JOHNSTON, R.I., USA—Fitch Ratings has affirmed commercial and industrial property insurer FM Global's 'AA' (Very Strong) financial strength rating and 'Stable' outlook. The rating also applies to the company's affiliates, including FM Insurance Company Limited and Affiliated FM Insurance Company.
Fitch said the rating reflects FM Global's "long-term underwriting profitability, very strong capitalization and competitive advantages derived from the company's engineering expertise and global presence in specialty commercial property insurance markets, as well as benefits drawn from the company's mutual company status."
The rating agency added that "FM Global has built a strong franchise in the commercial property market for highly protected risks" and "views the company's engineering capabilities and loss prevention services as key advantages that are difficult for competitors to replicate."
Fitch also said it believes FM Global's "expertise will result in future underwriting results that are consistently better than peers."
About FM Global
Established nearly 200 years ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world's largest organizations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.