2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

ESG

ESG

ENVIRONMENTAL, SOCIAL
& GOVERNANCE

ESG

ENVIRONMENTAL, SOCIAL
& GOVERNANCE

ENVIRONMENTAL

There is a growing need for companies to ensure that they are operating in an environmentally responsible manner. Efforts include reducing the negative impact of business operations on the environment and promoting sustainability. Companies can reduce their carbon footprint, conserve natural resources, and minimize waste. This not only benefits the environment but also improves the company’s reputation and can even lead to cost savings.

Barents Re is committed to providing products that meet the growing demand for environmentally friendly options. As part of these efforts, Barents Re provides bonds reinsurance coverage in renewable energy projects worldwide.

At Barents Re, we prioritize an environmentally safe business model and remain dedicated to pursuing responsible solutions and products that align with our commitment to sustainability.

SOCIAL

Barents Re is added as an official Scholarship Donor to the IMAC Scholarship Fund 2022

Education is the first step to build a better future through properly trained professionals. Today’s society is increasingly competitive, and the importance of academic education takes on unprecedented importance.

With the objective of supporting its social environment, In 2022 Barents Re has granted two (2) scholarships via the Insurance Managers Association of Cayman (IMAC). Barents Re has granted an annual donation for a period of three (3) years for IMAC to sponsor the two (2) scholarships.

Barents Re is firmly committed to supporting the Cayman Islands community and is honored to provide financial support to young Caymanians to continue their studies and pursue their academic goals.

Barents Re’s Chairman, Mr. Gerardo Garcia, said:

“Education is the key to our future and one of the most important pillars of our society. We feel honored and committed to providing our support to the community and catapulting Caymanian students so that they can make their academic dreams come true, and in turn become key and positive people in our society.”

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GOVERNANCE

Barents Re firmly believes that a well-developed governance structure is an important factor for a sustainable business.

Barents Re’s governance is developed through a strategy composed of three main pillars:

1. Recruiting and retaining efficient and performing staff is a key objective of the company.
2. New business and renewals are thoroughly analyzed.
3. The company is well placed to succeed in a challenging market environment by having:

  • Clear focus on what we intend to be and do, formalized in a prudent business plan, supported by adequate capital
    and an Enterprise Risk Management framework;
  • Robust historical knowledge of business planned to be underwritten and long-term commitment to our target
    business and emerging markets;
  • Experienced team with extensive underwriting experience;
  • Long-term relationships with brokers, MGAs and cedants which operate within our business targets;
  • Prompt response times and proven service standards;
  • A brand with an A.M. Best Financial Strength Rating (customer recognition), and;
  • Support and long-term commitment of our shareholders.

A robust governance structure begins with the Company’s Board of Directors, composed of 5 members, which includes 1 Director representing the shareholder, 1 Managing Director, and 3 Independent Non-Executive Directors.

CHAIRMAN Gerardo Garcia Gary Callaghan Stephen P. Jones Dirk Bormann John Harbor DIRECTOR DIRECTOR DIRECTOR DIRECTOR

Barents Re has 5 Supporting Committees, which are composed of both members of the Board of Directors, as well as key executives of Barents Re. The integration of board members and key executives allow for the experience and supervision of the board of directors to feed the operational part of the company.

Key executives then feed on this feedback for the correct management of all aspects of the company. The Supporting Committees to date are the following:

  • Audit
  • Compensation
  • Investment
  • Reinsurance
  • Risk & Compliance

Barents Re’s operational group structure allows each department to take charge of its function, reporting as appropriate to the General Manager. Each department is made up of personnel with experience in the business areas they manage.

In the case of compliance and internal audit, given the need for independence and autonomy of their function, they report directly to the board of directors.

Barents Re’s operational group structure is found below:

Board of Directors Chief Executive Officer General Manager Operational Management Accountingand Finance RiskManagement Treasury Administrationand Logistics Claims ReinsuranceUnderwriting CorporateImage InternalAudit IT andCybersecurity ComplianceAML/CFT Legal Supporting Committees Managing Director and Headof Retrocession
Board of Directors Chief Executive Officer General Manager Operational Management Accountingand Finance RiskManagement Treasury Administrationand Logistics Claims ReinsuranceUnderwriting CorporateImage InternalAudit IT andCybersecurity ComplianceAML/CFT Legal Supporting Committees Managing Director and Headof Retrocession
VIEW FULL IMAGE HERE

Barents R’s Senior Management is composed of highly skilled professionals with a proven track record in various areas, including but not limited to the (re)insurance industry, which is a key factor for the correct and sustainable management of a successful company:

MISSION, VISION & GLOBAL STRATEGY
BUSINESS OVERWIEWS
ENERGY
PROPERTY
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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.
​
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.
​
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.