SiriusPoint Ltd - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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8-K - 8-K - SiriusPoint Ltd	form8-k7may2015.htm
EX-99.1 - EXHIBIT 99.1 - SiriusPoint Ltd	exhibit99106may2015.htm

Third Point Reinsurance Ltd.

Financial Supplement

March 31, 2015

(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 Quarterly Report on Form 10-Q.



The Waterfront, Chesney House, 1st Floor		Manoj Gupta - Head of Investor Relations and Business Development
96 Pitts Bays Road		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. and its directly and indirectly owned subsidiaries, including Third Point Reinsurance Company Ltd. (“Third Point Re”) 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 refer to Third Point Reinsurance Investment Management Ltd. as the “Catastrophe Fund Manager,” Third Point Reinsurance Opportunities Fund Ltd. as the “Catastrophe Fund” and Third Point Re Cat Ltd. as the “Catastrophe Reinsurer.” 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 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 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 the Company’s 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: (i) limited historical information about the Company; (ii) operational structure currently is being developed; (iii) fluctuation in results of operations; (iv) more established competitors; (v) losses exceeding reserves; (vi) downgrades or withdrawal of ratings by rating agencies; (vii) dependence on key executives; (viii) dependence on letter of credit facilities that may not be available on commercially acceptable terms; (ix) potential inability to pay dividends; (x) inability to service the Company’s indebtedness; (xi) limited cash flow and liquidity due to indebtedness; (xii) unavailability of capital in the future; (xiii) fluctuations in market price of the Company's common shares; (xiv) dependence on clients’ evaluations of risks associated with such clients’ insurance underwriting; (xv) suspension or revocation of reinsurance licenses; (xvi) potentially being deemed an investment company under U.S. federal securities law; (xvii) potential characterization of the Company and/or Third Point Reinsurance Company Ltd. as a passive foreign investment company; (xviii) dependence on Third Point LLC to implement the Company’s investment strategy; (xix) termination by Third Point LLC of the investment management agreements; (xx) risks associated with the Company’s investment strategy being greater than those faced by competitors; (xxi) increased regulation or scrutiny of alternative investment advisers affecting the Company’s reputation; (xxii) the Company potentially becoming subject to U.S. federal income taxation; (xxiii) the Company potentially becoming subject to U.S. withholding and information reporting requirements under the Foreign Account Tax Compliance Act provisions; and (xxiv) other risks and factors listed under “Risk Factors” in our 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 the Company undertakes 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 17

Third Point Reinsurance Ltd.

Table of Contents




Key Performance Indicators
Key Performance Indicators		Page 3

Consolidated Financial Statements
Condensed Consolidated Balance Sheets - by Quarter		Page 4
Condensed Consolidated Statements of Income		Page 5
Condensed Consolidated Statements of Income (Loss) - by Quarter		Page 6

Operating Segment Information
Segment Reporting - Three Months ended March 31, 2015 and 2014		Page 7
Property and Casualty Reinsurance Segment - by Quarter		Page 8
Catastrophe Risk Management Segment - by Quarter		Page 9
Corporate Function - by Quarter		Page 10
Gross Premiums Written by Lines of Business - by Quarter		Page 11

Investments
Investments managed by Third Point LLC - by Quarter		Page 12
Investment return by investment strategy - by Quarter		Page 13

Other
General and administrative expenses - by Quarter		Page 14
Book value per share and diluted book value per share - by Quarter		Page 15
Earnings (loss) per share - by Quarter		Page 16
Return on beginning shareholders’ equity - by Quarter		Page 17

Page 2 of 17

Third Point Reinsurance Ltd.

Key Performance Indicators

March 31, 2015 and 2014

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



	For the three months ended
	March 31, 2015			March 31, 2014

Key underwriting metrics for Property and Casualty Reinsurance segments:
Net underwriting loss⁽¹⁾	$	(3,859	)	$	(5,166	)
Combined ratio⁽¹⁾	102.8		%	107.1		%

Key investment return metrics:
Net investment income	$	64,918		$	50,035
Net investment return on investments managed by Third Point LLC	3.0		%	3.1		%

Key shareholders’ value creation metrics:
Book value per share^{(2) (4)}	$	14.50		$	14.04
Diluted book value per share^{(2) (4)}	$	13.97		$	13.55
Growth in diluted book value per share⁽²⁾	3.1		%	2.4		%
Return on beginning shareholders’ equity⁽³⁾	3.5		%	2.9		%


(1)	Refer to accompanying “Segment Reporting - Three Months ended March 31, 2015 and 2014” results for an explanation and calculation of net underwriting loss and combined ratio.


