S&P Global Ratings has upgraded FM’s financial strength rating to AA- from A+.
The upgrade reflects S&P's view that the group will maintain strong operating margins that compare favourably with its AA-rated peers.
“We also think the company's innovative risk engineering expertise would sustain strong operating margins outperforming the industry,” it noted. “We view favourably the company's robust capital buffer in excess of risk-based capital requirements at our extreme stress scenario.”
The upgrade also reflects S&P’s consideration of the insurer’s strong competitive profile, supported by its “innovative loss prevention solutions and prominence in the large commercial property market”.
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