FM Global’s posts $41.5 million net loss

Property insurer FM Global has reported a net loss of $41.5 million for 2011, with the result driven by substantial catastrophe losses.

The insurer posted a combined ratio of 121 percent after suffering net losses incurred from disasters that were $1 billion greater in 2011 than in the previous year.

Commenting on the company’s results, Shivan S. Subramaniam, chairman and chief executive officer at FM Global, said: “Although the frequency and severity of the natural disaster losses were our highest on record, we didn’t find it necessary to modify our risk assessment and risk improvement practices at the policy level, or suggest a redesign of our reinsurance practices.”