Our ESG strategy is structured around three core dimensions:
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.
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.
Sports and Community Engagement
At Barents Re, we believe that social responsibility involves more than financial support — it means investing in people, purpose, and values that drive long-term, positive impact. Our sports partnerships in 2024 exemplify this commitment through initiatives that promote excellence, resilience, and community development.
Social
World’s Toughest Row 2024: Sponsoring Purpose and Endurance
In a bold expression of our support for endurance, purpose-driven challenges, and global causes, Barents Re sponsored the Deep Blue Crew in the World’s Toughest Row 2024 — a grueling 3,000-mile rowing race across the Atlantic Ocean.
The passion for pushing boundaries and the dedication to noble causes were the driving forces behind our recent participation as sponsors of the annual Atlantic rowing race.
This extraordinary team of four rowers — Paddy Ronan, Gus Knott, Matt Bromham, and Jack Ogden — set out not just to conquer the ocean, but to raise awareness and funds for three remarkable charities:
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Tusk Trust, supporting wildlife conservation in Africa.
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Clocktower Foundation, aiding vulnerable communities.
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and the My Name’5 Doddie Foundation, funding research to combat Motor Neurone Disease (MND).
After 39 days, 6 hours, and 55 minutes of relentless physical and mental challenge, the Deep Blue Crew crossed the finish line in second place, earning a place in the elite community of ocean rowers and making a lasting impact beyond the race itself.
Supporting this initiative was an honor and a reflection of our values: fostering personal growth, resilience, and solidarity. We believe that events like this not only highlight the power of teamwork but also contribute to creating a positive impact in the world through the charitable causes they promote.
Proud Partner of the Panamanian Olympic Committee
Reinforcing our commitment to Panamanian sports, our administrative office in Panama — BarentsRe Reinsurance Management, Inc. — signed a collaboration agreement with the Panamanian Olympic Committee (COP).
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.
This partnership aims to support the preparation and recovery of high-performance athletes as they gear up to represent the country in three major events of this year’s Olympic Cycle: the Pan American Junior Games Asunción 2025 (August 9–23), the Central American Games Guatemala 2025 (October 18–30), and the Bolivarian Games Lima-Ayacucho (November 22–December 7).
“Today, we are proud to formalize our support of the Panamanian Olympic Committee, an institution that works tirelessly to provide opportunities for our athletes and help them reach their full potential. Through this initiative, we are supporting the growth of two young sports talents in Panama: Diego Camacho in athletics and Ángel Sánchez in football, who embody the values of dedication, effort, and sporting excellence,” stated Marukel Higuero, General Manager of BarentsRe Reinsurance Management, Inc.
"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".
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.
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Anti-Slavery and Human Rights
Barents Re Reinsurance Company, Inc. is steadfast in its zero-tolerance stance on modern slavery, human trafficking, and any form of forced or child labor. We recognize the growing global risks posed by geopolitical and environmental crises, and we are committed to ensuring our operations, business partners, and supply chains do not facilitate exploitation. Through proactive due diligence, employee awareness, and robust reporting mechanisms, we aim to promote human dignity and ethical conduct across all aspects of our operations.
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Code of Conduct and Corporate Integrity
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.
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Diversity, Equity and Inclusion (DEI)
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.
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Financial Crime and Ethical Risk Management
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.
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Fitness & Probity
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.
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Treating Customers Fairly
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.
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Whistleblowing and Accountability Culture
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.
Board Committees
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.
Operational Structure
Each department at Barents Re is led by professionals with strong industry experience and reports to the General Manager. Compliance and Internal Audit — given their critical independence — report directly to the Board of Directors.
Senior Management
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 Higeruo
General Manager & Legal Director
Gary Callaghan
Chief Executive
Officer
Cesar Ujueta
Head of Finance & Accounting