THE 13TH GENERAL ASSEMBLY OF THE SYNDICATE
October 4, 2012
Cairo – EGYPT
The 13th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 4/10/2011 in Cairo – Egypt during the 22nd Conference 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 31/12/2010 which showed that the premium written by the Syndicate during 2010 totaled US$ 9,635,989 compared to US$ 14,378,805 in 2009 and the net profit realized from the operation is US$ 498,580 compared to US$ 2,808,055 in 2009, while the average Loss Ratio stood at 37% during the 11 years of operation.
The annual report indicated that decrease in the premium was due to the sanctions implemented against some countries within the geographical scope of the Syndicate operation, also due to the large loss of the “Aban Pearl” for which the Syndicate paid its share of US$5M. However, the loss in premium from these sanctioned countries was compensated through the introduction of new products that can be accepted by the Syndicate namely “Renewable Energy” and “Power Plants”
It is worth mentioning that; with the close of the financial year 2010, the Founding Members of the Syndicate have already received, in form of annual surplus distribution; 648% of the amount paid by them as initial financing of the Syndicate’s Units of capacity deposited back in 1999.
The premium written by the Syndicate since the start of the operation till the close of the financial year in 2010 totaled US$ 63,094,776 and generated a net profit of US$ 11,369,386 for the same period.
