Manama, Thursday January 12, 2023
Announcement:
Arrangement of an A- Reinsurance Security.
Dear Business Partners,
Since its establishment in 1999, FAIR Oil & Energy Insurance Syndicate has gained a recognizable position in the MENA and the Afro-Asian markets as a reliable reinsurance security through its continued commitments and professional services.
Throughout its twenty-two years of operations, the Syndicate provided protection for 4115 Risks in 82 countries valued in total of above US$ 54 Billion.
The total premium booked by the Syndicate during these years of operations totaled more than US$ 330 Million, and the total paid claims is US$ 182 Million, whilst the Loss Ratio & Combined Ratio averaged: 55.79% and 66.59% respectively
The Syndicate is proud to be the first entity of its kind to be rated by the reputable international rating agency A.M. Best, with Financial Strength Rating (FSR) B+ (Good) and Issuer Credit Rating (ICR) bbb- both ratings with stable outlook.
Nevertheless, if a risk requires higher security rating, the Syndicate is pleased to announce that an arrangement has been made with a reputable and highly recognized partner to back up the Syndicate with an A- rating by A.M. Best that can be used if needed.
The Syndicate provides reinsurance capacity of US$25M on Facultative basis for Oil & Energy related businesses in the MENA region and Afro-Asian markets as follows:
In addition, the Syndicate provides reinsurance capacity of US$14M on Facultative basis for Nuclear Energy in the MENA region, Afro-Asian, and Europe.
Offers are accepted from all insurance companies, Brokers and producers handling Afro-Asian Oil & Energy Business and Nuclear Energy business.
We count on your continuous support and look forward to receiving your oil & Energy related businesses and Nuclear Energy inquiries.
For more information, please visit our website: www.foeis@foeis.com
If you have any question, do not hesitate to email the following persons:
Nabil Hajjar: Managing Director, foeis@foeis.com
Ahmed Almahmeed: Operations Manager, underwriting@foeis.com
