10th General Assembly meeting
14/10/2008
Istanbul – Turkey
10th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 12/10/2008 in Istanbul – Turkey during the 22nd Executive Committee meeting of the Federation of Afro-Asian Insurers & Reinsurers (FAIR)
The main item on the Agenda was the approval of the Financial Statements for the year ended 31/12/2007 which showed that the premium written by the Syndicate during 2007 totaled US$ 7,084,282 compared to US$ 5,843,951 in 2006 and the net profit realized from the operation is US$ 2,408,590 compared to US$ 1,092,141 in 2006, while the average Loss Ratio stood at 30% during the 8 years of operation.
The Technical Board report to the General Assembly indicated that 3 additional companies joined the Membership of the Syndicate with effect from 1/1/2008 Thus; increasing the total number of the Syndicate Members to 32 from 20 Afro-Asian countries.
FAIR Oil and Energy Insurance Syndicate started its operation in October 1999 by accepting Oil & Energy business on Facultative basis from its Members and also non- Member companies and Brokers.
The premium written by the Syndicate since the start of the operation till the close of the financial year in 2007 totaled US$ 30,448,387 and generated a net profit of US$ 5,514,935 for the same period.
