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Chesney House, 96 Pitts Bay Road | Pembroke HM 08, Bermuda | www.thirdpointre.bm Investor Presentation February 2014
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Page 1: Investor Presentations1.q4cdn.com/849943712/files/TPRE - Investor...Generate stable underwriting results over time Provide reinsurance where capacity/alternatives may be limited Level

Chesney House, 96 Pitts Bay Road | Pembroke HM 08, Bermuda | www.thirdpointre.bm

Investor Presentation

February 2014

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Forward‐Looking Statements and Non‐GAAP Measures

1

This presentation contains “forward-looking statements” that are based on management’s beliefs and assumptions and on information currently available to

management. Most forward-looking statements contain words that identify them as forward-looking, such as “anticipates,” “believes,” “continues,” “could,” “seeks,”

“estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms

that relate to future events. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or

achievements of Third Point Reinsurance Ltd. (“Third Point Re”) to be materially different from any projected results, performance or achievements expressed or implied

by the forward-looking statements. Forward-looking statements represent the beliefs and assumptions of Third Point Re only as of the date of this presentation and Third

Point Re undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

As such, Third Point Re’s future results may vary from any expectations or goals expressed in, or implied by, the forward-looking statements included in this presentation,

possibly to a material degree.

Third Point Re cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any long-term financial or

operational goals and targets will be realized. For a discussion of some of the important factors that could cause Third Point Re’s results to differ materially from those

expressed in, or implied by, the forward-looking statements included in this presentation, investors should read the Risk Factors set forth in the registration statement on

file with the SEC related to our initial public offering completely and with the understanding that our actual future results may be materially different from what we

expect. Any forward‐looking statements made by us in this presentation speak only as of the date of this presentation. We undertake no obligation to publicly update any

forward‐ looking statement, whether as a result of new information, future developments or otherwise.

Note to Certain Operating and Financial Data

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), Third Point Re also discloses in

this presentation certain non-GAAP financial information, including return on beginning shareholders’ equity, insurance float, book value per share, diluted book value per

share and growth in diluted book value per share. These financial measures are not recognized measures under GAAP and are not intended to be, and should not be

considered, in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Please see the definition and

reconciliation to GAAP financials at the end of this presentation for further detail. In addition, this presentation contains various metrics and operating information that

are based on internal company data. While management believes such information and data are reliable, they have not been verified by an independent source and there

are inherent challenges and limitations involved in compiling data across various sources.

This presentation includes certain non‐GAAP financial measures. See pages 17 and 18 for a definition of such non‐GAAP measures and a reconciliation of those measures

to the most directly comparable GAAP measures.

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Third Point Re: A Differentiated Equity Story

2

Key Facts and Figures:

Business • Specialty property and casualty reinsurance

Reinsurance Subsidiary

• Class 4 Bermuda-domiciled reinsurer

• A- financial strength rating from A.M. Best

• $1.31 billion of shareholders equity as of September 30, 2013

Investment Manager

• Third Point LLC, an SEC-registered investment manager, manages Third Point Re’s

investment portfolio under a long-term investment management agreement

• Daniel S. Loeb, founder of Third Point LLC, and related personal investment vehicles

provided 10.8% of founding capital ($85 million) in Third Point Re

Profitable reinsurance underwriting with superior investment

management drives opportunity for equity returns

Return on Beginning

Shareholders Equity*

• Year end 2012: 13.0%

• YTD through 9/30/13: 16.1%1

* Non-GAAP measure; Please see descriptions and reconciliations on slides 17 and 18.

