announced the appointment of a new Chief Executive Officer.

Mary Hennessy will take over the position, which has been held by Scott Davis, on April 1, pending Bermuda immigration formalities.

Mrs. Hennessy was appointed President and Chief Operating Officer on January 4 this year, and has been promoted into the place of Mr. Davis, who is leaving Bermuda and returning to the United States.

Chairman of Overseas Partners Ed Reitman, said: "Scott Davis has overseen a period of significant change in the company's operation following the cancellation of our shipper's risk reinsurance programme.

"This programme, which provided reinsurance for the loss or damage to packages carried by United Parcel Service of America Inc (UPS), had been our largest and most profitable programme since the company's inception in 1983.'' Mr. Reitman praised Mr. Scott and said that, since the cancellation of the programme, Mr. Scott had worked with the board of directors to evaluate alternative business.

He added: "Mr. Scott was instrumental in the identification of several new product lines and strategic investments, including our partnership arrangement with Renaissance Re Holdings Ltd to underwrite worldwide property catastrophe reinsurance programmes and our strategic investment in Annuity & Life Re (Holdings) Ltd.'' Mr. Reitman also welcomed Mrs. Hennessy to the position of CEO and praised her for her leadership qualities.

He said: "Mary has over 23 years of underwriting and senior management experience in the insurance and reinsurance industry. She is recognised throughout the industry for her technical expertise, leadership qualities and industry knowledge. The board looks forward to working with Mary and her new management team as we complete our transformation of OPL into one of the world's leading specialty reinsurance companies.'' Overseas Partners recorded total assets and members' equity at December 31,1999 as $4.9 billion and $2.5 billion respectively.

Once known as primarily as a provider of shippers risk insurance, the company has moved into multi-line reinsurance. This includes property, workers' compensation, car, aviation, marine, accident and health as well as financial reinsurance.

The company has also been diversifying and has bought into a number of prime office buildings in Atlanta, Boston and Chicago.

At the year end of 1999, Overseas Partners had net income of $232.8 million and annual revenues exceeding $1.4 billion.

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