Commercial property insurer FM Global has been granted a license in Luxembourg, enabling the insurer to continue to deliver coverage to policyholders throughout the European Economic Area (EEA).
“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.”
FM Global has nearly 70 offices worldwide and throughout the EEA region, which has been a vital part of its operations for over 50 years.
As the insurer moves a hub into Luxembourg in light of Brexit, Johnson stressed that the firm’s London operations will remain critical to the company’s business strategy.
The license has been granted to newly formed subsidiary, FM Insurance Europe S.A., which will conduct business in its Luxembourg office under the name FM Global.