THE 14TH GENERAL ASSEMBLY OF THE SYNDICAYE
September 25, 2012
The 14th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 25/09/2012 in Muscat – Oman during the 53rd Executive 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 31/12/2011 which showed that the premium written by the Syndicate during 2011 totaled US$ 16,100,632 compared to US$ 9,635,989in 2010 and the net profit realized from the operation is US$ 1,074,465 compared to US$ 498,580 in 2010, while the average Loss Ratio stood at 37% during the 11 years of operation.
The annual report indicated that; in 2011 that the Syndicate was able to overcome all the headwind factors experienced in previous years by employing intensive efforts and taking specific well studied steps namely; expanding is acceptance geographical scope to include “Russia”, in addition to accepting “Renewable Energy” and “Power Plants” risks, which resulted in the recovery of the lost business from the sanctioned countries and ended up with another fruitful year.
It is worth mentioning that; with the close of the financial year 2011, the Founding Members of the Syndicate have already received, in form of annual surplus distribution about 700% 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 2011 totaled US$ 80,368,231 and generated a net profit of US$ 12,443,851 for the same period.