Episode Details

For nearly ten years, Kevin Ingram knocked on S&P’s door, arguing that FM’s A‑plus rating undervalued its balance sheet. Other rating agencies, such as Fitch, had rated FM at AA. Each visit, Ingram presented fresh numbers; each time, the agency hesitated, wary of making a change. Last summer, six months after FM dropped “Global” from its name, S&P finally moved, lifting the insurer to AA‑minus—a vindication of sorts.

Along the way, Ingram amplified his philosophy that “capital is our product.” FM’s capital, he tells us, climbed from $12 billion in 2014 to $26 billion today, while exposure grew far more slowly.

Ingram’s decade‑long campaign distills his philosophy that “capital is our product.” FM’s surplus, he tells us, climbed from $12 billion in 2014 to $26 billion today, while exposure grew far more slowly. That spread, married to a mutual structure, lets the company hold higher retentions, absorb catastrophe volatility and focus on clients that embrace engineering‑driven risk improvement rather than chase every premium dollar.