LUGANO, Switzerland—FM Global, one of the world's largest commercial property insurers, has received a licence to conduct business in Switzerland as an admitted insurance company and the company has opened a new branch office in Lugano.
FM Global's Switzerland expansion is driven by growth of its Swiss business and provides the company with more operational flexibility in the region to respond to client needs. The company also will continue as a co-insurer with its existing Swiss WorldReach partners.
"Having a licence to operate in Switzerland allows FM Global to issue our own policies locally and have a more direct link with our clients' local operations which, in turn, will further enhance the quality of our service," said Paolo Marchi, FM Global's branch general representative.
The new office is located at:
World Trade Centre
Tel: +41 (0)91 610 25 44
The licence is granted to FM Insurance Company Limited, trading under the name FM Global.
For 175 years, clients in nearly 200 countries have worked with FM Global (www.fmglobal.com) to develop robust risk management solutions to protect their business operations from fire, natural disasters and other types of property perils. FM Global ranks 766 among FORTUNE magazine's largest companies in America and has been named "Best Property Insurer in the World" according to Euromoney magazine, rated number one "for overall product and service quality" according to Strategic Risk magazine and named "Best Global Property Insurer" by Global Finance magazine. With US$4.6 billion in policyholder surplus, the company has a financial strength rating of A+ (Superior) by A.M. Best and AA (Very Strong) by Fitch Ratings. In the United Kingdom, FM Global is the communicative name for FM Insurance Company Limited, which is regulated by the Financial Services Authority.