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FM Global 2008 Annual Report: Chronicling an Exceptionally Challenging Year

The year 2008 was extraordinary by any measure. Politically and economically, we saw unprecedented events that included dramatic financial market upheaval, more frequent natural disasters, and increased severity in risk losses.

Amid these extreme and volatile influences, we continued to offer stable capacity and services worldwide, followed through on our fourth (and first consecutive) membership credit to our mutual policyholders, and finished the year in a strong liquidity position.

As we look ahead, our mutual structure allows us to maintain a confident and optimistic outlook. We can responsibly and patiently work with our policyholders to successfully navigate through these difficult times. We have all the right tools, a very committed and professional workforce, a proven long-term working relationship with our clients, a unique product that creates value, and a very solid balance sheet.

—Excerpted from the Executive Message delivered in the 2008 Annual Report by Shivan S. Subramaniam, Chairman and Chief Executive Officer, and Ruud H. Bosman, Vice Chairman