As the Island is faced with mounting job losses, one company remains bullish on Bermuda and says it’s made a commitment to its employees to keep them on through the tough times.Freisenbruch-Meyer Group is also planning to expand, after finally winning Planning approval for a change-of-use to take over the ground floor retail space in its 75 Front Street building.President Michael Freisenbruch said the expansion showed the company’s belief in and commitment to the Bermuda market despite the current challenges.“We believe in the fundamentals of the Island,” he said. “It is ideally situated close to North America. It has the resources and talent and I see no reason why Bermuda will not continue to be very attractive to business and visitors. We are not without challenges ... clearly a resurgence in tourism is needed.”Thirty-three of the insurance company’s 34 employees are Bermudian.“Throughout the recession we have hired and retrained and promoted,” Mr. Freisenbruch said. “We made that commitment to our team in 2008 and we have not let go a single person.”Mr Freisenbruch said his philosophy has always been: “Being in business is a privilege.”He added: “We here at Freisenbruch do not want to run Bermuda’s biggest insurance we want to run Bermuda’s best insurance company.”The company this year again made The Bottom Line magazine’s Top 10 Employers That Stand Out in Bermuda.It plans to begin a major renovation of its 3,500-square-foot ground floor space later this year, once longtime tenant Makin’ Waves moves to its new location.Not wanting to reveal too much right now, Freisenbruch-Meyer Insurance Services vice president and general manager William Madeiros said it will be an “exciting, dynamic retail space” that will be unveiled to the public in the New Year.The Development Applications Board had initially turned down Freisenbruch-Meyer’s application to use its ground floor space.However, the insurance company appealed the decision and ultimately won after presenting its arguments, including the fact that it originally occupied the space.Freisenbruch-Meyer was formed in 1980 by Michael Freisenbruch - a former employee of Harnett & Richardson - together with Meyer Agencies, and was originally based in the the Vasco da Gama building, then the Penboss Building.In 1997 it amalgamated with Harnett & Richardson. The company then moved to Harnett & Richardson’s historic building at 75 Front Street.Harnett & Richardson had during the late 1960s and very early 70s occupied the ground floor of 75 Front Street.In 2002, Ace Ltd came on board as a partner and Freisenbruch-Meyer Insurance Ltd was established with Ace Bermuda acquiring a 40 percent equity interest.And in 2005, Butterfield Bank took a 30 percent equity stake in Freisenbruch-Meyer Insurance.Freisenbruch-Meyer’s change-of-use application was the latest challenge to the city plan’s long-held definition of retail, and is a good example of the changing face of Front Street, as businesses, such as banks and insurers and telecoms providers, take over spaces long occupied by T-shirt, souvenir and other tourist oriented stores.Under the city’s definition of retail, the only non-traditional retail stores allowed appeared to be “banking halls, travel agents and airline ticket agencies that serve the public and generate customer activity”.Many will remember before the rise of the Internet a number of airline ticket offices were located on Front Street, all of which are now closed.Mr Madeiros noted that when retail was booming in Bermuda in the 70s through the 80s, Harnett & Richardson and other companies found it lucrative to rent out their ground floor spaces.But times have changed and there is clearly more demand now for ground floor space in Hamilton for financial and other business services.The Department of Planning is undertaking a review of the City of Hamilton Plan 2001, which will involve assessing and evaluating the existing Plan’s policies and development regulations.It’s expected a new City of Hamilton Plan will then be prepared.