MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
A milestone year - 30 years of Barents Re
Thirty years ago, Barents Re was founded on a clear vision: to build a specialist reinsurer that combined disciplined underwriting with entrepreneurial thinking. Reaching this milestone is a testament to the foresight, determination and commitment of our founder and Executive Chairman, Gerardo Garcia, whose leadership continues to shape the character and direction of our business today.
2025 was another year of purposeful transition. As market conditions evolved, we continued to reshape our portfolio, deliberately reducing participation in softer market segments while increasing our focus on our core strengths in Bond and Surety business. This remains the DNA of Barents Re and today represents our largest and most established line of business.
Our decision to prioritise underwriting discipline over premium volume resulted in lower gross written premium compared with the previous year. This was a conscious strategic choice rather than a reflection of market opportunity. More importantly, it allowed us to preserve the quality of our portfolio while once again delivering a profitable result, maintaining our long-standing focus on sustainable returns rather than growth for growth's sake.
I am delighted to welcome Todor Danailov as Co-Head of our Bulgarian operation alongside Alex, further strengthening the leadership team around Antonio as we continue to build our direct insurance platform. This investment reflects our long-term ambition to expand our specialist capabilities while remaining focused on the markets where we believe we can create lasting value.
Our underwriting teams continued to demonstrate exceptional discipline throughout the year. Spain and Italy, in particular, achieved impressive progress within their specialist niches, illustrating the value of technical expertise, local knowledge and careful risk selection. Throughout this evolution, Barents Re has remained predominantly a facultative reinsurer, allowing us to maintain the flexibility and selectivity that have characterised the business for three decades.
Financial strength remains the foundation of our business. Our conservative investment philosophy continues to protect capital while providing stability through changing market cycles
During the year, shareholders' equity increased further and our balance sheet remains among the strongest in our sector, supported by approximately
US$1.5 billion
billion in total assets.
Our financial strength continues to be independently recognised through our A (Stable) financial strength rating from AM Best and A- (Stable) from S&P Global Ratings.
These ratings reflect not only our capital position but also the consistency of our underwriting philosophy and risk management framework.
Our retrocession programme continues to evolve alongside our portfolio, providing efficient capital protection while enhancing the capacity and solutions we are able to offer our brokers and clients. It remains a key strategic component of our business model.
Behind every successful underwriting year stands a dedicated team across legal, compliance, finance, operations and corporate services. Their professionalism, diligence and commitment ensure that Barents Re continues to operate to the highest standards while supporting the growth of the business.
Finally, my sincere thanks go to our clients, brokers and producers for their continued confidence and partnership, to our Board of Directors for their guidance and support, and to the Cayman Islands Monetary Authority for its constructive engagement and oversight.
As we enter 2026, our direction is clear. The reshaping of our portfolio is well underway, our direct platforms continue to develop, and we remain focused on specialist sectors where disciplined underwriting, growing infrastructure demand and long-term societal trends provide attractive opportunities for sustainable and profitable growth.
Gary Callaghan
CEO | Barents Re