Rough session for Greenlight Re after big loss

• After the close Friday, Greenlight Re (GLRE -8.2%) reported a Q3 loss of $219.7M or $5.98 per share vs. a loss of $51.8M and $1.40 one year earlier.
• Book value per share fell 20% to $23.29 from $29.16 90 days earlier.
• At issue was a net investment loss of 14.2% on the company's investment portfolio as David Einhorn's Greenlight Capital suffered a rough quarter.
• Making matters worse, A.M. Best cuts its outlook on GLRE's credit rating to negative from stable, a move which could make it harder to win new reinsurance business.
• A conference call is set for Thursday at 9 ET.
• Previously: Greenlight Capital reports Q3 results (Oct. 23)