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Rineon Group Net Income Increases

Reported net income of $2.15m for Q3 ended September 30, 2009 compared to last year’s revenue of $0.69m

Rineon Group has reported the results for the quarter ended September 30, 2009. It has reported a net income was $2.15m for the third quarter ended September 30, 2009 compared to last year’s revenue of $0.69m. There was an increase 209%.

For the first nine months of 2009, the net income was $9.14m, an increase of 190% compared with the last year’s net income of $3.15m.

The company said it has stockholders’ equity of $54.41m. It has no debt and no exposure to sub-prime assets. It has a total of 2,010,000 common shares issued and outstanding. However, it believes that it is well capitalised, and is well positioned to take advantage of opportunities arising from the dislocation in the financial services markets.

Rineon Group offers insurance and reinsurance products and services such as the reinsurance of frequency contracts on automobile insurance issued to high-risk drivers. It employs a value-oriented investment that allows both long and short positions in corporate debt and equity securities.