Investor Presentation March 2014 Chesney House, 96 Pitts Bay Road | - PowerPoint PPT Presentation

Investor Presentation March 2014 Chesney House, 96 Pitts Bay Road | Pembroke HM 08, Bermuda | www.thirdpointre.bm

Forward‐Looking Statements and Non‐GAAP Measures 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 combined ratio, 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. 1

Third Point Re: A Differentiated Equity Story Profitable reinsurance underwriting with superior investment management drives opportunity for equity returns Key Facts and Figures: Business • Specialty property and casualty reinsurance • Class 4 Bermuda-domiciled reinsurer Reinsurance Subsidiary • A- financial strength rating from A.M. Best • $1.39 billion of shareholders’ equity attributable to shareholders as of year end 2013 • Third Point LLC, an SEC-registered investment manager, manages Third Point Re’s investment portfolio under a long-term investment management agreement Investment Manager • 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 • Year ended 2012: 13.0% Return on Beginning Shareholders’ Equity* • Year ended 2013: 23.4% * Non-GAAP measure; Please see descriptions and reconciliations on slides 17 and 18. 2

Investment Highlights Total return business model Potential to perform in all market cycles Attractive financial profile Aligned investor Successful first two years sponsorship of operations: With reinsurance 2012: $190mm in GWP; Profitable reinsurance investment experience 13.0% ROE*; underwriting with superior 2013: $402mm in GWP; investment management 23.4% ROE* designed to deliver attractive equity returns over time Deeply experienced Best-in-class and credentialed investment manager management team 21.1% net annualized Disciplined and returns since inception 1,2,3 opportunistic underwriting approach * 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. 3

Total Return Business Model Offers Upside In Varying Markets Dynamic Business Model Reinsurance: Investment Portfolio: World-class underwriting team World-class investment manager Potential for attractive ROEs across underwriting cycles “Hard” Robust Superior Reinsurance underwriting investment Asset leverage returns Market margin “Soft” Modest Superior Reinsurance underwriting investment Asset leverage returns Market margin 4

Deeply Experienced and Highly Credentialed Management Team CEO Experience • CEO, Reinsurance, Vice Chairman of the Board, Alterra Capital Holdings Limited  John Berger • CEO & President, Harbor Point Re Limited (Chubb Re spin-out) Chairman & CEO • CEO & President, Chubb Re, Inc. • President, F&G Re • CEO, Aon Benfield Securities  • Robert Bredahl President, Aon Benfield Americas • CEO, Benfield U.S. Inc. & CEO, Benfield Advisory CFO & COO • Board Member, Benfield Group PLC • President & CEO, JRG Reinsurance Company, Ltd.  • Chief Underwriting Officer & Head of Reinsurance Operations, Endurance Reinsurance Tony Urban Corporation of America EVP, Underwriting • Executive Vice President & Chief Underwriting Officer, AXA Corporate Solutions Reinsurance Company  • Executive VP, Co Head of Specialty Lines, Aon Benfield Dan Malloy • President & CEO, Stockton Reinsurance Ltd. EVP, Underwriting • President, Center Re Bermuda • Chief Actuary of Reinsurance, Alterra Capital Holdings Limited Michael McKnight, • Managing Director & Chief Underwriting Officer, Gerling Global International Reinsurance Co. Ltd. Chief Actuary & • Consulting Actuary and Profit Center Manager, Milliman, USA Chief Risk Officer • Lead Portfolio Manager, Catastrophe Reinsurance, Goldman Sachs Asset Management Manoj Gupta • Leader of Alternative Capacity and Credit Risk Solutions, Benfield SVP, Underwriting • General Counsel & Board Secretary, The Bank of N.T. Butterfield & Son Limited Tonya Marshall • Associate Attorney, Conyers Dill & Pearman EVP, General Counsel & Secretary 5