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                                                                   Exhibit 10.48

                              Employment Agreement

AGREEMENT (the "Employment Agreement" or this "Agreement") dated as of the 1st
day of November, 2002, between First Allmerica Financial Life Insurance Company,
a corporation having its principal office at 440 Lincoln Street, Worcester,
Massachusetts 01653 (the "Company") and Bruce C. Anderson ("Employee") residing
at 7 Brooks Crossing, West Boylston, Massachusetts 01583.

The Company and Employee hereby agree as follows:

        1.      Employment. The Company hereby employs Employee and Employee
                hereby accepts employment upon the terms and conditions
                hereinafter set forth. (As used throughout this Agreement,
                "Company" shall mean and include any and all of its present and
                future subsidiaries and affiliates.) Employee warrants that
                Employee is free to enter into and fully perform this Agreement
                and is not subject to any employment, confidentiality,
                non-competition or other agreement which would restrict
                Employee's performance under this Agreement.

        2.      Duties. Employee shall devote Employee's full time to the
                performance of services for the newly established Office of the
                Chairman with duties as determined by the Chairman, to provide
                services to the Search Committee of the Board of Directors, to
                provide services to Corporate Services as needed and such other
                services as may from time to time be designated by the President
                of Allmerica Asset Accumulation, the President of Allmerica
                Property and Casualty Companies or by the Chairman of the Board
                of Allmerica Financial Corporation ("AFC") or by the new
                permanent President and Chief Executive Officer of AFC. During
                the term of this Agreement, Employee's services shall be
                completely exclusive to the Company and Employee shall devote
                Employee's entire time, attention and energies to the business
                of the Company and the duties to which the Company shall assign
                him from time to time. Employee agrees to perform Employee's
                services well and faithfully and to the best of Employee's
                ability and to carry out the policies and directives of the
                Company. Employee agrees to take no action prejudicial to the
                interests of the Company during Employee's employment hereunder.
                Employee shall be based in Worcester, Massachusetts but Employee
                may be required from time to time to perform duties hereunder
                for reasonably short periods of time outside said area.

        3.      Term. The term of this Agreement shall begin on November 1, 2002
                and shall end on December 31, 2003 (the "Term"). This Agreement
                may by mutual agreement of the parties be extended beyond the
                Term.

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        4.      Compensation.

                i) Base Salary: During the period of Employee's employment under
                this Agreement, the Company shall pay Employee an annual salary
                rate of $350,000.00, payable bi-weekly, subject thereafter to
                periodic review by the Chairman of the Board or the new
                permanent President and Chief Executive Officer of AFC and the
                AFC Compensation Committee and payable in accordance with the
                Company's payroll policy as in effect from time to time ("Base
                Salary").

                ii) Incentive Compensation: If an incentive or bonus
                compensation program is made available to employees of the
                Company generally, Employee shall be entitled, during the term
                hereof, to participate in such program in accordance with the
                terms thereof, as such terms may be modified or amended by the
                Company from time to time; provided, however, that nothing
                contained herein shall obligate the Company to adopt or continue
                such an incentive or bonus compensation program. The Company
                hereby acknowledges that the Employee is a participant in the
                2002 Short Term Incentive Compensation Plan and has a target
                goal of sixty percent (60%) of $350,000.00. Notwithstanding the
                provisions of the 2002 Short Term Incentive Compensation Plan,
                the Company agrees that your 2002 Short Term Incentive
                Compensation award will be no less than $100,000.00, provided
                the business unit contribution from Risk Management is at least
                $140 million dollars. The Company agrees that the Employee shall
                be a participant in the 2003 Short Term Incentive Compensation
                Plan and have a target goal of seventy-five percent (75%) of
                $350,000.00.

                iii) Stock Plan: The Company agrees that the Employee is
                eligible to participate in the 2003 Allmerica Financial
                Corporation Long Term Stock Incentive Plan. The terms of such
                participation shall be determined in January of 2003.

                iv) Retention Bonus: If Employee is actively at work from the
                date of this Agreement until July 1, 2003, or if Employee's
                employment is terminated prior to July 1, 2003 by the new
                permanent President and Chief Executive Officer of AFC pursuant
                to the provisions of Section 9(e), the Employee will receive a
                Retention Bonus of $275,000.00.

        5.      Severance Benefit. Notwithstanding any provision included in
                Section 9, during the Term, Employee shall have the right upon
                thirty days written notice to elect to retire. In such event,
                Employee shall receive a severance benefit equal to $350,000.00
                and shall have any Restricted Stock held by the Employee at such
                time vest without restriction, provided Employee executes a
                mutually acceptable severance agreement, which agreement would
                include a general release in favor of the Company. If Employee
                elects to retire after July 1, 2003, Employee shall have his
                cash severance benefit increased to $400,000.00.

