Overseas Partners Ltd. has reported a net loss of $211 million for the third quarter of 2002.

OPL, which went into run-off in February last year, said the net loss was largely due to investment losses of $171.6 million and an underwriting loss of $55.3 million.

Also contributing to the loss was its seven percent stake in troubled Bermuda registered life reinsurer Annuity and Life Re, whose share price has collapsed in the last year as a result of questions about its ability to provide collateral for its underwriting.

OPL said its comprehensive loss, which includes changes in unrealised gains and losses on its investment portfolio classified as available for sale, was $95.7 million.