FM Global reports 2009 profit of $840 million

FM Global, a business property insurer, reported a 5.6% increase in 2009 gross premium — to $4.7 billion — and a 2009 profit of $840 million.”Policyholder surplus grew 35% to $6.3 billion due to a combination of solid underwriting and investment results, which marked a recovery to its position before the recent financial market upheaval,” the company reported in a release.”Additionally, the company posted a profitable combined ratio of 69.6%, better than forecast, due in large part to the absence of large insured natural disaster losses and policyholders’ risk improvement efforts.”FM Global also took pride in working on contract certainty.The company said it “delivered more than 90% of its clients’ master policies within 30 days of inception, and more than 70% before the policy’s inception date — well above industry averages.”