Einhorn’s Reinsurer Cut Gold Holding Amid Bear Market
This article is for subscribers only.
Greenlight Capital Re Ltd., the reinsurer that counts hedge-fund manager David Einhorn as its chairman, cut an investment in gold in the three months ended June 30 as prices fell into a bear market.
The reinsurer had about $50.5 million of commodities at the end of the second quarter, compared with $90.3 million on March 31, according to a regulatory filing yesterday. The cost basis for the investments fell to $41.8 million from $59.9 million in the period, the Cayman Islands-based company said.