2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

LINE OF
BUSINESS
OVERVIEW

LINE OF
BUSINESS
OVERVIEW

PROPERTY

LINE OF
BUSINESS
OVERVIEWS

PROPERTY

The Property Direct & Facultative market (Property D&F) continued to benefit from a favorable pricing environment in 2022. Although, overall annual rate increases have started to diminish. Commercial insurance rate raises still averaged under 10% year on year.

From an underwriting perspective, Property D&F business continues to provide significant opportunity, with rate increases sufficient to justify material portfolio expansion; there have been 20 consecutive quarters of price increases.

Facultative reinsurance buyers often sought to increase purchases due to treaty restrictions. This made for a perfect storm of increased pricing as well as an increase in demand.

2022 was yet another heavy year for weather-related catastrophe losses in the Property market, with events such as European flood hitting many re/insurers hard. As a result. the appetite for catastrophe-exposed areas continues to decrease, and re/insurers are limiting their line size, restricting coverage, and demanding higher premiums to compensate for the risks they assume. Barents Re continues to take a conservative approach to catastrophe risk and diligently models its exposures to ensure they are carefully managed.

Barents Re’s Property facultative book underwent a change of underwriting personnel in 2022. The portfolio was refocused on reducing volatility and building a sound foundation for significant growth. The outlook for 2023 is positive.

ENERGY
MARINE CARGO
FINANCIAL LINES
LIFE, ACCIDENT & HEALTH
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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.