(2)	Book value per share and diluted book value per share are non-GAAP financial measures. Refer to accompanying “Book value per share and diluted book value per share - by Quarter” for calculation of basic and diluted book value per share.


(3)	Return on beginning shareholders’ equity is a non-GAAP financial measure. Refer to accompanying “Return on beginning shareholders’ equity - by Quarter” for calculation of return on beginning shareholders' equity.


(4)	Prior year comparative represents amounts as of December 31, 2014.

Page 3 of 17

Third Point Reinsurance Ltd.

Condensed Consolidated Balance Sheets - by Quarter

(expressed in thousands of U.S. dollars)



	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Assets
Equity securities, trading, at fair value	$	1,239,988	$	1,177,796	$	956,604	$	1,162,363	$	1,116,554
Debt securities, trading, at fair value	736,243		569,648		660,677		551,453		558,648
Other investments, at fair value	61,466		83,394		97,765		93,412		77,387
Total investments in securities and commodities	2,037,697		1,830,838		1,715,046		1,807,228		1,752,589
Cash and cash equivalents	12,348		28,734		32,693		35,977		33,938
Restricted cash and cash equivalents	583,474		417,307		261,966		222,124		221,044
Due from brokers	228,793		58,241		182,927		74,046		101,819
Securities purchased under an agreement to sell	17,630		29,852		19,897		33,850		36,778
Derivative assets, at fair value	25,223		21,130		37,260		22,516		28,134
Interest and dividends receivable	5,902		2,602		5,032		3,747		5,214
Reinsurance balances receivable	250,154		303,649		269,747		245,832		221,541
Deferred acquisition costs, net	164,096		155,901		124,373		130,860		93,283
Unearned premiums ceded	—		—		91		—		—
Loss and loss adjustment expenses recoverable	408		814		1,412		10,274		10,277
Other assets	6,857		3,512		3,701		3,283		2,950
Total assets	$	3,332,582	$	2,852,580	$	2,654,145	$	2,589,737	$	2,507,567
Liabilities and shareholders’ equity
Liabilities
Accounts payable and accrued expenses	$	8,792	$	10,085	$	7,521	$	5,456	$	3,739
Reinsurance balances payable	53,798		27,040		21,651		26,856		25,647
Deposit liabilities	146,719		145,430		142,990		121,959		121,374
Unearned premium reserves	508,014		433,809		363,666		346,271		279,512
Loss and loss adjustment expense reserves	273,937		277,362		187,313		184,627		164,624
Securities sold, not yet purchased, at fair value	104,857		82,485		45,667		46,994		53,958
Securities sold under an agreement to repurchase	61,939		—		—		—		—
Due to brokers	465,558		312,609		306,927		281,091		333,478
Derivative liabilities, at fair value	17,020		11,015		12,346		10,528		7,569
Performance fee payable to related party	15,844		—		21,837		22,002		12,295
Interest and dividends payable	1,617		697		589		816		800
Senior notes payable, net of deferred costs	113,315		—		—		—		—
Total liabilities	1,771,410		1,300,532		1,110,507		1,046,600		1,002,996
Commitments and contingent liabilities
Shareholders’ equity
Preference shares	—		—		—		—		—
Common shares	10,517		10,447		10,403		10,393		10,392
Additional paid-in capital	1,069,617		1,065,489		1,063,254		1,060,183		1,057,939
Retained earnings	426,447		375,977		390,656		396,653		365,361
Shareholders’ equity attributable to shareholders	1,506,581		1,451,913		1,464,313		1,467,229		1,433,692
Non-controlling interests	54,591		100,135		79,325		75,908		70,879
Total shareholders’ equity	1,561,172		1,552,048		1,543,638		1,543,137		1,504,571
Total liabilities and shareholders’ equity	$	3,332,582	$	2,852,580	$	2,654,145	$	2,589,737	$	2,507,567

