2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

THE
CHAIRMAN

THE
CHAIRMAN

We thrive in this environment and must continue to focus on our core business areas.

THE
CHAIRMAN

We thrive in this environment and must continue to focus on our core business areas.

MESSAGE FROM THE Chairman

GERARDO GARCIA

I am pleased to present the Annual Report for 2022, a year of change for our company, marked by significant progress and achievement of milestones.

We are proud of the growth and resilience we have demonstrated in the face of numerous challenges.

At the start of 2022, we decided to pivot our business model towards a more niche and focused approach. This decision was based on our commitment to creating long-term value for all stakeholders and our belief that our company’s core vision has always been to be a specialist one. We thrive in this environment and must continue to focus on our core business areas.

To achieve this goal, we implemented a number of initiatives and changes across our operations. We invested heavily in technological tools that allow us to fulfill our obligations as a global citizen. Our compliance and product development processes have been the focus of our efforts, and this will continue to be true in 2023.

Furthermore, we centralized our operations and have increased the number of processes to ensure accountability and the best possible use of our valued resources.

Our revenues increased by

16% in 2022

VIEW THE FINANCIAL FIGURES

and we achieved an operating profit margin of 23%. These results are a testament to the hard work and dedication of our employees, and we are grateful for their contributions.

In addition to our sustainability efforts, we undertook significant changes to our corporate structure and culture. We recognize the importance of diversity, equality, and inclusion in building a strong and resilient organization; and have taken steps to incorporate these values into our policies and practices.

Despite the challenges posed by the Covid-19 pandemic and global economic uncertainty, we proudly report that our efforts have yielded solid financial results.

We remain committed to creating sustainable, long-term value for all stakeholders. Our focus on sustainability and social responsibility will position us well for continued growth and success in the future.

In closing, I would like to express my gratitude to our contributing brokers and cedants worldwide for their continued support throughout the year.

Gerardo Garcia G.
Chairman

FINANCIAL FIGURES
OUR MANAGING DIRECTOR
LUXEMBOURG REVIEW
FINANCIAL STATEMENTS
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Board of directors

Barents Annual Report 2022 - Gerardo

GERARDO GARCIA

Chairman

Gerardo García has over 25 years’ experience in the global insurance and banking sectors. Gerardo is the founder, and Chairman of Barents Re Reinsurance Company, Inc., a role for which he has been awarded numerous leadership accolades on an international basis.

Gerardo’s prior experience includes investment banking, M&A and advisory roles to national governments on financial services regulations. Gerardo serves as a Board Director for a number of insurance and reinsurance companies alongside his role as Board Director for both Credit & Commerce Bank and for Canal Bank S.A., the latter which he founded in 2014.

Board of directors

Barents Annual Report 2022 - Stephen

STEPHEN PETER JONES

Director

Stephen has more than 40 years experience in senior executive and financial positions in a wide range of U.S. U.K., and L.A. companies transforming and restructuring operations

in a number of diverse industries such as shipping, development and infrastructure, real estate, agriculture, consumer goods and retail. He is a Chartered Management Accountant and holds an MBA in finance and banking.

Board of directors

Barents Annual Report 2022 - Dirk

DIRK BORMANN

Director

Dirk Bormann has wide experience in the construction sector and has served on the board of directors of Philipp Holzmann AG, Hochtief AG and Wayss & Freytag.
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He is Chief Executive Officer of the German Federal Association for Economic Development and Foreign Trade.

Board of directors

Barents Annual Report 2022 - Gary

GARY CALAGHAN

Director

Gary Callaghan’s career spans over 30 years in the reinsurance industry. Formerly Managing Director of Aon Europe, Gary has also held senior positions in Benfield and Willis.

​Gary was reinsurance buyer for a premier Lloyd’s syndicate before joining Barents Re as Head of Retrocession, and was recently appointed as Managing Director of Barents Re Cayman Islands. Gary is also a non-executive Director for a London based broking house.

Board of directors

Barents Annual Report 2022 - John

JOHN HARBOR

Director

John Harbor has over 36 years’ experience in the international insurance industry, having undertaken numerous senior management roles in accounting, audit and finance.
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More recently, John has held senior non-executive Director roles in insurance and wider industry sectors. John is a Fellow of the Institute of Chartered Accountants in England & Wales.

DISCLAIMER

This document contains certain forward-looking statements which are subject to assumptions, risks and uncertainties; actual future results may differ materially from those expressed in or implied in such statements. Many of these assumptions, risks and uncertainties relate to factors that are beyond Barents Re’s ability to control or estimate precisely. The forward-looking statements reflect the knowledge and information available at the date of preparation of the Annual Report, and will not be updated during the year. Nothing in this Annual Report should be construed as a profit forecast.