By staff reporter
The Federation of European Risk Management Associations (FERMA) has welcomed a new member this week: the Luxembourg risk management association, Professionals in Risk Management (PRiM).
"Luxembourg has an influence that far exceeds its size because of its important financial services sector, which includes a large number of Europe's captive reinsurers. PRiM will strengthen FERMA's base in this technical area." Says Jorge Luzzi, the president of FERMA.
"PRiM is delighted to join FERMA and to add Luxembourg to the European risk management map. We hope that being incorporated in a large and international network will help us extend our knowledge exchanges and develop more efficiently our local activities,” adds president of PRiM, Marco Zwick. “In turn, we will do our best to share with FERMA our main features which are a deep involvement in financial risk management matters and the specific skills of a major European reinsurance captive domicile."
The Grand Duchy of Luxembourg has a population of just 516,000. However, in 2011, the country's banking sector consisted of 143 credit institutions from over 20 countries, and with over 240 licensed reinsurers, mostly captives.
PRiM started in 1997, with a principal focus on the financial sector. Its members come not only directly from the risk management functions in banking, insurance, audit and consulting, but also from a broad range of related roles such as compliance, internal audit, or operational and general management.
This latest arrival brings FERMA's total membership to 22 associations from 20 countries.
Click here to visit FERMA's newest member online.