JOHNSTON – FM Global is moving up in the world.
The Rhode Island-based commercial-property insurance giant has jumped more than 200 spots on Fortune magazine’s list of the 1,000 largest U.S. companies.
The magazine ranked FM Global 545th in the May 3 edition, up from No. 766 last year. The ranking is based on revenue figures.
In March, FM Global posted a profit of $840 million for 2009, rebounding from a $318 million loss the previous year, when turmoil in the financial markets damaged the company’s investment portfolio.
For 2009, FM Global said gross premiums in force – the insurance industry equivalent of revenue – totaled $4.7 billion, a 5.6 percent increase from 2008. Net premiums written fell 1.2 percent to $3.3 billion.
The insurer said its policyholder surplus – cash available to pay claims – grew 35 percent to $6.3 billion.
FM Global said it is the 17th longest-standing company among this year’s Fortune 1,000. The company is celebrating its 175th anniversary this year. •
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