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 was 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.
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 FAIR organs in particular FAIR Oil & Energy Underwriters Forum to secure the efficacy of its meetings and to enhance bilateral exchange of business.