In 2023, FM Global appointed Ziad Alex S. Tadmoury to executive vice president, starting on Jan. 1, 2024. It’s a wide-ranging and far-reaching role encompassing EMEA, APAC, Canada, Specialty Industries and FM Global’s middle-market insurance division, AFM. For Tadmoury, who has been with FM Global since 1989, it’s an exciting chance to envision and enable opportunities in many regions and markets around the world. He believes the key to it all is communicating FM Global’s deep knowledge and expertise with respect for each locality and a sense of humility.
What are you most excited about in your new role as EVP?
The EVP role feels like the culmination of places across continents that have shaped my 35 years at FM Global. It’s an opportunity for me personally to reconnect with colleagues I’ve met around the world. From Hong Kong to Stockholm to São Paolo and many places in between, FM Global is a cultural mosaic of talented individuals working with purpose and togetherness.
I’m also excited that I will be based in London, which many would consider to be the heart of the insurance world. Factory Mutual System, as it was known at the time, first made its way from the United States to the United Kingdom after World War II, when American companies began opening offices here and we sent our engineers to support them. London is in a strategic time zone, bridging our clients in the Americas and EMEA, while also being within frequent traveling distance to our policyholders in Asia and Australia. For me, this job is all about building on personal connections and fostering the unique blend of cultures at FM Global. It’s about getting back to the places I’ve called home and working together to grow our business in a way that’s respectful and responsive to every local market we’re part of.
What are the biggest opportunities — and challenges — for FM Global internationally?
Our continued growth in the United States and Canada remains an opportunity and priority across all of our businesses, including our specialties businesses and AFM, which have seen remarkable growth over the last few years.
With that said, we are actively expanding our footprint internationally, particularly in regions like Europe and Australia, where despite higher operational costs, we've managed to achieve consistent profitability. Asia, too, holds immense promise, thanks to our strategic investments in licenses and partnerships across Singapore, Hong Kong, South Korea, Malaysia and India, coupled with our burgeoning presence in Thailand. Our research and science centers, such as the FM Global Centre in Singapore and a new center to be opened in EMEA, underscore our commitment to blending insurance expertise with scientific innovation, especially relating to climate, fire and industry risk management.
International expansion requires us to be acutely sensitive to the diverse cultural, historical and geopolitical landscapes we operate in. Our roots are deep in the United States, where we've pioneered advancements in risk management and loss prevention for nearly two centuries. As we continue to extend our reach globally, we adapt and integrate local standards, practices and knowledge into our framework. This inclusivity not only enriches our understanding but also strengthens our partnerships with policyholders, partners, governmental bodies, NGOs and communities worldwide.
How is FM Global integrating new technologies to enhance its offerings?
Technology is at the heart of everything we do—but our approach is rooted in personal connections. No technology can replace the trust and loyalty we build with our clients, as evidenced by our exceptional retention rates. Ultimately, technology serves to amplify the impact of our advisors by enriching the consulting and expertise we're known for, without substituting the personal touch that defines our relationships with clients. We are leveraging technology to streamline our processes so that our teams can deepen client relationships and deliver even greater value.
What industries and sectors overseas can benefit most from FM Global’s expertise?
FM Global, originally standing for Factory Mutual, has a rich heritage since 1835 delivering insurance solutions for manufacturing and specialty verticals like power generation, mining, molten metals, chemical, forest products, semiconductors and pharmaceuticals.
Our expertise isn't limited to manufacturing; we've also expanded into non-manufacturing sectors in large and middle markets, with the latter being a focus since the 1950s. This year, AFM celebrates its 75th anniversary, a testament to our sustained excellence across various industries. AFM has successfully ventured into sectors beyond its traditional scope, including large residential and mixed occupancy buildings, assisted living and smaller retail verticals. This diversification showcases our adaptability and commitment to provide science-based policyholder value across industries. I'm eager to see us deepen our involvement in these sectors in North America and leverage this experience to expand our services to Europe, Australia and Asia in the future.
With the increasing importance of sustainability, how does FM Global help promote and support ESG efforts across various industries?
FM Global recognizes the intrinsic link between sustainability and resilience, emphasizing the governance of both. Our proactive approach to climate change is evident in our longstanding practice of including flood, wind and wildfire recommendations in our risk reports and client service plans.
We have escalated our commitment to sustainability with two groundbreaking reports. The Climate Risk Report, accessible to all FM Global and AFM policyholders and brokers, enables them to monitor progress and achievements in addressing climate change.
Additionally, the Climate Change Report forecasts exposure over extended periods. Currently, we're integrating these reports to enhance their utility for risk managers, brokers and governance bodies, reinforcing our role in supporting and promoting sustainability efforts worldwide.
Where is FM Global expanding right now and next?
Our most immediate expansion sees us opening doors in Perth, marking a significant step in our business development in Western Australia. I'm excited about the opportunities this new office will bring to the region and how it will allow us to serve our clients there.
Looking ahead, I'm keen to rekindle our partnerships in the United Arab Emirates, where our sales force and WorldReach network have previously made inroads. The broader Middle Eastern region holds potential for us, especially by leveraging our FM Approvals model, which has seen success across the Gulf Cooperation Council countries.
Additionally, there are opportunities in Latin America, with Eastern Europe and Africa further down the road. In these fast-developing regions, I envision longer-term potential to introduce and expand our risk management and loss prevention expertise, furthering our mission to protect each client’s purpose.
Our thoughtful, respectful, engineering-backed approach can contribute to a better world anywhere and everywhere.