FM GLOBAL AWARDED TOP UK BUSINESS HONOUR:
QUEEN'S AWARD FOR ENTERPRISE

WINDSOR, UK - Windsor-based commercial and industrial property insurer
FM Insurance Company Limited (which trades under the name FM Global) has been honoured with a prestigious Queen's Award for Enterprise, in recognition of the company's outstanding achievements in the area of international trade. FM Global is the first property insurer to ever receive the award, which acknowledges the company's strong growth in international earnings that have trebled over the past three years. FM Global's largest growth markets, in addition to the UK, have been France, Germany, Benelux, Scandinavia and Australia and its clients now include 20-percent of the FTSE100 and more than one-third of the FORTUNE 1000.

FM Global's combined ratio (the true measure of an insurance company's profitability) was 66-percent in 2003, the company's best ever profitability figures, and marked a 25-percent improvement over the past three years. FM Global's combination of financial strength and profitability, driven by the ability to manage the impact of losses, enabled the company to disburse a global membership credit worth a total of US$325m (£189m), which will be returned to eligible clients during 2004 as premium savings.

"We are delighted to receive this great honour and for our business performance to be recognised with such a prestigious award," said Ken Davey, managing director, FM Global. "It is a tribute to the hard work and dedication of our employees who are our biggest asset and continuously aim to serve our clients well."

FM Global, whose unique business model is based on the belief that the majority of all loss is preventable, has grown with its clients' multinational expansions and now provides insurance and risk management services in more than 100 countries worldwide. Major corporations, who continue to look for efficiency gains, are increasingly relying on FM Global's superior insurance capacity, risk assessment services, proven property loss prevention engineering expertise and research to reduce the risks to their business operations.

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Notes to Editors:

The Queen's Awards for Enterprise
The Queen's Awards for Enterprise are one of the UK's most prestigious awards for business performance. They are the business equivalent of the New Year's Honours for individuals, and recognise and reward outstanding achievement by UK companies. The Awards are made each year by the Queen, on the advice of the Prime Minister, who is assisted by an advisory committee that includes representatives of government, industry and commerce, and the trade unions.

FM Insurance Company Limited
FM Insurance Company Ltd has been established in the UK since 1963. Based in Windsor, the company manages all of FM Global's business in Europe, Asia, Australia and Africa. It provides insurance and risk management services to many of the world's leading organisations, including 20-percent of FTSE100 companies. This award has been granted to FM Insurance Company Limited in the International Trade category. FM Insurance Company Limited is regulated by the Financial Services Authority.

FM Global
FM Global is a policyholder-owned mutual insurance company, with operations across the globe. For nearly 170 years, FM Global has been helping its clients better understand the nature of their risk and develop sound property loss prevention solutions that can effectively improve their risk profile. Headquartered in Johnston, R.I., USA, FM Global is today one of the world's largest commercial and property insurers, providing coverage for more than one-third of the Global 1000s.
FM Global recently leapt to number 549 on the FORTUNE 1000, one of the largest jumps in rank for any company.