2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

LUXEMBOURG
OVERVIEW

LUXEMBOURG
OVERVIEW

LUXEMBOURG
OVERVIEW

2022 was a year of achievement for Barents Reinsurance S.A.

Buoyed by solid market fundamentals, our 2022 operating performance was the best ever for the company; gross net earned premiums reached EUR 138.8 million, and the combined ratio was 73%, giving rise to a profitability margin of 8%. All lines of business saw premium growth and produced positive net technical results.

We were particularly pleased by Energy and Life. Additionally, our investment portfolio, invested mainly in cash and short-term bonds, was unimpaired by the turbulence in the financial markets and benefited from rising interest rates.

A key ingredient of our success was the dedication and professionalism of our staff in Luxembourg and London.

The continued build-out of our underwriting, actuarial, claims, and other teams, in support of our strategy, necessitated the move to a larger office space in Luxembourg in January 2023.

We are confident that market conditions will remain adequate in 2023 and that the company is well-positioned for the future.

OUR MANAGING DIRECTOR
MISSION, VISION & GLOBAL STRATEGY
ESG
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.