388:
grew, the inspection workload became difficult to manage. By 1878, the FM companies formed a dedicated unit to handle the collective inspection activities for all the FM policyholders. This unique group of loss control specialists initially provided only inspection services. The group later began performing appraisals and adjustments, loss analysis and research activities associated with preventing fire and other hazards to benefit the mutual insurance company owners and their policyholders. Today, all of these services remain components to FM in the form of engineering and research.
25:
425:, Ill., USA. The three separate organizations found it difficult to deliver competitively priced, value-added engineering services in a marketplace full of increasing competition and a demand for more challenging property protection programs. The three companies were sharing the resources of an inspection group, yet were competing with one another for customers. To reduce competition and costs, in 1998 the CEOs announced their intent to merge the three companies to create FM Global. The merger was completed in 1999.
113:
1284:
217:
375:
policyholders, resulted in fewer losses. Despite its initial success, one problem remained for the pioneer mutual insurance company: a single mutual insurance company could not withstand the financial cost of the loss of an entire plant. More insurance capacity was needed. In 1848, Allen formed Rhode Island Mutual.
370:
owners who shared his loss prevention philosophy to create a mutual insurance company that would insure only factories with lower risks. This approach should result in fewer losses and smaller premium payments. Whatever premium remained at the end of the year would be returned to policyholders in the
387:
Loss information helped identify specific industry hazards and was used in developing loss control recommendations for policyholders in similar industries. Such information was shared among all the
Factory Mutual (FM) insurance companies, and was utilized by the inspection teams. As the FM companies
345:
calculations. This business approach is centered on the belief that property losses can be prevented or mitigated. FM engineering personnel regularly visit insured locations to evaluate hazards and recommend improvements to their property or work practices to reduce physical and financial risks if a
404:
The beginning of the 20th century brought significant change to the FM companies. Where once the mutual insurance companies focused primarily on the familiar business of textiles primarily within the
Northeast region of the US, new companies began to form that sought business beyond the traditional
362:
owner, attempted to reduce the insurance premium on his Rhode Island, USA, mill by making property improvements that he believed would minimize the damage in case of fire. At that time, insurance premium increases for losses were shared among all insureds, regardless of individual loss history. The
391:
The FM companies' main interests in the late 19th century and early 20th century remained focused on researching and developing products or techniques that would help mitigate property risks and advance the efforts of property conservation. In 1874, a revolutionary form of loss control entered the
383:
In 1850, Boston
Manufacturers Mutual Fire Insurance Company, the third-oldest FM Global predecessor, was created when Allen convinced a Boston merchant with significant cotton-mill ownership to form his own mutual insurance company with like-minded Boston mill owners. Throughout the next 20 years,
395:
FM constructed a training and meeting space in
Norwood, Massachusetts that is branded as a Four Points by Sheraton hotel. The facility includes convention/meeting spaces, guest rooms that are available to be booked by the public when not in use by FM, and an on-site restaurant, the One Bistro.
374:
During the company's first 14 years, the mill owners and mutual policyholders of
Manufacturers Mutual enjoyed an average 50% reduction in premiums compared with the premiums of other insurance companies. The fire prevention methods they developed, monitored by regular fire inspections for mill
441:
FM awarded its largest ever membership credit in 2016 of US$ 407 million, intended to allow clients to share in the benefits of their risk improvement efforts, totalling nearly US$ 2.1 billion in total premium reduction via membership credits since 2001.
412:
During the next 75 to 80 years, the need for more comprehensive policyholder coverage grew, forcing a series of consolidations among the FM companies. By 1987, 42 separate mutual insurance companies had become three: Allendale Mutual
Insurance Company,
384:
other mutual insurance companies were added to the group roster. Together, these companies and the ones that later evolved soon became known as the
Associated Factory Mutual Fire Insurance Companies, or the Factory Mutuals, for short.
338:(HPR) property insurance market sector. "FM" is the communicative name of the company, whereas the legal name is "Factory Mutual Insurance Company". FM has been named the "Best Property Insurer in the World” by Euromoney Magazine.
392:
loss prevention scene: the fire sprinkler. While the invention was originally designed outside the realm of FM, FM's further development and promotion of the sprinkler head aided in its eventual widespread use and acceptance.
