NEW YORK (Bloomberg) — Third Point Reinsurance Ltd, the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its fourth loss in seven quarters as the portfolio slumped and underwriting was unprofitable.

The first-quarter net loss was $51.1 million, or 49 cents a share, compared with profit of $50.5 million, or 47 cents, a year earlier, the Bermudian-based company said yesterday in a statement. The average estimate of six analysts surveyed by Bloomberg was a loss of 50 cents a share, adjusted for one-time items.

Loeb’s hedge fund said in a letter to shareholders last month that the quarter was one of the most “catastrophic periods” for hedge funds since the firm was founded. Hedge funds lost 1.9 per cent in the period, according to Hedge Fund Research’s global index, the poorest performance since 2008.

“Despite challenging conditions in both the financial and reinsurance markets, we continue to believe in our total return model,” chief executive officer John Berger said in the statement.

Third Point Re’s book value, a measure of assets minus liabilities, declined to $12.37 a share as of March 31 from $12.85 at the end of 2015. The first-quarter investment loss was $40.1 million, compared with income of $64.9 million a year earlier.

Allergan Plc, the pharmaceutical company that was among the Third Point hedge fund’s top holdings as of December 31, slumped 14 per cent in the first quarter. Loeb’s firm disclosed in February that it took a stake in Morgan Stanley in the last period of 2015. The bank fell more than 20 per cent in the first three months of this year.

Loeb said in February that he boosted equity bets amid a market rout, saying a sell-off had created “silly prices” for securities.

The insurance underwriting loss widened to $6.6 million, from $3.9 million in the first quarter of 2015. The combined ratio was 104.9, meaning the company spent about $1.05 in claims and expenses for every premium dollar. That deteriorated from a ratio of 102.8 a year earlier.

The push by other money managers into insurance has made it harder to find profitable contracts. Policy sales slipped about 7.5 per cent to $197.2 million from $213.3 million.

David Einhorn’s Cayman Islands-based reinsurer, Greenlight Capital Re Ltd, reported on Monday that net income was $28.7 million in the three months ended March 31, the company’s first profitable quarter since 2014. Greenlight Re has surged 12 per cent since December 31 in New York trading after plunging 43 per cent in 2015.