Reserve movements hit FM Global profits

Commercial property specialist FM Global saw its profits shrink in
2015 after changes to prior-year loss provisions hit the bottom
line.
The mutual's pre-tax income fell by 22 percent to $1.09bn,
while net income dropped by 23.6 percent year-on-year to
$737.8mn.
The carrier noted that, as a result of changes in estimates of
insured events related to prior years, the provision of losses and
loss adjustment expenses increased by $52.4mn for 2015.
This was a negative swing of more than...