460:, Rhode Island, USA, conducts testing in fire and explosion hazards, hazards detection. These tests range from witnessing the difference in how products burn to how construction components perform in hurricane conditions.
437:
and loss prevention engineering company with US$ 5.3 billion of in-force premium (FY2016), US$ 11.9 billion in policyholders' surplus (FY2016), with clients in more than 100 countries and 5500 employees.
448:
In 2021, FM appointed
Malcolm C. Roberts as its president, effective August 1. Roberts will also become CEO, on January 1, 2022, following the retirement of chairman Thomas A. Lawson as CEO.
445:
In 2014, Shivan
Subramaniam resigned from his role as FM Global's CEO, but remained on the company's board of directors. His role was assigned to the company executive Thomas Lawson.
675:
1306:
1311:
626:
516:
363:
concept of loss prevention and control was virtually unheard of at the time. To Allen, a proactive approach to preventing losses made good economic sense.
722:
341:
The company employs a non-traditional business model whereby risk and premiums are determined by engineering analysis as opposed to historically based
54:
498:
464:
371:
form of dividends. The group agreed, and by year's end, formed the
Manufacturers Mutual Fire Insurance Company, the oldest predecessor of FM.
366:
After making considerable improvements to his mill, Allen requested a reduction in his premium, but was denied. He called upon other local
568:
334:, with offices worldwide, that specializes in loss prevention services primarily to large corporations throughout the world in the
715:
1211:
1058:
920:
672:
875:
1287:
860:
537:
405:
geographical boundaries. These mutuals began branching out into other industries, such as shoe and rubber manufacturers,
177:
930:
708:
70:
149:
1221:
196:
94:
647:
46:
513:
1275:
1091:
865:
156:
588:
134:
499:
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080424006052&newsLang=en
1316:
1241:
1086:
775:
163:
601:
1111:
524:
468:
130:
409:
and light, gas and power companies, while still maintaining their preference for low-risk properties.
145:
770:
1121:
885:
457:
123:
50:
1166:
1063:
958:
418:
414:
327:
273:
700:
59:
1231:
1106:
890:
422:
8:
1033:
870:
855:
35:
1226:
1191:
1101:
1028:
905:
900:
825:
780:
480:
471:(US). The CRADA will develop advanced diagnostics and modeling of catastrophic fires.
434:
170:
39:
1003:
1136:
1116:
845:
800:
562:
74:
1131:
1073:
323:
63:
1161:
850:
679:
520:
355:
263:
648:"Commercial property insurer FM Global appoints Malcolm C. Roberts as president"
1151:
1048:
1023:
978:
820:
993:
544:
1300:
1246:
1206:
1156:
1141:
1096:
1018:
953:
795:
785:
589:
https://www.fmglobal.com/about-us/our-business/financial-health/annual-report
331:
277:
1171:
880:
810:
367:
359:
501:
FM Global named "Best Property Insurer in the World” by Euromoney Magazine
1216:
1126:
1038:
736:
1053:
1043:
1013:
938:
895:
835:
973:
417:, R.I., USA; Arkwright-Boston Manufacturers Mutual Insurance Company,
1236:
1081:
732:
235:
112:
1256:
1201:
1146:
1008:
988:
830:
752:
575:
FM Global Finds Engineering Study Superior to Actuarial Predictions
1261:
1251:
983:
948:
840:
406:
342:
1196:
998:
815:
602:"FM Global CEO Subramaniam stepping down after 40-year career"
963:
943:
790:
765:
760:
730:
216:
915:
910:
694:
968:
57:
and tools are available to assist in formatting, such as
421:, Mass., USA; and Protection Mutual Insurance Company,
627:"FM Global introduces another major name to its board"
451:
137:. Unsourced material may be challenged and removed.
1307:Financial services companies established in 1835
1298:
308:
1312:Mutual insurance companies of the United States
584:
582:
465:Cooperative Research and Development Agreement
716:
456:FM's 1,600 acre (648 ha) Research Campus in
38:, which are uninformative and vulnerable to
579:
53:and maintains a consistent citation style.
