2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

LINE OF
BUSINESS
OVERVIEW

LINE OF
BUSINESS
OVERVIEW

FINANCIAL LINES

LINE OF
BUSINESS
OVERVIEWS

FINANCIAL LINES

After a period of retrenchment, Barents Re further strengthened its Financial Lines team in 2022, which will be fully operational in early 2023. This will allow us access to new business opportunities that have not been available to us previously.

The geographical focus remains on Latin America, MENA, Europe, and emerging markets in the short to medium term, with careful line management/attachment and limited exposure to the systemic risks presented by Tier 1 institutions.

The wider financial lines market has benefited from almost three years of compound double-digit rate increases. However, as 2022 progressed, this tailed off significantly. This has not been helped by the fact Lloyd’s admitted several new entrants who were aggressive in securing market share, with several larger reinsurers reestablishing financial lines underwriting activity from international hubs such as Miami and Dubai.

In recent times most brokers are back on their travels visiting clients and cedants. Whilst this generates an array of new business opportunities and healthy competition, it has led once again to the inevitable pressure on rates. So now more than ever, having a framework of supportive partners becomes vital to our success.

The refreshed and broadly experienced team are well positioned to probe clients where necessary; monitoring civil unrest and political tension in certain jurisdictions, the evolving ESG environment, and the macro-economic brought about by the current interest rate and inflationary environment.

MARINE CARGO
LIFE, ACCIDENT & HEALTH
FINANCIAL STRENGTH RATING
BOARD OF DIRECTORS
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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.