Segment reporting (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of operating segments

The following is a summary of the Company’s operating segment results for the three and six months ended June 30, 2019 and 2018:

	Three months ended
	June 30, 2019						June 30, 2018
	Property and Casualty Reinsurance			Total			Property and Casualty Reinsurance			Total
Revenues
Gross premiums written	$	82,637		$	82,637		$	49,765		$	49,765
Gross premiums ceded	(1,473		)	(1,473		)	(3,479		)	(3,479		)
Net premiums written	81,164			81,164			46,286			46,286
Change in net unearned premium reserves	64,288			64,288			95,207			95,207
Net premiums earned	145,452			145,452			141,493			141,493
Expenses
Loss and loss adjustment expenses incurred, net	82,334			82,334			84,000			84,000
Acquisition costs, net	58,006			58,006			57,584			57,584
General and administrative expenses	6,769			6,769			4,963			4,963
Total expenses	147,109			147,109			146,547			146,547
Net underwriting loss	$	(1,657	)	(1,657		)	$	(5,054	)	(5,054		)
Net investment income				69,131						31,175
Corporate expenses				(12,881		)				(4,733		)
Other expenses				(3,811		)				(3,983		)
Interest expense				(2,051		)				(2,051		)
Foreign exchange gains				4,260						8,847
Income tax benefit (expense)				74						(4,390		)
Net income attributable to noncontrolling interests in related party				—						(209		)
Net income available to Third Point Re common shareholders				$	53,065					$	19,602
Property and Casualty Reinsurance - Underwriting Ratios (1):
Loss ratio	56.6		%				59.4		%
Acquisition cost ratio	39.9		%				40.7		%
Composite ratio	96.5		%				100.1		%
General and administrative expense ratio	4.6		%				3.5		%
Combined ratio	101.1		%				103.6		%
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

	Six months ended
	June 30, 2019						June 30, 2018
	Property and Casualty Reinsurance			Total			Property and Casualty Reinsurance			Total
Revenues
Gross premiums written	$	402,228		$	402,228		$	428,125		$	428,125
Gross premiums ceded	(2,185		)	(2,185		)	(18,125		)	(18,125		)
Net premiums written	400,043			400,043			410,000			410,000
Change in net unearned premium reserves	(101,541		)	(101,541		)	(126,021		)	(126,021		)
Net premiums earned	298,502			298,502			283,979			283,979
Expenses
Loss and loss adjustment expenses incurred, net	177,402			177,402			176,620			176,620
Acquisition costs, net	115,504			115,504			108,989			108,989
General and administrative expenses	12,993			12,993			9,787			9,787
Total expenses	305,899			305,899			295,396			295,396
Net underwriting loss	$	(7,397	)	(7,397		)	$	(11,417	)	(11,417		)
Net investment income				224,084						28,967
Corporate expenses				(18,789		)				(9,390		)
Other expenses				(7,936		)				(7,978		)
Interest expense				(4,080		)				(4,080		)
Foreign exchange gains				1,742						2,236
Income tax expense				(1,644		)				(4,518		)
Net income attributable to noncontrolling interests in related party				—						(219		)
Net income (loss) available to Third Point Re common shareholders				$	185,980					$	(6,399	)
Property and Casualty Reinsurance - Underwriting Ratios (1):
Loss ratio	59.4		%				62.2		%
Acquisition cost ratio	38.7		%				38.4		%
Composite ratio	98.1		%				100.6		%
General and administrative expense ratio	4.4		%				3.4		%
Combined ratio	102.5		%				104.0		%
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Schedule of breakdown of the Company’s gross premiums written by line of business

The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and six months ended June 30, 2019 and 2018:

	Three months ended								Six months ended
	June 30, 2019				June 30, 2018				June 30, 2019					June 30, 2018
Property	$	41,862	50.7	%	$	1,660	3.3	%	$	95,843		23.8	%	$	2,029	0.5	%
Casualty	23,529		28.5	%	43,510		87.4	%	101,421			25.2	%	196,730		46.0	%
Specialty	17,246		20.8	%	254		0.6	%	210,317			52.3	%	225,025		52.5	%
Total prospective reinsurance contracts	82,637		100.0	%	45,424		91.3	%	407,581			101.3	%	423,784		99.0	%
Retroactive reinsurance contracts (1)	—		—	%	4,341		8.7	%	(5,353		)	(1.3	)%	4,341		1.0	%
	$	82,637	100.0	%	$	49,765	100.0	%	$	402,228		100.0	%	$	428,125	100.0	%

(1)

The negative gross premiums written amount for the retroactive reinsurance contracts lines of business during the six months ended June 30, 2019 was the result of a reduction in premium estimate on one contract during the period.