(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.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.