Commercial property insurer FM Global has formed a renewable energy unit that will roll out to markets including Australia.

“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 insurer said.

The unit, which will help clients in the transition to clean energy through research and innovation, started operations last week in the US and Canada and will launch globally later this year.

FM Global will also offer a new policy for renewable energy operation in the US from July, with other key markets including Australia to follow.

“The renewable energy landscape is complex and rapidly developing, and losses can be costly,” head of renewable energy Doug Patterson said. “We are investing in state-of-the-art solutions, services and industry expertise to help our clients succeed in the changing landscape.”

Next year FM Global plans to offer a renewable energy construction policy to support clients from the design and build stage through to operation. Focus areas include utility-scale ground-mounted solar, onshore wind power and battery energy storage systems.

It says appointments to the renewable energy unit include division manager for Canada and specialty industries Jim O’Brien, client service leader Russell Jannetto, underwriting manager Chris Kosloski, engineering manager Cassian Walker and market lead Michael Perron.

The mutual insurer has also announced a record membership credit of $US1.4 billion ($2.1 billion) following last year’s financial results.

“This is by far the largest membership credit in our history, and unique in our industry,” senior VP and operations manager for Australia and New Zealand Andrew Stafford said.

“The membership credit is a testament to our mutual business model, the shared belief that the majority of loss is preventable and the close, collaborative relationships we hold with our clients in driving controllable risk out of their operations with our help.”

The annual report shows FM Global’s combined operating ratio last year was 67.4% and pre-tax income from insurance operations was $US2.1 billion ($3.2 billion).

The insurer says premium credits last year totalled $US357 million ($540 million), to support client investment in climate resilience solutions.

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