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        6.      Expenses. Employee shall be entitled to reimbursement for
                expenses reasonably incurred in connection with the performance
                of Employee's duties hereunder in accordance with such
                Procedures as the Company may establish from time to time.

        7.      Vacation During Employment. Employee shall be entitled to five
                (5) weeks during each calendar year in accordance with Company
                policy.

        8.      Additional Benefits. During the term hereof and subject to any
                contribution therefor generally required of employees of the
                Company, Employee shall be entitled to participate in any and
                all employee benefit plans from time to time in effect for
                employees of the Company generally, but the Company shall not be
                required to establish any such program or plan. Such
                participation shall be subject to (i) the terms of the
                applicable plan documents, (ii) generally applicable Company
                policies and (iii) the discretion of the Board of Directors or
                any administrative or other committee provided for in or
                contemplated by such plan. The Company may alter, modify, add to
                or delete its employee benefit plans at any time as it, in its
                sole judgment, determines to be appropriate, without recourse by
                the Employee.

        9.      Termination of Employment. Employee's employment may be
                terminated prior to the expiration of the term of this Agreement
                under the following circumstances:

                (a)     By the Company in the event of Employee's failure,
                        refusal or inability satisfactorily to perform the
                        services required of Employee hereby, or to carry out
                        any proper direction of the Board of Directors with
                        respect to the services to be rendered by Employee
                        hereunder or the manner of rendering such services, or
                        Employee's willful misconduct in the performance of
                        Employee's duties hereunder, or Employee's commission of
                        a felony;

                (b)     By the Company upon 30 days' notice to Employee if
                        Employee should be prevented by illness, accident or
                        other disability from discharging Employee's duties
                        hereunder for one or more periods totaling three months
                        during any twelve-month period;

                (c)     Except as otherwise provided in Section 9(a), by either
                        the Company or Employee for any material breach by the
                        other of the terms hereof, but only upon 30 days'
                        written notice to the other specifying the breach relied
                        on for such termination, and only if such breach has not
                        been cured within such 30-day period; or

                (d)     In the event of Employee's death during the term of
                        Employee's employment, the Company's obligation to pay
                        further compensation hereunder shall cease forthwith,
                        except that Employee's legal representative shall be
                        entitled to receive Employee's fixed compensation for
                        the period up to the last day of the month in which such
                        death shall have occurred.

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                (e)     By Company Other Than for Cause. Company may terminate
                        Employee's employment hereunder other than for Cause at
                        any time upon notice to Employee. In the event of such
                        termination, and provided that no benefits are payable
                        to Employee under a separate severance agreement or an
                        executive severance plan as a result of such termination
                        or pursuant to the provisions of Section 5, Company
                        shall pay Employee one (1) year of Base Salary at the
                        rate in effect on the date of termination and provided
                        Employee executes a mutually acceptable severance
                        agreement, which agreement would include a general
                        release in favor of the Company.

                (f)     If Employee receives benefits under a separate severance
                        agreement, executive severance plan or pursuant to the
                        provision of Section 5, Employee shall not be entitled
                        to payments pursuant to sub-section 9(e).

        10.     Confidentiality. Except in performance of services for the
                Company, Employee shall not, either during the period of
                Employees employment with the Company or thereafter, use for
                Employee's own benefit or disclose to or use for the benefit of
                any person outside the Company, any information concerning any
                Intellectual Property, or other confidential or proprietary
                information of the Company, whether Employee has such
                information in Employee's memory or embodied in writing or other
                tangible form. All originals and copies of any of the foregoing,
                however and whenever produced, shall be the sole property of the
                Company, not to be removed from the premises or custody of the
                Company without in each instance first obtaining authorization
                of the Company, which authorization may be revoked by the
                Company at any time. Upon the termination of Employee's
                employment in any manner or for any reason, Employee shall
                promptly surrender to the Company all copies of any of the
                foregoing, together with any documents, materials data,
                information and equipment belonging to or relating to the
                Company's business and in Employee's possession, custody or
                control, and Employee shall not thereafter retain or deliver to
                any other person any of the foregoing or any summary or
                memorandum thereof.

