12TH GENERAL ASSEMBLY MEETING
Bandung – INDONESIA
The 12th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 29/09/2010 in Bandung – Indonesia during the 51st Executive Committee & Board 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 31/12/2009 which showed that the premium written by the Syndicate during 2009 totaled US$ 14,378,805 compared to US$ 8,631,686 in 2008 and the net profit realized from the operation is US$ 2,808,055 compared to US$ 2,574,812 in 2008, while the average Loss Ratio stood at 27% during the 10 years of operation.
The annual report also indicated that the number of the Syndicate Members reached 36 Insurance & Reinsurance companies from 22 countries in Asia & Africa.
The General Assembly also approved the renewal of the Management Agreement with “Trust Re” Bahrain, for a 4th term of 4 years with effect from 1/1/2011
It is worth mentioning that; with the close of the financial year 2009, the Founding Members of the Syndicate have already received, in form of annual surplus distribution; 597% of the amount paid by them as initial financing of the Syndicate’s Units of capacity deposited back in 1999.
The 13th General Assembly will be held during the FAIR Organization General Conference in Tripoli – Libya in October 2011