May 16, 2006 by Canadian Underwriter
Business property insurer FM Global’s financial performance rating of A+ (Superior) was recently affirmed by A.M. Best Ratings Co.
Noting that FM Global continues to be “a market leader among providers of commercial property insurance,” the insurance ratings company went on to affirm the insurers “stable” rating outlook.
The A+ rating is assigned to insurers with, according to A.M. Best, “a very strong ability to meet their ongoing obligations to policyholders.” As such, A.M. Best’s affirmation of FM Global’s rating indicates “excellent capitalization, solid operating performance” as well as the company’s “re-underwriting efforts, loss prevention technology and property conservation.”
A.M. Best reports that as well as attracting and retaining clients, FM Global consistently retained more than 90% of its policyholders. This consumer loyalty is, according to A.M. Best, a result of the insurers “stable capacity, unmatched engineering, global reach, loss prevention technology, shared commitment to property preservation and the use of membership credits.”
“FM Global (serves) a significant number of FORTUNE 1000 companies worldwide, many of which have been with FM Global for more than 25 years,” A.M. Best notes.
The ratings agency also says it expects FM Global’s “solid earnings and cash flow over the near term will continue to grow (its) invested asset base” and that FM Global will “continue to record strong returns.”