acquire Reliance Reinsurance Company, including a team of up to 50 professionals and staff who formerly managed Reliance Reinsurance Corp., a subsidiary of Reliance Insurance Company. The transaction does not involve the assumption of any liabilities previously underwritten by Reliance Re, RIC or any of its affiliates.

The team of reinsurance professionals, located in Philadelphia, specialises in property and casualty treaty, casualty facultative, and agricultural reinsurance.

The team includes existing senior management and will be led by Edward Stanco.

The hiring of this group more than doubles OPL's existing reinsurance staff, all of whom are currently located in Bermuda.

The acquisition, subject to regulatory approval and due diligence, positions OPL in the United States at a time of improving conditions in the insurance and reinsurance markets.

Reliance Re has the authority to write reinsurance in all 50 states and Washington DC, as well as insurance in over 40 states.

The acquisition complements OPL's existing core business lines of accident & health, workers compensation, aviation, financial reinsurance and property catastrophe.

Mary Hennessy, OPL's President and Chief Executive Officer said, "This acquisition provides us with immediate access to proven technical underwriting, claims, and actuarial expertise and will allow us to expand our partnerships with key clients in the world's largest insurance and reinsurance market.

"As our new subsidiary will not have any existing liabilities, our highly experienced management team will be solely focused on providing service and innovative products to new and existing clients.'' Hennessy commented further, "OPL has always been well positioned to create value for our shareowners, given our large capital base, A (Superior) rating from A.M. Best, Bermuda domicile, and existing profile in there insurance market. However, we required additional technical industry expertise in order to further differentiate ourselves in the market. We believe that our acquisition of Reliance Re and its team of reinsurance professionals, together with an infusion of our capital, will establish OPL as a significant player in the United States reinsurance market.

OPL, based in Bermuda, is one of the world's largest reinsurance companies with total assets and members' equity at March 31, 2000 of $5.0 billion and $2.5 billion respectively. OPL has more than 97,000 private shareowners.

OPL, with its primary reinsurance subsidiary, Overseas Partners Re Ltd.

(OPRe), specialises in providing quality reinsurance solutions to its business partners. It has developed and expanded our reinsurance business to meet the changing demands of the reinsurance community.

OPL provides accident & health, automobile, aviation, marine, property, workers' compensation and financial classes of reinsurance business. Prior to October 1, 1999 OPL also provided shipper's risk reinsurance.

OPL has two other reinsurance subsidiaries, Overseas Partners Cat Ltd. (OPCat) and Overseas Partners Assurance Ltd (OPAL).

OPL, through its subsidiaries currently owns and manages a convention hotel and five major Class A office buildings in Atlanta, Boston and Chicago.