THE SYNDICATE RATING – 2022

THE SYNDICATE RATING

FAIR Oil & Energy Insurance Syndicate is proud to be the first entity of its kind to be rated by a reputable international rating agency.

A.M. Best has affirmed the following ratings for the Syndicate:

Financial Strength Rating (FSR) B+ (Good) with stable outlook.
Issuer Credit Rating (ICR) bbb- with stable outlook.

A.M. Best Ratings: FAIR Oil & Energy Insurance Syndicate (FOEIS)

“The ratings reflect the Syndicate’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.”   A.M. Best

To Download a copy in PDF, CLICK HERE…<<..   

23RD GENERAL ASSEMBLY MEETING – Sharm Al Sheikh / Virtual

FAIR Oil & Energy Insurance Syndicate held its 23rd General Assembly on Tuesday September 21, 2021 during the 3rdSharm Rendezvous and the Federation of Afro-Asian Insurers & Reinsurers (FAIR) 27th General Conference and was attended physically and virtually, under the Chairmanship of M. Mazhar Hamadeh.

Members representing 79% of the votes attended the meeting together with the Syndicate auditors.

The main item on the Agenda was the approval of the Financial Statements for the year ended 31/12/2020 which showed that the premium written by the Syndicate totaled US$25.5M compared to US$29.8M in 2019 and the net profit realized from the operation was US$1.3M compared to a loss of US$3.9M in 2019, while the Loss Ratio averaged 66.61% during all the years of operation.

The annual report indicated that decrease in premium is due to the change in the underwriting policy to conform with the market trend, which in turn resulted in returning to profitability in 2020 after a first time ever loss experienced in 2019.

The entire surplus of US$1.3M was transferred to the General Reserves where the Members Equity increased to US$27.6M at 31.12.2020

It is worth mentioning that; with the close of the financial year 2020, the premium written by the Syndicate during its 21 years of operation totaled US$302M and the total distributed surplus is US$29.3M.

The General Assembly, also discharged the Technical Board and the Managers from Liability for the year ended 31/12/2020 and appointed PKF Savvides & Co., Ltd. To audit the Syndicate books in 2022

Furthermore, the General Assembly elected a new Technical Board for a further period of 4 years with effect from 1/1/2022 as follows:

 

1- Al Ain Ahlia Ins. Co., – UAE Mr. Mohd. Mazhar Hamadeh
2- Anadolu Sigorta – Turkey Mr. Erdinc Gokalp
3- Misr Insurance Co., – Egypt Mr. Omar Gouda
4- Gulf Insurance (gig) – Kuwait Mr. Sundaresan Sridharan
5- Oman Re – Oman Mr. Roumel Tabaja
6- GIC Re – India Mr. Devesh Srivastava
7- CCR Re – Algeria Mr. Hadj Mohamed Seba
8- Malaysian Re – Malaysia Mr. Zainudin Ishak

In addition to the Managers of the Syndicate “Trust Re” represented by the Syndicate Managing Director: Nabil Hajjar, and the Secretary General of the FAIR Organization as Ex-Officio.

The Technical Board elected Mohd. Mazhar Hamadeh to be the Chairman of the Board and elected the following Members for the Risk Committee:

Omar Gouda – Egypt – Member Elect.
Zainudin Ishak – Malaysia – Member Elect.
Romel Tabaja – Oman – Member Elect
Hadj Mohamed Seba – Algeria – Member Elect
Sundaresan Sridharan – Kuwait – Member Elect
Nabil Hajjar – Syndicate Managers – Secretary/MD

The Risk Committee Elect, held its meeting following the Technical Board meeting and elected Omar Gouda as the Chairman of the Committee.

 

THE SYNDICATE RATING – 2020

THE SYNDICATE RATING

FAIR Oil & Energy Insurance Syndicate is proud to be the first entity of its kind to be rated by a reputable international rating agency.

A.M. Best has affirmed the following ratings for the Syndicate:

Financial Strength Rating (FSR) B+ (Good) with stable outlook.
Issuer Credit Rating (ICR) bbb- with stable outlook.

A.M. Best Ratings: FAIR Oil & Energy Insurance Syndicate (FOEIS)

“The ratings reflect the Syndicate’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.”   A.M. Best

To Download a copy in PDF, CLICK HERE…<<..   

The Syndicate, Platinum sponsor of 5th Lebanon International Oil & Gas Summit

The Syndicate, Platinum sponsor of 5th Lebanon International Oil & Gas Summit

Under the patronage of Lebanon’s Ministry of Energy and Water, the 5th Lebanon International Oil & Gas Summit (LIOG), took place between 2nd and 4th April 2019 in Beirut. The FAIR Oil & Energy Insurance Syndicate, managed by Trust Re, was platinum sponsor of this successful event, which was organised around the slogan ‘A full stream of insights and opportunities’. Over 550 participants from 28 countries around the world, including top public and private sector officials, attended.

Participants benefited from insightful information and debate as well as dedicated networking opportunities. On the second day of the conference, Nabil Hajjar Managing Director – FAIR Oil & Energy Insurance Syndicate and Senior Advisor to the Management of Trust Re chaired the session “Risk Mitigation & the Role of the Insurance & Reinsurance Industry”. The session focused on the inherent operational risks and challenges in the oil and gas industry and the vital role of the insurance sector in the transfer and mitigation of these risks.

Mr. Hajjar discussed “The importance of creating local capacities through Syndicates and Pools”. Contributing to the fruitful discussion were Nadjib Bouzeboudjen,  Head of Energy & Engineering Trust Re who presented the topic “The Role of insurance & Reinsurance in the Energy Industry” and guest speaker Mr. George Kabban, CEO of UIB, whose topic was “A blueprint for Insuring Lebanon’s Hydrocarbon Future”. Ahmed Al Mahmeed, Underwriting Manager, FAIR Oil & Energy Insurance Syndicate, participated in the summit as a delegate.

In addition to the conference-registered participants, 50 Lebanese VIP insurance personalities were invited by the Syndicate/Trust Re to attend the session. The VIPs were granted full day passes to the sessions and were invited for lunch, which was sponsored by the Syndicate.

THE SYNDICATE RATING – 2018

THE SYNDICATE RATING

FAIR Oil & Energy Insurance Syndicate is proud to be the first entity of its kind to be rated by a reputable international rating agency.

A.M. Best has assigned the Syndicate the following upgraded ratings:

Financial Strength Rating (FSR) B+ (Good) with stable outlook.
Issuer Credit Rating (ICR) bbb- with stable outlook.

A.M. Best Ratings: FAIR Oil & Energy Insurance Syndicate (FOEIS)

The ratings reflect the Syndicate’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management”.

A.M. Best

To Download a copy in PDF, CLICK HERE…<<..