2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

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BUSINESS
OVERVIEW

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BUSINESS
OVERVIEW

LIFE, ACCIDENT & HEALTH

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BUSINESS
OVERVIEWS

LIFE, ACCIDENT & HEALTH

In 2022, the Life re/insurance sector continued to grapple with the ongoing impact of the Covid-19 pandemic, presenting both challenges and opportunities for industry players.

Despite a few established players dominating the market, Barents Re’s strategy focuses on filling gaps in capacity for smaller deals or shares of treaties for ceding companies in regions with good growth prospects. By doing so, Barents Re can offer coverage where established players may not be interested, thereby providing clients with valuable options.

Barents Re saw success in two regions with strong growth rates, MENA, and Asia, thanks to partnerships with clients and innovative product development work. We continued to seek opportunities in Europe to work with like-minded insurers to extend our footprint in the region. The saturated markets of the USA and Canada are not of interest.

Ultimately, success in the Life re/insurance sector is determined by several distinguishing traits, such as innovation, technology adoption, and regulatory compliance, in addition to underwriting expertise. Barents Re has incorporated these characteristics into its business model and with its enhanced team is well-positioned for the future, building on a solid year in 2022 and robust plans for the year ahead.

FINANCIAL LINES
FINANCIAL STRENGTH RATING
BOARD OF DIRECTORS
SUPPORTING COMMITTEES
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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.