Bermuda-based Overseas Partners Ltd (OPL) may have lost up to $25 million in reinsurance premium volume during the 15-day action, according to an article in Lloyd's List.

OPL president and chief executive officer Bruce Barone was reported to have been relieved both sides had reached a tentative agreement.

The article stated OPL reinsured UPS packages, so-called "shippers' interest reinsurance'', which accounted for $380 million in OPL premium volume last year.

This amounted to 45 percent of the company's total 1996 revenues.

The industrial action was costing OPL between $1.5 million and $2 million a day in lost revenue opportunity, the article added.

But the dispute was not expected to have a material effect on OPL's 1997 net income, now that a final settlement was in sight.