Bermuda-based Overseas Partners Ltd. (OPL) has acquired a team of finite risk professionals from ecognised Bermuda-based finite risk insurer Stockton Re.

The new team will join OPL's existing finite risk underwriters to form a new division known as OP Finite, led by former Stockton Re president Jed Rhoads.

Mr. Rhoads will join OPL's executive management team and William Guffey, Chris Jacks and other Stockton Re senior executives will join him as part of OP Finite following the completion of transition responsibilities at Stockton Re.

A statement announcing the moves said: "This acquisition allows OPL to continue its growth strategy, which emphasises a focus on specialised areas of reinsurance where the combination of its Bermuda domicile, strong capital base, and world-class talent will provide a significant competitive advantage.'' OPL president and chief executive officer Mary Hennessy added: "The new team consists of some of the most experienced and diverse finite underwriting talent in the business.

"Their underwriting standards and discipline, combined with their creativity, fit well within OPL's existing finite operations. The market for quality finite opportunities is rapidly expanding, and we believe this timely move will add significant long-term profits to one of OPL's core businesses.

"This addition continues our strategy of hiring strong technical talent in specialised areas to better serve our international clients. My partners and I welcome Jed Rhoads and his colleagues, and look forward to helping launch OP Finite in the market.'' Stockton Re will continue its presence in the Bermuda finite risk market through a strategic alliance with OPL wherein it will provide retrocessional support on designated finite risk programmes and where certain types of finite risk business identified by OP Finite will be underwritten on Stockton's behalf.

Stockton Holdings president Tom Dailey said: "We are pleased with OPL's decision to create a strategic alliance with Stockton Re which represents the most effective way for Stockton Re to implement its finite business plan. We are looking forward to working with OPL.'' Mr. Rhoads added: "We are excited about trading on OPL's large and well-rated balance sheet. The larger, stronger underwriting platform will enable us to better serve brokers and clients by offering a wide variety of finite alternatives and solutions.

"Although both OPL and Stockton Re will continue to separately manage the accounts they each wrote, we are committed to ensuring a smooth transition for both sets of clients.''