top-ranking Bermuda executive to Philadelphia to head the company's US subsidiary.

Michael J. Cascio will become president and CEO of Overseas Partners U.S.

Reinsurance Company (OPUS Re) effective February 1, and management in Bermuda hopes he will help integrate the newly-acquired subsidiary, formerly known as Reliance Reinsurance Company. Mr. Cascio is currently OPL's chief underwriting officer and has worked in Bermuda for the past 16 years, during which time he held positions with Stockton Re, Centre Re, Pinnacle Re and KPMG.

"We are now fortunate to have the executive talent here in Bermuda to permit Mike's transfer to the US,'' said Mary R. Hennessy, OPL's CEO, in a release.

"He has been a key partner to Mark Bridges, chief financial officer, and me over the past year in our efforts to execute the strategic re-positioning of OPL,'' she said.

"Mike's experiences and capabilities will be essential in guiding the integration of OPUS RE into the group and positioning the combined entities to our maximum advantage in the worldwide reinsurance market.'' OPL bought Reliance Re in October, which gave the company 50 additional staff specialising in property and casualty treaty, casualty facultative and agricultural reinsurance. The acquisition also positioned OPL in the United States at a time of improving conditions in the insurance and reinsurance markets.