Overseas Partners, Ltd., a Bermuda reinsurer that closed its doors to new business four years ago, is in the final stages of being wound up.

Creditors were given notice this week to get claims into the company?s liquidators by the end of March, a step in the company?s liquidation. Shareholders voted in favour of the company being closed down on January 31. Joint liquidators are Nigel Chattergee and Peter Mitchell.

The wind-up comes on the heels of OPL selling off most of its operating assets, settling major liabilities and returning some $1.16 billion to shareholders. As of December 15, OPL?s shareholders? equity was $64 million. Investors are unlikely to recoup more than $60 million when the company makes its final distribution of capital, the company said.

OPL said its final distribution of capital could be depleted by the cost of liquidating the company, the outcome of tax audits, and any resolutions of legal proceedings.

Also at issue is whether OPL will be able to reclaim the full value of its investment in a private Barbados reinsurer, according to information in OPL?s proxy statement. In 2002 OPL?s board decided to bow out of the reinsurance market after its shareholders pushed for greater liquidity. Under its structure as a privately-held reinsurer, OPL couldn?t offer that. OPL was set up in 1983 as United Parcel Service?s reinsurer, and was largely owned by 98,000 past and present employees of the shipper.