Bermuda-based Delphi International Ltd. has announced the company will be liquidated.

At a special general meeting of its shareholders held on January 8, 2002, the shareholders of the company approved the voluntary liquidation of Delphi International Ltd. and its subsidiaries.

Accordingly, the company and its subsidiaries have now commenced liquidation under the Bermuda Companies Act 1981 and it is expected that the liquidation procedures will be substantially completed by the end of March, 2002.

Delphi International Ltd. is the parent of Oracle Reinsurance Company Ltd., a Bermuda-based specialty reinsurer which started writing business on January 27 1998.