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If this file is in this fixed format, this would work:


cat file

15628 27243 LM INS CORP QQ1234567977011 SPIDLE CONTRACTING LLC 21MI 10 13 2006 03 04 2010 05 Premium Recovered - First Attorney...

for only the lines that got updated:
sed -n 's/^\(.\{200\}.\{89\}\)-/\1O/p' filename

Yes, you have to break the number 289=255+34:-
sed 's/^\(.\{255\}.\{34\}\)-/\1O/' infile
EDIT: make sure you have a - sign at this position, otherwise the replace will not happen.

try:
sed 's/^\(.\{200\}.\{89\}\)-/\1O/' filename

I think sed has a limitation, you cannot specify more than 255 in curly braces "\{ \}", then you will get the following error:-
cannot be parsed.