FM Global policyholders are set to receive a collective $355m in savings on their insurance premium beginning 1 January 2007, as a result of the company's better-than-expected operating performance in recent years due primarily to lower-than-expected property losses.
The one-time distribution will be in the form of an insurance premium reduction and will be disbursed to FM Global clients who renew their policies in 2007 and have policies in effect as of 30 September 2006.
“FM Global clients, who are our owners, have really embraced the powerful concept that the majority of all loss is preventable and, as a result, have proactively and effectively been managing their property exposures and reducing such risks over time,” said Shivan Subramaniam, FM Global chairman and chief executive officer.
This is the third membership credit FM Global will have given its policyholders since 2001, the most recent occurring in 2004.