1283:
723:
709:
215:
514:"Sandia establishes CRADA with FM Global"
197:Learn how and when to remove this message
95:Learn how and when to remove this message
599:
509:
507:
1299:
1212:General Insurance Corporation of India
1059:Varma Mutual Pension Insurance Company
921:Western & Southern Financial Group
567:: CS1 maint: archived copy as title (
704:
624:
504:
876:Ohio National Life Insurance Company
322:(formerly FM Global) is an American
135:adding citations to reliable sources
106:
18:
1288:List of largest insurance companies
861:Nationwide Mutual Insurance Company
289:Malcolm Roberts (President and CEO)
45:Please consider converting them to
13:
14:
1328:
1222:Instituto de Resseguros do Brasil
688:
16:American mutual insurance company
1282:
452:Research Campus and FM Approvals
111:
23:
1092:China Pacific Insurance Company
866:New York Life Insurance Company
428:
399:
354:During the depression of 1835,
122:needs additional citations for
666:
640:
618:
593:
530:
492:
49:to ensure the article remains
1:
682:- FM Global's Research Campus
600:Grimaldi, Paul (2014-12-29).
486:
1242:Reinsurance Group of America
1087:China Life Insurance Company
776:American International Group
527:press release, June 24, 2004
378:
247:; 189 years ago
7:
474:
463:In 2004, FM entered into a
10:
1333:
1112:Life Insurance Corporation
625:Lucas, Paul (2021-01-13).
525:Sandia National Laboratory
469:Sandia National Laboratory
349:
1270:
1184:
1122:MS&AD Insurance Group
1072:
929:
771:American Family Insurance
751:
744:
303:
293:
283:
269:
259:
241:
231:
223:
214:
652:Providence Business News
1278:ranking by Total Assets
886:Progressive Corporation
433:FM is an international
1167:Taikang Life Insurance
1064:Zurich Insurance Group
959:Assicurazioni Generali
328:Johnston, Rhode Island
274:Johnston, Rhode Island
673:FM Global Test Center
606:providencejournal.com
336:Highly Protected Risk
1107:Kyobo Life Insurance
891:Prudential Financial
131:improve this article
1317:Certification marks
1034:RSA Insurance Group
871:Northwestern Mutual
856:National Life Group
697:- Official Web site
295:Number of employees
211:
1227:Korean Reinsurance
1192:Arch Capital Group
1102:Great Eastern Life
1029:Royal London Group
906:UnitedHealth Group
901:Sun Life Financial
826:Markel Corporation
781:Berkshire Hathaway
678:2006-09-30 at the
519:2016-03-04 at the
481:Property insurance
435:property insurance
209:
1294:
1293:
1280:
1232:Lloyd's of London
1180:
1179:
1137:Ping An Insurance
1117:Meiji Yasuda Life
846:Mutual of America
801:CUNA Mutual Group
326:company based in
317:
316:
207:
206:
199:
181:
105:
104:
97:
55:Several templates
1324:
1286:
1285:
1272:
1162:T&D Holdings
1132:Income Insurance
749:
748:
725:
718:
711:
702:
701:
683:
670:
664:
663:
661:
659:
644:
638:
637:
635:
633:
622:
616:
615:
613:
612:
597:
591:
586:
577:
572:
566:
558:
556:
555:
549:
543:. Archived from
542:
534:
528:
511:
502:
496:
324:mutual insurance
313:
310:
255:
253:
248:
219:
212:
208:
202:
195:
191:
188:
182:
180:
139:
115:
107:
100:
93:
89:
86:
80:
78:
67:
27:
26:
19:
1332:
1331:
1327:
1326:
1325:
1323:
1322:
1321:
1297:
1296:
1295:
1290:
1281:
1266:
1176:
1068:
1004:Mutua Madrileña
925:
851:Mutual of Omaha
740:
729:
691:
686:
680:Wayback Machine
671:
667:
657:
655:
646:
645:
641:
631:
629:
623:
619:
610:
608:
598:
