SAO PAULO, Brazil—Factory Mutual Insurance Co., which does business as FM Global, said Thursday that it has become an admitted reinsurer in Brazil.

In a statement, the Johnston, R.I.-based insurer said it had received approval from Brazil’s insurance regulator to operate as an admitted reinsurer in the nonlife segment from its local office in Sao Paulo.

The company said the expansion is aimed at meeting the demand of Brazil’s rapidly growing insurance market.

Being admitted in the Brazil market “expands our reinsurance capabilities to local companies, particularly large commercial businesses,” Marc Ragazzi, vp and Latin America operations manager, said in a statement.

Admitted reinsurers in Brazil are incorporated outside the country but have local offices. Brazil opened its market to outside reinsurers in 2008, ending a 69-year monopoly by Instituto de Resseguros do Brasil S.A.