        11.     Non-Competition Covenants:

        11.1    For as long as Employee is receiving Base Salary payments
                pursuant to the terms of this Agreement, Employee may not render
                services to or be otherwise employed by or associated with, or
                (except as a holder of a stock interest not to exceed 1 percent
                in the securities of publicly held and traded companies)
                interested in any person or entity which sells services or
                products competitive with those offered by Company.

        11.2    If Employee violates any of the covenants or agreements under
                this Section 11, Company shall be entitled to an accounting and
                repayment of all profits, compensation, commissions,
                remuneration, or other benefits that Employee directly or
                indirectly has realized and/or may realize as a result of,
                growing out of, or in connection with, any such violation. These
                remedies shall be in addition to, and not

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                in limitation of, any other rights or remedies to which Company
                is or may be entitled.

        12.     Non-Solicitation Agreement. Employee agrees and covenants that
                Employee will not, unless acting with the Company's express
                written consent, directly or indirectly, during the term of this
                Agreement or for a period of two (2) years thereafter, solicit,
                entice away or interfere with the Company's contractual
                relationships with any customer, client, broker, officer or
                employee of the Company.

        13.     Notices. All notices and other communications hereunder shall be
                in writing and shall be deemed to have been given three days
                after having been delivered or mailed by first-class, registered
                or certified mail, or the next day after having been sent by
                overnight mail, as follows: (a) if to Employee, at the address
                shown at the head of this Agreement or to such other person(s)
                or address(es) as Employee shall have furnished to the Company
                in writing; and (b) if to the Company, Attention: Chairman of
                the Board, with a copy to the General Counsel, or to such other
                person(s) or address(es) as the Company shall have furnished to
                the Employee in writing.

        14.     Assignability. In the event that the Company shall be merged
                with, or consolidated into, any other corporation, or in the
                event that it shall sell and transfer substantially all of its
                assets to another corporation or entity, the terms of this
                Agreement shall inure to the benefit of, and be assumed by, the
                corporation or entity resulting from such merger or
                consolidation, or to which the Company's assets shall be sold
                and transferred. This Agreement shall not be assignable by
                Employee.

        15.     Entire Agreement. This Agreement contains the entire agreement
                between the Company and Employee with respect to the subject
                matter hereof and there have been no oral or other prior
                agreements of any kind whatsoever as a condition, precedent or
                inducement to the signing of this Agreement or otherwise
                concerning this Agreement or the subject matter hereof.

        16.     Remedies.

        16.1    Subject to Section 16.2, any claim or controversy arising out of
                or relating to this Agreement, including (without limitation) a
                claim by Company that Employee has violated any one or more of
                the restrictions set forth in Sections 10, 11 or 12, shall be
                settled by arbitration before a single arbitrator in Boston,
                Massachusetts in accordance with the Commercial Arbitration
                Rules of the American Arbitration Association. If the arbitrator
                finds that a violation of the foregoing restrictions exits or is
                threatened he shall prescribe appropriate relief which may
                include an award that Employee desist from such violation,
                whether or not such an order would issue, in the circumstances,
                under the equity powers of a court. Judgment upon the award
                rendered by the arbitrator may be entered in any court of
                competent jurisdiction.

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        16.2    Company shall have the right, which may be exercised in lieu of
                or in addition to the procedure set forth in Section 16.2, to
                submit a claim that Employee has violated any one or more of the
                restrictions set forth in Sections 10, 11 or 12 to any court of
                competent jurisdiction and Company will be entitled, in addition
                to any other remedies available to it from such court, to obtain
                injunctive relief from such court to enforce the terms of this
                Agreement. Employee, upon receipt of written notice of the
                institution of proceedings in such court, hereby agrees to
                submit to the jurisdiction of such court.

        17.     Amendments. This Agreement may not be amended, nor shall any
                change, waiver, modification, consent or discharge be effected
                except by written instrument executed by the Company and
                Employee.

        18.     Severability. If any part of any term or provision of this
                Agreement shall be hold or deemed to be invalid, inoperative or
                unenforceable to any extent by a court of competent
                jurisdiction, such circumstance shall in no way affect any other
                term or provision of this Agreement, the application of such
                term or provision in any other circumstances, or the validity or
                enforceability of this Agreement.

        19.     Governing Law. This Agreement shall be governed by and construed
                and enforced in accordance with the law of the Commonwealth of
                Massachusetts, without regard to conflict of law principles.

IN WITNESS WHEREOF, the parties have executed or caused to be executed this
Agreement as of the date first above written,

                                        First Allmerica Financial Life Insurance
                                        Company

[Seal]                                  By: /s/ Bruce A. Anderson
                                           ------------------------------------
                                               Its

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                                        Bruce A. Anderson, Employee