JOHNSTON – Commercial property insurer FM Global posted 2006 net income of $737 million, a 16-percent increase over the previous year’s $635 million.
The policyholder surplus grew 18 percent to $5.2 billion from $4.4 billion in 2005, FM Global said, and the company’s retention rate was 93 percent.
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“Given our strong capital base, operating record and mutual ownership, we have continued to offer our products and services at pre-Hurricane Katrina levels,” Shivan S. Subramaniam, FM Global’s chairman and CEO, observed in the report.
In October, the company opted to further share that good fortune with its commercial and industrial clients, giving a $355 million membership credit against 2007 renewal premiums.
The company, based in Johnston, is rated A+ (Superior) by A.M. Best Co. and AA (Very Strong) by Fitch Ratings.
FM Global – formed from the merger of Allendale Insurance and four other companies, and occupying the former Allendale headquarters – is a commercial and industrial property insurer with 4,700 employees in 52 offices worldwide. Its roots stretch back to its founding in Rhode Island in 1835. Additional information is available at www.fmglobal.com.
