The Compliance Function at Barents Re comprises three main pillars:

• Anti-Slavery
• Anti-Money Laundering Compliance
• Anti-Money Laundering Reporting
• Regulatory Compliance


Barents Re maintains an unconditional commitment to human rights, ethical behavior, tackling of modern-day slavery and human trafficking. Barents Re does not tolerate any forms of illegal or unethical behavior. All staff members are required to adhere to Barents Re’s policies, manuals, and procedures.

Barents Re reviews annually, at a minimum, its set of policies, manuals, and procedures, to ensure that all modern and most up to date legal requirements and international standards are followed. In addition, all staff members of Barents Re are required to complete annual compliance trainings.

Anti-Money Laundering Compliance

  • Ensuring that Barents Re is compliance with AML laws and regulations.
  • Maintain updated policies and procedures regarding AML.
  • Review KYC from business partners and conduct necessary sanctions search.
  • Coordinate annual AML training to staff members of Barents Re.
  • Inform the Board of Directors about Compliance-related matters.

Anti-Money Laundering Reporting

  • Serve as the point of contact between governmental authorities and Barents Re.
  • Maintain suspicious activity report forms and logs for the use of the Barents Re staff.
  • Receive internal suspicious activity reports from staff, evaluate, and enter information in the relevant logs.
  • If the case requires it, provide external reports to the governmental authorities, and enter required information the logs.

Regulatory Compliance

  • Provide support to departments of Barents Re for the compliance of laws and regulations.
  • Provide support to Barents Re for the update of the company’s manuals and procedures.
  • Provide support to submit the regulatory annual return to the Cayman Islands Monetary Authority.
  • Receive queries from governmental authorities and coordinate timely responses and actions from the departments responsible.
  • Provide support for the organization of meetings of the Board of Directors and Supporting Committees.

Barents Re’s culture is that of integrity, professionalism, and excellence. Our staff members are responsible for their functions which may affects other around them, both internally and externally. The Compliance Function maintains a series of policies, manuals, and procedures that strengthen and enhances Barents Re’s culture, as well as to properly govern aspects of our business to which we are responsible as a regulated company. These policies, manuals, and procedures include, but are not limited to:

  • Anti-Money Laundering (AML) Policy.
  • Anti-Bribery & Corruption Policy.
  • Complaint Policy.
  • Conflict of Interest Policy.
  • Fitness & Probity Policy.
  • Treating Customer Fairly Policy.
  • Whistleblowing Policy

Barents Re uses a variety of sanctions lists and databases available from reputable sources, including governmental and commercial screening tools:

  • World-Check One
  • United Nations Sanctions List
  • Office of Foreign Assets Control
  • European Union Sanctions
  • United Kingdom Sanctions
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Board of directors

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

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

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.

He is Chief Executive Officer of the German Federal Association for Economic Development and Foreign Trade.

Board of directors

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

John Harbor has over 36 years’ experience in the international insurance industry, having undertaken numerous senior management roles in accounting, audit and finance.

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.


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.