Exhibit 15

            Accountants' Awareness Letter and Limitation of Liability

We are aware of the incorporation by reference in the Registration Statement on
Form S-3 (Registration No. 33-34499) and in the Registration Statement on Form
S-8 (Registration No. 33-99974) of Risk Capital Holdings, Inc. of our report
dated July 26, 1999 (issued pursuant to the provisions of Statement on Auditing
Standards No. 71) appearing in this Form 10-Q. We are also aware of our
responsibilities under the Securities Act of 1933.

We are not subject to the liability provisions of section 11 of the Securities
Act of 1933 for our report dated July 26, 1999 (issued pursuant to the
provisions of Statement on Auditing Standards No. 71) on the unaudited interim
consolidated financial information of Risk Capital Holdings, Inc. because our
report is not a "report" or a "part" of the Registration Statement on Form S-3
(Registration No. 33-34499) or of the Registration Statement on Form S-8
(Registration No. 33-99974) prepared or certified by us within the meaning of
sections 7 and 11 of the Securities Act of 1933.

PricewaterhouseCoopers LLP

New York, New York
August 12, 1999