NU Online News Service, March 27, 10:19 p.m. EDT
According to data compiled by SNL Financial LC, Johnston, R.I.-based mutual property insurer FM Global reported a net loss of $32 million for 2011 compared to net income of more than $767 million for the prior year.
In a statement, FM Global says it posted a combined ratio of 121, driven by 20 large natural disasters for 2011. Policyholder surplus declined by 5.5 percent to $6.9 billion with net losses incurred for disasters in 2011 exceeding losses incurred in 2010 by more than $1 billion.
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