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FM Global will issue $600 million in membership credits to eligible policyholders that renew next year, the Johnston, Rhode Island-based mutual property insurer said Wednesday.
The credit will be based on length of time as an FM Global policyholder, the insurer said in a statement.
Policyholders that have been with FM Global for less than five consecutive years will be eligible for a 5% credit on renewal, those that have been with the insurer for five to 20 years will be eligible for a 10% credit and those with 20 or more years with FM Global will be eligible for 15%.
The premium credit program began in 2001 and the insurer has paid the credit several times in the past 20 years.
Thomas A. Lawson, chairman and CEO of FM Global, said in the statement, “our policyholders’ proactive approach to property risk improvement continues to contribute to their resilience and their ability to mitigate losses.”