FM receives upgraded rating of AA- from S&P, post rebranding

Commercial property insurer, FM Global which recently rebranded as FM, has received an upgrade in its financial strength rating to ‘AA-’ from ‘A+,’ by S&P Global Ratings, reflecting its ‘very strong’ competitive profile, innovative risk engineering expertise, supported by its innovative loss prevention solutions, and prominence in the large commercial property market.

The ratings agency stated that the upgrade reflects its view that FM will maintain strong operating margins that compare favourably with ‘aa’ rated peers.

S&P Global Ratings explains: “We also think the company’s innovative risk engineering expertise would sustain strong operating margins outperforming the industry. We view favourably the company’s robust capital buffer in excess of risk-based capital requirements at our extreme stress scenario.”

At its midyear meeting in July 2024, Malcolm Roberts, Chairman and Chief Executive Officer (CEO) unveiled a new logo and tagline for FM.

In a new environment with rapidly emerging risks, the updated brand reflects FM’s evolving business and impact after nearly two centuries of partnering with and protecting global businesses.

FM will serve as the parent brand for its flagship mutual insurance company and commercial property insurer, AFM, now known as FM Affiliated. Meanwhile, the firm’s cargo insurance business, boiler and machinery reinsurance business and a new renewable energy unit will also incorporate the new FM brand name.

Roberts commented: “Our new brand positions us collectively for our next wave of success by clarifying who we are and what we stand for: protection, partnership and progress.

“We believe that by uniting our businesses under the FM brand, we will streamline and strengthen our market position, which will allow us to provide an even better experience for our current clients and reach more organizations that share our belief that the majority of property loss is preventable.”

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