The Connecticut-based company was capitalised through an initial public offering (IPO) and subsequent underwriters' exercise of over allotment options and direct sales.

It was reported that Exel bought 3.5 million shares of the 12 million shares offered then purchased 20 percent of the additional 1.28 million shares offered.

"Since the IPO, we have been very pleased with our progress in building an outstanding team of professionals, and with our reception by the reinsurance marketplace,'' said Risk Capital president Mr. Mark Mosca.

"We are seeing a strong flow of opportunities that are consistent with our strategy of integrating reinsurance with capital investments,'' he said Unaudited after tax net investment income was $359,000, or two cents per share, for the period ended September 30.

Revenue was $535,000 while operating expenses were $707,000.