Category: Uncategorized

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.

International Oil & Energy Conference 2008
20-23 July 2008
Kuala Lumpur – MALAYSIA

Nabil Hajjar, the Director of the FAIR Oil & Energy Insurance Syndicate was invited to this 2-day conference organized by the Malaysian Insurance Institute and attended by a large number of participants representing insurance & oil companies in Malaysia and Asia, to talk about the Syndicate operation as a recognizable regional Oil & Energy reinsurance capacity.

21st Technical Board meeting
23/4/2008
Manama – Bahrain

The Technical Board held its 21st meeting at the Managers offices in Bahrain on 23/4/2008 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 issued on the Agenda which comprised the following items:

1. The Managers Report.
2. The Audited Financial Statement for the year ending 31/12/2007 for recommendation to the General Assembly.
3. The appointment of the Auditors for the year 2008 for recommendation to the General Assembly.
4. Approve/ratify the changes in Members/Membership, and determine the number of units allocated for the year 2008

After due deliberation the Technical Board approved the items on the Agenda and decided to hold 22nd Technical Board meeting and 10th General Assembly meeting in October 2008 in Istanbul-Turkey during the FAIR Executive Board Meetings.

Seminar on Oil & Energy Insurance
19-20 June 2006″
Mumbai – INDIA

The Director of FAIR Oil & Energy Insurance Syndicate, Nabil Hajjar was invited to this seminar to provide introductory remarks in the Inauguration Session and make a presentation about the Syndicate.

Trust Re’s Senior Energy & Marine Underwriter Thommy Thomas was also invited to present and paper on the subject.