What’s new: In brief (June 03, 2004)

Everest Re has seen its “A+” (superior) rating affirmed by A.M. Best and extended to Everest International Reinsurance Ltd. The rater notes Everest Re’s strong earnings and capital position, with a 2003 ROE of 18.1% and total capital in excess of US$4.3 billion. Offsetting factors include the reinsurer’s heavy exposure to California workers’ comp.

The Canadian Life and Health Insurance Association (CLHIA) has named Sun Life Financial CEO Donald Stewart as its new chairman at the association’s agm in Montreal. Stewart is the CLHIA’s 99th chairman, and will work with new chairman-elect James Brierley of Munich Reinsurance Co. Canada.

ACE Ltd. subsidiary ACE INA is releasing US$500 million in 10-year senior notes, guaranteed by the parent company. The majority of the proceeds with go to repay US$400 million in ACE INA notes which mature in August 2004.