David Einhorn的绿灯攻击

对冲基金经理David Einhorn的最新短目标是保障保障保障。但是，一个小型基金经理，众所周知，股票认为艾因霍恩应该真的在另一家保险公司 - Einhorn自己的绿灯再保险中看待闹铃。

Manal Mehta, founder and managing partner of San Francisco hedge fund Sunesis Capital, argues in a新报告绿色灯光重新在其承保和投资方面有关 - 并可能影响其优惠税收的问题。

“我认为Einhorn应该是短einhorn，”Quips Mehta，其29滑动力点介绍，题为“绿灯re：精心避税计划？”，为Einhorn主持的公开交易再生家提供了众多批评绿灯re。

“绿灯re不是合法的再润纳器。它应该被归类为被动的外国投资公司，”他争辩说。但没有减税，Mehta在他的演讲中声明，它将是绿灯re的“熄灯”。

亚博赞助欧冠has not independently verified Mehta's claims. A spokesman for Greenlight was not immediately available for comment.

GreenLight Re是Einhorn的永久资本车辆，因为它将其优质收入与他的常规对冲基金一起通过一个名为DME Advisors的实体，Einhorn是经理。此外，由于近年来绿灯的投资损失导致他的传统对冲基金的投资较大，对冲基金亿万富翁正在变得越来越依赖再润纳者的溢价收入。

[II Deep Dive:What Exactly Happened to David Einhorn?]

包括Einhorn在内的许多对冲基金经理，并为永久资本的来源设立了再保险公司，让他们避免无限期地支付资本税收。这被称为“百慕大漏洞”，梅哈塔说。

被视为被动外国投资公司，不受美国税收的约束，内部收入服务要求离岸再保险公司积极参与保险业务。国会民主党批评的税收已批评，去年的税收法案收紧了规则。现在，对于公司获得豁免，保险负债必须占总资产的25％以上，不包括所谓的“未获高额储备”。

Mehta表示绿灯有超过2.55亿美元的“未经终止的保费”，不能再获得资格，他认为将强迫绿灯重新承担更无利可图的企业继续符合资格。

Greenliell Re告诉投资者，它是“重组”其运营，以适应税务法案对其业务的变化，该公司表示可能会引入“增加风险”，根据Mehta的介绍，引用Greenlight Re 2017年度财务报告。

After II contacted Einhorn's public relations representative, Jonathan Gasthalter, regarding this story, Greenlight COO Daniel Roitman sent Mehta an email stating "your personal attacks and aggressive behavior with third parties (rating agencies, reporters) . . . are unwarranted. I am not sure what you're hoping to accomplish, but I sincerely hope you don't cross any line you might regret."

Mehta says he considered the email, which he included in his report, a "veiled threat."

Mehta不是唯一抱怨对冲基金再保险商业模式的人。2016年，标准普遍质疑对冲基金再保险公司继续的能力，称他们在承销方面没有赚到4年的利润，投资方也暴跌了。他们还表现出传统的再保险公司，抱怨资本对冲基金倾注于再保险的资金降低了其盈利能力，S＆P找到了。

"To keep its tax status, Greenlight Re has been forced to keep writing premiums at a time when other, more experienced and better-capitalized players are exiting the market, " Mehta toldII.

Last year, Greenlight Re's gross written premiums increased by 29 percent, to $692.6 million. At the same time, the underwriting losses and loss reserves jumped by more than 50 percent, to $464.4 million, according to its annual financial report. Greenlight Re lost $45 million in 2017.

"They're pricing too aggressively," Mehta says. "They don't have the luxury of saying 'we can't participate.' If they pull back on the volume, they're not going to be able to quality for the exemption."

S&P credit analyst Taoufik Gharib explained the conundrum facing the hedge fund reinsurers to the Financial Times in 2016. "The theory is that the higher returns from non-traditional investment strategies should offset the reduced profitability" from underwriting. But, he added, "we believe this thinking can be flawed and may not hold up."

2016年，由约翰保尔森经营的对冲基金再保险商，其对冲基金面临着相当大的损失，下降。同年，保险评级机构上午。最好将绿灯重新评级降至“减去”，它肯定的是最后一下，同时注意到“其股权指标回报率在五年的既定同行的下端”，“其承保结果最低地表现不佳”同行为期五年。“

Mehta says "Greenlight Re is highly dependent on A- ratings to maintain sufficient underwriting volume and escape IRS designation as a PFIC."

绿灯奖评论家告诉IIhe doesn't have a short interest in its stock. But he does have a financial interest in going after the company. A Yale graduate and formerly an analyst at Morgan Stanley and Peloton Partners before starting his own small hedge fund in 2012, Mehta has been an investor in Assured Guaranty for years and disagrees with Einhorn's view of it. "I decided to use his approach in analyzing his own insurance company," he says.

Einhorn is known for using humor to make a point, so Mehta has attacked him with some of the more clever statements from Einhorn's Assured Guaranty report, which the hedge fund manager unveiled at last month's Sohn Investment Conference.

Given its underwriting losses, Mehta asks, "Can Greenlight Re afford to have a melting ice cube of exposures?" — stealing a line from the hedge fund manager's short attack on Assured Guaranty.

DME Advisors had $2.26 billion in regulatory assets under management at the end of 2017, more than 40 percent of the firm's single hedge fund strategy, according to its latest public filings.

根据公司第一季度会议的投资者，自2007年绿洲IPO的投资组合以来，其投资组合只有3％的年度返回。它在第一季度报告了17％的资本缩资，主要是由于其投资损失。

Mehta认为，自董事长是投资经理以来，Greenlight Re因投资经理而发生了利益冲突。他注意到，投资也更集中，风险更大，风险较大，他指出。

He also questions why the rating agencies haven't been more critical of Greenlight Re. In its most recent report, A.M. Best lauds the investment manager's risk management culture, despite the poor returns.

Mehta's presentation concludes by quoting the fine print on Greenlight's risk factors in its latest Securities and Exchange annual filing. "We cannot assure you that ...the IRS will not successfully challenge our status," it says.

Greenlight Re's exemption from SEC regulations on investment companies also hinges on being "engaged primarily and predominantly in the reinsurance of risks on insurance agreements," the company notes in its disclosures.

如果改变,Greenlight Re cautions, "we could become subject to monetary policies or injunctive relief or both."

自首次公开募股以来，绿色灯光今年下降了25％，39％。