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"We approach 2025 with confidence and energy, amidst plans to build further on our areas of specialism". 

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.

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Gary Callaghan

CEO | Barents Re

Lead sponsor for the "Deep Blue Crew" for their row across the Atlantic.

Panamanian athletes sponsored for their Olympic quests. 

Cayman students sponsored through their 3 year university studies.

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.

  • Combined ratio of 85% (underwriting discipline maintained)

  • Surplus increased (USD 700 M+)

  • Assets increased (now USD 1.54 B)

Net profit margin increased to

30%

(USD 56 M profits)

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

  • Our clients, brokers and producers for their continued confidence and business

  • The Board for their guidance and support

  • Our underwriting and support teams worldwide for their diligence

  • 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.

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