Loeb's Third Point reinsurer posts fourth loss in seven quarters

(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.