OLDWICK, N.J., January 26, 2024–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa” (Superior) of Factory Mutual Insurance Company (Johnston, RI) and its subsidiaries, which are collectively referred to as FM Global Group (FM Global). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)
The ratings reflect FM Global’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
FM Global maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The group’s balance sheet has proven long-term resilience against natural catastrophe losses. Augmenting sizable retentions for its highly protected risk book, substantial excess of loss reinsurance capacity plays an integral role in its ability to preserve and grow capital. Management has a history of protecting the balance sheet by prudently reserving losses in a timely fashion. Ultimate losses…
