WINDSOR, England - Clients of industrial and commercial property insurer FM Global will collectively receive an estimated US$420 million in premium reduction when they renew their policies between June 30, 2010 and June 29, 2011. The 'membership credit' is the largest the company has ever offered its clients and is a result of the mutual insurer’s continued financial success due, in large part, to policyholders’ diligent loss prevention efforts. The credit each client will receive will be based on client tenure, with longer-term clients benefiting the most.
Stefano Tranquillo, Vice President, Northern Europe Operations said “In these difficult times we are delighted that our policyholders will benefit from the company’s solid performance. Our clients share our philosophy that the majority of property loss is preventable and we partner with them to implement and manage robust and sustainable property loss prevention programmes. This proactive approach to risk improvement influences our financial stability and our ability to issue membership credits. Following this credit, the company will have applied nearly US$1.7 billion in total membership credit to its policyholders since 2001.”
The company also announced that, in recognition of its 175th anniversary in 2010, clients who have been with FM Global for 35 years or more will be eligible for a membership credit rate of 20 percent. More than 250 clients qualify, some of which have been policyholders with FM Global since the late 1800s.
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About FM Global
FM Global works with many of the world’s largest organizations to develop robust property insurance and engineering solutions to protect their business operations from fire, natural disasters and other types of property risk. In recent years, FM Global has been named “Best Property Insurer in the World” by Euromoney magazine, “Best Global Property Insurer” by Global Finance magazine and received the prestigious Queen’s Award for Enterprise. The company is rated A+ (Superior) by A.M. Best and AA (Very Strong) by Fitch Ratings. In the United Kingdom, FM Global is the communicative name for FM Insurance Company Limited, which is regulated by the Financial Services Authority.