SÃO PAULO, Brazil—FM Global, one of the world’s largest commercial property insurers, has become an admitted reinsurer in Brazil, to meet the growing reinsurance needs of its clients in the region.
The company received approval from Brazilian insurance regulator Superintencia de Seguros Privados (SUSEP), which now allows FM Global to operate as an admitted reinsurer in the nonlife segment, from its local offices in São Paulo.
"Being an admitted reinsurer helps us deepen our ongoing commitment to serving the unique needs of Brazil's rapidly growing insurance market, and expands our reinsurance capabilities to local companies, particularly to large commercial businesses," said Marc Ragazzi, FM Global vice president and Latin America operations manager.
FM Global has 61 offices worldwide serving approximately one of every three FORTUNE 1000-size companies and similar size organizations in more than 130 countries. The company has been servicing clients with locations in Brazil for nearly 30 years.
About FM Global:
For nearly two centuries, many of the world’s largest organizations have worked with FM Global (www.fmglobal.com) to develop cost-effective property insurance and engineering solutions to protect their business operations from fire, natural disasters and other types of property risk. With clients in more than 130 countries and US$4.6 billion in policyholder surplus, FM Global ranks #766 among FORTUNE magazine's largest companies in America and is rated A+ (Superior) by A.M. Best and AA (Very Strong) by Fitch Ratings. The company has been named "Best Property Insurer in the World" by Euromoney magazine and "Best Global Property Insurer" by Global Finance magazine.