As we continue to watch the unfolding conflict, FM Global has made the decision to stop renewing any reinsurance business and to cease underwriting new reinsurance business with Russian insurers.
While we have policyholders with locations in Russia, FM Global does not and will not insure Russian-owned companies, nor are we a licensed insurer in the country. Rather, for our multinational clients with foreign-owned assets in Russia, we have previously reinsured their locations there.
We strongly condemn the actions of the Russian government against the people of Ukraine. We are saddened by the violence, loss of life and of the escalating humanitarian crisis.
We stand true in our belief in the values of democracy and respect for all human beings. Our thoughts remain with all who are affected by these events.
FM Global continues to abide by the sanctions and laws put in place by governmental bodies around the globe in relation to the ongoing conflict. We are closely monitoring any changes to these as this complex situation evolves.
In what are truly difficult times for so many, we continue to lean on our values of pulling together to do whatever we can to support our colleagues, clients and communities. This includes contributions from the FM Global Foundation to three organizations to support humanitarian relief efforts in the region—UNICEF, the International Committee of the Red Cross, and the International Rescue Committee.
The FM Global Foundation is multiplying employee contributions to these organizations through a double match, and we are seeing a record response to our employee matching gift program.
We will uphold our values of care for our employees as well as the commitments we have to our clients and partners.
We share with the world our hopes for a rapid return to peace.