Displaying items by tag: FM Global
Commercial Property Insurer FM Global Elects International Paper CFO Glenn R. Landau to Board of Directors
Glenn R. Landau, senior vice president and chief financial officer of International Paper, one of the world’s leadingproducers of fiber-based packaging, pulp and paper products, has been elected to the board of directors of FM Global, one of the world’s largest commercial and industrial property insurers.
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 and similar-sized organizations worldwide.
“Glenn brings valuable experience and expertise in international strategic planning, operations and finance to FM Global’s board,” said Chairman Shivan S. Subramaniam. “As a mutual company owned and directed by our clients, we are pleased to have senior officers from our longtime policyholders helping with our governance and providing global perspectives that direct our strategy.”
Landau joined International Paper (IP) in 1991 and has since served in a variety of leadership positions, including vice president of containerboard and recycling, vice president of investor relations and president, International Paper Latin America, where he was responsible for the company’s paper and packaging businesses in Brazil, as well as IP’s strategic direction for the Latin America region. Landau was elected senior vice president in 2014 and was named CFO in February 2017.
Other members of FM Global’s board of directors include:
- Shivan S. Subramaniam, chairman, FM Global
- Frank T. Connor, executive vice president and chief financial officer, Textron Inc.
- Colin Day, retired chief executive, Essentra plc
- Michel Giannuzzi, chairman and chief executive officer, Verallia Packaging S.A.S.
- Daniel L. Knotts, president and chief executive officer, RR Donnelley
- Thomas A. Lawson, president and chief executive officer, FM Global
- John A. Luke Jr., chairman, WestRock Company
- Gracia C. Martore, retired president and chief executive officer, TEGNA Inc.
- Christine M. McCarthy, senior executive vice president and chief financial officer, The Walt Disney Company
- Stuart B. Parker, chief executive officer, USAA
- Edward J. Rapp, retired group president, Caterpillar, Inc.
- Israel Ruiz, executive vice president and treasurer, Massachusetts Institute of Technology
FM Global’s A+ (Superior) Financial Strength Rating Affirmed by A.M.
Study of U.S. Risk Managers Ranks FM Global #1 for Underwriting Expertise, Customer Service and Claims Processing
FM Global to be Featured in Multiple Segments on The Weather Channel
Following the costliest year in history for world natural disasters, including more than a dozen billion-dollar weather-related events in the United States alone, The Weather Channel will feature FM Global, one of the world’s largest business property insurers, in five monthly broadcast segments, plus online-only exclusives, geared toward helping viewers better prepare for when Mother Nature strikes.
The first segment, which focuses on protecting property from earthquakes, airs this week on the cable television network. It showcases FM Global’s Natural Hazards Laboratory, which is capable, among other things, of replicating the intensity of the largest earthquakes. The laboratory is located at the company’s US$125 million Research Campus in West Glocester, Rhode Island, USA.
In the coming months, The Weather Channel will examine how FM Global re-creates other extreme forces of nature and uses scientific research and product testing to help property owners protect against disasters.
For the latest updates on when segments will air and be posted online, follow FM Global on Twitter.
Founded in 1835, FM Global (www.fmglobal.com) helps more than one of every three FORTUNE 1000 companies and similar-size organizations worldwide, develop cost-effective property insurance and engineering solutions to protect their business operations from fire, natural disasters and other types of property risk.
Introducing the FM Global NatHaz Toolkit
FM Global has expanded complimentary access to its resources on preparing for natural hazard events with the launch of its NatHaz Toolkit.
Drawing upon FM Global's 175 years of research and engineering related to earthquake, flood, freeze and windstorm, the NatHaz toolkit includes podcasts, checklists and videos on protecting property from natural catastrophes. The resource is now available 24/7 through the Knowledge Center on fmglobal.com.
View the NatHaz Toolkit.
FM Global Names Rod Fisher Sr. VP
FM Global, one of the world’s largest business property insurers, has appointed Rod Fisher as senior vice president of underwriting and reinsurance.
