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JOHNSTON, R.I.--Policyholders of Factory Mutual Insurance Co., which does business as FM Global, will receive a collective $355 million membership credit beginning Jan. 1, 2007, the insurer announced Wednesday.
The one-time distribution will be in the form of an insurance premium reduction and will be disbursed to FM Global clients that renew their policies in 2007 and had policies in effect as of Sept. 30, 2006.
This is the third membership credit the Johnston, R.I.-based insurer will have distributed to policyholders since 2001, the most recent occurring in 2004. Collectively, the three credits will be worth nearly $1 billion, according to the insurer.
"The credit will be based on a graduated scale that provides a greater percentage to longer-term clients," the insurer said in statement announcing the credit. The credit rates are 5% for those holding policies for less than five years, 10% for those holding polices from five to 19 years, and 15% for those holding policies for 20 years or more.
"Membership credit will be applied from Jan. 1, 2007, through Dec. 31, 2007, in the form of a premium offset at the time of policy renewal or annual anniversary," according to the statement.
"FM Global clients, who are our owners, have really embraced the powerful concept that the majority of all loss is preventable and, as a result, have proactively and effectively been managing their property exposures and reducing such risks over time," said Shivan S. Subramaniam, FM Global chairman and chief executive officer, in the statement. "One of the benefits of being a mutual insurance company with a unique business model is that we can provide clients a premium credit that shares our favorable operating performance and acknowledges their loyalty to FM Global."