Third Point Reinsurance Limited Announces Significant Operational Milestones in First Month of Business Including Underwriting of Multiple Treaties

Third Point Reinsurance Limited ("TP Re" or "The Company") and its wholly owned subsidiary Third Point Reinsurance Company Limited are pleased to announce that they have commenced operations and underwritten multiple new reinsurance treaties since the Company's January 2012 launch. TP Re was created to generate growth by managing overall risk through treating the liability/underwriting side of the balance sheet with conservative tolerance limits while using an event-driven, value oriented investment approach to asset management.

TP Re Chief Executive Officer and Chairman John Berger is directly responsible for all underwriting decisions, and holds the additional title of Chief Underwriting Officer. Mr. Berger has hired an experienced, best-in-class management team including Chief Financial Officer/Chief Operating Officer Robert Bredahl; Executive Vice-President of Underwriting Daniel Malloy; Executive Vice-President of Underwriting Anthony Urban; Chief Actuary and Chief Risk Officer Michael McKnight; Executive Vice-President, General Counsel and Secretary Tonya Marshall; Senior Vice-President of Operations Shane Haverstick; and Chief Administrative Officer Vanessa O'Flynn. Including Mr. Berger, the senior management team averages 22 years of reinsurance and related financial market experience.

The Company's investment portfolio is managed under a long term investment management agreement by Third Point LLC ("Third Point"). Third Point is an SEC-registered alternative asset manager headquartered in New York, managing over $8.7 billion for a range of corporate and public pensions, endowments, foundations, sovereign wealth funds, and high net worth individuals. Founded in 1995 by Chief Executive Officer Daniel S. Loeb, Third Point has generated a net annualized return of ~21% for its investors since inception.

TP Re will not be investing directly in Third Point's co-mingled funds but will own its assets, housing them in a separately managed account. With limited exceptions, TP Re's investment portfolio will be managed on a pari passu basis with Third Point's funds. Neither Third Point nor the Third Point funds have or will invest in Third Point Re.

Three founding private equity investors Kelso, Pinebrook and Dowling Capital, each with strong track records in launching financial services businesses, have been critical to the successful launch. Together, the founding private equity investors placed $390 million into the Company, and have actively managed TP Re's formation and early development. Third Point LLC CEO Daniel S. Loeb also invested $75 million in TP Re's initial capitalization.

TP Re chose Bermuda as its headquarters because it offers a globally respected regulatory regime, outstanding business infrastructure support, and an unparalleled pool of talented executives and experienced service providers. About Third Point Reinsurance Company Third Point Re is a Bermuda domiciled property and casualty Reinsurance Company formed in 2012 with $785 million of capital and an "A-" (Excellent) rating from AM Best.