11TH GENERAL ASSEMBLY MEETING
Wednesday 21/09/2009
Kuala Lumpur – MALAYSIA
The 11th General Assembly meeting of was held on 21/10/2009 in Kuala Lumpur – Malaysia during the 21st General Conference of the Federation of Afro-Asian Insurers & Reinsurers (FAIR)
The main items on the Agenda were; the approval of the Technical Board report, the approval of the auditors report & the 2008 Financial Statements, and the election of a new Technical Board.
The Technical Board provided a full report on the operation of the Syndicate during 2008 with a future outlook, and indicated that 4 additional companies joined the Membership of the Syndicate with effect from 1/1/2009 Thus; increasing the total number of the Syndicate Members to 36 from 22 Afro-Asian countries.
The General Assembly also approved the auditors report and The Financial Statements for the year ended 31/12/2008 which showed that the premium written by the Syndicate during 2008 totaled US$ 8,631,686 compared to US$ 7,084,282 in 2007 and the net profit realized from the operation is US$ 2,547,812 compared to US$ 2,408,590 in 2007, while the average Loss Ratio stood at 28% during the 9 years of operation.
A new Technical Board for a 4-year period starting 1/1/2010 was elected as follows:
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Malaysian Re
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– Malaysia
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Arab Insurance Group (ARIG)
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– Bahrain
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Misr Insurance Co.,
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– Egypt
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Bimeh Markazi
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– Iran
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Libya Insurance Co.,
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– Libya
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General Insurance Corp.
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– India
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Trust Re (Managers)
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– Bahrain
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The General Assembly thanked the Members of retiring Technical Board for their valuable contributions during the term of their duty, and wished the newly elected Members all the best in their new assignment.
The General Assembly also thanked the Managers “Trust Re” for their continuous efforts in handling the business of the Syndicate.