594:
587:
580:
560:
559:
553:
551:
547:
540:
538:"Archived copy"
536:
535:
531:
521:Wayback Machine
512:
505:
497:
493:
489:
477:
454:
431:
402:
381:
356:Zachariah Allen
352:
307:
296:
286:
264:Zachariah Allen
251:
249:
246:
203:
192:
186:
183:
140:
138:
128:
116:
101:
90:
84:
81:
69:
58:
44:
28:
24:
17:
12:
11:
5:
1330:
1320:
1319:
1314:
1309:
1292:
1291:
1271:
1268:
1267:
1265:
1264:
1259:
1254:
1249:
1244:
1239:
1234:
1229:
1224:
1219:
1214:
1209:
1204:
1199:
1194:
1188:
1186:
1182:
1181:
1178:
1177:
1175:
1174:
1169:
1164:
1159:
1154:
1152:SOMPO Holdings
1149:
1144:
1139:
1134:
1129:
1124:
1119:
1114:
1109:
1104:
1099:
1094:
1089:
1084:
1078:
1076:
1070:
1069:
1067:
1066:
1061:
1056:
1051:
1046:
1041:
1036:
1031:
1026:
1024:Prudential plc
1021:
1016:
1011:
1006:
1001:
996:
991:
986:
981:
979:CNP Assurances
976:
971:
966:
961:
956:
951:
946:
941:
935:
933:
927:
926:
924:
923:
918:
913:
908:
903:
898:
893:
888:
883:
878:
873:
868:
863:
858:
853:
848:
843:
838:
833:
828:
823:
821:Liberty Mutual
818:
813:
808:
803:
798:
793:
788:
783:
778:
773:
768:
763:
757:
755:
746:
742:
741:
728:
727:
720:
713:
705:
699:
698:
690:
689:External links
687:
685:
684:
665:
639:
617:
592:
578:
529:
503:
490:
488:
485:
484:
483:
476:
473:
458:West Glocester
453:
450:
430:
427:
401:
398:
380:
377:
358:, a prominent
351:
348:
315:
314:
305:
301:
300:
297:
294:
291:
290:
287:
284:
281:
280:
271:
267:
266:
261:
257:
256:
243:
239:
238:
233:
229:
228:
225:
221:
220:
205:
204:
119:
117:
110:
103:
102:
47:full citations
31:
29:
22:
15:
9:
6:
4:
3:
2:
1329:
1318:
1315:
1313:
1310:
1308:
1305:
1304:
1302:
1289:
1279:
1277:
1274:Methodology:
1269:
1263:
1260:
1258:
1255:
1253:
1250:
1248:
1247:RenaissanceRe
1245:
1243:
1240:
1238:
1235:
1233:
1230:
1228:
1225:
1223:
1220:
1218:
1215:
1213:
1210:
1208:
1207:Everest Group
1205:
1203:
1200:
1198:
1195:
1193:
1190:
1189:
1187:
1183:
1173:
1170:
1168:
1165:
1163:
1160:
1158:
1157:Sumitomo Life
1155:
1153:
1150:
1148:
1145:
1143:
1142:QBE Insurance
1140:
1138:
1135:
1133:
1130:
1128:
1125:
1123:
1120:
1118:
1115:
1113:
1110:
1108:
1105:
1103:
1100:
1098:
1097:Dai-ichi Life
1095:
1093:
1090:
1088:
1085:
1083:
1080:
1079:
1077:
1075:
1071:
1065:
1062:
1060:
1057:
1055:
1052:
1050:
1047:
1045:
1042:
1040:
1037:
1035:
1032:
1030:
1027:
1025:
1022:
1020:
1019:Phoenix Group
1017:
1015:
1012:
1010:
1007:
1005:
1002:
1000:
997:
995:
992:
990:
987:
985:
982:
980:
977:
975:
972:
970:
967:
965:
962:
960:
957:
955:
952:
950:
947:
945:
942:
940:
937:
936:
934:
932:
928:
922:
919:
917:
914:
912:
909:
907:
904:
902:
899:
897:
894:
892:
889:
887:
884:
882:
879:
877:
874:
872:
869:
867:
864:
862:
859:
857:
854:
852:
849:
847:
844:
842:
839:
837:
834:
832:
829:
827:
824:
822:
819:
817:
814:
812:
809:
807:
804:
802:
799:
797:
796:CNA Financial
794:
792:
789:
787:
784:
782:
779:
777:
774:
772:
769:
767:
764:
762:
759:
758:
756:
754:
750:
747:
743:
738:
734:
726:
721:
719:
714:
712:
707:
706:
703:
696:
693:
692:
681:
677:
674:
669:
653:
649:
643:
628:
621:
607:
603:
596:
590:
585:
583:
576:
570:
564:
550:on 2007-07-05
546:
539:
533:
526:
522:
518:
515:
510:
508:
500:
495:
491:
482:
479:
478:
472:
470:
467:(CRADA) with
466:
461:
459:
449:
446:
443:
439:
436:
426:
424:
420:
416:
410:
408:
397:
393:
389:
385:
376:
372:
369:
364:
361:
357:
347:
346:loss occurs.
