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.
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.
OUR JOURNEY
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
Key Performance Indicators
30%
88%
41%
47%
Expense Ratio
Efficiency improvements supporting sustainable growth.
Net Combined Ratio
Maintaining underwriting discipline through market cycles.
Net Profit Margin
Reflecting strong profitability and capital resilience.
Net Loss Ratio
Continued improvement driven by disciplined underwriting.
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
With a strategic presence across key international markets
Barents Re operates through a Network of Offices and Representatives that bring us closer to our clients.
EUROPEAN EXPANSION
Barents Surety | Madrid, Spain
Located in Spain’s financial hub, Barents Surety Madrid operates as a specialized surety insurance underwriting agency. As part of the Barents Surety strategic partner network, this office plays a critical role in the design, analysis, and execution of custom surety programs for both public and private sector clients.
Barents Surety | Milan, Italy
Barents Surety Milan is a specialized insurance brokerage firm focused exclusively on surety bonds and risk management. With deep expertise in Northern Italy’s market, the firm provides tailored solutions for industrial clients, contractors, and public sector operators.
Barents Surety | Rome, Italy
Headquartered in Italy’s capital, Barents Surety Rome complements the Milan office by serving clients across Central and Southern Italy. The firm specializes in surety bond brokerage and risk advisory services, with a strong track record in supporting infrastructure projects, public procurement, and business development initiatives.
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Madrid, Spain
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Milan, Italy
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Rome, Italy
Operating under the Barents Surety network, these three offices form a cohesive platform that addresses the growing demand for tailored guarantee solutions across the construction, infrastructure, and public procurement sectors.
Barents Surety expanded its advisory services, deepened its collaboration with insurers and reinsurers, and supported clients in navigating cross-border risk scenarios with precision and accountability.
Barents Surety
Strengthening Confidence Across Southern Europe
In 2024, Barents Surety continued to strengthen its footprint in Southern Europe through its specialized offices in Madrid, Milan, and Rome, consolidating its role as a trusted strategic partner in the structuring and execution of surety bond programs. Operating under the Barents Surety network, these three offices form a cohesive platform that addresses the growing demand for tailored guarantee solutions across the construction, infrastructure, and public procurement sectors.
Unlike traditional insurance carriers, Barents Surety operates as a specialized network of underwriting and brokerage expertise, with deep technical know-how in legal, financial, and contractual risk assessment. The Group’s strategy has focused on providing flexible and compliant bonding alternatives for clients engaged in complex and large-scale projects—often requiring custom solutions, multi-jurisdictional alignment, and agile response times.
With increased regulatory expectations and growing pressure on project execution, the role of professional surety intermediaries has become more critical. In 2024, Barents Surety expanded its advisory services, deepened its collaboration with insurers and reinsurers, and supported clients in navigating cross-border risk scenarios with precision and accountability.
Barents Surety
Key Highlights of Barents Surety in 2025
Continued development of internal capabilities through targeted recruitment and professional training programs.
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Expanded operations in Spain and Italy, increasing market share in public works and private infrastructure bonding.
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Structured and managed surety programs for both national and multinational clients, focusing on transparent execution and compliance.
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Strengthened strategic alliances with insurance carriers and legal experts, ensuring full regulatory alignment across jurisdictions.
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Maintained positive technical performance across the network, driven by selective client engagement and disciplined underwriting criteria.
Barents Surety
Message from the CEO
At Barents Surety, we believe that trust is the foundation of progress—and bonds are the financial expression of that trust. In 2024, our operations in Madrid, Milan, and Rome have continued to grow steadily, driven by our dedication to technical excellence, client service, and regulatory compliance. In addition, a new team of seasoned professional have launched Barents Insurance in Bulgaria, meant to become the Group’s European hub for expanding our footprint in Sout-Eastern Europe.
This year, our teams have worked alongside construction companies, public contractors, and infrastructure developers to design surety solutions tailored to complex regulatory and contractual landscapes. We’ve supported our partners with a combination of local insight, international expertise, and disciplined operational execution.
The results speak for themselves: we maintained a solid technical performance, expanded our client base, and reinforced our position as a reliable partner in the Southern European surety ecosystem. Our ability to bridge financial institutions, insurance carriers, and project stakeholders makes us more than brokers—we are architects of structured, secure progress.
Looking ahead, our goal is clear: continue expanding our reach, improving our capabilities, and building long-term partnerships based on credibility, agility, and shared success. Our 2025 results so far show a record growth of our European offices, doubtlessly a result of Barents Surety’s 2024 investment in new talent, technology and leadership evolution as the only wat for delivering better service to our customers.
