LONDON, UK—Fitch Ratings has affirmed commercial and industrial property insurer FM Global’s ‘AA’ (Very Strong) financial strength rating and ‘Stable’ outlook. The rating also applies to the company’s affiliates, including FM Insurance Company Limited and Affiliated FM Insurance Company.
Fitch said the rating reflects FM Global's “long-term underwriting profitability, very strong capitalisation and 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 that “FM Global has built a strong franchise in the commercial property market for highly protected risks” and “views the company's engineering capabilities and loss prevention services as key advantages that are difficult for competitors to replicate.”
Fitch also said it believes FM Global’s “expertise will result in future underwriting results that are consistently better than peers.”
About FM Global
Established nearly 200 years ago, FM Global (www.fmglobal.co.uk) is a 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. FM Global is rated ‘A+’ by Standard & Poor’s, ‘A+’ (Superior) by A.M. Best, and ‘AA’ (Very Strong) by Fitch. In the United Kingdom, FM Global is the communicative name for FM Insurance Company Limited.