June 2004/3

US insurer Allmerica has announced the extent of likely incurred catastrophe losses following the recent spell of severe weather over the Michigan area.

Bruno Purro, chief risk officer at Swiss Re is to step down at the end of the year, to be replaced by Christian Mumenthaler, the giant reinsurer revealed last Thursday (3 June).

Bermuda’s Everest Re had its A+(Superior) financial strength rating affirmed by AM Best last Wednesday (2 June). The agency also affirmed Everest Re’s debt ratings and extended the group’s financial strength rating to a previously unrated subsidiary Evere

Moody’s and AM Best have respectively assigned A3 and BBB+ ratings to ACE INA’s proposed $500mn senior unsecured debt issue, announced last Wednesday (3 June).