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FOR IMMEDIATE RELEASE
LONDON - SEPTEMBER 25, 2014 09:40 AM (EDT)
A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of "aa" of FM Insurance Company Limited (FMI) (United Kingdom). The outlook for both ratings remains stable.
The affirmation of FMI's ratings primarily reflects the explicit and implicit support from its parent, Factory Mutual Insurance Company and the wider FM Global Group, in particular in the form of reinsurance and a policy level financial guarantee. FMI also has a history of receiving additional capital from its parent when required, most recently in the form of a GBP 30 million capital injection in 2011. FMI is an important part of the FM Global Group as it serves the group's clients outside of North America. FMI's stand-alone risk-adjusted capitalisation remains excellent.
A change in the ratings of FMI's parent is likely to lead to a change in FMI's ratings. Additionally, a decline in the support received from the parent could have a negative impact on FMI's ratings.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.
This rating announcement has been issued by A.M. Best Europe - Rating Services Limited, which is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.