1 Not annualized.

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Investment Highlights

3

Total return business

model Potential to perform in all

market cycles

Attractive

financial profile Successful first 21 months

of operations:

2012: $190mm in GWP;

13.0% ROE*;

YTD Q3 2013: $240mm in

GWP; 16.1% ROE*

Best-in-class

investment manager 21.1% net annualized

returns since inception1,2,3

Aligned investor

sponsorship With reinsurance

investment experience

Deeply experienced

and credentialed

management team Disciplined and

opportunistic underwriting

approach

Profitable reinsurance

underwriting with superior

investment management

designed to deliver

attractive equity returns

over time

* Non-GAAP measure; please see descriptions and reconciliations on slides 17 and 18; 1 From formation of Third Point Partners L.P., Third Point LLC’s oldest fund, in June 1995 through January 31, 2014; 2 Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal; 3 The historical performance of Third Point Partners L.P. (i) for the years 2001 through January 31, 2014 reflects the total return after incentive allocation for each such year as included in the audited statement of financial condition of Third Point Partners L.P. for those years and (ii) for the years 1995 through 2000 reflects the total return after incentive allocation for each such year as reported by Third Point Partners L.P. Total return after incentive allocation for the years 2001 through December 31, 2012 is based on the net asset value for all limited partners of Third Point Partners L.P. taken as a whole, some of whom pay no incentive allocation or management fees, whereas total return after incentive allocation for the years 1995 through 2000 is based on the net asset value for only those limited partners of Third Point Partners L.P. that paid incentive allocation and management fees. In each case, results are presented net of management fees, brokerage commissions, administrative expenses, and accrued performance allocation, if any, and include the reinvestment of all dividends, interest, and capital gains.

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Total Return Business Model Offers Upside In Varying Markets

4

Dynamic Business Model

Reinsurance:

World-class underwriting team

Investment Portfolio:

World-class investment manager

“Hard”

Reinsurance

Market

Robust

underwriting

margin

Superior

investment

returns

Asset leverage

Potential for attractive ROEs across

underwriting cycles

“Soft”

Reinsurance

Market

Modest

underwriting

margin

Superior

investment

returns

Asset leverage

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Deeply Experienced and Highly Credentialed Management Team

5

John Berger

Chairman & CEO

• CEO, Reinsurance, Vice Chairman of the Board, Alterra Capital Holdings Limited

• CEO & President, Harbor Point Re Limited (Chubb Re spin-out)

• CEO & President, Chubb Re, Inc.

• President, F&G Re

Michael McKnight,

Chief Actuary &

Chief Risk Officer

• Chief Actuary of Reinsurance, Alterra Capital Holdings Limited

• Managing Director & Chief Underwriting Officer, Gerling Global International Reinsurance Co. Ltd.

• Consulting Actuary and Profit Center Manager, Milliman, USA

Manoj Gupta

SVP, Underwriting

• Lead Portfolio Manager, Catastrophe Reinsurance, Goldman Sachs Asset Management

• Leader of Alternative Capacity and Credit Risk Solutions, Benfield

Tonya Marshall

EVP, General

Counsel & Secretary

• General Counsel & Board Secretary, The Bank of N.T. Butterfield & Son Limited

• Associate Attorney, Conyers Dill & Pearman

CEO Experience

Robert Bredahl

CFO & COO

• CEO, Aon Benfield Securities

• President, Aon Benfield Americas

• CEO, Benfield U.S. Inc. & CEO, Benfield Advisory

• Board Member, Benfield Group PLC

Tony Urban

EVP, Underwriting

• President & CEO, JRG Reinsurance Company, Ltd.

• Chief Underwriting Officer & Head of Reinsurance Operations, Endurance Reinsurance

Corporation of America

• Executive Vice President & Chief Underwriting Officer, AXA Corporate Solutions Reinsurance

Company

Dan Malloy

EVP, Underwriting

• Executive VP, Co Head of Specialty Lines, Aon Benfield

• President & CEO, Stockton Reinsurance Ltd.

• President, Center Re Bermuda

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Disciplined and Opportunistic Reinsurance Strategy

6

• Reinsurance strategy

– Identify profitable reinsurance opportunities that generate stable underwriting profits

– Target sub-sectors and specific situations where capacity and alternatives may be constrained

– Flexibility to adjust level of volatility according to market conditions and expected margins

– Current focus on quota share contracts

• Third Point Re’s approach is to position itself for the expected improvement in P&C pricing over the

medium term

– Management has a track record of entering new lines of business to capitalize on market opportunities

and produce strong underwriting results

– Strong management relationships provide access to attractive underwriting opportunities

• Asset leverage is expected to grow over time and help drive ROE

– The Company expects to capture net investment income generated by float* primarily from the time-lag

between receipt of premiums and payment of claims

Disciplined and

Opportunistic

Underwriting

Positive

Asset Leverage

(i.e. Float)*

Reinsurance

Operations

Contribution to ROE

Generating ROE from underwriting and positive asset leverage

* Non-GAAP measure; please see descriptions and reconciliations on slides 17 and 18.

