Luxembourg becomes 22nd member of FERMA

LUXEMBOURG—Professionals in Risk Management, the risk management association in Luxembourg, has joined the Federation of European Risk Management Assns., FERMA said Tuesday.

PRiM, founded in 1997, focuses largely on risk management functions within Luxembourg's financial sectors, such as banking, insurance, auditing and consulting.

“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,” Jorge Luzzi, president of Brussels-based FERMA, said in a statement.

Mr. Luzzi also is director of corporate risk management at Milan-based Pirelli & C. S.p.A.

“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,” Marco Zwick, president of PRiM and global head of compliance at Schroder Investment Management (Luxembourg) S.A., said in the statement.

In return, he said, PRiM will share its financial risk management knowledge and its “specific skills of a major European reinsurance captive domicile,” he said.

Luxembourg's membership—bringing the number of FERMA members to 22—has resulted in the addition of Alessandro De Felice to FERMA's board of directors. Mr. De Felice is risk manager of Milan-based Prysmian S.p.A.