<span style="line-height: 20.8px;">Fortunes of the two main hedge fund reinsurance strategy proponents, David Einhorn backed Greenlight Re (NASDAQ:</span><a href="http://seekingalpha.com/symbol/GLRE" style="line-height: 20.8px;" title="Greenlight Capital Re, Ltd.">GLRE</a><span style="line-height: 20.8px;">) and Daniel Loeb backed Third Point Re (NYSE:</span><a href="http://seekingalpha.com/symbol/TPRE" style="line-height: 20.8px;" title="Third Point Reinsurance">TPRE</a><span style="line-height: 20.8px;">), have reversed in the second-quarter to-date, with Einhorn&#39;s Greenlight Re suffering an investment loss, while Loeb&#39;s Third Point Re reported positive returns.</span>