Third Point Re Reports Second Quarter 2017 Earnings Results

HAMILTON, Bermuda, Aug. 2, 2017

Third Point Re reported net income of $74.6 million, or $0.71 per diluted common share, for the second quarter of 2017, compared to net income of $53.4 million, or $0.51 per diluted common share, for the second quarter of 2016. For the six months ended June 30, 2017, Third Point Re reported net income of $178.8 million, or $1.70 per diluted common share, compared to net income of $2.2 million, or $0.02 per diluted common share, for the six months ended June 30, 2016.

For the three months ended June 30, 2017, diluted book value per share increased by $0.70 per share, or 5.0%, to $14.74 per share as of June 30, 2017, from $14.04 per share as of March 31, 2017. For the six months ended June 30, 2017, diluted book value per share increased by $1.58 per share, or 12.0%, to $14.74 per share from $13.16 per share as of December 31, 2016.

"Our strong performance for 2017 continued through the second quarter with a return on beginning shareholders' equity of 5.0%, bringing our six month return to 12.8%," commented Rob Bredahl, President and Chief Executive Officer.  "Our investment manager, Third Point LLC continues to have a great year and has generated an investment return of 10.6% through six months and 11.7% through July 2017. Although difficult reinsurance market conditions persist, we have successfully generated stable, long-term float and our asset leverage is within our target range of 1.50 to 1.75.  This allows us to remain selective in our underwriting without diminishing our earnings potential.  We took advantage of attractive share price levels during the quarter and repurchased 1,767,281 shares at an average price of $12.44 per share and have $51.7 million remaining under our existing share repurchase plan."

The following table shows certain key financial metrics for the three and six months ended June 30, 2017 and 2016: