(Bloomberg) -- Greenlight Capital Re Ltd., the reinsurer that counts on hedge fund manager David Einhorn to oversee its investment portfolio, plunged the most since 2010 after posting its third-straight unprofitable quarter on stock market losses and poor underwriting.
Greenlight Re fell $2.07, or 8.4 percent, to $22.67 at 10:45 a.m. in New York trading. That extended its slump for the year to 31 percent.
The third-quarter loss widened to $219.7 million from $51.8 million a year earlier, the Cayman Islands-based reinsurer said in a statement Friday after markets closed. Ratings firm A.M. Best lowered its outlook on the company to negative from stable, a move that could make it harder to win new business, according to Greenlight Re.
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