Third Point Reinsurance Ltd. has a new presentation for Q3 14

Also see Third Point Q3 Letter: Long Amgen, eBay; Sells Sony, AIG, Hertz

• Third Point LLC owned and  led by Daniel S. Loeb
• 21.1% net annualized  returns since inception in  1995
• Risk-adjusted returns driven  by superior security  selection and lower volatility

Investment  Management  Agreement

Exclusive relationship through 2016, followed by successive 3-year terms on  renewal
• Investments are managed on substantially the same basis as the main Third Point LLC hedge funds
• We pay the standard 2% management fee and 20% performance allocation.  The performance allocation is subject to a standard high water mark

Risk  Management
• Restrictions on leverage, position concentrations and illiquid, private investments
• Key man and performance termination provisions
• Allowed to diversify portfolio to address concerns of A.M. Best or regulator(s)

Liquidity

• Investments are held in a separate account – Third Point Re has full ownership
of investment portfolio to provide liquidity for claims and expenses
• More than 95% of investments are within FAS 157 Levels 1 & 21
• Separate account may be used at any time to pay claims and expenses

ThirdPoint

TPRE Investor Presentation Nov 2014 FINAL v2 v001 m5ih35 (1)