Page 4 of 17

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 March 31,
	2015				2014
Revenues
Gross premiums written	$	213,334			$	87,587
Gross premiums ceded	(52		)	—	—
Net premiums written	213,282				87,587
Change in net unearned premium reserves	(74,207		)		(14,325		)
Net premiums earned	139,075				73,262
Net investment income	64,918				50,035
Total revenues	203,993				123,297
Expenses
Loss and loss adjustment expenses incurred, net	81,746				46,259
Acquisition costs, net	54,657				25,431
General and administrative expenses	11,708				10,025
Other expenses	2,701				787
Interest expense	1,036				—
Foreign exchange gains	(193		)		—
Total expenses	151,655				82,502
Income before income tax expense	52,338				40,795
Income tax expense	(1,305		)		—
Net income including non-controlling interests	51,033				40,795
Income attributable to non-controlling interests	(563		)		(1,016		)
Net income	$	50,470			$	39,779
Earnings per share⁽¹⁾
Basic	$	0.48			$	0.38
Diluted	$	0.47			$	0.37
Weighted average number of common shares used in the determination of earnings per share
Basic	103,753,065				103,264,616
Diluted	106,144,183				106,413,580

(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 convertible securities such as unvested restricted shares. Diluted earnings per share are based on the weighted average number of common shares and share equivalents including any dilutive effects of warrants, options and other awards 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 included in the number of shares outstanding for both basic and diluted earnings per share calculations. We treat certain of our unvested restricted shares as participating securities. In the event of a net loss, the participating securities are excluded from the calculation of both basic and diluted loss per share.

Page 5 of 17

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
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenues
Gross premiums written	$	213,334		$	253,802		$	126,403		$	145,508		$	87,587
Gross premiums ceded	(52		)	—			(150		)	—			—
Net premiums written	213,282			253,802			126,253			145,508			87,587
Change in net unearned premium reserves	(74,207		)	(70,230		)	(17,305		)	(66,758		)	(14,325		)
Net premiums earned	139,075			183,572			108,948			78,750			73,262
Net investment income (loss)	64,918			(6,490		)	1,552			40,485			50,035
Total revenues	203,993			177,082			110,500			119,235			123,297
Expenses
Loss and loss adjustment expenses incurred, net	81,746			132,364			60,115			44,409			46,259
Acquisition costs, net	54,657			43,875			38,317			29,583			25,431
General and administrative expenses	11,708			10,310			10,124			9,549			10,025
Other expenses	2,701			2,606			2,982			1,020			787
Interest expense	1,036			—			—			—			—
Foreign exchange gains	(193		)	—			—			—			—
Total expenses	151,655			189,155			111,538			84,561			82,502
Income (loss) before income tax expense	52,338			(12,073		)	(1,038		)	34,674			40,795
Income tax expense	(1,305		)	(1,731		)	(1,542		)	(2,375		)	—
Net income (loss) including non-controlling interests	51,033			(13,804		)	(2,580		)	32,299			40,795
Income attributable to non-controlling interests	(563		)	(875		)	(3,417		)	(1,007		)	(1,016		)
Net income (loss)	$	50,470		$	(14,679	)	$	(5,997	)	$	31,292		$	39,779
Earnings (loss) per share⁽¹⁾
Basic	$	0.48		$	(0.14	)	$	(0.06	)	$	0.30		$	0.38
Diluted	$	0.47		$	(0.14	)	$	(0.06	)	$	0.29		$	0.37
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic	103,753,065			103,324,616			103,295,920			103,264,616			103,264,616
Diluted	106,144,183			103,324,616			103,295,920			106,433,881			106,413,580

(1)

Page 6 of 17

Third Point Reinsurance Ltd.

