Insurance ratings agency Fitch has affirmed its rating on commercial and industrial property insurer FM Global, citing the continued strength of FM Global's capitalisation after the 11 September terrorist attacks on the US.
Fitch affirmed FM Global's AA-minus (Very Strong) financial strength rating and added that the outlook on the rating was stable.
Fitch said FM Global's capitalisation post-11 September remained "consistent with its current rating category".
It added: "Engineering studies often conducted by FM Global as part of the company's underwriting process provide detailed exposure and risk aggregation data that facilitate its ability to estimate losses."
Headquartered in the US, FM Global specialises in property protection and risk management. For 2000, on a consolidated basis, net income was $354m (£246m) compared with a net loss of $215m (£150m) in 1999.
On a pre-tax basis, excluding realized capital gains and merger costs, net income from operations in 2000 was $109m (£76m), compared with a net loss of $380m (£265m) in 1999.
The company has total assets of nearly $6bn (£4.2bn).
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