reported a net loss of $18.8 million, or $4.60 a share, for the quarter ended September 30.

The additional losses brings the net loss since the Bermuda-based company started operations eight months ago through subsidiary Oracle Reinsurance Co.

Ltd. on January 28 to $15.1 million. The reported net income per share reflects the two-for-one stock split on June 11.

The company reported premiums for the quarter ended September 30 of $12 million, and wrote $132.8 million in premiums for the eight months. Meanwhile the company lost $16.1 million in its investment portfolio in the quarter, and $9.8 million for the eight months.

The company had revenues of $123 million during the eight months. Company president and chief executive officer Colin O'Connor said the downturn in the financial markets caused the investment losses.

"Given the recent turmoil in the markets, however, investment results for the quarter, while disappointing, were not out of line. Losses from any source are always regrettable, bet we believe that there are some exceptional opportunities going forward.''