more than 80 percent from $105.5 million to $20.1 million in its first quarter for 2000.

The fall was attributed to difficult conditions in both the reinsurance world and investment markets as well as the cancellation of the company's shipper's risk reinsurance programme.

Gross written premiums fell by 33 percent from $425.4 million for the first quarter, ending March 31, 1999 to $285.5 million for the same period this year. OPL has total assets of $5 billion.

The new President and CEO of OPL, Mary Hennessy, who took over at the beginning of April, said: "Our results for the first quarter were satisfactory, given the continued difficult conditions in both the reinsurance and investment markets.

"As expected, our current quarter results have declined significantly from those reported in the same period last year following the cancellation of the shipper's risk reinsurance programme on October 1, 1999.'' The first quarter reported revenue of $225 million, down 21 percent from last year. Basic diluted income per share fell over 80 percent from 84 cents to 16 cents.

Mrs. Hennessy said: "We are in the process of repositioning OPL following the cancellation of the shipper's risk programme. During this quarter we started to write property catastrophe business through our new subsidiary, Overseas Partners Cat Ltd.'' She added that the company's gross written premiums of $35.7 million exceeded OPL's planned writings, which she said reflected the same view their underwriting partner Renaissance Re had that there were still openings in this market. Our sizable capital base and our evolving technical expertise will allow us to position OPL as a significant reinsurer in specialised lines when and if profit opportunities exist. To that end we added three new programmes and $36 million of new premiums this quarter in the accident and health line of business, where there have been major improvements in both pricing and terms.'' OPL noted in its safe harbour disclosures there can be no assurances of its ability to replace the revenues derived in the past from reinsurance of excess value package insurance with UPS.