Looking ahead, our goal is clear: continue expanding our reach, improving our capabilities, and building long-term partnerships based on credibility, agility, and shared success.
Antonio Wesolowski
CEO | Barents Surety
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
am best
AM Best Affirms Credit Ratings of Barents Re Reinsurance Company, Inc. and Its Affiliate
December 11, 2024
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Barents Re Reinsurance Company, Inc. (Barents Re) (Cayman Islands) and its affiliate, Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Barents Re’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
Barents Re’s business portfolio in 2023 grew 7% year-over-year, mainly driven by its specialty lines. Overall, the Europe-sourced business represents 80% of Barents Re’s portfolio, with the Latin America region generating 12% and the Middle East and North Africa regions holding the rest as of year-end 2023.
S&P Global ratings
Barents Re Reinsurance Company Inc. and Subsidiaries Assigned ‘A-‘ Ratings; Outlook Stable
June 13, 2025
We are proud to announce that Barents Re Reinsurance Company Inc. and Subsidiaries have been assigned an ‘A-’ insurer financial strength rating, with a stable outlook, by S&P Global Ratings, one of the world’s leading credit rating agencies.
This rating reflects Barents Re’s robust financial position, solid capitalization, and consistent operating performance, as well as its well-diversified reinsurance portfolio across Latin America, Europe, and the Middle East. S&P highlighted the company’s experienced management, prudent underwriting policies, and growing relevance in international reinsurance markets.
The stable outlook indicates S&P’s expectation that Barents Re will maintain its competitive position and financial strength over the medium term.
ENVIRONMENTAL, SOCIAL & GOVERNANCE
ENVIRONMENTAL, SOCIAL & GOVERNANCE
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.
Environmental
Social
Governance
E
As part of these efforts, Barents Re provides bonds reinsurance coverage in renewable energy projects worldwide.
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.
S
We believe that social responsibility involves more than financial support — it means investing in people, purpose, and values that drive long-term, positive impact.
Social
We understand that reinsurance plays a critical role in building stronger, more resilient communities. As part of our social commitment, we actively support sports initiatives that promote values such as discipline, teamwork, and perseverance — principles that align with our corporate culture and long-term vision.
Proud Partner of the Panamanian Olympic Committee
Barents Re became a proud member of the Panamanian Olympic Committee family, supporting the nation's athletes on their path to international competition. This sponsorship reflects our belief in the transformative power of sport to shape character, inspire youth, and promote values such as discipline, integrity, and perseverance — values we also share as an organization.
"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".
G
Governance for us is not only about organizational charts — it is about values, ethical conduct, and accountability in every action we take.
Governance
At Barents Re, we firmly believe that a robust governance structure is fundamental to building a sustainable and responsible business.
Our Governance Framework
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.
Corporate Governance Structure
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.
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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
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This integrated model allows strategic guidance to flow into operational execution, strengthening alignment across all levels of the organization.
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"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".
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 García G.
Director – Executive Chairman
Gerardo García has over 30 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.
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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
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Combined ratio of 85% (underwriting discipline maintained)
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Surplus increased (USD 700 M+)
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Assets increased (now USD 1.54 B)
Net profit margin increased to
30%
(USD 56 M profits)
As we enter the 30th year of Barents Re, a true testament to the vision and leadership provided by founder owner and now Executive Chairman Gerardo Garcia, we celebrated by supporting some very worthy causes. Causes that reflect our core values of pushing boundaries, achieving excellence, inspiration and personal growth, all within niche sectors.
A slightly reduced income base is somewhat asymmetric amidst the burgeoning reinsurance market and the trajectory of our peers, yet our steadfast focus on bottom line profits continues to bear fruit, ably assisted by a disciplined investment basket and our strategic retrocession programme purchases
Our investment into our European platform for primary business continues apace and I’m delighted that Antonio and Alex have joined the firm to execute on that strategy, we welcome their experience, energy and the talented teams they bring with them. We will have more to report on this next year.
Having now completed my personal milestone of a year as CEO, I took pride in working with the team to achieve our recent S&P rating of A- (stable), being in addition to our AM Best A (stable), to reflect the strength of our offering and balance sheet, I would like to record my thanks to
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Our clients, brokers and producers for their continued confidence and business
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The Board for their guidance and support
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Our underwriting and support teams worldwide for their diligence
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Our regulator CIMA for their support
We approach 2025 with confidence and energy, amidst plans to build further on our areas of specialism, to optimise capital deployment into the primary sector and to nimbly navigate the strong but perhaps changing currents in the reinsurance sector.