JOHNSTON, R.I., USA—FM Global, one of the world's largest commercial property insurers, has become a licensed insurer in Luxembourg. The license allows FM Global and AFM to continue to deliver seamless insurance coverage to its policyholders throughout the European Economic Area (EEA), where it has operated for more than half a century.
"We chose Luxembourg as our EEA hub because it's a multinational business-friendly financial center with regulatory expertise that enables us to remain true to our mutual insurance company business model," said Chris Johnson, executive vice president who will serve as its managing director, or dirigeant agréé. "Most notably, Luxembourg is a hub that permits EU passporting—which fits our business model perfectly."
Johnson added that FM Global's London operations remains a critical part of the company's business strategy. FM Global has nearly 70 offices worldwide serving approximately one of every three Fortune 1000 companies and similar-sized organizations in more than 130 countries.
The Luxembourg license is granted to FM Insurance Europe S. A., a newly formed subsidiary, which will conduct business under the name 'FM Global' at offices located at One on One, 1 Route d'Esch, Luxembourg.