(Bloomberg) — Greenlight Capital Re Ltd., the reinsurer whose chairman is hedge-fund manager David Einhorn, erased gains from its 2007 initial public offering price after losses from investments 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-based reinsurer, which counts on Einhorn to oversee its portfolio, sold shares for $19 apiece in its IPO.

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