Mary Hennessy

Overseas Partners Ltd. has taken measures that it described as "painful" to preserve its capital after losing 36 per cent of it in a little over 12 months.These include suspending its share repurchase program, lowering the "fair value" of the firm's shares to $14.50 per share and reducing the dividend from 45 cents to 25 cents per share, effective August 8.

Overseas Partners Ltd. returned to profitability in the third quarter, reporting net income of $2.4 million or two cents per share, compared with a loss of $46.7 million or 37 cents per share a year earlier. Shortly after reporting its