With the vision, drive and initiative of the Federation of Afro-Asian Insurers & Reinsurers (FAIR), FAIR Oil & Energy Insurance Syndicate was established in order to serve FAIR Members in this vital field of business.
The Syndicate’s principal objective is to be a reinsurer of Oil & Energy and related business and underwrite this business from FAIR Members and other sources, primary dealing with the Afro-Asian markets for the account and benefit of the Members.
In October 1998, FAIR General Assembly appointed Trust International Insurance & Reinsurance Co., B.S.C. (c) – “Trust Re”, a professional reinsurer based in the Kingdom of Bahrain and known to be a regional expert in this special line of business, to manage the newly established Syndicate which was eventually incorporated in January 1999 in Bahrain by Legislative Decree # 7/1999 published in the Official Gazette # 2355 dated January 13, 1999 and started its operation on October 1, 1999
The Managers; Trust Re, devoted considerable means and resources to ensure the smooth operation of the Syndicate, steering it into a notable success and placing it into a recognizable professional position in the Afro-Asian Oil & Energy reinsurance market.
The Syndicate is an independent entity governed by its ‘Syndicate Agreement” and “Articles of Association” which form part of the Legislative Decree # 7/1999, owned by its Member companies, directed by a Technical Board and managed by Trust Re.
The Syndicate which started with 20 founding Members from 14 Afro-Asian countries providing 70 Units of underwriting capacity, presently enjoys a solid base of Membership which consists of 21 insurance & reinsurance companies from 16 Afro-Asian countries providing 100 Units of underwriting capacity.