What’s new: In brief (July 19, 2004)

Swiss reinsurer Converium AG and its subsidiaries have seen their counterparty credit and financial strength ratings lowered by Standard & Poor’s to “A-” from “A”. The downgrade is a result of Converium’s announcement that it would take an earnings hit in 2004 to boost reserves for U.S. casualty business by US$400 million at least. A reserve review is underway at S&P notes this US$400 million total could increase.

Sun Life Financial Canada has a new president in Kevin Dougherty, effective September 6. Dougherty, currently executive vice president with the Canadian group benefits and retirement business, will succeed Roberty Astley, who is retiring. Dougherty has been with Sun Life since 1994.