344:
339:
337:
333:
332:United States
329:
325:
321:
312:
306:
302:
298:
292:
288:
282:
279:
275:
272:
268:
265:
262:
258:
244:
240:
237:
234:
230:
226:
222:
218:
213:
201:
198:
190:
179:
176:
172:
169:
165:
162:
158:
155:
151:
148: –
147:
143:
142:Find sources:
136:
132:
126:
125:
120:This article
118:
114:
109:
108:
99:
96:
88:
76:
75:documentation
72:
65:
64:documentation
61:
56:
52:
48:
43:
41:
37:
32:This article
30:
21:
20:
1273:
1172:Tokio Marine
881:Pacific Life
811:The Hartford
805:
668:
658:21 September
656:. Retrieved
654:. 2021-07-08
651:
642:
632:21 September
630:. Retrieved
620:
609:. Retrieved
605:
595:
574:
552:. Retrieved
545:the original
532:
494:
462:
455:
447:
444:
440:
432:
429:21st century
411:
403:
400:20th century
394:
390:
386:
382:
373:
368:textile mill
365:
360:textile mill
353:
340:
335:
319:
318:
270:Headquarters
224:Company type
193:
184:
174:
167:
160:
153:
141:
129:Please help
124:verification
121:
91:
82:
71:Citation bot
33:
1217:Hannover Re
1185:Reinsurance
1127:Nippon Life
1039:Sampo Group
994:LähiTapiola
737:reinsurance
146:"FM Global"
85:August 2022
1301:Categories
1054:Swiss Life
1044:Storebrand
1014:Old Mutual
939:Aegon N.V.
896:State Farm
836:MassMutual
611:2020-01-23
554:2007-06-17
487:References
423:Park Ridge
285:Key people
157:newspapers
51:verifiable
1237:Munich Re
1082:AIA Group
806:FM Global
745:Insurance
739:companies
733:insurance
695:FM Global
407:foundries
379:Expansion
343:actuarial
236:Insurance
187:July 2007
36:bare URLs
1257:Swiss Re
1202:China Re
1147:Singlife
1009:NN Group
989:Groupama
831:Manulife
753:Americas
676:Archived
573:- RIMS:
563:cite web
517:Archived
475:See also
415:Johnston
232:Industry
40:link rot
1262:TransRe
1252:SCOR SE
984:Folksam
974:Bâloise
949:Allianz
841:MetLife
419:Waltham
350:History
304:Website
260:Founder
250: (
242:Founded
227:Private
171:scholar
1197:Axa XL
999:Mapfre
816:Humana
731:Major
173:
166:
159:
152:
144:
60:reFill
964:Aviva
944:Ageas
791:Cigna
786:Chubb
766:Ambac
761:Aflac
548:(PDF)
541:(PDF)
299:5,500
178:JSTOR
164:books
34:uses
1276:SWFI
1074:APAC
1049:Suva
931:EMEA
916:USAA
911:Unum
735:and
660:2021
634:2021
569:link
311:.com
278:U.S.
252:1835
245:1835
150:news
68:and
969:Axa
954:Aon
133:by
1303::
650:.
604:.
581:^
565:}}
561:{{
523:,
506:^
330:,
320:FM
309:fm
276:,
210:FM
724:e
717:t
710:v
662:.
636:.
614:.
571:)
557:.
254:)
200:)
194:(
189:)
185:(
175:·
168:·
161:·
154:·
127:.
98:)
92:(
87:)
83:(
79:.
77:)
73:(
66:)
62:(
42:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