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Strong Relationships with Diverse and Leading Reinsurance Brokers

7

Aon Benfield

28%

Guy Carpenter

22%

Towers Watson

5%

BMS

6% Willis Re

8%

All others

(44 brokers)

31%

Submissions Key Success Factors

Multiple sources of submissions

Access to desired types of business

Long-standing relationships

Submissions by broker (January 2012 – September 2013):

347 submissions, 27 bound reinsurance contracts

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Property 31%

Casualty 37%

Specialty 32%

Growing and Diversified Reinsurance Portfolio

8

Strong Premium Growth ($ millions) Portfolio Construction

Expertise in writing all lines of property, casualty

and specialty reinsurance

Generate stable underwriting results over time

Provide reinsurance where capacity/alternatives

may be limited

Level of reinsurance portfolio volatility will be

driven by market conditions

Limited catastrophe exposure

$190.4

$162.5

$239.7

FY 2012 YTD Q3 2012 YTD Q3 2013

GWP: $430.1 million

Business Mix – Inception Through 9/30/13

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Third Point Re’s Relationship With Third Point LLC

9

• Third Point LLC manages virtually all of Third Point Re’s investable assets

• Exclusive relationship for an initial contractual term through 2016, followed by successive

three-year terms on renewal

– The company pays a standard 2% management fee and 20% performance allocation

– Performance allocation is subject to a standard high water mark, loss carry-forward provision

• Third Point Re investments are held in a separate account and managed by Third Point LLC

on substantially the same basis as its main hedge funds

– The account is subject to certain additional investment guidelines and parameters not employed

by the main funds (i.e. limitations on exposure, increased liquidity, etc.)

• Third Point Re has full ownership of and access to the investment portfolio to provide

liquidity to pay claims and expenses

Third Point LLC manages Third Point Re’s assets under a long-term

investment management agreement

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Best‐in‐Class Investment Management

10

21.1% net annualized returns since inception

in 19955

Third Point LLC owned and led by Daniel S.

Loeb

Risk-adjusted returns driven by superior

security selection and lower volatility

70 employees including 25 investment

professionals6

Significant focus on risk management

¹ For Third Point Partners L.P. after fees, expenses and incentive allocation; ² Past performance is not necessarily indicative of future results; all investments involve risk including the loss of principal; ³ The historical performance of Third Point Partners L.P. (i) for the years 2001 through January 31, 2014 reflects the total return after incentive allocation for each such year as included in the audited statement of financial condition of Third Point Partners L.P. for those years and (ii) for the years 1995 through 2000

reflects the total return after incentive allocation for each such year as reported by Third Point Partners L.P. Total return after incentive allocation for the years 2001 through January 31, 2014 is based on the net asset value for all limited partners of Third Point Partners L.P. taken as a whole, some of whom pay no incentive allocation or management fees, whereas total return after incentive allocation for the years 1995 through 2000 is based on the net asset value for only those limited partners of Third Point Partners

L.P. that paid incentive allocation and management fees. In each case, results are presented net of management fees, brokerage commissions, administrative expenses, and accrued performance allocation, if any, and include the reinvestment of all dividends, interest, and capital gains; 4 The illustrative return is calculated as a theoretical investment of $1,000 in Third Point Partners, L.P. at inception relative to the same theoretical investment in two hedge fund indices designed to track performance of certain “event-

driven” hedge funds over the same period of time. All references to the Dow Jones Credit Suisse HFI Event Driven Index (“DJ-CS HFI”) and HFRI Event-Driven Total Index (“HFRI”) reflect performance calculated through January 31, 2014. The DJ-CS HFI is an asset-weighted index and includes only funds, as opposed to separate accounts. The DJ-CS HFI uses the Dow Jones Credit Suisse database and consists only of event driven funds deemed to be “event-driven” by the index and that have a minimum of $50

