Bermuda based Overseas Partners Ltd (OPL) has agreed to acquire Reliance Reinsurance Company from Reliance Insurance Co., but will not assume the existing liabilities of either company.
The amount paid by OPL hasn’t been revealed, but the main asset it has acquired is the staff of 50 professionals, located in Philadelphia, who are the current managers and underwriters of Reliance Re, which “specializes in property and casualty treaty, casualty facultative and agricultural reinsurance.”
The addition gives OPL a reinsurance management facility in the U.S., which is larger than its current operation in Bermuda, and the authority, subject to regulatory approvals,”to write reinsurance in all 50 states and Washington DC, as well as insurance in over 40 states,” according to the announcement.
OPL is well positioned and well capitalized with total assets of $5 billion, but, according to Mary Hennessy, OPL’s President and CEO, “We required additional technical industry expertise in order to further differentiate ourselves in the market. We believe that our acquisition of Reliance Re and its team of reinsurance professionals together with an infusion of our capital, will establish OPL as a significant player in the United States reinsurance market.”
Was this article valuable?
Here are more articles you may enjoy.
Project 2025 Plan to End NFIP Welcomed by Some, Rejected by Others in Insurance 
Hacker Says AT&T Paid About $400,000 to Erase Sensitive Data 
US P/C Underwriting Results: Two Years in a Row Over $20 Billion in the Red 
Homebuilders Cut on ‘Sluggish’ Housing Market, Florida Woes 