In his new role, based at the company’s Johnston, R.I. USA-based corporate offices, Fisher will be responsible for the company’s overall underwriting and reinsurance functions. Previously, he served as senior vice president and manager of the company’s Central (U.S.) division, based in Park Ridge, Ill., USA where he was responsible for ensuring the smooth operation of the division, which serves clients in 22 U.S. states.
Fisher joined FM Global in 1985 as a field engineer, became a claims adjuster in 1987 and has held several management positions in sales and underwriting before being named a client service manager in 1999. In 2000, he was appointed vice president and operations manager for Los Angeles operations located in Woodland Hills, Calif., USA.
In 2002, he was recognized by Business Insurance magazine as one of the industry’s “35 Rising Stars” for his work on FM Global’s Client Servicing Process.
Fisher graduated with a degree in chemical engineering from Oregon State University and holds the CPCU designation from the American Institute of Chartered Property Casualty Underwriters.
FM Global’s AA (Very Strong) Financial Strength Rating Affirmed by Fitch
Commercial Property Insurer’s Favorable Underwriting Performance and Loss Prevention Engineering Expertise is Recognized
JOHNSTON, R.I., USA—Fitch Ratings has affirmed the 'AA' (Very Strong) financial strength rating of FM Global and stable rating outlook.
“The ratings continue to reflect FM Global's strong capital and long-term underwriting profitability, competitive advantages derived from the company's engineering expertise and benefits drawn from the company's mutual company status,” Fitch reported.
Fitch noted the strength of FM Global’s long-term operating performance and capital position and how the company’s surplus has been able to withstand large catastrophe losses that have occurred this year.
“FM Global's favorable underwriting performance is due in large part to the company's ability to incorporate its engineering expertise into its risk selection and underwriting processes,” Fitch added. “The company's engineering capabilities and loss prevention services (are) key advantages that are difficult for competitors to replicate. This expertise will result in underwriting results that are consistently better than (its) peers.”
FM Global Announces New Policy Enhancements to Meet Clients’ Evolving Needs
Just when insurers may be scrambling for ways to restrict coverage and reduce capacity to stave off the fallout from the next major disaster, FM Global, one of the world’s largest commercial property insurers, today announced that a new and improved FM Global Advantage® policy is now available to clients at renewal. Policy enhancements include the addition of four new coverages (Accidental Interruption of Services, Attraction Property, Crisis Management, and Machinery or Equipment Startup Option) and one dozen expansions to existing coverage to keep pace with clients’ exposure to emerging property risks. Additionally, the policy’s terms and conditions have been simplified to make it easier to read and understand.
“As the world becomes an increasingly risky place, it’s important that companies protect themselves with a comprehensive insurance policy that keeps pace with the evolution of that risk,” said Carol Barton, senior vice president, underwriting and reinsurance, FM Global. “As we continue to serve our mutual policyholders’ best interests, we’re committed to providing them the broadest coverage in the marketplace, backed by stable capacity and with the highest level of contract certainty.”
FM Global Awards US$400,000 in Fire Prevention Grants in 2010 to Nearly 200 Organizations Worldwide.
FM Global, one of the world’s largest business property insurers, awarded US$400,000 in fire prevention grants during 2010 to help organizations worldwide more effectively prevent fire in their communities.
Fire departments, brigades and other related agencies in the United States, Canada, India and the United Kingdom benefited from FM Global fire prevention grants last year. On average, each grant recipient received US$2,400 to bolster loss prevention initiatives, like community education, prefire planning and arson prevention.
Because fire continues to be the leading cause of property damage worldwide, during the past 35 years FM Global has contributed millions of dollars in fire prevention grants to fire service organizations around the globe. Through its Fire Prevention Grant Program, FM Global awards grants that can have the most demonstrable impact on preventing fire, or mitigating the damage it can quickly cause.
“At FM Global, we’re passionate about the notion that the majority of property damage is preventable, not inevitable,” said Michael Spaziani, manager of the fire prevention grant program. “Far too often, inadequate budgets prevent those organizations working to prevent fire from being as proactive as they would like to be. With additional financial support, grant recipients are actively helping to improve property risk in the communities they serve.”
