Exhibit 10.1

WAIVER TO
JOINT VENTURE AND INVESTMENT MANAGEMENT AGREEMENT

THIS WAIVER TO JOINT VENTURE AND INVESTMENT MANAGEMENT AGREEMENT (this “Waiver”)
dated as of May 4, 2016, is made in respect to that certain Joint Venture and
Investment Management Agreement dated as of December 22, 2011 (the “JV/IMA”), by
and among Third Point Reinsurance Company Ltd., a Bermuda Class 4 insurance
company (“TP Re”), Third Point Reinsurance Ltd., a Bermuda corporation and the
direct parent of TP Re (“Holdco”), Third Point Advisors LLC, a Delaware limited
liability company (“TP GP”), and Third Point LLC, a Delaware limited liability
company (“Third Point”). All capitalized terms used in this Waiver and not
otherwise defined herein shall have the respective meanings ascribed to them in
the JV/IMA.
RECITALS
WHEREAS, the parties hereto entered into the JV/IMA for the purpose of creating
a joint venture (the “Joint Venture”) solely with respect to the management of
certain investable assets and to share in the profits and losses therefrom as
provided in the JV/IMA;
WHEREAS, each of Holdco and TP Re desires to withdraw cash from the accounts of
the Joint Venture in order to fund a share repurchase plan approved by the Board
of Holdco (the “Share Repurchase Plan”) under which Holdco may effect purchases
for cash from time to time of Holdco’s common shares;
WHEREAS, the JV/IMA does not contemplate withdrawals in connection with the
Share Repurchase Plan or any comparable transaction; and
WHEREAS, Third Point and TP GP are willing to permit each of Holdco and TP Re to
withdraw cash from the accounts of the Joint Venture to fund the Share
Repurchase Plan.
NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as
follows:
1.
Notwithstanding any provision in the JV/IMA to the contrary, Third Point and TP
GP hereby agree to permit each of Holdco and TP Re to withdraw cash from the
accounts of the Joint Venture to fund the Share Repurchase Plan upon 3 Business
Days’ prior written notice, which withdrawals shall be limited to an aggregate
amount of $100 million. Third Point and TP GP further agree to use reasonable
efforts to ensure such cash is available for withdrawal.

2.
Except as expressly set forth in this Waiver, this Waiver shall have no effect
on the powers, authorities or rights of the parties to the JV/IMA or the terms
of the JV/IMA.

3.
This Waiver may be executed in counterparts, each one of which shall be deemed
an original and all of which together shall constitute one and the same
agreement.

1

--------------------------------------------------------------------------------

Exhibit 10.1

4.
This Waiver shall be governed by, and construed in accordance with, the laws of
the State of New York without regard to principles of conflicts of law.

[Signature page to follow.]

2

--------------------------------------------------------------------------------

Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have duly executed this Waiver as of the
date first written above.
THIRD POINT REINSURANCE COMPANY LTD.
/s/ J. Robert Bredahl
By:    __________________________
Name: J. Robert Bredahl
Title: Chief Executive Officer & Chief Underwriting Officer

/s/ Janice R. Weidenborner
By:    __________________________
Name: Janice R. Weidenborner
Title: EVP & Group General Counsel

THIRD POINT REINSURANCE LTD.
/s/ J. Robert Bredahl
By:    __________________________
Name: J. Robert Bredahl
Title: President & Chief Operating Officer

/s/ Janice R. Weidenborner
By:    __________________________
Name: Janice R. Weidenborner
Title: EVP & Group General Counsel

THIRD POINT ADVISORS LLC
/s/ Joshua L. Targoff
By:    __________________________
Name: Joshua L. Targoff
Title: Chief Operating Officer, General Counsel

3

--------------------------------------------------------------------------------

THIRD POINT LLC
/s/ Joshua L. Targoff
By:    __________________________
Name: Joshua L. Targoff
Title: Chief Operating Officer, General Counsel

4