(Bloomberg) -- Third Point Reinsurance Ltd., the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its fourth loss in seven quarters as the portfolio slumped and underwriting was unprofitable.

The first-quarter net loss was $51.1 million, or 49 cents a share, compared with profit of $50.5 million, or 47 cents, a year earlier, the Bermuda-based company said Thursday in a statement. The average estimate of six analysts surveyed by Bloomberg was a loss of 50 cents a share, adjusted for one-time items.

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Catastrophic period for hedge funds


Third Point said in a letter to shareholders last month that the quarter was one of the most “catastrophic periods” for hedge funds since the firm was founded. Hedge funds lost 1.9% in the period, according to Hedge Fund Research’s global index, the poorest performance since 2008.

“Despite challenging conditions in both the financial and reinsurance markets, we continue to believe in our total return model,” Chief Executive Officer John Berger said in the statement.

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