1097: The Mutual Advantage in a Cyclical Market | Kevin Ingram, CFO, FM
For nearly ten years, Kevin Ingram knocked on S&P’s door, arguing that FM’s A‑plus rating undervalued its balance sheet. Other agencies, such as Fitch, already had the mutual insurer at AA. Each visit, Ingram presented fresh data; each time, the agency hesitated, wary of revising a long‑standing mark. Last summer, six months after FM dropped “Global” from its name, S&P finally moved, lifting the company to AA‑minus—a hard‑won validation.
Throughout the campaign, Ingram stressed a core belief: “capital is our product.” By capital, he means policyholders’ surplus—the net assets that back every…
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