FM to Move Headquarters From Johnston to Downtown Providence

Global insurer FM will move its headquarters to a downtown Providence tower and close its Johnston office, WPRI reported on Tuesday.

The decision moves one of Rhode Island’s largest employers from its suburban base into the heart of the capital. FM confirmed the plan following an interview with 12 News in which Governor Dan McKee had previously referenced the company’s upcoming relocation.

The move centers on 10 Memorial Boulevard, a 10-story downtown tower that FM purchased earlier this year for $68.5 million. Often called the GTECH building due to its former owner, the structure will undergo renovations scheduled to be completed in late 2027.

FM moving global headquarters to Providence — WPRI

“Nearly 200 years after FM was founded in Providence, we are beginning a new chapter in the city where our story began,” a spokesperson for the company said in a statement.

A central shift for Rhode Island business

Providence Mayor Brett Smiley expressed enthusiasm for the arrival of the global insurance leader, noting the impact on the city’s core. He suggested the relocation serves as a sign of the capital’s ongoing economic momentum.

“FM is a global leader and a pillar of the Rhode Island business community,” said Mayor Brett Smiley. “This move is a testament to the strength of Providence’s future and the continued momentum. We hope this is the start of a long term relationship between FM and the capital city.”

The company expects the downtown location to provide better access for employees to reach clients and business associates via Amtrak and I-95. While the Johnston headquarters will eventually cease to be a work location, the company said no decision has been made regarding the specific timing of that transition or the future of the Johnston property.

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FM is not exiting the state entirely. The insurer stated it will maintain its existing research campus located in Glocester.

The economic scale of FM

The relocation comes during a period of strong financial performance for the firm. According to its annual report, FM posted a profit of $4.4 billion on $8.2 billion of revenue in 2025.

The company’s footprint in Rhode Island remains substantial. As of 2024, the insurer employed nearly 5,900 people worldwide, with approximately 1,500 of those staff members based in Rhode Island.

The firm’s history in the region is deep, tracing its origins back to 1835 when a group of industrialists founded it on Weybosset Street. The name “FM Global” was later adopted in 1999 following a merger of several mutual insurers, with “FM” standing for Factory Mutual Insurance Company.

Insurer FM will move HQ to Providence tower — WPRI

Metric	2025 Reported Figure
Total Revenue	$8.2 billion
Annual Profit	$4.4 billion

Tensions in Johnston

While Providence leaders celebrated the news, the reaction in Johnston was notably different. Mayor Joseph Polisena Jr. expressed disappointment regarding the lack of communication from the company’s leadership.

“No one from the company contacted me to share or discuss this decision,” said Mayor Joseph Polisena Jr. “I’m disappointed FM was not forthcoming and did not give me the opportunity to tell them why the town of Johnston is the best community in the state of Rhode Island for them.”

Polisena added that the town will ensure the vacated property is eventually put to productive use for both the company and the community.

Incoming leadership in the state has also weighed in on the move. Governor-elect Helena Foulkes said that she intends to meet with the leaders of the state’s largest employers to discuss job growth and prosperity as her administration begins its transition.

“FM Global is an important business and a major employer in Rhode Island, and I’m pleased they will be staying in the state,” Foulkes said.

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