2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

LINE OF
BUSINESS
OVERVIEW

LINE OF
BUSINESS
OVERVIEW

BONDS

LINE OF
BUSINESS
OVERVIEWS

BONDS

Globally, 2022 was another challenging year, but the Barents Re Surety Bond team successfully navigated the macroeconomic and geopolitical forces affecting the sector.

We focused on ongoing projects and new opportunities, notwithstanding turbulence arising from the Russian / Ukrainian conflict, the increase in raw material prices, and the consequent high inflation rate. We made the most of the situation through disciplined underwriting and close project follow-up.

Europe remained our largest target region, with Italy and Spain as our main markets. We mainly focus on the Construction, Engineering, and Renewable Energy sectors. We have a presence in both countries, which is a critical factor in our strategy: proximity to clients.

In 2022, Barents MGA (the underwriting agency launched in Spain and Italy to provide service to our clients and brokers) commenced operations. This entity has delegated authority from a licensed European insurance carrier supported by the reinsurance capacity of Barents Re. This has allowed the group to issue local insurance policies, which has proven very attractive to all parties, given the high credit quality of the Barents Re Group.

Italy is the second most significant contributor to our Surety Bond business in Europe and is a target market for us, especially for public procurement law contract bonds, representing almost 70% of total premiums in this segment.

Our established presence in Latin America remains strong. We are projecting steady growth focusing on markets where we have a direct presence and historical knowledge, particularly in the Renewable Energy space, a trend which is everywhere.

We are also watching developments in Africa, a region that we have been exploring with interest in recent years, and in the Middle East, with our usual approach:

  • Being cautious.
  • Focusing on countries with political stability and on construction and infrastructure projects financed by international banks or public bodies.
  • Venturing into these markets side by side with the most experienced construction companies.

The premium level reached its highest level for Barents Re Group since the inception of operations, and the outlook for 2023 is for continued growth.

Barents Re remains a leading facultative Surety Bond reinsurer worldwide. We are happy to report that our brand recognition in the Surety Bonds business increases year after year, and we look forward to 2023 with confidence.

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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.