PROVIDENCE, R.I. — FM, the insurer once called FM Global, will relocate its global headquarters to a downtown Providence office tower and eventually close its 93-acre wooded campus in Johnston, The Boston Globe reported.

The company made the plan public Tuesday, Providence Business News reported. "The move reflects our confidence in Providence’s future while supporting our broader strategy to strengthen our presence in key business centers across the Northeast, connected by the Interstate 95 and Amtrak corridors," FM said in a statement to Rhode Island Current, according to the Globe.

"Nearly 200 years after FM was founded in Providence, we are beginning a new chapter in the city where our story began," an FM spokesperson said, as reported by WJAR.

The new home is 10 Memorial Blvd., the former IGT building, which FM bought for $68.5 million in 2026. The Globe described it as a 10-story glass-and-metal tower looking out over Providence Place Mall, with Fidelity Investments and the Capital Grille among the tenants already there. WJAR reported that FM will take up only part of the building and expects renovations to be done in late 2027.

WJAR said FM has not set a timeline for leaving Johnston. According to the Globe, the company will keep weighing what to do with that property, its research campus in Glocester will stay put, and it was not immediately clear how local workers would be affected.

Johnston Mayor Joseph Polisena Jr. told the Globe by phone that he had not heard FM was leaving. "If that’s true, we’ll do everything we can to meet with them to see if there’s anything we can do as a municipality to keep them," he said, suggesting conditions at the state level, not town policy, may be behind the decision.

State leaders cast it as a win. FM had asked in 2025 for relief from a state cap on certain long-term insurance investments as it planned to grow, and lawmakers obliged, the Globe reported. "With so many options to relocate elsewhere in other states, the company’s commitment to remain in Rhode Island shows that the legislation had its desired effect," Larry Berman and Greg Pare, who speak for House Speaker Christopher Blazejewski and Senate President Valarie Lawson, said in a joint statement.

Gov.-elect Helena Buonanno Foulkes said at a news conference Tuesday, where she named her transition team, that she intends to meet with FM executives and other major employers.

FM was founded in Providence in 1835 as Manufacturers Mutual Fire Insurance Co. It opened the Johnston headquarters, off Central Avenue, in September 2009 after spending $154 million to build it, the Globe reported.