THE 15TH GENERAL ASSEMBLY OF THE SYNDICATE
SEPTEMBER 25, 2013
BEIJING – CHINA
The 15th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 18/9/2013 in Beijing – China during the 23rd Conference of the Federation of Afro-Asian Insurers & Reinsurers (FAIR)
There were two main items on the Agenda of the meeting; the approval of the 2012 Financial Statements & Election of the Technical Board Members.
FINANCIAL STATEMENTS FRO THE YEAR ENDED 31/12/2013
The General Assembly reviewed and approved the audited 2012 Financial Statements as presented by the Technical Board. The FS showed that; the premium written by the Syndicate during 2012 totaled US$ 20,698,645 compared to US$ 16,100,632 in 2011 and the net profit realized from the operation was US$ 1,976,922 compared to US$ 1,074,465 in 2011, while the average Loss Ratio stood at 34.25% during all the years of operation.
The annual report indicated that increase in premium is due to the carefully studied marketing policy implemented by the management coupled with an expansion of the acceptance scope to include: Energy related constructions, Renewable Energy and Power Plants. Furthermore, the increase is due to the expansion of the geographical scope to include business from Russia.
It is worth mentioning that; with the close of the financial year 2012, the total premium written by the Syndicate during its 13 years of operation totaled US$ 101,283,867 and the total distributed surplus is US$ 14,420,733. Thus, the Founding Members of the Syndicate have already received, in form of annual surplus distribution; 1,072% of the amount paid by them as initial financing of the Syndicate’s Units of capacity deposited back in 1999.
ELECTION OF THE TECHNICAL BOARD
The General Assembly re-elected the present Technical Board for a further period of 4 years with effect from 1/1/2014
The Technical Board consists of the following:
Yassir Albaharna; CEO of Arab Insurance Group (ARIG) – Bahrain.
- Mohamed Khalifa; CEO of Misr Insurance Co., – Egypt.
- Mokhtar Daerah; Chairman & GM of Lybia Insurance Co., – Libya.
- Alice Vaidyan; GM of GIC of India.
- Zaini Abdel Aziz; Senior Executive Officer of Malaysian Re – Malaysia.
- Mina Noohi Vice President of Bimeh Markazi – Iran.
In addition to the Managers of the Syndicate “Trust Re” represented by the Senior Advisor to the Management: Nabil Hajjar, and the Secretary General of the FAIR Organization; Hammam Badr as Ex-Officio.
The re-appointed Technical Board re-elected Yassir Albaharna to be the Chairman of the Board for a second term.