Exhibit 10.3.2 J Robert Bredahl Amendment No 2 to Employment Agreement






AMENDMENT No. 2 TO EMPLOYMENT AGREEMENT
THIS AMENDMENT No. 2 TO EMPLOYMENT AGREEMENT (“Amendment No. 1”), is entered into as of March 1, 2015, by and between Third Point Reinsurance Ltd., a Bermuda company (the “Company”), and J. Robert Bredahl (the “Executive”).
WHEREAS, the Company and the Executive entered into a certain Employment Agreement dated as of January 26, 2012 and an Amendment No. 1 to Employment Agreement dated as of November 10, 2014 (the “Employment Agreement”); and
WHEREAS, in consideration of the mutual agreements set forth below and for other good and valuable consideration given by each party to this Amendment No. 2 to the other, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree to amend the Employment Agreement on the terms set forth below.
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:
1.     Section 2(a) of the Employment Agreement shall be amended to read in its entirety as follows:
“2. Extent of Employment.
(a)Duties. , During the Employment Term and from and after March 1, 2015, the Executive shall serve as the President and Chief Operating Officer of the Company and the President and Chief Underwriting Officer of Third Point Reinsurance Company Ltd. In his capacity as President and Chief Operating Officer of the Company and President and Chief Underwriting Officer of Third Point Reinsurance Company Ltd., the Executive shall perform such duties, services, and responsibilities on behalf of the Company and Third Point Reinsurance Company Ltd. consistent with such position as may be reasonably assigned to the Executive from time to time by the Chief Executive Officer of the Company. In performing such duties hereunder for the Company, the Executive shall report directly to the Chief Executive Officer and in performing such duties hereunder for Third Point Reinsurance Company Ltd., the Executive shall report to the Board of Directors of Third Point Reinsurance Company Ltd.”
2.     Section 3(f) (i), Perquisites, of the Employment Agreement shall be amended to read as follows: 
“3 (f) Perquisites.
(i)    Housing. During the Employment Term and while the Executive’s principal place of employment is Bermuda, the Executive shall be entitled to a housing allowance in an amount equal to $6,500.00 per month.  In addition, the costs of electricity and cable incurred by the Executive shall be paid directly or reimbursed (as applicable) by the Company.  The Company shall reimburse the Executive for any income taxes incurred by the Executive as a result of any payment from the Company pursuant to this Section 3(f)(i) (including taxes imposed on the reimbursement payment itself). Any such reimbursement payments shall be made no later than twelve (12) months following the end of the fiscal year in which the related expense is incurred.”
1.    The parties hereto agree that except as specifically set forth in this Amendment No. 2, each and every provision of the Employment Agreement shall remain in full force and effect as set forth therein.
 [Signature Page Follows]


IN WITNESS WHEREOF, the Company has caused this Amendment No. 2 to be executed, and the Executive has hereunto set his hand, in each case effective as of the day and year first above written.
THIRD POINT REINSURANCE LTD.
By:        /s/ John R. Berger
__________________________________ 
Name:    John R. Berger
_______________________________ 
Title:    Chairman and Chief Executive Officer
________________________________




By:        /s/ Christopher S. Coleman
__________________________________ 
Name:   Christopher S. Coleman
_______________________________ 
Title:    Chief Financial Officer
________________________________






EXECUTIVE




/s/ J. Robert Bredahl




________________________________________ 
J. Robert Bredahl