FM Global Responds to World Trade Center Disaster.Business Editors JOHNSTON, R.I.--(BUSINESS WIRE)--Sept. 20, 2001 With a week of unfolding events behind the nation, FM Global reports on the impact of the World Trade Center attack on the organization. "Along with many other companies, the FM Global family has been touched on a very personal level by this calamity," says Shivan Subramaniam, FM Global president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Four of our employees were at a meeting at the World Trade Center the day of the tragedy and remain unaccounted for An inclusive term (not a casualty status) applicable to personnel whose person or remains are not recovered or otherwise accounted for following hostile action. Commonly used when referring to personnel who are killed in action and whose bodies are not recovered. . We extend our thoughts and prayers to their families. We also extend our condolences to all who were affected by the tragedy, particularly our business partners at AON and Marsh." FM Global does not insure Insure can mean:
New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and established a response office in mid-town Manhattan. A team of claims adjusters and loss prevention engineers is working with affected customers and authorities to assess losses and minimize fire protection impairments. Access to the area surrounding the World Trade Center remains limited, which affects the ability of FM Global claims adjusters to fully quantify Quantify - A performance analysis tool from Pure Software. the total loss exposure. "Based on what we know about our business in the area, preliminary engineering and adjustment reports, and exposure modeling, we estimate our potential net liability after 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. to be approximately US$250 million before tax and US$165 million after tax," says Subramaniam. "For more than 165 years, FM Global has been in business to help our customers deal with catastrophic loss. Our strong balance sheet and sound reinsurance programs are designed to absorb the financial impact on our business," says Subramaniam. "We are confident that our business plan will continue to meet the needs of our current and future customers." FM Global specializes in commercial and industrial property protection and risk management. Many Fortune 1000, Dow Jones-listed and leading international corporations rely on FM Global to better understand the nature and causes of fire, natural hazards and other risks. FM Global provides them with sound loss prevention solutions that safeguard their properties from loss, cost-effective insurance and risk financing solutions, and recommendations to minimize business disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. and its financial impact if a loss occurs. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion