FM Global rewarding policyholders with $465M in credit

FM GLOBAL is rewarding policyholders with about $465 million in credit beginning at the end of June.
FM GLOBAL is rewarding policyholders with about $465 million in credit beginning at the end of June.

JOHNSTON – FM Global on Monday announced it would be rewarding policyholders with about $465 million in credit beginning at the end of June.
The “membership credit” benefits mutual clients of the commercial property insurer when they renew policies between June 30, 2015 and June 29, 2016, according to a company press release.
“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, in a statement. “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.”
The credit each policyholder would receive is based on annual premium and client tenure, according to the company.
Clients holding policies consecutively for:

  • Less than five years will be eligible for a 5 percent credit
  • Five to 19 consecutive years will be eligible for a 10 percent credit
  • Twenty or more consecutive years will be eligible for a 15 percent credit

The international insurer says about 1,900 clients qualify – some having been with the 180-year-old company since the late 1800s – and that it has doled out about $3 billion in membership credit since the program started in 2001.
A more detailed overview of the 2015-16 membership credit plan is available at www.fmglobal.com.

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