Environmental, Social and Governance
At Barents Re, ESG is not a trend — it is a long-term commitment embedded in our business philosophy.
At Barents Re, ESG is not a trend — it is a long-term commitment embedded in our business philosophy. We believe that sustainability, ethics, and responsibility are essential pillars to deliver value beyond underwriting.
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Environmental
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Social
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Governance
Environmental
There is a growing need for companies to ensure that they are operating in an environmentally responsible manner. Efforts include reducing the negative impact of business operations on the environment and promoting sustainability. Companies can reduce their carbon footprint, conserve natural resources, and minimize waste. This not only benefits the environment but also improves the company’s reputation and can even lead to cost savings.
Barents Re is committed to providing products that meet the growing demand for environmentally friendly options. As part of these efforts, Barents Re provides bonds reinsurance coverage in renewable energy projects worldwide.
At Barents Re, we prioritize an environmentally safe business model and remain dedicated to pursuing responsible solutions and products that align with our commitment to sustainability.
Social
Proud Partner of the Panamanian Olympic Committee
Our commitment to creating a positive social impact extends beyond our business. As a proud partner of the Panamanian Olympic Committee (COP), Barents Re continues to support initiatives that empower athletes and promote values such as discipline, resilience, integrity, and excellence.
As part of this commitment, Barents Re proudly supports Panamanian athlete Mariadni Batista, contributing to her development and competitive journey. Her dedication, discipline, and experience representing Panama at the South American Games embody the values we seek to promote through our social initiatives. By investing directly in emerging athletic talent, we help create opportunities for athletes to pursue their goals and represent their country on the international stage.
Beyond competition, sport inspires leadership, inclusion, teamwork, and perseverance—principles that also define our corporate culture. Through this long-term collaboration, we continue strengthening our contribution to the well-being of future generations while reinforcing the social pillar of our ESG strategy.
"At Barents Re, we believe that meaningful partnerships create meaningful impact. Our continued support for the Panamanian Olympic Committee reflects our commitment to investing in people, fostering opportunity, and contributing to a stronger, more resilient society."
Governance
At Barents Re, we firmly believe that a robust governance structure is fundamental to building a sustainable and responsible business. Governance for us is not only about organizational charts — it is about values, ethical conduct, and accountability in every action we take.
Our Governance Framework
Barents Re’s governance is built on three main strategic pillars:
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People: Recruiting and retaining high-performing, committed professionals.
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Discipline: Rigorous analysis of new business and renewals, supported by prudent planning.
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Resilience: Operating in challenging markets with a clear business focus, strong capital, and an Enterprise Risk Management framework.
Other key elements of our approach include:
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A long-term commitment to our target markets and emerging regions.
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Deep technical knowledge and historical experience in underwriting.
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Enduring relationships with brokers, MGAs, and cedants.
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Efficient service and prompt decision-making.
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Brand strength, supported by our A.M. Best Financial Strength Rating.
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The continued support of committed shareholders.
Our Ethical Commitment and Governance Culture
This section outlines our stance and organizational culture on key areas that define our identity as a responsible, forward-thinking company.
"These initiatives are not just sponsorships — they reflect the spirit of Barents Re. Like our partners, we value courage, commitment, and the pursuit of something greater than ourselves. Through sport, we help promote well-being, unity, and social progress — pillars of our ESG strategy and of the legacy we are building".
Integrity, accountability, and ethical behavior are at the core of our organizational culture. Our Code of Conduct guides all employees, directors, and partners in their professional responsibilities, emphasizing transparency, diligence, and fairness in every interaction. We promote a speak-up culture where issues are addressed constructively and promptly, and where conduct risk is actively monitored by senior leadership. Our commitment to upholding the highest standards of market conduct reinforces our long-term sustainability and reputation.
At Barents Re, diversity, equity, and inclusion are not only values, but we also see them as essential elements of a thriving, resilient workplace. We strive to reflect the communities we serve by fostering a culture that welcomes different perspectives, promotes fairness, and ensures that all individuals feel valued and respected. We are committed to removing barriers to opportunity, actively opposing discrimination, and embedding inclusive practices across all our business processes.
Barents Re takes a rigorous, zero-tolerance approach to financial crime, including fraud, bribery, corruption, insider trading, and cyber-related threats. We operate within a well-defined compliance and control framework aligned with global regulatory standards. Through continual staff training, system monitoring, and a three-lines-of-defense model, we safeguard our business and stakeholders from financial crime risks. Ethical risk management is not just a compliance obligation; it reflects our fiduciary duty and organizational values.
We believe that leadership and key roles within Barents Re must be held by individuals who demonstrate the highest standards of competence, integrity, and ethical behavior. Our Fitness & Probity framework ensures ongoing evaluation and accountability of individuals entrusted with significant responsibilities. This commitment supports both regulatory compliance and the strategic health of the company by promoting professional excellence and effective governance.
Fairness, transparency, and integrity define how we engage with our clients and counterparties. Barents Re is committed to delivering high-quality services and outcomes that meet and exceed client expectations. We believe that trust is earned through clear communication, responsible advice, and equitable treatment. Whether in underwriting, claims handling, or policy management, our goal is to foster long-term relationships built on respect, reliability, and mutual value.
Creating a safe space for raising concerns is integral to our governance culture. Barents Re encourages all employees and stakeholders to speak up against misconduct or unethical behavior without fear of retaliation. Our Whistleblowing Policy provides confidential, protected channels for reporting, and ensures every concern is treated seriously and investigated objectively. Upholding a transparent, accountable environment is fundamental to our credibility and resilience.
Our Corporate Governance Structure
Our governance begins with the Board of Directors, composed of 5 members: 1 shareholder representative, 1 CEO, and 3 Independent Non-Executive Directors.
Barents Re has 4 Supporting Committees, which are composed of both members of the Board of Directors, as well as key executives of Barents Re.
The integration of board members and key executives allow for the experience and supervision of the board of directors to feed the operational part of the company.
Key executives then feed on this feedback for the correct management of all aspects of the company. The Supporting Committees to date are the following:
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Audit & Risk & Compliance
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Compensation
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Investment
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Reinsurance
This integrated model allows strategic guidance to flow into operational execution, strengthening alignment across all levels of the organization.
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Our leadership team is composed of highly qualified professionals with proven track records in (re)insurance and related sectors — a key driver of our long-term performance.
Gerardo Garcia G.
Director & Executive Chairman
Marukel Higuero
General Manager & Legal Director
Gary Callaghan
Chief Executive Officer
Cesar Ujueta
Head of Finance & Accounting