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

The 15^th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 18/9/2013 in Beijing – China during the 23^rd 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
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.

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

The 14^th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 25/09/2012 in Muscat – Oman during the 53^rd 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 13^th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 4/10/2011 in Cairo – Egypt during the 22^nd 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 29^th 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
Beirut, Lebanon

The Technical Board held its 28^th meeting in Beirut, Lebanon on Monday July 11, 2011 in preparation for the 13^th General Assembly meeting which will be held during FAIR 22^ndConference 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.
Wednesday 8/12/2010
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
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