(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.

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