For 30 years,
we have navigated uncertainty
with resilience and vision.
Since our founding in 1996, Barents Re has grown with purpose and conviction. What began as a bold vision to deliver specialized reinsurance solutions has evolved into a global commitment to our clients, partners, and communities.
Through market cycles, economic shifts, and an ever-changing risk landscape, our focus has remained unchanged: disciplined underwriting, prudent risk management, and the pursuit of long-term value.
Today, with a presence across key international financial hubs, Barents Re continues to strengthen its position through stability, innovation, and trust — building meaningful relationships that transcend borders and generations.
As we look toward the future, we remain committed to evolving ahead of risk, embracing new opportunities while staying true to the principles that have defined us for three decades.
OUR JOURNEY
THREE DECADES BUILDING
STRENGTH & TRUST
What began in 1996 as a vision built on trust and commitment has grown into a global story shaped by resilience, relationships, and forward thinking.
1996
Foundation
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy.
2010
Validation
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy.
2015
Strength
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy.
2018
Evolution
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy.
2022
Expansion
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy.
2026
Vision
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy.
2025 FINANCIAL FIGURES
SHAREHOLDERS' EQUITY
USD 515.8M
USD 550.6M
USD 600.0M
USD 667.5M
USD 717.6M
2020
2021
2022
2023
2024
Barents Re’s consolidated equity reached USD 717.6 million, a 7.5% increase compared to the previous year, reaffirming its commitment to prudent management, a profitable business model, and a top-tier financial position in the international market.
USD 717.6M
Shareholders' Equity for 2025
NET PROFT
Despite the contraction in global premiums, Barents Re achieved a net profit of USD 56.6 million, consolidating its position as an efficient, profitable, and forward-looking reinsurance company.
USD 56.6M
An efficient, profitable, and forward-looking reinsurer
Gross Written Premium
USD 365.9 M
12%
LATAM
USD 62.65 M
82%
EUROPE
USD 235.72 M
6%
MENA
USD 67.58 M
MESSAGE FROM THE EXECUTIVE CHAIRMAN
WE ARE WELL POSITIONED FOR WHAT'S TO COME
The financial results of 2024 are a source of pride. In a context of global contraction in premiums, we maintained our focus on disciplined underwriting and operational excellence. We achieved a net profit of USD 56.6 million, reflecting a 3% increase compared to the previous year. Our equity grew to USD 717.6 million, an increase of 7.5%, reaffirming our strong financial foundation and long-term solvency.
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy. Our investment portfolio—concentrated in high-grade, short-duration instruments—continued to benefit from favorable interest rate conditions.
These results are more than numbers. They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​
As we look ahead to 2025, we do so with a renewed sense of purpose and a clear strategy to keep building on these strong foundations. We remain committed to delivering high-value, specialized reinsurance solutions across our core markets—focusing on sustainability, innovation, and long-term relationships.
I am sincerely grateful for the continued trust of our partners, clients, and brokers. Together, we will meet the challenges of tomorrow with the same integrity and commitment that define Barents Re.
We remain committed to delivering high-value, specialized reinsurance solutions across our core markets—focusing on sustainability, innovation, and long-term relationships.
Gerardo García G.
Director – Executive Chairman
We achieved a net profit of USD 56.6 million, reflecting a
+3%
Increase compared to the previous year.
Our equity reached USD 717.6 million, reaffirming our financial strength.
+7.5%
Increase
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
We approach 2025 with confidence and energy, amidst plans to build further on our areas of specialism
I am delighted to report another highly profitable year. A year marked with financial, strategic and personal milestones for our privately owned niche and specialty company.
Gary Callaghan
CEO | Barents Re
We achieved a net profit of USD 56.6 million, reflecting a
+3%
Increase compared to the previous year.
Our equity reached USD 717.6 million, reaffirming our financial strength.
+7.5%
Increase
The financial results of 2024 are a source of pride. In a context of global contraction in premiums, we maintained our focus on disciplined underwriting and operational excellence. We achieved a net profit of USD 56.6 million, reflecting a 3% increase compared to the previous year. Our equity grew to USD 717.6 million, an increase of 7.5%, reaffirming our strong financial foundation and long-term solvency.
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy. Our investment portfolio—concentrated in high-grade, short-duration instruments—continued to benefit from favorable interest rate conditions.
These results are more than numbers. They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​
As we look ahead to 2025, we do so with a renewed sense of purpose and a clear strategy to keep building on these strong foundations. We remain committed to delivering high-value, specialized reinsurance solutions across our core markets—focusing on sustainability, innovation, and long-term relationships.
I am sincerely grateful for the continued trust of our partners, clients, and brokers. Together, we will meet the challenges of tomorrow with the same integrity and commitment that define Barents Re.
EUROPEAN EXPANSION
WE ARE WELL POSITIONED FOR WHAT'S TO COME
The financial results of 2024 are a source of pride. In a context of global contraction in premiums, we maintained our focus on disciplined underwriting and operational excellence. We achieved a net profit of USD 56.6 million, reflecting a 3% increase compared to the previous year. Our equity grew to USD 717.6 million, an increase of 7.5%, reaffirming our strong financial foundation and long-term solvency.
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy. Our investment portfolio—concentrated in high-grade, short-duration instruments—continued to benefit from favorable interest rate conditions.
These results are more than numbers. They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​
As we look ahead to 2025, we do so with a renewed sense of purpose and a clear strategy to keep building on these strong foundations. We remain committed to delivering high-value, specialized reinsurance solutions across our core markets—focusing on sustainability, innovation, and long-term relationships.
I am sincerely grateful for the continued trust of our partners, clients, and brokers. Together, we will meet the challenges of tomorrow with the same integrity and commitment that define Barents Re.
USD
717.6M
Increase
USD
717.6M
Increase
These results are more than numbers. They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​
These results are more than numbers. They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​
These results are more than numbers. They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​
These results are more than numbers.
They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​ They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​
EUROPEAN EXPANSION
WE ARE WELL POSITIONED FOR WHAT'S TO COME
Despite a 9% decline in gross written premiums, we sustained a 30% net profit margin and achieved a combined ratio of 85%, which demonstrates our resilience, our effective cost management, and the strength of our retrocession strategy. Our investment portfolio—concentrated in high-grade, short-duration instruments—continued to benefit from favorable interest rate conditions.
These results are more than numbers. They are a testament to the dedication of our team and the trust placed in us by our clients and partners.​
As we look ahead to 2025, we do so with a renewed sense of purpose and a clear strategy to keep building on these strong foundations. We remain committed to delivering high-value, specialized reinsurance solutions across our core markets—focusing on sustainability, innovation, and long-term relationships.
FINANCIAL STRENGTH RATING
Rated for Strength. Known for Vision.
A
AM Best Affirms Credit Ratings of Barents Re Reinsurance Company, Inc. and Its Affiliate
A-
Barents Re Reinsurance Company Inc. and Subsidiaries Assigned ‘A-‘ Ratings; Outlook Stable