Overseas Partners Ltd. has completed the sale of its defunct reinsurance subsidiary to Catalina Holdings Ltd., Business Insurance has reported.

OPL earlier this month announced the deal to sell its Overseas Partners Re Ltd. unit to Catalina, also of Bermuda, for $170.5 million. OPL Re as of June 30, 2005, had total assets of $363 million and gross loss reserves of $141 million, OPL said in a Securities and Exchange Commission filing on Thursday.

OPL in 2002 placed the majority of its operations in runoff amid shareholder liquidity problems.

In addition to the reinsurance unit, other runoff operations include OPFinite, its finite reinsurance division, and Overseas Partners Assurance Ltd., its rent-a-captive facility.