(Bloomberg) – Greenlight Capital ReLtd. posted a quarterly profit for the first time since 2014 ona rebound in the reinsurer's investment portfolio, which isoverseen by hedge fund manager David Einhorn.

Net income of $28.7 million in the three months ended March 31compares with a loss of $24 million in the same period last year,the Cayman Islands-based company said Monday in a statement.First-quarter investment income was $28.4 million, compared with aloss of $24.8 million on the portfolio a year earlier.

“Our investment portfolio performed adequately during thequarter as our portfolio remained defensively positioned in anuncertain investment environment,” Einhorn, who's chairman of thereinsurer, said in the statement.

Einhorn is seeking to steer the company to its first full-yearstock advance since 2013 after enduring losses on investing andinsurance underwriting. Greenlight Re was unprofitable all fourquarters last year and for two periods in 2014.

He has been helped this year by gains in some of his largestholdings including Consol Energy Inc. and gold, which had its bestquarter since 1986 amid a more dovish tone by the FederalReserve.

Book value, a measure of assets minus liabilities, climbed to$22.88 a share as of March 31, compared with $22.17 at the end of2015.

Underwriting income surged to $3.7 million from $800,000 in thefirst three months of 2015, when a push by money managers intoinsurance made it harder to find profitable contracts.

The combined ratio was 97.3, meaning the company had anunderwriting profit of 2.7 cents for every premium dollar. Thatimproved from a ratio of 99.8. Policy sales rose 29% to $164.7million.

Greenlight Re gained 15% this year through the close of tradingMonday to $21.47. That compares with the $19 initial publicoffering price in 2007.

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