LONDON—Commercial and industrial property insurer FM Global’s "AA" (Very Strong) financial strength rating has been affirmed by Fitch Ratings for a seventh consecutive time, and been given a "stable" rating outlook.
Fitch reported that "the ratings continue to reflect FM Global'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 ratings firm noted that FM Global's "long-term operating performance continues to be strong" and it believes "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."
The company added that "Fitch 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: Established in 1835, FM Global (www.fmglobal.co.uk) is a mutual insurance company, owned and governed by its policyholders, which include more than one of every three FORTUNE 1000 companies and similar-sized organisations in more than 130 countries.
FM Global works with many of the world’s largest organisations 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.