22nd Technical Board meeting held in Istanbul.

22nd Technical Board meeting
14/10/2008
Istanbul – TURKEY

The Technical Board held its 22nd meeting during the Executive Committee meeting of the Federation of Afro-Asian Insurers & Reinsurers (FAIR) on 14/10/2008 under the Chairmanship of Anuar Nohd Hassan at the presence of the majority of the members and FAIR Secretary General Ezzat Abdel-Bary, and discussed various items on the Agenda in preparation for the 10th General Assembly meeting of the Syndicate which took place later on the same day.

After due deliberation the Technical Board approved the items on the Agenda.

10th General Assembly meeting held in Istanbul

10th General Assembly meeting
14/10/2008
Istanbul – Turkey

10th General Assembly meeting of FAIR Oil & Energy Insurance Syndicate was held on 12/10/2008 in Istanbul – Turkey during the 22nd Executive Committee 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 31/12/2007 which showed that the premium written by the Syndicate during 2007 totaled US$ 7,084,282 compared to US$ 5,843,951 in 2006 and the net profit realized from the operation is US$ 2,408,590 compared to US$ 1,092,141 in 2006, while the average Loss Ratio stood at 30% during the 8 years of operation.

The Technical Board report to the General Assembly indicated that 3 additional companies joined the Membership of the Syndicate with effect from 1/1/2008 Thus; increasing the total number of the Syndicate Members to 32 from 20 Afro-Asian countries.

FAIR Oil and Energy Insurance Syndicate started its operation in October 1999 by accepting Oil & Energy business on Facultative basis from its Members and also non- Member companies and Brokers.

The premium written by the Syndicate since the start of the operation till the close of the financial year in 2007 totaled US$ 30,448,387 and generated a net profit of US$ 5,514,935 for the same period.