Blue Capital Reinsurance Holdings Ltd yesterday declared its first special dividend after its first full year of operations.

The firm — part of Montpelier Re — will pay out a 66 cent dividend per common share for the last quarter of 2014 next month.

Blue Capital chief executive officer William Pollett said: “We are pleased to have successfully concluded our first full year of operations generating a total return for our shareholders, as measured in growth in book value per share plus dividends of 8.7 per cent.”

The move takes the total dividend, including regular dividends paid across the year, to $1.56 per share, a dividend yield of 7.8 per cent on the original initial public offering of $20 per share.

Net income for the last quarter of 2014 was $. 6 million, taking the total for the year to $15.1 million.

Blue Capital is a subsidiary of Montpelier Re Holdings, a global provider of property catastrophe and short tail reinsurance with more than $3.6 billion in assets.

Blue Capital was formed in June 2013 and began trading on the US Stock Exchange in November that year.