(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.
“Our investment portfolio performed adequately during the quarter as our portfolio remained defensively positioned in an uncertain investment environment,” Einhorn, who's chairman of the reinsurer, said in the statement.
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