(Bloomberg) -- Greenlight Capital Re Ltd., the reinsurer whosechairman is hedge-fund manager David Einhorn, erased gainsfrom its 2007 initial public offering price after losses frominvestments and underwriting.

Greenlight Re declined 2.6% to $19 at 11:59 a.m. in New York,extending its loss to 42% this year. The Cayman Islands-basedreinsurer, which counts on Einhorn to oversee its portfolio, soldshares for $19 apiece in its IPO.

Einhorn’s main hedge fund is poised for its second losing yearin almost two decades after dropping 21% through November,according to an e-mail sent to clients that was obtained byBloomberg. Investments in SunEdison Inc., Consol Energy Inc. andMicron Technology Inc. have plummeted this year. Gold, which themoney manager uses as a wager that central banks’ stimulus effortswill stoke inflation, has also declined.

Related: Einhorn says 'beaten down' Greenlight Re portfolioset to rebound

Greenlight Re has been unprofitable for three straight quarters,hurt by losses on insurance underwriting and investing. The netloss for the period ended Sept. 30 widened to $219.7 million, or$5.98 a share, from $51.8 million, or $1.40, a year earlier, thecompany said in October.

Ratings firm A.M. Best lowered its outlook on the company tonegative from stable that month, citing risks from an investmentportfolio heavily allocated toward equities. The move that couldmake it harder to win new business, Greenlight Re said at thetime.

Join us on Facebook and give us a Like!

Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.