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.