Third Point Re fully and unconditionally guarantees the $115.0 million of debt obligations issued by TPRUSA, a wholly owned subsidiary.

The following information sets forth the consolidating balance sheets as of December 31, 2017 and 2016 and the consolidating statements of income (loss) and cash flows for the years ended December 31, 2017, 2016 and 2015 for Third Point Re, TPRUSA and the non-guarantor subsidiaries of Third Point Re. Investments in subsidiaries are accounted for on the equity method; accordingly, entries necessary to consolidate the parent guarantor, TPRUSA and all other subsidiaries are reflected in the eliminations column.



CONSOLIDATING BALANCE SHEET
As of December 31, 2017
(expressed in thousands of U.S. dollars)
	Third Point Re			TPRUSA			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Equity securities	$	—		$	—		$	2,283,050	$	—		$	2,283,050
Debt securities	—			—			675,158		—			675,158
Other investments	—			—			37,731		—			37,731
Total investments in securities	—			—			2,995,939		—			2,995,939
Cash and cash equivalents	9			199			7,989		—			8,197
Restricted cash and cash equivalents	—			—			541,136		—			541,136
Investment in subsidiaries	1,657,467			274,272			164,909		(2,096,648		)	—
Due from brokers	—			—			305,093		—			305,093
Derivative assets, at fair value	—			—			73,372		—			73,372
Interest and dividends receivable	—			—			3,774		—			3,774
Reinsurance balances receivable	—			—			476,008		—			476,008
Deferred acquisition costs, net	—			—			258,793		—			258,793
Amounts due from (to) affiliates	(1,288		)	412			876		—			—
Other assets	664			—			8,818		—			9,482
Total assets	$	1,656,852		$	274,883		$	4,836,707	$	(2,096,648	)	$	4,671,794
Liabilities
Accounts payable and accrued expenses (1)	$	763		$	(8,805	)	$	42,674	$	—		$	34,632
Reinsurance balances payable	—			—			41,614		—			41,614
Deposit liabilities	—			—			129,133		—			129,133
Unearned premium reserves	—			—			649,518		—			649,518
Loss and loss adjustment expense reserves	—			—			720,570		—			720,570
Securities sold, not yet purchased, at fair value	—			—			394,278		—			394,278
Securities sold under an agreement to repurchase	—			—			29,618		—			29,618
Due to brokers	—			—			770,205		—			770,205
Derivative liabilities, at fair value	—			—			14,503		—			14,503
Interest and dividends payable	—			3,055			1,220		—			4,275
Senior notes payable, net of deferred costs	—			113,733			—		—			113,733
Total liabilities	763			107,983			2,793,333		—			2,902,079
Redeemable noncontrolling interests in related party	—			—			108,219		—			108,219
Shareholders' equity
Common shares	10,723			—			1,250		(1,250		)	10,723
Treasury shares	(48,253		)	—			—		—			(48,253		)
Additional paid-in capital	1,099,599			165,097			1,531,770		(1,696,867		)	1,099,599
Retained earnings (deficit)	594,020			1,803			396,728		(398,531		)	594,020
Shareholders’ equity attributable to Third Point Re common shareholders	1,656,089			166,900			1,929,748		(2,096,648		)	1,656,089
Noncontrolling interests in related party	—			—			5,407		—			5,407
Total shareholders’ equity	1,656,089			166,900			1,935,155		(2,096,648		)	1,661,496
Total liabilities, noncontrolling interests and shareholders’ equity	$	1,656,852		$	274,883		$	4,836,707	$	(2,096,648	)	$	4,671,794

(1) Negative balance of $8.8 million represents net deferred tax assets that are offset by net deferred tax liabilities in Third Point Re USA of $9.9 million, resulting in a net liability position as of December 31, 2017.



