FM Global Launches Renewable Energy Unit To Guide Clients Through Their Energy Transition

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May 07, 2024, 12:00 ET

New business unit will help clients transition to renewable energy and build resilience into the renewables industry as it grows

JOHNSTON, R.I., May 7, 2024 /PRNewswire/ -- Commercial property insurer FM Global today announced the launch of a Renewable Energy unit to help clients in the transition to alternative energy through research and innovation, and to support the overall advancement of the renewable energy industry. FM Global unveiled the new initiative as part of its presence at the RISKWORLD conference in San Diego, California, this week, announcing leadership for the new unit and disclosing that it will begin offering a renewable energy insurance product later this year.

FM Global's Renewable Energy unit leaders include:

Jim O'Brien, division manager, Canada and Specialty Industries
Doug Patterson, head of renewable energy
Russell Jannetto, renewable energy client service leader
Chris Kosloski, renewable energy underwriting manager
Cassian Walker, renewable energy engineering manager
Michael Perron, renewable energy market lead

Clients and brokers have increasingly asked for FM Global's support in accelerating new energy projects in response to worldwide adoption of emissions-reduction targets. The FM Global Renewable Energy unit will focus on research, standards development and loss-prevention engineering around utility-scale ground mounted solar, onshore wind power and battery energy storage systems (BESS). For 70 years, FM Global has served power generators in these and myriad other energy sectors, including hydropower, biomass and waste-to-energy. The new unit serves the United States and Canada today and will launch globally later this year.

"The renewable energy landscape is complex and rapidly developing, and losses can be costly," said Doug Patterson, FM Global's head of renewable energy. "We are investing in state-of-the-art solutions, services and industry expertise to help our clients succeed in the changing landscape. We want to help our clients future-proof their energy needs and support the overall industry as it evolves and grows."

In July, FM Global will offer a new policy for renewable energy operation in the United States. Next year it plans to offer a renewable energy construction policy to support clients from the design and build stage through operation of renewable energy assets.

As a research-driven organization, FM Global recently completed six significant research projects on solar, wind and energy-storage systems. More than a dozen more are in progress. The company has already developed renewable energy guidelines for clients, available at no cost in FM Global's Property Loss Prevention Data Sheets.

About FM Global

Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world's largest organizations, including one of every four Fortune 500 companies. They work with FM Global to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.

SOURCE FM Global