...Favorable Company Profile: Factory Mutual Insurance Company (FM) maintains a strong franchise in the commercial property market for highly protected risks. In 2024, based on statutory results, FM Global held the No. 1 market share position in the boiler and machinery line of business among all U.S. property/casualty groups based on direct premiums written, representing roughly one-third of industry-wide premiums. FM was also the largest writer of allied lines and fire business in 2024. Underwriting Results Improve: The GAAP combined ratio was very strong at 82.0% in 2024, including the impact of policyholder credits, compared with the prior 10-year average (2014- 2023) of 90.7%. The favorable rate environment for commercial property and manageable loss activity was reflected in a very strong underwriting margin, consistent with long-term results. FM's portfolio of property business is inherently volatile, as the company is one of the leading providers of large-limit commercial property...
