For nearly ten years, Kevin Ingram knocked on S&P’s door, arguing that FM’s A‑plus rating undervalued its balance sheet. Other agencies, such as Fitch, already had the mutual insurer at AA. Each visit, Ingram presented fresh data; each time, the agency hesitated, wary of revising a long‑standing mark. Last summer, six months after FM dropped “Global” … Continue reading 1097: The Mutual Advantage in a Cyclical Market | Kevin Ingram, CFO, FM