OVERSEAS PARTNERS BUYS RELIANCE REINSURANCE

Bermuda-based reinsurer Overseas Partners Ltd is to acquire Reliance Reinsurance from New York-based Reliance Group Holdings’ Reliance Insurance unit for undisclosed terms. Overseas Partners said only that the deal will not involve the transfer of any liabilities previously underwritten by Reliance Re, its immediate parent or other affiliates. Overseas president Mary Hennessy said that the acquisition will give the company “immediate access to proven technical underwriting, claims and actuarial expertise and will allow us to expand our partnerships with key clients in the world’s largest insurance and reinsurance market”. Reliance Re is licensed in all US states.