The new license will allow the company to provide coverage directly to clients across the country beginning in 2026.
For nearly four decades, FM has operated in Brazil through insurance partners. The new license enables the company to act as a primary insurer, strengthening its presence in Latin America and complementing its role as an admitted reinsurer in the country. FM, headquartered in Johnston, Rhode Island, said the change will create closer partnerships with major Brazilian companies and brokers.
FM’s licence in Brazil also comes as the country continues to grow as a major economic centre. The company said Brazil’s business environment provides an opportunity to expand its presence in the region and offer risk management solutions supported by its global expertise.
Monica Yasutomi, operations senior vice-president and Latin America operations manager at FM, said the company would bring its philosophy of partnership, along with its capital, research, and engineering expertise, to Brazilian businesses to support resilience and protection. She described the move as a strategic step in FM’s long-standing presence in Latin America and noted that Brazil is a key market for the company.
Yasutomi added that the transition to operating as a direct insurer will be gradual, with FM Seguros beginning insurance operations in 2026 and working with existing partners, brokers, and clients to ensure a smooth migration.
Daniel Patavino Mazzi, vice-president and client service manager at FM, said the company’s model involves working closely with client-owners to understand risks that could affect their business continuity. He explained that operating as a local insurer in Brazil would allow FM to apply its engineering expertise more effectively and make risk management decisions that combine loss prevention with insurance protection.
FM’s move into the primary insurance market in Brazil carries implications for both insurers and brokers. As a global player with significant engineering resources, FM’s direct presence could increase competition in the commercial property segment, particularly among large corporate clients seeking tailored risk management solutions.
For brokers, the entry of FM Seguros provides new opportunities to access capacity directly from an international insurer with a prevention-focused model. This could also shift some broker relationships from traditional reinsurance partnerships toward primary placements.
The development reflects a broader trend of international insurers deepening their presence in Latin America’s largest economy, signalling potential growth in specialized coverage and risk advisory services.