Segment Reporting - Three months ended March 31, 2015 and 2014

(expressed in thousands of U.S. dollars)



	Three Months Ended March 31, 2015												Three Months Ended March 31, 2014
	Property and Casualty Reinsurance			Catastrophe Risk Management			Corporate			Total			Property and Casualty Reinsurance			Catastrophe Risk Management			Corporate			Total
Revenues
Gross premiums written	$	213,383		$	(49	)	$	—		$	213,334		$	82,142		$	5,445		$	—		$	87,587
Gross premiums ceded	(52		)	—			—			(52		)	—			—			—			—
Net premiums written	213,331			(49		)	—			213,282			82,142			5,445			—			87,587
Change in net unearned premium reserves	(74,214		)	7			—			(74,207		)	(9,841		)	(4,484		)	—			(14,325		)
Net premiums earned	139,117			(42		)	—			139,075			72,301			961			—			73,262
Expenses
Loss and loss adjustment expenses incurred, net	81,746			—			—			81,746			46,259			—			—			46,259
Acquisition costs, net	54,663			(6		)	—			54,657			25,399			32			—			25,431
General and administrative expenses	6,567			233			4,908			11,708			5,809			834			3,382			10,025
Total expenses	142,976			227			4,908			148,111			77,467			866			3,382			81,715
Net underwriting loss	(3,859		)	n/a			n/a			n/a			(5,166		)	n/a			n/a			n/a
Net investment income	18,575			25			46,318			64,918			7,313			29			42,693			50,035
Other expenses	(2,701		)	—			—			(2,701		)	(787		)	—			—			(787		)
Interest expense	—			—			(1,036		)	(1,036		)	—			—			—			—
Foreign exchange gains	—			—			193			193			—			—			—			—
Income tax expense	—			—			(1,305		)	(1,305		)	—			—			—			—
Segment income (loss) including non-controlling interests	12,015			(244		)	39,262			51,033			1,360			124			39,311			40,795
Segment income (loss) attributable to non-controlling interests	—			80			(643		)	(563		)	—			(191		)	(825		)	(1,016		)
Segment income (loss)	$	12,015		$	(164	)	$	38,619		$	50,470		$	1,360		$	(67	)	$	38,486		$	39,779
Underwriting ratios:
Loss ratio⁽¹⁾	58.8		%										64.0		%
Acquisition cost ratio⁽²⁾	39.3		%										35.1		%
Composite ratio⁽³⁾	98.1		%										99.1		%
General and administrative expense ratio⁽⁴⁾	4.7		%										8.0		%
Combined ratio⁽⁵⁾	102.8		%										107.1		%


(1)	Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.


(2)	Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.


(3)	Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.


(4)	General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.


(5)	Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.

Page 7 of 17

Third Point Reinsurance Ltd.

Property and Casualty Reinsurance Segment - by Quarter

(expressed in thousands of U.S. dollars)



	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenues
Gross premiums written	$	213,383		$	253,810		$	124,931		$	140,422		$	82,142
Gross premiums ceded	(52		)	—			(150		)	—			—
Net premiums written	213,331			253,810			124,781			140,422			82,142
Change in net unearned premium reserves	(74,214		)	(72,789		)	(23,294		)	(62,934		)	(9,841		)
Net premiums earned	139,117			181,021			101,487			77,488			72,301
Expenses
Loss and loss adjustment expenses incurred, net	81,746			132,391			60,121			44,409			46,259
Acquisition costs, net	54,663			43,677			37,571			29,507			25,399
General and administrative expenses	6,567			5,495			5,556			5,655			5,809
Total expenses	142,976			181,563			103,248			79,571			77,467
Net underwriting loss	(3,859		)	(542		)	(1,761		)	(2,083		)	(5,166		)
Net investment income (loss)	18,575			(2,153		)	(137		)	6,282			7,313
Other expenses	(2,701		)	(2,606		)	(2,982		)	(1,020		)	(787		)
Segment income (loss)	$	12,015		$	(5,301	)	$	(4,880	)	$	3,179		$	1,360

Underwriting ratios:
Loss ratio⁽¹⁾	58.8		%	73.1		%	59.2		%	57.3		%	64.0		%
Acquisition cost ratio⁽²⁾	39.3		%	24.1		%	37.0		%	38.1		%	35.1		%
Composite ratio⁽³⁾	98.1		%	97.2		%	96.2		%	95.4		%	99.1		%
General and administrative expense ratio⁽⁴⁾	4.7		%	3.0		%	5.5		%	7.3		%	8.0		%
Combined ratio⁽⁵⁾	102.8		%	100.2		%	101.7		%	102.7		%	107.1		%


(1)	Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.


(2)	Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.


(3)	Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.


(4)	General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.


(5)	Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.

Page 8 of 17

Third Point Reinsurance Ltd.

Catastrophe Risk Management Segment - by Quarter

(expressed in thousands of U.S. dollars)



	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenues
Gross premiums written	$	(49	)	$	(8	)	$	1,472		$	5,086		$	5,445
Gross premiums ceded	—			—			—			—			—
Net premiums written	(49		)	(8		)	1,472			5,086			5,445
Change in net unearned premium reserves	7			2,559			5,989			(3,824		)	(4,484		)
Net premiums earned	(42		)	2,551			7,461			1,262			961
Expenses
Loss and loss adjustment expenses incurred, net	—			(27		)	(6		)	—			—
Acquisition costs, net	(6		)	198			746			76			32
General and administrative expenses	233			953			648			678			834
Total expenses	227			1,124			1,388			754			866
Net investment income	25			284			881			33			29
Segment income (loss) including non-controlling interests	(244		)	1,711			6,954			541			124
Segment loss (income) attributable to non-controlling interests	80			(871		)	(3,325		)	(338		)	(191		)
Segment income (loss)	$	(164	)	$	840		$	3,629		$	203		$	(67	)

Note: In December 2014, we announced that we would no longer accept investments in the Catastrophe Fund, that no new business would be written in the Catastrophe Reinsurer and that we would be redeeming all existing investments in the Catastrophe Fund. Despite the Catastrophe Fund’s solid investment returns from its inception, we are winding it down due to challenging market conditions and competition with other collateralized reinsurance and insurance-linked securities vehicles. The Catastrophe Fund Manager will continue to manage the runoff of the remaining exposure in the Catastrophe Fund.

Page 9 of 17

Third Point Reinsurance Ltd.

Corporate Function - by Quarter

(expressed in thousands of U.S. dollars)



	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenues
Gross premiums written	$	—		$	—		$	—		$	—		$	—
Gross premiums ceded	—			—			—			—			—
Net premiums written	—			—			—			—			—
Change in net unearned premium reserves	—			—			—			—			—
Net premiums earned	—			—			—			—			—
Expenses
Loss and loss adjustment expenses incurred, net	—			—			—			—			—
Acquisition costs, net	—			—			—			—			—
General and administrative expenses	4,908			3,862			3,920			3,216			3,382
Total expenses	4,908			3,862			3,920			3,216			3,382
Net investment income (loss)	46,318			(4,621		)	808			34,170			42,693
Interest expense	(1,036		)	—			—			—			—
Foreign exchange gains	193			—			—			—			—
Income tax expense	(1,305		)	(1,731		)	(1,542		)	(2,375		)	—
Segment income (loss) including non-controlling interests	39,262			(10,214		)	(4,654		)	28,579			39,311
Segment income attributable to non-controlling interests	(643		)	(4		)	(92		)	(669		)	(825		)
Segment income (loss)	$	38,619		$	(10,218	)	$	(4,746	)	$	27,910		$	38,486

Page 10 of 17

Third Point Reinsurance Ltd.

Gross Premiums Written by Lines of Business - by Quarter

(expressed in thousands of U.S. dollars)



	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014

Property	$	21,456		$	28,258		$	(2,810	)	$	74,505		$	6,881

Workers Compensation	5,729			8,327			17,698			2,511			47,496
Auto	(16,241		)	14,029			70,581			48,709			2,927
General Liability	20,365			172			40,190			14,123			—
Casualty	9,853			22,528			128,469			65,343			50,423

Agriculture	—			26			84			(1		)	1
Credit & Financial lines	18,875			8,026			(141		)	(29		)	2,531
Multi-line	163,199			194,972			(671		)	604			22,306
Specialty	182,074			203,024			(728		)	574			24,838

Total property and casualty reinsurance segment	213,383			253,810			124,931			140,422			82,142
Catastrophe risk management	(49		)	(8		)	1,472			5,086			5,445
	$	213,334		$	253,802		$	126,403		$	145,508		$	87,587

Page 11 of 17

Third Point Reinsurance Ltd.

