ratings agency after acquiring a US subsidiary.

A.M. Best Company, Inc. gave the newly acquired US assumed reinsurance subsidiary, Overseas Partners US Reinsurance Company (OPUS Re) the rating of A g (Excellent).

OPL, which was established in 1983 as a Bermuda reinsurer, is rated by A.M.

Best A (Excellent), Financial Size Class XV.

"We are pleased with the outcome of the rating process with A.M. Best which validates the financial strength of the parent and our commitment to our new US subsidiary and their clients,'' stated Mary Hennessy, Chief Executive Officer of OPL in Bermuda.

She added: "The A (Excellent) rating of OPUS Re reflects: its initial paid in capital of $275 million; the commencement of business with no loss or loss expense liabilities; and the substantial capital of OPL.'' OPUS Re was acquired from Reliance Insurance Company on October 2, 2000, included a team of professional reinsurance staff. OPUS Re is an authorised reinsurer in all 50 states and is headquartered in Philadelphia, Pennsylvania.