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JOHNSTON, R.I.—Record losses resulting from natural disasters pushed Factory Mutual Insurance Co., which does business as FM Global, into a yearly loss, the Johnston, R.I.-based insurer said Monday.
FM Global posted a net loss of $41.5 million in 2011 vs. net income of $686.6 million in 2010. Driven by the 20 large natural disasters worldwide in 2011, the company’s combined ratio deteriorated to 121%, as opposed to 85% the year prior. While net earned premium grew by 5.8% to $3.4 billion, net losses incurred from disasters in 2011 exceeded losses incurred in 2010 by more than $1 billion, the insurer said.
“Although the frequency and severity of the natural disaster losses were our highest on record, we didn’t find it necessary to modify our risk assessment and risk improvement practices at the policy level, or suggest a redesign of our reinsurance practices,” Shivan S. Subramaniam, FM Global chairman and CEO, said in a statement.