Exhibit 15
 
          ACCOUNTANTS' AWARENESS LETTER AND LIMITATION OF LIABILITY
 
We are aware of the incorporation by reference in the Registration Statement 
on Form S-8 (Registration No. 33-99974) of Risk Capital Holdings, Inc. of our 
report dated October 29, 1997 (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 October 29, 1997 (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-8 (Registration No. 33-99974) prepared or certified by us 
within the meaning of sections 7 and 11 of the Securities Act of 1933.
 
PRICE WATERHOUSE LLP
 
New York, New York
November 13, 1997