Barents Re Reinsurance Company, Inc. (Cayman Islands) and its affiliate, Barents Reinsurance S.A. (Luxembourg) maintain a strong regulatory system.

Barents Re Reinsurance Company, Inc.

Operating in the Risk industry the way we do, requires a well defined Risk Management Framework that supports our Shareholder’s business strategy and provides the necessary advice and comfort related to the different risks that arise from our operations.

Year after year Barents RE has managed to capitalize on the different markets it operates and part of that business success is due to the Risk Monitoring it has in place to make sure that even choosing to be bold in some of our business strategies, we remain between our Shareholders’ risk appetite and tolerance. Part of our Risk Management Framework objective is to identify, evaluate and manage significant risks that may arise from our operations, business and environment for which we defined the following key risks factors:

  • Credit
  • Market
  • Underwriting
  • Retrocession
  • Liquidity and Investment
  • Accounting
  • Strategic
  • Reputational
  • Operational
  • Human Resources
  • Information Technology
  • Legal
  • Compliance
  • Anti Money Laundering 
  • Financing of Terrorism
Cayman Islands Logo

Barents Re Reinsurance Company, Inc. is regulated by the Cayman Islands Monetary Authority.

We have implemented several risk assessment techniques within our framework that enable the continuous evaluation of these factors and new ones that may impact our organization:

  • Emerging risks analysis
  • Risk Register
  • Own Risk and Solvency Assessment (ORSA)
  • Business Continuity Plan (BCP).
  • Risk Policy

Barents Reinsurance S.A.

Barents Re is exposed to a variety of risks through the normal course of its business. These risks need to be effectively managed to ensure they do not impact the ability to achieve business objectives. Effective risk management is thus critical to the success of Barents Re.

Barents Re’s objectives in managing risks include:

  • Informing management decision making, improving transparency and accountability for risk though the
    organization through detailed risk reporting and effective risk governance.
  • Identifying opportunities where risk levels can be increased, in line with the risk appetite, to maximize
  • Enabling the quantification of solvency capital required to cover material risks to which the business is
    exposed to.
  • Embedding risk awareness to foster a risk culture across the business.
  • Identification of emerging risks such that the business can take appropriate actions to effectively manage

To achieve these objectives, Barents Re operates a comprehensive risk management framework and system of internal control. Through these processes, the senior management are informed of the most significant risks exposed to the business on an ongoing basis. Additionally, Barents Re has in place a system of governance which provides a structure for effective risk management. This is referred to as the three lines of defense, and it provides a clearly defined structure and allocation of risk responsibilities across the business functions.


Barents Reinsurance S.A. is regulated by the CAA in Luxembourg, and Barents Reinsurance S.A. (London Branch) is also regulated by the FCA / PRA in the United Kingdom.

Below are the significant risks to which the business is currently exposed. It should be noted that in addition to these, the business is also exposed to emerging risks and uncertainties (i.e., climate change) which could adversely impact the business.

  • Insurance risk
  • Credit risk
  • Market risk
  • Liquidity risk
  • Operational risk

These risks are assessed through various risk processes which include the ORSA, risk appetite monitoring, stress and scenario testing and risk and control assessments. These processes are reviewed on an ongoing basis to ensure they remain appropriate for the business and risk profile.

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.