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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 effect savings and even earnings of foreign exchange for the member countries and 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.  
     
 
The Pool had 24 members (11 from Africa and 13 from Asia) in its 1st year of operation providing a premium income of Stg 857,527 whereas the total accounted premium, for the period from 1st January 1974 to 31st December 2015, has reached the amount of Stg 900,322,106 and the profit percentage was 2.11 % of the net premium. In 2016 it has 46 members (19 from Africa and 27 from Asia) and the estimated premium income is 44,261,000 Stg. (The list showing the Pool's premium income and continent-wise membership position from inception as well as the list of FAIR Pool members in 2016 are given hereafter.)