FM Global, one of the world’s largest commercial property insurers, has become a licensed insurer in Luxembourg. The license allows FM Global 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 Regus Kirchberg City Centre, 2nd Floor, 26-28 Rue Edward Steichen, L-2540 Luxembourg.
About FM Global
Established nearly two centuries ago, FM Global’s capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.