JOHNSTON – FM Global has become the latest insurer with ties to Rhode Island to have its “superior” financial-strength rating affirmed by credit rating agency A.M. Best, the Johnston-based property insurance company announced Wednesday.
The “A+” rating, which A.M. Best made effective on Feb. 28, also applies to the company’s affiliates FM Insurance Europe S.A., FM Insurance Co., Affiliated FM Insurance Co. and Appalachian Insurance Co., the company said in a statement. While the “A+” rating is considered “superior,” it is one notch below A.M. Best’s top rating of “A++”.
In addition, FM Global maintained its “aa” long-term issuer credit rating, one notch below a top-rated “aaa.” The outlook for FM Global’s rating was considered “stable,” A.M. Best said.
“FM Global reinvests heavily in its engineering-based approach and is an innovator in contributing to the industry’s loss control and minimization through flood mapping and modeling internationally, as well as in cyber-risk assessment,” the rating agency said in its assessment. “FM Global is a well-run organization that has been a consistent property/casualty insurer with a strong and experienced management team that has plenty of depth.”
In January, Lincoln-based Amica Mutual Insurance Co. had its superior “A+” financial-strength rating affirmed by A.M. Best. Amica’s long-term issuer credit rating was kept at “aa-” and its outlook was deemed “stable.”
Metropolitan Life Insurance Co., which operates a property and casualty division in Warwick, had its “A+” rating affirmed last October. Its long-term issuer credit rating was affirmed at “aa-”, and its outlook is considered “stable.”
Last month, A.M. Best affirmed Providence Mutual Fire Insurance Co.’s financial-strength rating of “A-”, which the agency considers “excellent.” The company’s long-term issuer credit rating was maintained at “a-”, and the outlook was deemed “negative.”
William Hamilton is a PBN staff writer. Email him at Hamilton@PBN.com.
