reduced the amount of the non-controlling interest.

As of December 31, 2015 and 2014, the following entities were not consolidated as per ASC 810: Consolidation:


a)	TP Lux Holdco LP

The Company is a limited partner in TP Lux Holdco LP (the “Cayman HoldCo”), which is an affiliate of the Investment Manager. The Cayman HoldCo was formed as a limited partnership under the laws of the Cayman Islands and invests and holds debt and equity interests in TP Lux HoldCo S.a.r.l, a Luxembourg private limited liability company (the “LuxCo”) established under the laws of the Grand-Duchy of Luxembourg, which is also an affiliate of the Investment Manager.

LuxCo’s principal objective is to act as a collective investment vehicle to purchase Euro debt and equity investments. The Company invests in the Cayman HoldCo alongside other investment funds managed by the Investment Manager. As of December 31, 2015, the Company held a 10.8% (December 31, 2014 - 9.8%) interest in the Cayman Holdco. The Company accounts for its investment in the limited partnership under the variable interest model, in which the Company is not the primary beneficiary, at fair value in the consolidated balance sheets. The Company has elected the fair value option for this investment and records changes in fair value in the consolidated statements of income (loss).

As of December 31, 2015, the estimated fair value of the investment in the limited partnership was $2.4 million (December 31, 2014 - $55.8 million). The Cayman HoldCo made net distributions of $47.6 million to the Company during the year ended December 31, 2015 due to the disposition of underlying investments. The valuation policy with respect to this investment in a limited partnership is further described in Note 4. The Company’s maximum exposure to loss as a result of its involvement with this investment is limited to the carrying value of the investment.

b) Third Point Hellenic Recovery US Feeder Fund, L.P.

Third Point Re is a limited partner in Third Point Hellenic Recovery US Feeder Fund, L.P. (“Hellenic Fund”), which is an affiliate of the Investment Manager. The Hellenic Fund was formed as a limited partnership under the laws of the Cayman Islands on April 12, 2013 and invests and holds debt and equity interests.

Third Point Re has committed to invest $11.4 million (December 31, 2014 - $11.4 million) in the Hellenic Fund, of which $0.7 million (2014 - $2.9 million) was called and $0.3 million (2014 - $1.5 million) was distributed during the year ended December 31, 2015.

As of December 31, 2015, the estimated fair value of Third Point Re’s investment in the Hellenic Fund was $5.4 million (December 31, 2014 - $6.3 million), representing a 3.0% interest (December 31, 2014, - 3.0%). Third Point Re accounts for its investment in the limited partnership under the variable interest model, in which Third Point Re is not the primary beneficiary, at fair value in the consolidated balance sheets. The Company has elected the fair value option for this investment and records the change in the fair value in the consolidated statements of income (loss).

The valuation policy with respect to this investment in a limited partnership is further described in Note 4. Third Point Re’s maximum exposure to loss as a result of its involvement with this investment is limited to the carrying value of the investment.