FM Global to issue $1.4B in membership credits at renewal
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FM Global will issue $1.4 billion in membership credits to eligible policyholders that renew, the Johnston, Rhode Island-based property insurer said Thursday.
The insurer also said it increased the credit percent by at least 25% for many eligible policyholders.
The membership credit will be based on a policyholder’s premium and the length of time they have been with FM Global, the insurer said in a statement. It will apply to policy renewals beginning June 30, 2024, through June 29, 2025.
Policyholders with FM Global for less than five years will be eligible for a 7.5% credit on renewal, those that have been with the insurer for five to 20 years will be eligible for a 12.5% credit, and those with more than 20 years will be eligible for a 20% credit.
Policyholders with FM Global for 25 years will be eligible for a 25% credit, while all other eligible policyholders will see a 25% increase in their credit percent. These one-time increases mark its 25th year as a merged company, FM Global said.
The premium credit program began in 2001 and since then the insurer has paid out more than $6.5 billion in credits, including an $800 million membership credit announced last year for renewals between June 30, 2023, through June 29 this year.
Credits are applied as an offset against premium at a policyholder’s renewal or anniversary date.
