FM Seguros S.A. Secures License to Operate as Insurer in Brazil, Expanding Footprint in Latin America
Johnston, RI – August 22, 2025 – FM, one of the world’s leading commercial property insurers, announced that its wholly owned subsidiary, FM Seguros S.A., based in São Paulo, has obtained a license to operate as a primary insurer in Brazil. The approval, granted by Brazil’s insurance regulator, Superintendência de Seguros Privados (SUSEP), marks a significant milestone for the company, allowing it to provide direct coverage to clients across the country starting in 2026. This development strengthens FM’s presence in Latin America, where it has operated as an admitted reinsurer and through insurance partners for nearly four decades.
The new license enables FM Seguros S.A. to transition from working solely through local partners to directly offering tailored risk management solutions and property insurance to Brazilian businesses. Monica Yasutomi, FM’s operations senior vice-president and Latin America operations manager, described the move as a “strategic step” in a key market. “Brazil’s growing economy presents a unique opportunity to bring our philosophy of partnership, along with our capital, research, and engineering expertise, to support business resilience and protection,” Yasutomi said. She emphasized a gradual transition, with FM Seguros collaborating with existing partners, brokers, and clients to ensure a seamless shift by 2026.
Daniel Patavino Mazzi, FM’s vice-president and client service manager, highlighted the company’s engineering-driven approach. “Operating as a local insurer allows us to apply our expertise more effectively, combining loss prevention with insurance protection to help clients maintain business continuity,” he said. FM’s model, which includes extensive on-site engineering reviews and data-backed risk assessments, is expected to intensify competition in Brazil’s commercial property insurance market, particularly among large corporate clients seeking specialized solutions.
The move aligns with Brazil’s rise as a major economic hub in Latin America, offering FM opportunities to forge closer partnerships with major Brazilian companies and brokers. The license also complements FM’s existing role as an admitted reinsurer in Brazil, a status it has held since 2009, following the country’s reinsurance market opening to foreign players. This development could shift broker relationships from reinsurance-focused to primary placements, potentially reshaping market dynamics.
FM’s entry as a direct insurer is part of a broader trend of international insurers deepening their presence in Brazil, spurred by regulatory changes and growing demand for specialized coverage. The company’s global expertise, backed by its research facilities like the FM Global Research Campus in Rhode Island, positions it to offer cutting-edge risk management solutions tailored to Brazil’s industrial and commercial sectors.