CONSOLIDATING BALANCE SHEET
As of December 31, 2016
(expressed in thousands of U.S. dollars)
	Third Point Re			TPRUSA			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Equity securities	$	—		$	—		$	1,506,854	$	—		$	1,506,854
Debt securities	—			—			1,057,957		—			1,057,957
Other investments	—			—			82,701		—			82,701
Total investments in securities	—			—			2,647,512		—			2,647,512
Cash and cash equivalents	1,629			79			8,243		—			9,951
Restricted cash and cash equivalents	—			—			298,940		—			298,940
Investment in subsidiaries	1,413,078			269,622			165,324		(1,848,024		)	—
Due from brokers	—			—			284,591		—			284,591
Derivative assets, at fair value	—			—			27,432		—			27,432
Interest and dividends receivable	—			—			6,505		—			6,505
Reinsurance balances receivable	—			—			381,951		—			381,951
Deferred acquisition costs, net	—			—			221,618		—			221,618
Amounts due from (to) affiliates	(142		)	(8,394		)	8,536		—			—
Other assets	637			5,507			11,000		—			17,144
Total assets	$	1,415,202		$	266,814		$	4,061,652	$	(1,848,024	)	$	3,895,644
Liabilities
Accounts payable and accrued expenses	$	1,151		$	40		$	9,130	$	—		$	10,321
Reinsurance balances payable	—			—			43,171		—			43,171
Deposit liabilities	—			—			104,905		—			104,905
Unearned premium reserves	—			—			557,076		—			557,076
Loss and loss adjustment expense reserves	—			—			605,129		—			605,129
Securities sold, not yet purchased, at fair value	—			—			92,668		—			92,668
Due to brokers	—			—			899,601		—			899,601
Derivative liabilities, at fair value	—			—			16,050		—			16,050
Interest and dividends payable	—			3,057			386		—			3,443
Senior notes payable, net of deferred costs	—			113,555			—		—			113,555
Total liabilities	1,151			116,652			2,328,116		—			2,445,919
Shareholders’ equity
Common shares	10,650			—			1,250		(1,250		)	10,650
Treasury shares	(7,389		)	—			—		—			(7,389		)
Additional paid-in capital	1,094,568			165,456			1,528,827		(1,694,283		)	1,094,568
Retained earnings (deficit)	316,222			(15,294		)	167,785		(152,491		)	316,222
Shareholders’ equity attributable to Third Point Re common shareholders	1,414,051			150,162			1,697,862		(1,848,024		)	1,414,051
Noncontrolling interests in related party	—			—			35,674		—			35,674
Total shareholders’ equity	1,414,051			150,162			1,733,536		(1,848,024		)	1,449,725
Total liabilities, noncontrolling interests and shareholders’ equity	$	1,415,202		$	266,814		$	4,061,652	$	(1,848,024	)	$	3,895,644



CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 2017
(expressed in thousands of U.S. dollars)
	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	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



CONSOLIDATING STATEMENT OF INCOME (LOSS)
Year Ended December 31, 2016
(expressed in thousands of U.S. dollars)
	Third Point Re		TPRUSA			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues
Gross premiums written	$	—	$	—		$	617,374		$	—		$	617,374
Gross premiums ceded	—		—			(2,325		)	—			(2,325		)
Net premiums written	—		—			615,049			—			615,049
Change in net unearned premium reserves	—		—			(24,859		)	—			(24,859		)
Net premiums earned	—		—			590,190			—			590,190
Net investment income	—		—			98,825			—			98,825
Equity in earnings (losses) of subsidiaries	32,347		2,701			(107		)	(34,941		)	—
Total revenues	32,347		2,701			688,908			(34,941		)	689,015
Expenses
Loss and loss adjustment expenses incurred, net	—		—			395,932			—			395,932
Acquisition costs, net	—		—			222,150			—			222,150
General and administrative expenses	4,712		40			34,615			—			39,367
Other expenses	—		—			8,387			—			8,387
Interest expense	—		8,231			—			—			8,231
Foreign exchange gains	—		—			(19,521		)	—			(19,521		)
Total expenses	4,712		8,271			641,563			—			654,546
Income (loss) before income tax (expense) benefit	27,635		(5,570		)	47,345			(34,941		)	34,469
Income tax (expense) benefit	—		2,895			(8,488		)	—			(5,593		)
Net income (loss)	27,635		(2,675		)	38,857			(34,941		)	28,876
Net income attributable to noncontrolling interests in related party	—		—			(1,241		)	—			(1,241		)
Net income (loss) available to Third Point Re common shareholders	$	27,635	$	(2,675	)	$	37,616		$	(34,941	)	$	27,635



CONSOLIDATING STATEMENT OF LOSS
Year Ended December 31, 2015
(expressed in thousands of U.S. dollars)

