Historical Background
With the vision, drive and initiative of FAIR, FAIR Oil & Energy Insurance Syndicate was established in order to provide a regional capacity in Oil and Energy related business from FAIR members and other sources, for risks located the Afro-Asian region. The Syndicate was further incorporated in January 1999 in the Kingdom of Bahrain as an independent legal entity by a Legislative Decree No. 7/1999, and started its operation on October 1, 1999.
Since its appointment as Managers, Trust Re has devoted considerable means and resources to develop the business of the Syndicate which gained a wide recognition as a sizable capacity and a reliable reinsurance security in the region.
Objective:
The principal objective of the Syndicate shall be to underwrite Oil and Energy business from FAIR Members and/ or other sources, principally dealing with the Afro-Asian Oil & Energy business for the account and benefit of the Members, including incidental and associated risks.
Furthermore, the Syndicate shall:
- Take the necessary actions conducive to increase the retention capacity of the Afro-Asian Markets.
- Cooperate with the national companies to develop their technical skills and to increase their commercial capacities.
- Provide technical services i. e. risk surveys, loss prevention and control for Afro-Asian risks.
- Act as a technical arm supporting the activities of F.A.I.R. organs in particular F.A.I.R. Oil & Energy Underwriters Forum to secure the efficacy of its meetings and to enhance bilateral exchange of business.
