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The 3rd Meeting of the FAIR (Federation of Afro-Asian Insurers & Reinsurers) General Assembly was held in Istanbul on the 11th-14th September 1972 and it was unanimously decided to set up the FAIR Non-Life Reinsurance Pool with effect from 1st January 1974. The General Assembly also unanimously entrusted the management of the Pool to Milli Re, Istanbul.

The Pool is aimed to achieve the following objectives:

  • to promote cooperation among member companies;
  • to provide an additional underwriting capacity in Asia and Africa and to increase the same for the member companies;
  • to provide the same standard of reinsurance service as offered by international markets;
  • to accelerate the process of achieving increased self-reliance in the field of insurance and reinsurance through cooperation;
  • to improve the reinsurance terms for national insurance companies.