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Condensed Consolidated Statements of Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Gross premiums written $ 95,388 $ 30,064 $ 497,616 $ 458,189
Gross premiums ceded (1,116) 0 (3,301) (18,125)
Net premiums written 94,272 30,064 494,315 440,064
Change in net unearned premium reserves 108,976 97,929 7,435 (28,092)
Net premiums earned 203,248 127,993 501,750 411,972
Net investment income (loss) from investment in related party investment fund (5,751) (1,926) 207,597 (1,926)
Net investment income before management and performance fees to related parties 2,613 3,641 13,349 57,148
Management and performance fees to related parties 0 [1] (5,305) [1] 0 (29,845)
Net investment income (loss) (3,138) (3,590) 220,946 25,377
Total revenues 200,110 124,403 722,696 437,349
Expenses        
Loss and loss adjustment expenses incurred, net 85,703 88,706 263,105 265,326
Acquisition costs, net 118,271 40,841 233,775 149,830
General and administrative expenses 9,237 9,511 41,019 28,688
Other (income) expense 5,058 (1,362) 12,994 6,616
Interest expense 2,074 2,074 6,154 6,154
Foreign exchange gains (4,921) (1,979) (6,663) (4,215)
Total expenses 215,422 137,791 550,384 452,399
Income (loss) before income tax (expense) benefit (15,312) (13,388) 172,312 (15,050)
Income tax (expense) benefit 213 111 (1,431) (4,407)
Net income (loss) (15,099) (13,277) 170,881 (19,457)
Net income attributable to noncontrolling interests in related party 0 (4) 0 (223)
Net income (loss) available to Third Point Re common shareholders $ (15,099) $ (13,281) $ 170,881 $ (19,680)
Earnings (loss) per share available to Third Point Re common shareholders        
Basic earnings (loss) per share available to Third Point Re common share holders (in dollars per share) $ (0.16) $ (0.14) $ 1.86 $ (0.20)
Diluted earnings (loss) per share available to Third Point Re common share holders (in dollars per share) $ (0.16) $ (0.14) $ 1.84 $ (0.20)
Weighted average number of common shares used in the determination of earnings (loss) per share        
Basic (in shares) 91,903,556 95,671,385 91,784,268 98,768,442
Diluted (in shares) 91,903,556 95,671,385 92,709,421 98,768,442
[1] Effective August 31, 2018, Third Point Reinsurance Ltd., Third Point Reinsurance Company Ltd. (“Third Point Re BDA”) and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”) and together with Third Point Re BDA, the “TPRE Limited Partners”, entered into a Limited Partnership Agreement (the “2018 LPA”) to invest in Third Point Enhanced LP (“TP Fund”), a related party investment fund. As a result, the management and performance fees are presented within net investment income from investment in related party investment fund from the effective date of the 2018 LPA. Management and performance fees incurred prior to the effective date of the 2018 LPA are reflected in management and performance fees to related parties.