2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

LINE OF
BUSINESS
OVERVIEWS

LINE OF
BUSINESS
OVERVIEWS

MGA Spain

BONDS

2021 was a great year for Barents Re.

Indeed, 2021 results were the best year ever for the company. We continued to organically grow our business, generating a net profit of USD 38.9 million (2020: USD 28.6 million), on gross written premiums of USD 319.1 million. Similarly, our total assets grew to USD 1,230 million (2019: USD 1,126million), and shareholder’s equity rose to USD 550.1 million (2019: USD 515.8 million).

Our total assets grew to

USD 1,230 million

VIEW THE FINANCIAL FIGURES

With a net loss ratio of 63% and a combined ratio of 87%, Barents Re’s 2021 ratios were among the best in the reinsurance sector.

The goal is to use what we have learned during the Covid-19 pandemic to become a truly more resilient enterprise. We are not a short-term strategy player. Our strategic objectives are mainly long-term. To become a truly resilient business, we focus on three main objectives. First the integration of our teams worldwide within a culture that promotes life experiences, that can learn from each other. This is an environment where our staff enjoy rewarding work and grow professionally. Where there is mobility within the company. We aim to train multifaceted underwriters who are multicultural. Focus and specialization are our second strategic objectives. Third and last is our ongoing strategy of vertical integration within the re/insurance space and the creation of specialty vehicles.

Barents Re’s success was the culmination of a well-planned and executed strategy where our solid footprint, rigorous risk selection, and strong customer relationships enabled us to benefit from improved market conditions in all our lines of business. We are confident that market conditions will remain adequate in 2022 and that the company is well positioned for the future.

Gerardo Garcia G.
Chairman

Barents Re Reinsurance Company, Inc.

FINANCIAL FIGURES
OUR MANAGING DIRECTOR
MESSAGE FROM THE CEO
FINANCIAL STATEMENTS
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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.