To learn more about FM Global’s Fire Prevention Grant Program, or to apply for a grant, please visit www.fmglobal.com/grants.
Commercial Property Insurer FM Global Reports Strong Year in 2010
FM Global, one of the world’s largest business property insurers, announced today that it ended 2010 with a very strong underwriting and investment performance, which resulted in the company’s largest surplus ever.
The mutual insurance company reported that, in 2010 policyholder surplus grew 16 percent to US$7.3 billion—a company best—due to a combination of solid underwriting and investment results, despite an uptick in small- and medium-sized insured natural disasters and significant volatility in the financial markets. Gross premium in force grew by approximately 2 percent to US$4.8 billion and net income was US$687 million.
Additionally, the company posted a profitable combined ratio of 82.8 percent, better than forecast, due in large part to policyholders’ diligent risk improvement efforts. FM Global’s client (account) retention rate held firm at 94 percent—significantly higher than industry averages—and has consistently since 2004.
Among the company’s 2010 highlights, FM Global:
- Implemented its fifth and largest-ever membership credit of $US420 million to policyholders due, in large part, to policyholders’ diligent loss prevention efforts. By June 30, 2011, the company will have credited US$1.7 billion to eligible policyholders since first introducing the membership credit in 2001.
- Delivered 94 percent of its clients’ master policies within 30 days of inception and nearly 70 percent on or before the policy’s inception date—well above industry averages.
- Celebrated its 175th anniversary with policyholders, business partners and employees worldwide at hosted events in 25 cities.
- Released the findings of three unprecedented research studies:
- The Risk/Earnings Ratio: New Perspectives for Achieving Bottom-Line Stability: Findings from this study revealed businesses with stronger risk management practices than their peers enjoy more stable financial performance over the long term, including much lower earnings volatility.
- Flirting with Natural Disasters: Why Companies Risk it All: This research report examined why some companies prepare for the risk of natural disasters while others don’t in an effort to help business leaders better understand the psychological barriers that can affect their business decisions when addressing vulnerabilities to natural disasters. The report also provided solutions that can guide change in organizational decision-making behavior with regard to natural disaster risks.
- Environmental Impact of Automatic Fire Sprinklers: After examining the environmental impact of fires, research findings of this study showed that greenhouse gases released by burning buildings can be reduced by 98 percent when automatic fire sprinklers are installed.
- Received industry recognition as a result of third-party validation:
- Ranked among best of the biggest U.S.-based property/casualty insurers for financial performance during the past decade (Fitch Ratings)
- Received an Innovation Award (Business Insurance) and Risk Management Award (British Insurance Awards) for RiskMark®, the company’s Web-based risk quality benchmarking tool for clients
- Ranked number one for overall service by U.K. insurance buyers (StrategicRISK)
- Ranked highest by corporate risk managers among insurance carriers in claims handling performance (Greenwich Associates Large Corporate Insurance Study)
- Ranked number one by Canada-based risk managers for quality and client satisfaction (Greenwich Associates)
- Named “Best Commercial Property Insurer” (Business Insurance)
- Received ratings affirmations from A.M. Best (A+) and Fitch (AA), which remain unchanged since 2007
“As FM Global reflected on the past during its anniversary year, we revisited our core values, which are as relevant and steadfast today as they were 175 years ago,” said Shivan S. Subramaniam, FM Global chairman and CEO. “What has changed, however, is that today we are protecting businesses that are vastly more sophisticated and global in scope. And as our clients formulate and implement strategies to better protect their businesses and make them more profitable in the future, we are right there with them, helping them keep their properties safe, and the value they provide, intact.”
Subramaniam offered an additional positive outlook for the coming year and beyond.
“We are off to a great start in this new decade, building on the successes we’ve achieved in the previous decade. We are confident that we can continue to effectively meet our policyholders’ needs and deliver a knowledge-based product that resonates with our clients. Our confidence in this endeavor is driven by a simple fact: our employees are focused, determined and passionate about what they do. This is a critical linchpin to our continued, long-term stability and success. And for that, we are most grateful.”