JOHNSTON, R.I., April 27, 2015 (GLOBE NEWSWIRE) -- via PRWeb - Mutual clients of commercial property insurer FM Global will collectively receive an estimated US$465 million in premium credit when they renew their policies between June 30, 2015 and June 29, 2016, due to the company's favorable operating performance. The "membership credit" each policyholder will receive will be based on annual premium and client tenure.
Following this credit, FM Global clients will have benefited from approximately US$3 billion in membership credit since the program was introduced in 2001. Approximately 1,900 clients qualify, some of which have been FM Global policyholders since the late 1800s.
"As a mutual company owned by its clients, we are focused on helping our policyholders be more resilient in the face of adversity," said Thomas A. Lawson, president and chief executive officer. "Our clients' diligence towards property risk improvement efforts, combined with our favorable loss experience and financial strength, make it possible for us to provide eligible policyholders with this premium credit and share in our mutual success."
FM Global clients holding policies consecutively for:
- less than five years will be eligible for a five percent credit;
- five to 19 consecutive years will be eligible for a 10 percent credit;
- 20 consecutive years or more will be eligible for a 15 percent credit
A more detailed overview of the 2015/2016 membership credit plan (including eligibility, timing and basis for calculations) is available at http://www.fmglobal.com .
Established 180 years ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management. Those 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 key property hazards that can impact their business continuity to make cost-effective risk management decisions combining property loss prevention with insurance protection. FM Global is rated A+ (Superior) by A.M. Best, AA (Very Strong) by Fitch and A+ by Standard & Poor's.
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