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.”
Was this article valuable?
Here are more articles you may enjoy.
California Smoke Damage Act Would Enable Wildfire Victims to Expedite Claims 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
Kansas Man Sentenced for Insurance Fraud, Forgery 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