million in assets under management, a minimum of a 12-month track record, and audited financial statements. The HFRI consists only of event driven funds with a minimum of $50 million in assets under management or a minimum of a 12-month track record. Both indices state that returns are reported net of all fees and expenses. Please see the glossary included in the prospectus beginning on page G-1 for a description of how these indices are calculated. While Third Point Partners L.P. has been compared here

with the performance of well-known and widely recognized indices, the indices have not been selected to represent an appropriate benchmark for Third Point Partners L.P., whose holdings, performance and volatility may differ significantly from the securities that comprise the indices; 5 From formation of Third Point Partners L.P. in June 1995 through January 31, 2014; 6 As of January 31, 2014..

Illustrative Net Return1 Since Inception2,3,4 Third Point LLC Overview

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

Third Point Partners LP S&P 500 (TR)

HFRI Event-Driven (Total) Index DJ CS Event Driven Index

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Investment Management Strategy

11

• Investment philosophy

– Value-oriented, event-driven approach to single security selection supplemented by a top-down

view of portfolio construction and risk management

– Value unlocked by discrete events or “catalysts”

– Single portfolio composed of diversified investments

• Investment process

– Fundamental, bottom-up analysis using proprietary framework

– Tactical considerations of entry points, position sizing and hedging

• Investment areas of focus:

ABS

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Long / Short Equity

Credit

Macro

ABS

Arb Other

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Attractive Financial Profile

12

Strong Balance

Sheet

• No debt

• Low premium leverage

• Liquid investment portfolio – 97% of investments within FAS 157 Liquidity

Levels 1 and 2

Earnings

Transparency/

Stability

• Net investment income drops to the bottom line and is a key driver of

profitability

• Limited legacy reserves mitigate risk of adverse reserve development

• Catastrophe exposure largely limited to Third Point Re’s $50 million investment

in our Cat Fund

ROE Expansion

Potential

• Potential to expand ROE due to increasing asset leverage and a potentially

improving reinsurance market

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Rigorous Risk Management

13

Carefully defined risk appetite and controls

Quarterly reporting to the Board of Directors

Comprehensive internal capital model

Underwriting Investment Management

Rigorous procedures

Lead underwriter on

most transactions

Robust controls

Real time access to

reports

Bi-annual operational

review by independent

investment advisory firm

Work closely with Third

Point LLC risk

management team

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Key Financial Highlights

14

3 months

ended 9/30/13

9 months

ended 9/30/13

Year ended

12/31/12

Gross premiums written $45,425 $239,660 $190,374

Gross premiums ceded 0 (9,975) 0

Net premiums earned 66,329 162,157 96,481

Net investment income 53,371 166,129 136,422

Total revenues $119,700 $328,286 $232,903

Loss and loss adjustment expenses incurred, net 39,349 103,679 80,306

Acquisition costs, net 21,117 49,111 24,604

General and administrative expenses 9,846 24,071 27,376

Total expenses $70,312 $176,861 $132,286

Income (loss) including non-controlling interests 49,388 151,425 100,617

(Income) attributable to non-controlling interests (2,818) (4,202) (1,216)

Net income (loss) $46,570 $147,223 $99,401

3 months

ended 9/30/13

9 months

ended 9/30/13

Year ended

12/31/12

Loss ratio2 63.7% 63.3% 83.2%

Acquisition cost ratio3 33.3% 31.0% 25.5%

General and administrative expense ratio4 10.9% 10.4% 21.0%

Combined ratio5 107.9% 107.7% 129.7%

Net investment return6 4.3% 16.9% 17.7%

Consolidated Income Statement ($000s)

Selected Income Statement Ratios¹

Generated $190 million of gross

premium in first year of operation

Gross premium increased by

8.9% to $45.4 million in Q3 2013

vs.Q3 2012

YTD combined ratio dropped to

107.7% through Q3 2013 as

earned premium grew relative to

general and administrative

expenses

Strong investment returns from

investments managed by Third

Point LLC of 17.7% in 2012 and

16.9% through Q3 2013

2013 investment income was

23.9%. January 2014

investment income was –1.8%

Highlights

1 Underwriting ratios are for the property and casualty reinsurance segment only; 2 Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net, by net premiums earned; 3 Acquisition cost ratio is calculated by dividing 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; 6 Net investment return represents the return on our investments managed by Third Point LLC, net of fees.

