OPL, Alliance Capital Complete U.S. Acquisitions

October 3, 2000

Bermuda’s Overseas Partners Ltd. (OPL) announced that it had completed the acquisition of Reliance Re agreed upon last June. It plans to rename the company Overseas partners US reinsurance Company, and to maintain its Philadelphia headquarters, and most of Reliance’s management.

AXA subsidiary, Alliance Capital, also announced that the $3.5 billion acquisition of fund manager Sanford C. Bernstein Inc. had been completed.

The combined companies will have $470 billion of assets under management which will generate an estimated $3 billion in income. It employs 4000 people serving 2600 institutional accounts and 15,000 private clients, and has over 6.1 million “worldwide mutual fund shareholder accounts.”

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