Overseas Partners

Bermuda-based Overseas Partners Ltd. went into voluntary liquidation on January 31, 2006 - nearly four years after going into run-off. Peter C.B. Mitchell, 51, and Nigel J.S. Chatterjee, 52, both of PricewaterhouseCoopers (Bermuda), have been appointed liquidators.The process should be “substantially completed, if not completed, by the end of 2006 if events unfold according to plan”, the firm stated in a recent SEC filing.

Bermuda-based Overseas Partners Ltd., which went into run off in February, 2002, has reported a net loss of $211 million, or $1.77 per share, for the quarter ended September 30, 2002.OPL's comprehensive loss, which also includes changes in unrealized gains and losses on its investment portfolios "classified as available for sale", was $95.7 million.

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.

Bermuda Insurance Market Results Round-Up: The quarter ended June 30, 2000 was a healthy one for most Bermuda reinsurers, with six reporting profits, and two suffering losses, including a massive one for Overseas Partners Ltd. The general view was that the market has turned, rates have hardened and that profits should start rolling in again following a dismal 1999.