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FM to Move Headquarters from Johnston to Downtown Providence, Closing Suburban Campus by 2027
Mutual insurance giant FM will relocate its headquarters to a newly purchased building in downtown Providence, shuttering its Johnston campus once renovations are complete in 2027. The move marks a major corporate shift for Rhode Island's second-largest city and a boost for the capital's urban core.
PROVIDENCE â FM, the mutual commercial insurance company long headquartered in Johnston, will relocate its corporate base to downtown Providence, converting a recently acquired building into its new headquarters and eventually closing its suburban campus, the company announced Wednesday.
The move will not happen immediately. FM said the Johnston campus will remain open until renovations at the Providence building are finished, a process expected to stretch into 2027. The company did not specify a precise timeline for the closure or say how many employees would be affected.
FM, formerly known as FM Global, purchased the downtown Providence property in September, signaling at the time a significant investment in the city's commercial core. The company has not disclosed the purchase price or the scope of the planned renovations.
The shift represents a notable economic development for Providence, bringing a major employer and its workforce into the downtown district at a time when office vacancy rates have weighed on cities nationwide. For Johnston, the departure will mean the loss of a corporate anchor that has defined the town's commercial identity for years.
FM is a mutual insurance company owned by its policyholders, providing commercial property insurance and risk management services to businesses worldwide. It is one of Rhode Island's largest private employers, though the company did not immediately provide current headcount figures.
Company officials framed the decision as a strategic investment in the region. "This move reflects our long-term commitment to Rhode Island and to creating a modern workplace for our employees," the company said in a news release announcing the plan.
Local officials in Providence have championed the project as a vote of confidence in the city's downtown, which has seen increased investment in recent years but continues to grapple with vacant office space and the lingering effects of remote-work shifts. The arrival of a global insurance firm's headquarters could spur additional activity in the surrounding commercial district.
Johnston officials could not immediately be reached for comment on the planned closure of the FM campus, which sits along Route 295 and has served as the company's home base for decades.
The announcement comes as Rhode Island policymakers push to attract and retain large employers, with recent state budgets including incentives aimed at spurring office development and job growth. FM's decision to stay within the state rather than relocate elsewhere is likely to be welcomed by economic development officials.
FM said it will provide updates on the transition as renovation plans progress. The company did not say whether it plans to sell the Johnston property once operations cease there.