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.
3-day Oil & Energy Workshop in Kuala Lumpur – June 2012.
June 7, 2012
Kuala Lumpur – MALAYSIA
The Managers Trust Re, held its annual “Business Partners Seminar” in Kuala Lumpur – Malaysia on June 4,5 & 6, 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.
The Syndicate also hosted a dinner at the at “KL Tower” which was attended by all participants and their companions.
The number of participants was 40 mostly senior officers and Oil & Energy Underwriters from 32 companies in 12 Asian countries.
THE 13TH GENERAL ASSEMBLY OF THE SYNDICATE
October 4, 2012
Cairo – EGYPT
The 13th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 4/10/2011 in Cairo – Egypt during the 22nd Conference 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 31/12/2010 which showed that the premium written by the Syndicate during 2010 totaled US$ 9,635,989 compared to US$ 14,378,805 in 2009 and the net profit realized from the operation is US$ 498,580 compared to US$ 2,808,055 in 2009, while the average Loss Ratio stood at 37% during the 11 years of operation.
The annual report indicated that decrease in the premium was due to the sanctions implemented against some countries within the geographical scope of the Syndicate operation, also due to the large loss of the “Aban Pearl” for which the Syndicate paid its share of US$5M. However, the loss in premium from these sanctioned countries was compensated through the introduction of new products that can be accepted by the Syndicate namely “Renewable Energy” and “Power Plants”
It is worth mentioning that; with the close of the financial year 2010, the Founding Members of the Syndicate have already received, in form of annual surplus distribution; 648% of the amount paid by them as initial financing of the Syndicate’s Units of capacity deposited back in 1999.
The premium written by the Syndicate since the start of the operation till the close of the financial year in 2010 totaled US$ 63,094,776 and generated a net profit of US$ 11,369,386 for the same period.
THE SYNDICATE EXPANDS ITS GEOGRAPHICAL SCOPE ACCEPTANCE TO INCLUDE RUSSIA
October 4, 2011
Cairo – EGYPT
The Technical Board of the Syndicate, in its 29th meeting in Cairo – Egypt approved the expansion of the geographical scope of the Syndicate acceptance to include “Russia” with effect from 1/1/2012
The decision was made due to the increased number of inquiries and offers received by the Syndicate from companies and brokers handling Russian business, also to compensate for the loss of premium from sanctioned countries.
Business from Russia will be closely monitored by the Managers and only quality accounts will be considered and written.
Yassir Albaharna Elected Chairman of the Syndicate Technical Board
July 11, 2011
The Technical Board held its 28th meeting in Beirut, Lebanon on Monday July 11, 2011 in preparation for the 13th General Assembly meeting which will be held during FAIR 22ndConference in Cairo – Egypt, on Tuesday October 4, 2011
In view of the recent resignation of the Syndicate Chairman Anuar Mohamed Hassan following his resignation from Malaysian Re, the Managers representative and Syndicate Director Nabil Hajjar temporarily chaired the meeting and announced that Mr. Hassan who served as Chairman since the establishment of the Syndicate; was replaced by Datuk Ramlan Abdul Rashid to be Malaysian Re representative on the Technical Board for the remaining period of Mr. Hassan.
Mr. Hajjar further announced that Misr Insurance Company’s representative: Nariman Khairat was replaced by Mohamed Ismail Khalifa and welcomed to the Board FAIR new Secretary General: Hammam Bader as Ex-Officio replacing Ezzat Abdel Bary who retired from his position on 31/12/2010
The temporary Chairman then requested that the Agenda of the meeting is amended to include “Election of the Technical Board Chairman” as a first item.
The Board adopted the amended Agenda and proceeded with the first item to unanimously elect Yassir Albaharna as the new Chairman of the Syndicate.
Mr. Albahrna who is the Chief Executive Officer of Arab Insurance Group (ARIG) in Bahrain holds an MBA (High Honours) & M.Eng. (Manufacturing), Boston University, Boston; B. Eng. (Mechanical), McGill University, Montreal; Fellow & Chartered Insurer, Chartered Insurance Institute, London.
The temporary Chairman then yielded his position to the elected Chairman who thanked the Technical Board for their confidence, and proceeded with the Agenda of the meeting which amongst many items, included the approval of the audited 2010 Financial Statements draft for presentation to the General Assembly.
After due deliberation of the remaining Agenda items the Technical Board made the appropriate decisions and the meeting was concluded.
RENEWABLE ENERGY AND POWER PLANTS TO BE WRITTEN BE THE SYNDICATE
Monday January 17, 2011
Manama – BAHRAIN
In line with its continuous efforts to enhance its business and provide wider acceptance facility for its Members and Clients, the Syndicate announced that it has expanded its acceptance cover to include additional risks namely “Renewable Energy” and “Power Plants”
“The addition of these two risk categories to the acceptance scope of the Syndicate at this time is essential to cater for the increasing need of environment-friendly power generation which is spreading its way fast within the Syndicate areas of operation, which in tern; calls for the availability of insurance and reinsurance covers and capacity to protect the producing plants against unexpected losses” said: Nabil Hajjar the Director of the Syndicate.
He added; “We have no doubt that; Members, Producers and Insurance companies will utilize our US$25M capacity and will find our technical support useful and beneficial to them which will enhance the position of the Syndicate as a reliable regional reinsurer”
Manama – Bahrain
January 17, 2011
The Governor of the Central Bank of Bahrain and the Deputy Chairman of Lloyd’s of London visit the office of FAIR Oil & Energy Insurance Syndicate.
Manama – BAHRAIN
During the inauguration ceremony of Trust Re building in Bahrain on Wednesday 8/12/2010, HE Rasheed Almaraj – Governor of the Central Bank of Bahrain and Mr. Graham White, Deputy Chairman of Lloyds London, visited the office of FAIR Oil & Energy Insurance Syndicate, where they were received by the Syndicate Director: Nabil Hajjar who briefed them on the Syndicate activities and provided them with perspective on the Syndicate positive progress since it was established and started doing business in Bahrain.
Trust Group Chairman: Ghazi Abu Nahl commented that; beside: FAIR Oil & Energy Insurance Syndicate, there exist another Syndicate registered and operates in Bahrain, which is the Arab War Risks Insurance Syndicate (AWRIS). Mr. Abu Nahl added; these two successful Syndicates provide live example of how important the cooperation amongst regional insurance & reinsurance companies can be. Mr. Abu Nahl also praised the Kingdom of Bahrain and its regulations which made it possible for these two Syndicates to be established and operate in Bahrain and that contributed significantly to their success.
Present during the visit also was: Abdel Rahman Al Baker, Executive Director of Financial Institutions Supervision at the Central Bank of Bahrain, Sh. Nasser Althani, Chairman & Managing Director of Qatar General Insurance & Reinsurance Co., also present was:, Trust Group Chairman: Ghazi Abu Nahl and Trust Re Chairman: Kamel Abu Nahl.
Photo (Left to right) Nabil Hajjar, Kamel Abu Nahl, HE Rasheed Almaraj, Graham White, Ghazi Abu Nahl, Abdel Rahman Al Baker, Sh. Nasser Al Thani
12TH GENERAL ASSEMBLY MEETING
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
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
The Technical Board of the Syndicate held its 26th 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 51st Executive Board in Banding, Indonesia September 29, 2010