Greenlight Re, the Cayman Islands domiciled investment oriented reinsurance firm backed by hedge fund manager David Einhorn’s Greenlight Capital, Inc., suffered a $219.7m net loss for the third-quarter as investment volatility hit the firm. Hedge fund reinsurance firms have been suffering in recent months as global financial market volatility saw the major hedge fund managers backing investment oriented reinsurers all face significant investment declines through the third-quarter. The investment decline for the quarter translates into a third-quarter investment loss of $191.3m for Greenlight Re. For the first nine months of 2015 Greenlight Re’s investment loss has now hit -16.9% or $236.5m. However the investment side is exposed to volatility in financial markets and that has hurt this hedge fund reinsurance strategy greatly in recent months.