Bahrain: FAIR Energy Syndicate's combined ratio averaged 78.6% from 2022-25

Source: Middle East Insurance Review | May 2026

Bahrain-based FAIR Oil & Energy Insurance Syndicate has a track record of robust underwriting performance, demonstrated by a four-year (2022-2025) weighted average net/net combined ratio of 78.6%, as calculated by AM Best.

In 2025, however, the Syndicate reported several large losses (based on preliminary financials), contributing to a poor underwriting result. Such low frequency, high severity losses are expected given the Syndicate’s risk profile.

Investment returns, in the current high-interest rate environment, continue to positively contribute to overall profitability.

AM Best has affirmed the Syndicate’s Financial Strength Rating of ‘B++’ (Good) and the Long-Term Issuer Credit Rating of ‘bbb’ (Good). The outlook of these credit ratings is stable.

The ratings reflect the Syndicate’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The Syndicate is one of four reinsurance vehicles formed by the Federation of Afro-Asian Insurers and Reinsurers (FAIR), with a remit to underwrite energy business. M

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