	Third Point Re			TPRUSA			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Revenues
Gross premiums written	$	—		$	—		$	702,414		$	—	$	702,414
Gross premiums ceded	—			—			(1,876		)	—		(1,876		)
Net premiums written	—			—			700,538			—		700,538
Change in net unearned premium reserves	—			—			(97,714		)	—		(97,714		)
Net premiums earned	—			—			602,824			—		602,824
Net investment loss	—			—			(28,074		)	—		(28,074		)
Equity in earnings of subsidiaries	(79,053		)	(7,510		)	(25		)	86,588		—
Total revenues	(79,053		)	(7,510		)	574,725			86,588		574,750
Expenses
Loss and loss adjustment expenses incurred, net	—			—			415,191			—		415,191
Acquisition costs, net	—			—			191,216			—		191,216
General and administrative expenses	8,337			231			37,465			—		46,033
Other expenses	—			—			8,614			—		8,614
Interest expense	—			7,236			—			—		7,236
Foreign exchange gains	—			—			(3,196		)	—		(3,196		)
Total expenses	8,337			7,467			649,290			—		665,094
Loss before income tax benefit	(87,390		)	(14,977		)	(74,565		)	86,588		(90,344		)
Income tax benefit	—			2,613			292			—		2,905
Net loss	(87,390		)	(12,364		)	(74,273		)	86,588		(87,439		)
Net loss attributable to noncontrolling interests in related party	—			—			49			—		49
Net loss attributable to Third Point Re common shareholders	$	(87,390	)	$	(12,364	)	$	(74,224	)	$	86,588	$	(87,390	)



CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2017
(expressed in thousands of U.S. dollars)

	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 provided by (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 unrealized gain on investments and derivatives	—			—			(255,029		)	—			(255,029		)
Net realized gain on investments and derivatives	—			—			(225,016		)	—			(225,016		)
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		)
Other assets	(27		)	5,507			2,191			—			7,671
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
Change in restricted cash and cash equivalents	—			—			(242,196		)	—			(242,196		)
Net cash provided by investing activities	—			—			23,049			—			23,049
Financing activities
Proceeds from issuance of Third Point Re common shares, net of costs	1,505			—			—			—			1,505
Purchases of Third Point Re common shares under share repurchase program	(40,864		)	—			—			—			(40,864		)
Decrease in deposit liabilities, net	—			—			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 and cash equivalents	(1,620		)	120			(254		)	—			(1,754		)
Cash and cash equivalents at beginning of year	1,629			79			8,243			—			9,951
Cash and cash equivalents at end of year	$	9		$	199		$	7,989		$	—		$	8,197



CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2016
(expressed in thousands of U.S. dollars)

	Third Point Re			TPRUSA			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating activities
Net income (loss)	$	27,635		$	(2,675	)	$	38,857		$	(34,941	)	$	28,876
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of subsidiaries	(32,347		)	(2,701		)	107			34,941			—
Share compensation expense	543			—			8,395			—			8,938
Net interest income on deposit liabilities	—			—			(164		)	—			(164		)
Net unrealized gain on investments and derivatives	—			—			(72,083		)	—			(72,083		)
Net realized gain on investments and derivatives	—			—			(33,179		)	—			(33,179		)
Net foreign exchange gains	—			—			(19,521		)	—			(19,521		)
Amortization of premium and accretion of discount, net	—			178			4,940			—			5,118
Changes in assets and liabilities:
Reinsurance balances receivable	—			—			(86,612		)	—			(86,612		)
Deferred acquisition costs, net	—			—			(24,525		)	—			(24,525		)
Other assets	(73		)	(2,894		)	(2,036		)	—			(5,003		)
Interest and dividends receivable, net	—			2			3,223			—			3,225
Unearned premium reserves	—			—			25,366			—			25,366
Loss and loss adjustment expense reserves	—			—			156,644			—			156,644
Accounts payable and accrued expenses	(1,985		)	—			(110		)	—			(2,095		)
Reinsurance balances payable	—			—			19,786			—			19,786
Amounts due from (to) affiliates	(204		)	8,164			(7,960		)	—			—
Net cash provided by (used in) operating activities	(6,431		)	74			11,128			—			4,771
Investing activities
Purchases of investments	—			—			(3,729,944		)	—			(3,729,944		)
Proceeds from sales of investments	—			—			3,504,598			—			3,504,598
Purchases of investments to cover short sales	—			—			(1,264,404		)	—			(1,264,404		)
Proceeds from short sales of investments	—			—			1,046,422			—			1,046,422
Change in due to/from brokers, net	—			—			367,019			—			367,019
Increase in securities sold under an agreement to repurchase	—			—			(8,944		)	—			(8,944		)
Change in restricted cash and cash equivalents	—			—			31,975			—			31,975
Contributed capital to subsidiaries	(5,000		)	5,000			—			—			—
Contributed capital from parent and/or subsidiaries	—			(5,000		)	5,000			—			—
Net cash used in investing activities	(5,000		)	—			(48,278		)	—			(53,278		)
Financing activities
Proceeds from issuance of common shares, net of costs	5,141			—			—			—			5,141
Purchases of Third Point Re common shares under share repurchase program	(7,389		)	—			—			—			(7,389		)
Increase in deposit liabilities	—			—			22,023			—			22,023
Change in total noncontrolling interests in related party, net	—			—			18,276			—			18,276
Dividend received by (paid to) parent	15,000			—			(15,000		)	—			—
Net cash provided by financing activities	12,752			—			25,299			—			38,051
Net increase (decrease) in cash and cash equivalents	1,321			74			(11,851		)	—			(10,456		)
Cash and cash equivalents at beginning of year	308			5			20,094			—			20,407
Cash and cash equivalents at end of year	$	1,629		$	79		$	8,243		$	—		$	9,951



CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2015
(expressed in thousands of U.S. dollars)
	Third Point Re			TPRUSA			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating activities
Net loss	$	(87,390	)	$	(12,364	)	$	(74,273	)	$	86,588		$	(87,439	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Equity in earnings of subsidiaries	79,053			7,510			25			(86,588		)	—
Share compensation expense	542			—			10,329			—			10,871
Net interest expense on deposit liabilities	—			—			6,471			—			6,471
Net unrealized loss on investments and derivatives	—			—			32,354			—			32,354
Net realized gain on investments and derivatives	—			—			(16,655		)	—			(16,655		)
Net foreign exchange gains	—			—			(3,196		)	—			(3,196		)
Amortization of premium and accretion of discount, net	—			157			167			—			324
Changes in assets and liabilities:
Reinsurance balances receivable	—			—			8,768			—			8,768
Deferred acquisition costs, net	—			—			(41,192		)	—			(41,192		)
Other assets	36			(1,947		)	(5,904		)	—			(7,815		)
Interest and dividends receivable, net	—			3,055			(7,437		)	—			(4,382		)
Unearned premium reserves	—			—			97,901			—			97,901
Loss and loss adjustment expense reserves	—			—			192,433			—			192,433
Accounts payable and accrued expenses	1,910			(478		)	449			—			1,881
Reinsurance balances payable	—			—			(2,548		)	—			(2,548		)
Amounts due from (to) affiliates	1,685			(173		)	(1,512		)	—			—
Net cash provided by (used in) operating activities	(4,164		)	(4,240		)	196,180			—			187,776
Investing activities
Purchases of investments	—			—			(3,360,626		)	—			(3,360,626		)
Proceeds from sales of investments	—			—			2,829,523			—			2,829,523
Purchases of investments to cover short sales	—			—			(543,936		)	—			(543,936		)
Proceeds from short sales of investments	—			—			792,344			—			792,344
Change in due to/from brokers, net	—			—			(6,377		)	—			(6,377		)
Decrease in securities purchased under an agreement to sell	—			—			29,852			—			29,852
Increase in securities sold under an agreement to repurchase	—			—			8,944			—			8,944
Change in restricted cash and cash equivalents	—			—			86,392			—			86,392
Contributed capital (to) from subsidiaries	(158,000		)	(266,975		)	(25		)	425,000			—
Contributed capital from parent	—			158,000			267,000			(425,000		)	—
Net cash provided by (used in) investing activities	(158,000		)	(108,975		)	103,091			—			(163,884		)
Financing activities
Proceeds from issuance of common shares, net of costs	4,332			—			—			—			4,332
Proceeds from issuance of senior notes payable	—			113,220			—			—			113,220
Increase in deposit liabilities	—			—			(65,842		)	—			(65,842		)
Change in total noncontrolling interests in related party, net	—			—			(24,137		)	—			(24,137		)
Noncontrolling interest in Catastrophe Fund & Catastrophe Fund Manager	—			—			(59,792		)	—			(59,792		)
Dividend received by (paid to) parent	158,000			—			(158,000		)	—			—
Net cash provided by (used in) financing activities	162,332			113,220			(307,771		)	—			(32,219		)
Net increase (decrease) in cash and cash equivalents	168			5			(8,500		)	—			(8,327		)
Cash and cash equivalents at beginning of year	140			—			28,594			—			28,734
Cash and cash equivalents at end of year	$	308		$	5		$	20,094		$	—		$	20,407