Investments managed by Third Point LLC - by Quarter

(expressed in thousands of U.S. dollars)



	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Assets
Total investments in securities and commodities	$	2,032,653	$	1,828,761	$	1,713,000	$	1,805,225	$	1,752,589
Cash and cash equivalents	29		3		10,003		9		10
Restricted cash and cash equivalents⁽¹⁾	508,049		308,763		160,618		128,396		131,598
Due from brokers	228,793		58,241		182,927		74,046		101,819
Securities purchased under an agreement to sell	17,630		29,852		19,897		33,850		36,778
Derivative assets	25,223		21,130		37,260		22,516		28,134
Interest and dividends receivable	5,898		2,590		5,021		3,736		5,204
Other assets	—		325		799		1,562		752
Total assets	$	2,818,275	$	2,249,665	$	2,129,525	$	2,069,340	$	2,056,884
Liabilities and non-controlling interest
Accounts payable and accrued expenses	$	506	$	464	$	299	$	247	$	617
Securities sold, not yet purchased, at fair value	104,857		82,485		45,667		46,994		53,958
Securities sold under an agreement to repurchase	61,939		—		—		—		—
Due to brokers	465,558		312,609		306,927		281,091		333,478
Derivative liabilities	16,990		10,985		12,113		10,528		7,569
Performance fee payable to related party	15,844		—		21,837		22,002		12,295
Interest and dividends payable	602		697		589		816		800
Capital contribution received in advance	—		—		10,000		—		—
Non-controlling interest	15,885		40,241		20,302		20,210		19,541
Total liabilities and non-controlling interest	682,181		447,481		417,734		381,888		428,258
Total net investments managed by Third Point LLC	$	2,136,094	$	1,802,184	$	1,711,791	$	1,687,452	$	1,628,626

Net investments - Capital	$	1,566,798	$	1,413,019	$	1,418,473	$	1,418,996	$	1,386,452
Net investments - Float	569,296		389,164		293,318		268,456		242,174
Total net investments managed by Third Point LLC	$	2,136,094	$	1,802,183	$	1,711,791	$	1,687,452	$	1,628,626


(1)	Includes amounts advanced to Third Point Re to fund collateral held in trust accounts.

Page 12 of 17

Third Point Reinsurance Ltd.

Investment return by investment strategy - by Quarter



Summary of investment return on investments managed by Third Point LLC	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014

Long/short equities	1.0	%	0.9	%	0.3	%	0.8	%	0.8	%
Asset-backed securities	1.8	%	0.0	%	0.5	%	0.7	%	1.8	%
Corporate credit	0.3	%	(0.8	)%	(0.7	)%	0.7	%	0.8	%
Macro and other	(0.1	)%	(0.5	)%	(0.1	)%	0.1	%	(0.3	)%
	3.0	%	(0.4	)%	(0.04	)%	2.3	%	3.1	%

Page 13 of 17

Third Point Reinsurance Ltd.

General and administrative expenses - by Quarter

(expressed in thousands of U.S. dollars)



	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Payroll and related	$	4,663	$	3,638	$	4,184	$	3,928	$	4,297
Share compensation expenses	3,083		2,279		2,481		2,246		2,252
Legal and accounting	1,290		1,691		1,462		968		1,129
Travel and entertainment	985		818		672		828		746
IT related	366		500		329		330		462
Corporate insurance	295		262		273		275		313
Credit facility fees	431		418		200		220		187
Board of director and related	170		157		193		162		133
Occupancy	150		123		124		164		121
Other general and administrative expenses	275		424		206		428		385
	$	11,708	$	10,310	$	10,124	$	9,549	$	10,025

Page 14 of 17

Third Point Reinsurance Ltd.

Book value per share and diluted book value per share - by Quarter

(expressed in thousands of U.S. dollars)



