LONDON, UK—Commercial and industrial property insurer FM Global has received a ‘AA’ (Very Strong) financial strength rating affirmation from Fitch with a “Stable” outlook. The rating also applies to the company’s subsidiaries, including FM Insurance Company Limited and Affiliated FM Insurance Company.
In reference to the first nine months of 2015, Fitch noted that FM Global’s “long-term operating performance continues to be strong and supportive of the current rating level.” Adding the rating reflects the company’s “strong capital and long-term underwriting profitability, competitive advantages derived from the company's engineering expertise and global presence in specialty commercial property insurance markets, as well as benefits drawn from the company's mutual company status.”
The rating agency added, “FM Global has built a strong franchise in the commercial property market for highly protected risks,” noting it “believes that FM Global's favourable long-term underwriting performance is due in large part to the company's ability to incorporate engineering expertise into the risk selection and underwriting processes.”
Fitch also said it “views the company's engineering capabilities and loss prevention services as key advantages that are difficult for competitors to replicate, and believes this expertise will result in future underwriting results that are consistently better than peers.”
About FM Global
Marking 180 years in business, FM Global (www.fmglobal.co.uk) is a US$5.6 billion mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. FM Global works with many of the world’s largest organisations to develop cost-effective property insurance and engineering solutions to protect their business operations from fire, natural disasters and other types of property risk. In 2015, Global Finance Magazine named FM Global the ‘World’s Best Supply Chain Insurance Provider.’ In the United Kingdom, FM Global is the communicative name for FM Insurance Company Limited.