NEW YORK (Bloomberg) ? Max Re Capital Ltd., a Bermuda-based reinsurer, said third-quarter earnings will be reduced by $35 million because of losses from hedge-fund investments.

The company, in a statement released yesterday, didn?t disclose which hedge fund caused the losses. Spokeswoman Sheila Gringley didn?t return a phone message seeking comment.

Max Re may be the latest casualty of Amaranth Advisors LLC, a hedge fund that this week said it lost about $4.6 billion on wrong-way bets in the energy market. 3M Co., Goldman Sachs Group Inc. and San Diego County?s retirement fund also may lose millions invested with the Greenwich, Connecticut-based firm.

In July, Max Re said the US Securities and Exchange Commission requested information on its decision to restate five years of earnings. The changes stemmed from errors in accounting for so-called finite-risk contracts, non-traditional insurance contracts that regulators say can be used to smooth earnings. The mistakes reduced net income from 2001 to 2005 by $14.8 million.

Max Re?s shares fell 71 cents, or 3 percent, to $23.19 at 5:20 p.m. in Nasdaq Stock Market trading. They have lost 11 percent this year, compared with a rise of 6 percent by the Nasdaq Insurance Index.