Author: admin

12TH GENERAL ASSEMBLY MEETING
Wednesday 29/09/2010
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

Trust Re’s Business Partners Seminar
September 19 to 22, 2010
Manama, Bahrain

The Managers of the syndicate “Trust Re” held its annual “Business Partners Seminar” in Manama, Bahrain from 19/9/2010 to 22/9/2010

The seminar was attended by 21 participants from 17 Afro-Asian countries.

The topics of the seminar were carefully chosen and presented by Trust Re’s Senior Underwriters and Executives, mostly handling Oil & Energy, Marine Cargo & Hull, and Liability.

In addition to the Technical presentations, the program of the seminar included an introduction of FAIR Oil & Energy Insurance Syndicate, as part of the Managers commitment to market the Syndicate and enhance its business.

The presentation which was well received by the participants was carried out by the Syndicate Director.

26th Technical Board meeting
April 18, 2010
Manama, Bahrain

The Technical Board of the Syndicate held its 26^th meeting on Sunday April 18, 2010 in the Managers “Trust Re” offices in Manama, Bahrain.

Anuar Mohd Hassan chaired the meeting and proceeded with the Agenda as prepared by the Managers.

Amongst many items on the Agenda of the meeting was; the review the draft Financial Statement for 2009 prepared by the auditors of the Syndicate “PKF Bahrain” which showed an another year of increase in Premium and Profit.

Upon  due deliberation, the Board recommended to present the 2009 draft Financial Statement to the General Assembly for approval, and further recommended the reappointment of “Trust Re” as Managers of the Syndicate for a period of four years with effect from 1/1/2011 which will also be presented to the General Assembly for their approval.

It was also decided that the next Technical Board and General Assembly meetings will be held along with FAIR 51^st Executive Board in Banding, Indonesia September 29, 2010

25th Technical Board meeting
Wednesday 21/10/2009
Kuala Lumpur – MALASYA

Anuar Mohd Hassan
Elected Chairman

The Technical Board held its 25th meeting in Kuala Lumpur to elect a Chairman form its newly elected members.

The Managers “Trust Re” chaired the meeting with this single item on the Agenda.

Mr. Anuar Mohd Hassan, President & Group CEO of MNRB (Malaysian Re) was elected by the Members as Chairman of the Technical Board.

Mr. Hassan presided over the Syndicate Technical Board and General Assembly meetings since it was established in 1999

Mr. Hassan thanked the Board Members for their confidence and assured them of his continued dedication to the Syndicate.

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:

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.

Date for 11th General Assembly meeting is set.

Invitations to attend the 11th General Assembly meeting of the Syndicate were circulated by the Managers: Trust Re, on August 20, 2009 by Fax & post.

The meeting will take place during FAIR 21st Conference in Mandarin Oriental Hotel Kuala Lumpur, Malaysia on October 21, 2009 at 15:45 hrs.

The Agenda of the meeting, with all related documents, is presently being prepared and will be dispatched to the Member Companies in due course.

The Agenda will also be made available for download in PDF format in the Member Companies Log In section of the Syndicate Website upon its completion.

23rd Technical Board meeting
Thursday 9/4/2009
Manama – BAHRAIN

The Technical Board of the Syndicate held its 23rd meeting in the Managers’ offices in Manama on Thursday 9/4/2009 to discuss the Managers’ Report and the Finanical Statement for the year ended 31/12/2008.

After due deliberation the Board approved the reports and decided to hold the 11th General Assembly meeting during the Federation of Afro-Asian Insurers & Reinsurers general meeting in Kuala Lumpur, Malaysia in October 2009.

The Board also thanked the Managers for the positive progress of the Syndicate.

22nd Technical Board meeting
14/10/2008
Istanbul – TURKEY

The Technical Board held its 22nd meeting during the Executive Committee meeting of the Federation of Afro-Asian Insurers & Reinsurers (FAIR) on 14/10/2008 under the Chairmanship of Anuar Nohd Hassan at the presence of the majority of the members and FAIR Secretary General Ezzat Abdel-Bary, and discussed various items on the Agenda in preparation for the 10th General Assembly meeting of the Syndicate which took place later on the same day.

After due deliberation the Technical Board approved the items on the Agenda.

10th General Assembly meeting
14/10/2008
Istanbul – Turkey

10th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 12/10/2008 in Istanbul – Turkey during the 22nd Executive Committee 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 31/12/2007 which showed that the premium written by the Syndicate during 2007 totaled US$ 7,084,282 compared to US$ 5,843,951 in 2006 and the net profit realized from the operation is US$ 2,408,590 compared to US$ 1,092,141 in 2006, while the average Loss Ratio stood at 30% during the 8 years of operation.

The Technical Board report to the General Assembly indicated that 3 additional companies joined the Membership of the Syndicate with effect from 1/1/2008 Thus; increasing the total number of the Syndicate Members to 32 from 20 Afro-Asian countries.

FAIR Oil and Energy Insurance Syndicate started its operation in October 1999 by accepting Oil & Energy business on Facultative basis from its Members and also non- Member companies and Brokers.

The premium written by the Syndicate since the start of the operation till the close of the financial year in 2007 totaled US$ 30,448,387 and generated a net profit of US$ 5,514,935 for the same period.

International Oil & Energy Conference 2008
20-23 July 2008
Kuala Lumpur – MALAYSIA

Nabil Hajjar, the Director of the FAIR Oil & Energy Insurance Syndicate was invited to this 2-day conference organized by the Malaysian Insurance Institute and attended by a large number of participants representing insurance & oil companies in Malaysia and Asia, to talk about the Syndicate operation as a recognizable regional Oil & Energy reinsurance capacity.