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Key Financial Highlights (Cont’d)

15

As of 9/30/13 As of 12/31/12

Total assets $1,999,506 $1,402,017

Total liabilities 635,108 473,696

Total shareholders’ equity $1,364,398 $928,321

Non-controlling interests (55,014) (59,777)

Shareholders' equity attributable to shareholders $1,309,384 $868,544

9 months ended

9/30/131

Year ended

12/31/12

Diluted book value per share* $12.35 $10.89

Growth in diluted book value per share* 13.4% 11.9%

Return on beginning shareholders’ equity* 16.1% 13.0%

Selected Balance Sheet Data ($000s)

Selected Balance Sheet Metrics

* Non-GAAP measure; please see descriptions and reconciliations on slides 17 and 18. 1 Not annualized.

As of 9/30/13 As of 12/31/12

Total investments managed by Third Point LLC $1,444,876 $925,453

Investments ($000s)

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Investment Highlights

16

Total return business

model

Attractive

financial profile

Best-in-class

investment manager

Aligned investor

sponsorship

Deeply experienced

and credentialed

management team

Profitable reinsurance

underwriting with superior

investment management

designed to deliver

attractive equity returns

over time

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Non‐GAAP Measures

17

Book value per share

Book value per share as used by our management is a non-GAAP measure, as it is calculated after deducting the impact of non-

controlling interests. Diluted book value per share is also a non-GAAP measure and represents book value per share combined with the

impact from dilution of all in-the-money share options issued, warrants and unvested restricted shares outstanding as of any period end.

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.

The following table sets forth the computation of basic and diluted book value per share as of September 30, 2013 and December 31,

2012:

As of 9/30/13 As of 12/31/12

Basic and diluted book value per share numerator:

Total shareholders’ equity 1,364,398 $928,321

Less: Non-controlling interests 55,014 59,777

Shareholders’ equity attributable to shareholders $1,309,384 $868,544

Effect of dilutive warrants issued to founders and an advisor 46,512 36,480

Effect of dilutive stock options issued to directors and employees 66,276 51,670

Diluted book value per share numerator $1,422,172 $956,694

Basic and diluted book value per share denominator:

Issued and outstanding shares 103,264,616 78,432,132

Effect of dilutive warrants issued to founders and an advisor 4,651,163 3,648,006

Effect of dilutive stock options issued to directors and employees 6,608,987 5,167,045

Effect of dilutive restricted shares issued to employees 624,300 619,300

Diluted book value per share numerator 115,149,066 87,866,483

Basic book value per share $12.68 $11.07

Diluted book value per share $12.35 $10.89

($000s, Except Share and Per Share Amounts)

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Non‐GAAP Measures (Cont’d)

18

Growth in diluted book value per share

Calculated by taking the change in diluted book value per share divided by the beginning of period diluted book value per share.

Return on beginning shareholders’ equity

Calculated by dividing net income by the beginning of year shareholders’ equity attributable to shareholders and is a commonly used

calculation to measure profitability. For purposes of this calculation, we add back the impact of subscriptions receivable to shareholders’

equity attributable to shareholders as of December 31, 2011. Management believes this adjustment more fairly presents the return on

equity over the period.

Insurance float

In an insurance or reinsurance operation, float arises because premiums and proceeds associated with deposit accounted reinsurance

contracts are collected before losses are paid. In some instances, the interval between premium receipts and loss payments can extend

over many years. During this time interval, insurance and reinsurance companies invest the premiums received and generate investment

returns. Although float can be calculated using numbers determined under U.S. GAAP, float is a non-GAAP financial measure and,

therefore, there is no comparable U.S. GAAP measure.


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