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(Bloomberg) – Greenlight Capital Re Ltd. posted a quarterly profit for the first time since 2014 on a rebound in the reinsurer’s investment portfolio, which is overseen by hedge fund manager David Einhorn.

Net income of $28.7 million in the three months ended March 31 compares 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 a loss of $24.8 million on the portfolio a year earlier.

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