	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Basic and diluted book value per share numerator:
Total shareholders’ equity	$	1,561,172		$	1,552,048		$	1,543,638		$	1,543,137		$	1,504,571
Less: non-controlling interests	(54,591		)	(100,135		)	(79,325		)	(75,908		)	(70,879		)
Shareholders’ equity attributable to shareholders	1,506,581			1,451,913			1,464,313			1,467,229			1,433,692
Effect of dilutive warrants issued to founders and an advisor	46,512			46,512			46,512			46,512			46,512
Effect of dilutive stock options issued to directors and employees	60,589			61,705			65,473			69,223			69,223
Fully diluted book value per share numerator:	$	1,613,682		$	1,560,130		$	1,576,298		$	1,582,964		$	1,549,427
Basic and diluted book value per share denominator:
Issued and outstanding shares	103,890,670			103,397,542			103,324,616			103,264,616			103,264,616
Effect of dilutive warrants issued to founders and an advisor	4,651,163			4,651,163			4,651,163			4,651,163			4,651,163
Effect of dilutive stock options issued to directors and employees	6,040,275			6,151,903			6,528,647			6,797,949			6,797,949
Effect of dilutive restricted shares issued to employees	955,385			922,610			706,840			666,770			660,281
Diluted book value per share denominator:	115,537,493			115,123,218			115,211,266			115,380,498			115,374,009

Basic book value per share⁽¹⁾	$	14.50		$	14.04		$	14.17		$	14.21		$	13.88
Diluted book value per share⁽¹⁾	$	13.97		$	13.55		$	13.68		$	13.72		$	13.43

Growth in diluted book value per share	3.1		%	(1.0		)%	(0.3		)%	2.2		%	2.4		%

(1)

Book value per share and diluted book value per share are non-GAAP financial measures. Book value per share is calculated by dividing shareholders’ equity attributable to shareholders by the number of issued and outstanding shares at period end. Diluted book value per share is calculated by dividing shareholders’ equity attributable to shareholders and adjusted to include unvested restricted shares and the exercise of all in-the-money options and warrants. For unvested restricted shares with a performance condition, we include the unvested restricted shares that we consider vesting to be probable. 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 15 of 17

Third Point Reinsurance Ltd.

Earnings (loss) per share - by Quarter

(expressed in thousands of U.S. dollars)



	March 31, 2015			December 31, 2014⁽¹⁾			September 30, 2014⁽¹⁾			June 30, 2014			March 31, 2014
Weighted-average number of common shares outstanding
Basic number of common shares outstanding	103,753,065			103,324,616			103,295,920			103,264,616			103,264,616
Dilutive effect of options	1,093,353			—			—			1,490,091			1,386,722
Dilutive effect of warrants	1,297,765			—			—			1,679,174			1,762,242
Diluted number of common shares outstanding	106,144,183			103,324,616			103,295,920			106,433,881			106,413,580

Basic net income (loss) per common share:
Net income (loss)	$	50,470		$	(14,679	)	$	(5,997	)	$	31,292		$	39,779
Income allocated to participating shares	(179		)	—			—			(200		)	(252		)
Net income (loss) available to common shareholders	$	50,291		$	(14,679	)	$	(5,997	)	$	31,092		$	39,527

Basic net income (loss) per common share	$	0.48		$	(0.14	)	$	(0.06	)	$	0.30		$	0.38

Diluted net income (loss) per common share:
Net income (loss)	$	50,470		$	(14,679	)	$	(5,997	)	$	31,292		$	39,779
Income allocated to participating securities	(175		)	—			—			(194		)	(245		)
Net income available to common shareholders	$	50,295		$	(14,679	)	$	(5,997	)	$	31,098		$	39,534

Diluted net income (loss) per common share	$	0.47		$	(0.14	)	$	(0.06	)	$	0.29		$	0.37


(1)	As a result of the net loss in the three months ended September 30, 2014 and December 31, 2014, no allocation of the net loss has been made to participating shares in the calculation of basic and diluted net loss per common share.

Page 16 of 17

Third Point Reinsurance Ltd.

Return on beginning shareholders’ equity - by Quarter

(expressed in thousands of U.S. dollars)



	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Net income (loss)	$	50,470		$	(14,679	)	$	(5,997	)	$	31,292		$	39,779
Shareholders’ equity attributable to shareholders - beginning of period	$	1,451,913		$	1,464,313		$	1,467,229		$	1,433,692		$	1,391,661
Return on beginning shareholders’ equity	3.5		%	(1.0		)%	(0.4		)%	2.2		%	2.9		%


(1)	Return on beginning shareholders’ equity as presented is a non-GAAP financial measure. Return on beginning shareholders’ equity is calculated by dividing net income by the beginning of period shareholders’ equity attributable to shareholders.

Page 17 of 17

SiriusPoint Ltd - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - May 7, 2015

Attached files

SiriusPoint Ltd Reports