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 – 2021

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 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 – 2019

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 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…<<..   

Business Partners Seminar, Langkawi – Malaysia

The Managers’ Annual Business Partners Seminar.
June 15 to 19, 2014
Langkawi – MALAYSIA

The Managers; Trust Re, held its annual “Business Partners Seminar” in Langkawi – Malaysia from June 15, to June 19, 2012 during which the Managing  Director of the Syndicate; Nabil Hajjar, made a presentation about the Syndicate to the participants of the seminar.

The participants showed interest in the Syndicate and the offered capacity, evident by the number of questions and inquiries made during the session.

23 participants, mostly senior officers from various Asian companies attended the Seminar.

15th General Assembly held in Beijing – China

THE 15TH GENERAL ASSEMBLY OF THE SYNDICATE
SEPTEMBER 25, 2013
BEIJING – CHINA

The 15th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 18/9/2013 in Beijing – China during the 23rd Conference of the Federation of Afro-Asian Insurers & Reinsurers (FAIR)

There were two main items on the Agenda of the meeting; the approval of the 2012 Financial Statements & Election of the Technical Board Members.

FINANCIAL STATEMENTS FRO THE YEAR ENDED 31/12/2013

The General Assembly reviewed and approved the audited 2012 Financial Statements as presented by the Technical Board. The FS showed that; the premium written by the Syndicate during 2012 totaled US$ 20,698,645 compared to US$ 16,100,632 in 2011 and the net profit realized from the operation was US$ 1,976,922 compared to US$ 1,074,465 in 2011, while the average Loss Ratio stood at 34.25% during all the years of operation.

The annual report indicated that increase in premium is due to the carefully studied marketing policy implemented by the management coupled with an expansion of the acceptance scope to include: Energy related constructions, Renewable Energy and Power Plants.  Furthermore, the increase is due to the expansion of the geographical scope to include business from Russia.

It is worth mentioning that; with the close of the financial year 2012, the total premium written by the Syndicate during its 13 years of operation totaled US$ 101,283,867 and the total distributed surplus is US$ 14,420,733. Thus, the Founding Members of the Syndicate have already received, in form of annual surplus distribution; 1,072% of the amount paid by them as initial financing of the Syndicate’s Units of capacity deposited back in 1999.

ELECTION OF THE TECHNICAL BOARD

The General Assembly re-elected the present Technical Board for a further period of 4 years with effect from 1/1/2014

The Technical Board consists of the following:

Yassir Albaharna; CEO of Arab Insurance Group (ARIG) – Bahrain.

  • Mohamed Khalifa; CEO of Misr Insurance Co., – Egypt.
  • Mokhtar Daerah; Chairman & GM of Lybia Insurance Co., – Libya.
  • Alice Vaidyan; GM of GIC of India.
  • Zaini Abdel Aziz; Senior Executive Officer of Malaysian Re – Malaysia.
  • Mina Noohi Vice President of Bimeh Markazi – Iran.

In addition to the Managers of the Syndicate “Trust Re” represented by the Senior Advisor to the Management: Nabil Hajjar, and the Secretary General of the FAIR Organization; Hammam Badr as Ex-Officio.

The re-appointed Technical Board re-elected Yassir Albaharna to be the Chairman of the Board for a second term.

Meeting with the Insurance Commissioner of China

Meeting with the Insurance Commissioner of China
April 2, 2013
Beijing – China

A delegation headed by the Secretary General of The Federation of Afro Asian Insurers & Reinsurers Hammam Bader visited China’s Insurance Commissioner in Beijing on April 2, 2013

The delegation consisted of FAIR Non-Life Reinsurance Pool’s, Director: Aylin Kocaturk, FAIR Aviation Pool’s Manager; Noureddine Allaoui, and FAIR Oil & Energy Insurance Syndicate’s Managing Director; Nabil Hajjar.

Mr. Bader briefed the commissioner on the Federation and invited him to attend the opening ceremony F.A.I.R  23rd General Conference which is going to be held in Beijing in September 2013

The Secretary General’s introduction was followed by introductory presentations of the 2 pools and Syndicate.

The Syndicate Managing Director’s presentation concluded with a request to the commissioner to consider the security of F.A.I.R Pools & Syndicate acceptable without rating since rating agencies do not provide the service to this kind of entities.

The commissioner promised to look into this request and revert and request his team to study the matter and gather the necessary documents for review.

14th General Assembly of the Syndicate held in Muscat – Oman

THE 14TH GENERAL ASSEMBLY OF THE SYNDICAYE
September 25, 2012
Muscat, OMAN

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.