A.M. Best Assigns FM Insurance an Initial Rating of "A+" (Superior).OLDWICK, N.J.--(BUSINESS WIRE)--Aug. 22, 1997--Effective immediately, A.M. Best Co. has assigned an initial rating of "A+" (Superior) to FM Insurance Co. Ltd. FMI FMI Fondo Monetario Internacional (Spanish: International Monetary Fund) FMI Fonds Monétaire International FMI For More Information FMI Food Marketing Institute FMI Fundo Monetário Internacional is the London-based insurance subsidiary of three "highly protected risk" insurers--Allendale Mutual, Arkwright Mutual and Protection Mutual, which are known collectively as the Factory Mutual System. The rating reflects FMI's strong parent companies, which also reinsure re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. and guarantee 91% of FMI's liabilities. It also acknowledges FMI's very liquid investment portfolio. Other strengths include the company's 98% customer retention and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. protection from the three parents for FMI's runoff Runoff The procedure of printing the end-of-day prices for every stock on an exchange onto ticker tape. Notes: If the "tape is late" then it can take a long time to print off all the closing prices. portfolio. FMI's strong loss-prevention engineering capability also is a positive rating factor. FMI is a U.K.-licensed insurance company and provides exclusive service to the three managing general agents (MGAs)--Allendale International Ltd., Arkwright International Ltd. and Protection International Ltd. The MGAs write business only on FMI's policy forms, and the three parent companies have 100% ownership and underwriting control of their respective agency operations. All of FMI's business is handled on behalf of one of the three MGAs, and FMI provides accounting, administration, policy issuance, investment and, most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , loss-prevention engineering and loss-adjustment services to the MGAs. FMI has worldwide engineering operations through branches and subsidiaries in Continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. , Asia and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . FMI's 250-strong engineer team provides loss-prevention and loss-adjustment engineering services to the Factory Mutual System's customers around the world. The basis of FMI's rating, along with its capitalization, is the combination of its own shareholder's surplus of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 35 million and its three American parent companies, which reinsure and guarantee 91% of all business placed with FMI. As a result of this unique reinsurance and ownership structure, FMI's financial security is heavily dependent upon its three parent companies, and is assigned the rating of the lowest rated member of the Factory Mutual System. FMI's parent companies/reinsurers have the following Best's Ratings: Allendale's rating is "A++" (Superior); Arkwright, "A+" (Superior); and Protection "A+" (Superior). The company's Financial Size Category of X reflects the weighted average of the Financial Size Categories of its three affiliated reinsurers. The company's rating outlook is stable. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. CONTACT: A.M. Best, Oldwick Jeffrey Dunsavage 908/439-2200, ext. 5618 dunsavj@ambest.com |
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