(Bloomberg) – Greenlight Capital Re Ltd., the reinsurer that counts on hedge fund manager David Einhorn to oversee its investment portfolio, reached a deal to expand in Europe and Asia as the company seeks to improve underwriting.
The reinsurer's Irish subsidiary is partnering with Kattan Associates Ltd. to seek new business, Greenlight Re said Thursday in a statement that didn't disclose terms.
Greenlight Re has posted losses in five of the last six quarters, as Einhorn's investments slumped and the company struggled to find profitable insurance contracts. The second-quarter net underwriting loss widened to $24.5 million from $13.3 million a year earlier.
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