Third Point Reinsurance Company Ltd.
Third Point Reinsurance Ltd.
Point House
3 Waterloo Lane
Pembroke HM 08
Bermuda

July 31, 2018
Third Point LLC
Third Point Advisors L.L.C.
390 Park Avenue
New York, New York 10022
United States
Attention: Josh Targoff and Mendy Haas
Re:    Termination of Joint Venture and Investment Management Agreement
Dear Sirs,
This letter agreement (this “Letter Agreement”) confirms our agreement to
terminate the Amended and Restated Joint Venture and Investment Management
Agreement, dated June 22, 2016 (the “JV Agreement”), by and among Third Point
Reinsurance Company Ltd. (“TP Re”), Third Point Reinsurance Ltd. (“Holdco”),
Third Point LLC (“Third Point”) and Third Point Advisors L.L.C. (“TP GP”).
Capitalized terms used but not defined herein shall have the meanings given to
such terms in the JV Agreement.
Reference is made to that certain Amended and Restated Exempted Limited
Partnership Agreement of Third Point Enhanced LP (the “Partnership”) dated July
31, 2018 (the “Partnership Agreement”). Each of the parties hereto acknowledges
that (i) TP Re will transfer legal title to all Investable Assets (such term as
defined in the Partnership Agreement) held in the Joint Venture to the
Partnership beginning on August 31, 2018, and (ii) all Collateral Assets (such
term as defined in the Partnership Agreement) held in the Joint Venture will be
managed by Third Point pursuant to a collateral assets investment management
agreement effective August 31, 2018.
Each of the parties hereto hereby agrees that (i) TP Re shall have withdrawn
from the Joint Venture in full as of the date on which legal title to all
Investable Assets in the Joint Venture have been transferred to the Partnership
and (ii) the JV Agreement shall terminate as of such withdrawal date pursuant to
Section 7.1(a)(iii) thereof. Any provisions in the JV Agreement that would
otherwise prohibit this transfer of assets are hereby waived to permit such
transfer.
Each of the parties hereto further acknowledges that the tax partnership created
pursuant to the Joint Venture will not terminate and that the Partnership will
be a continuation of the tax partnership, as described in the Partnership
Agreement.

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This Letter Agreement shall be governed by and construed in accordance with the
laws of the State of New York and subject to Section 9.4 of the JV Agreement.
This Letter Agreement may be executed in counterparts, each of which is deemed
to be an original hereof.

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Sincerely,
THIRD POINT REINSURANCE COMPANY LTD.

By: /s/ Christopher S. Coleman    
Name:
Christopher S. Coleman

Title:
Director

By: /s/ Janice R. Weidenborner    
Name:
Janice R. Weidenborner

Title:
EVP, Group General Counsel and Secretary

THIRD POINT REINSURANCE LTD.
    
By: /s/ J. Robert Bredahl    
Name:
J. Robert Bredahl

Title:
President and Chief Executive Officer

By: /s/ Christopher S. Coleman    
Name:
Christopher S. Coleman

Title:
Chief Financial Officer

    

[Signature Page to Letter Agreement re: Bermuda JV Agreement Termination]

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Agreed to and Accepted by:
THIRD POINT LLC

By: /s/ R. Mendy Haas    
Name:
R. Mendy Haas    

Title:
Chief Financial Officer

THIRD POINT ADVISORS L.L.C.

By: /s/ R. Mendy Haas    
Name:
R. Mendy Haas    

Title:
Authorized Signatory

[Signature Page to Letter Agreement re: Bermuda JV Agreement Termination]