2022 Annual Report
BARENTS RE REINSURANCE COMPANY, INC.

OUR
MANAGING
DIRECTOR

OUR
MANAGING
DIRECTOR

Indications at this stage of 2023 are positive for the sector, and we look forward to continue working with our key partners.

OUR
MANAGING
DIRECTOR

We have achieved this due to the professionalism of our underwriters and teams around the globe.

Message from Managing Director

Gary Callaghan

Another challenging year for citizens worldwide, banking, the economy in general and indeed our own sector of insurance and Reinsurance.

For Barents Re, in a year otherwise headlined with property losses, inflation and asset depreciation – real and virtual – our consistent “catastrophe-averse” approach is paying dividends, along with our conservative investment strategy.

We have remained nimble, stuck to our core strengths and it’s very pleasing to report that in 2022 Barents Re achieved its best results thus far – a record year of profitability.

All key metrics are up:

  • Capital growth
  • Return on equity
  • Balance sheet strength
  • Profitability
  • Diversification
  • Risk adjusted pricing

On a personal level, as part of my planned retirement, and handover various responsibility reins to my colleagues, I take this opportunity to pass my congratulations to the Barents Re team worldwide along with my thanks to the Cayman Board for its strategic guidance, it has been a pleasure working with you.

Indications at this stage of 2023 are positive for the sector, and we look forward to continue working with our key partners, brokers and stakeholders throughout the year.

Gary Callaghan
Managing Director and Board Member

MESSAGES FROM THE CHAIRMAN
LUXEMBOURG OVERVIEW
MISSION, VISION & GLOBAL STRATEGY
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.