Greenlight Capital Re Ltd., the reinsurer led by hedge-fund manager David Einhorn, posted its second straight quarterly loss as investments faltered.

The second-quarter net loss of $39.6 million, or $1.06 a share, compares with profit of $109.6 million, or $2.89, a year earlier, the Cayman Islands-based company said Monday in a statement. The first-quarter loss was $24 million.

Einhorn, the reinsurer’s billionaire chairman, handles its investments. His returns have been pressured by Micron Technology’s 31 percent tumble in the second quarter and Consol Energy Inc.’s 23 percent slide.

“Our investment portfolio continues to be defensively positioned as we remain cautious due to an uncertain investment environment,” Einhorn, 46, said in the statement. “While we are disappointed with the underwriting loss from legacy business this quarter, we remain encouraged by the current portfolio and new relationships.”

The slump in gold prices, which accelerated after June 30, also hurt Einhorn.

Greenlight Re dropped 17 percent this year through 4 p.m. in New York after slipping 3.1 percent in 2014. Results were released after the close of regular trading.