The presidents of the two organizations, Jo Willaert of FERMA, and Jorge Luzzi of ALARYS, signed the agreement at the FERMA General Assembly in Brussels.
In addition to ALARYS, FERMA also has agreed mutual recognition of CPD activities with the U.S.
"FERMA has long had close connections with ALARYS, especially through the two associations' joint members, Spain's AGERS and Portugal's APOGERIS," said Willaert of FERMA.
BIMA president Rory Gorman is there, as are Derek Strong of the Insurance Advisory Committee, the industry action group, and Jorge Luzzi, president of ALARYS. Attending for the Bermuda Government are Eugene Cox, the finance minister, and Neletha Butterfield, the acting minister of tourism.
Gorman says that "Bermuda is the first non-Spanish or Portuguese-speaking member of ALARYS." Luzzi then says, "I feel only support since I arrive on the island." No one dares make fun of his English because their Spanish or Portuguese is worse.
To help risk managers gain recognition for their ability to address these issues, ALARYS is helping its members improve the way risk management is practiced in Latin America and promote its value to senior executives.
We need to have more materials in our language, and we hope that as we generate additional money for ALARYS, we can develop and distribute information throughout the region.
Two years ago, more than 400 attendees from Latin America and the United States participated at ALARYS' first conference in Cancun, Mexico.