FM Global named “top performing” insurer

JOHNSTON – Commercial property insurer FM Global, Rhode Island’s largest private company, has been named one of top performing U.S. property and casualty insurance companies in 2009 by industry consultant the Ward Group.
In announcing the accolade, FM Global said companies named to the annual “Ward’s 50” list have had strong financial performance over a five-year period. More than 3,000 property and casualty insurers were examined by Ward.
Despite a shaky economy, FM Global said it reported $4.6 billion in gross premium revenue in 2008 and produced an underwriting profit. The company did report a $318 million loss in its 2008 annual report, due in part to losses in its investment portfolio amid turbulence in the financial markets. The company said net income before the investment losses and income taxes was $308 million for 2008.
“In selecting the Ward’s 50, we identify companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results,” said Jeff Rieder, president of Ward Group.
FM Global – a commercial and industrial property insurer with clients in more than 130 nations – is a $4.6 billion policyholder-owned mutual insurance company. It employs 5,100 people in 61 offices worldwide, including nearly 1,700 in Southern New England at its headquarters in Johnston, research campus in Glocester and offices in Norwood and Waltham, Mass. Additional information is available at www.FMGlobal.com.