The thermal and magnetic properties of amorphous (FeCo)SiBNb ribbon alloys with high glass forming ability have been investigated. The glass forming ability was enhanced by Co substitution in amorphous ($Fe_{1-X}Co_X)_{72}Si_4B_{20}Nb_4$ alloys with the thickness of about $40{mu}m$. With the increase in Co content, the temperature range of supercooled liquid phase increased indicating the high glass forming ability of the Co-added alloys. Further the ac permeability increased, and the core loss decreased considerably by Co substitution, while small change in $B_8$ (magnetic flux density at 800 A/m) was observed. The frequency characteristics of permeability deteriorated as compared to conventional amorphous ribbon alloys with the thickness of about $20;{mu}m$ due to the increased skin effect.