European Presence
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.
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.
Over the past year, it has actively contributed to strengthening the Group’s position in the Iberian Peninsula, establishing itself as a reliable technical and commercial partner in the surety segment.
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.
s a strategic partner within the Barents Surety network, it has played a key role in diversifying the Group’s portfolio in the region, promoting best practices in surety management, and contributing valuable market intelligence to underwriting strategies.
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.
Its role within the Barents Surety network has been essential in expanding the Group’s geographic reach in Italy, providing top-tier technical, commercial, and operational coverage in one of Europe’s most dynamic markets.
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.
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.
Key Highlights of Barents Surety in 2024
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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.
Continued development of internal capabilities through targeted recruitment and professional training programs.
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Message from the CEO
Antonio Wesolowski
CEO, Barents Surety
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.
Barents Surety is proud to be part of the Barents Group’s long-term vision. Together, we will continue delivering value where it matters most: enabling confidence in every commitment made.
Barents Insurance | Sofia, Bulgaria
Barents Insurance is a European-licensed insurance company established to develop specialized lines of business within the European market. As a wholly owned subsidiary of Barents Reinsurance Company Inc., it serves as a key platform for expanding the Group’s presence in the direct insurance segment, particularly in niche and tailored products.
Throughout the year, Barents Insurance has reinforced its operational structure and continued to build strong relationships with strategic partners and clients, ensuring high standards of compliance, solvency, and customer service across the European Union.
Barents Insurance: Strategic Expansion into Eastern Europe
Since its founding, the company has assembled a strong and diverse executive team, with key professionals in underwriting, risk, finance, operations, and human resources. It also benefits from a governance structure that combines local leadership with international vision.
In 2024, the Barents Group advanced its international expansion strategy by launching Barents Insurance, a newly licensed insurance and reinsurance provider based in Sofia, Bulgaria. Operating under the European Union’s regulatory framework, Barents Insurance merges the Barents Group’s global strength and expertise with a locally focused, specialized approach designed for the Eastern European market.
I deeply appreciate the trust that our partners, clients, and brokers have placed in us. Together, we will continue to face the challenges of the future with the same integrity and commitment that have characterized our history. Barents Re is well positioned for the future.
Barents Insurance delivers a distinct value proposition rooted in technical proficiency, operational flexibility, and a multidisciplinary team with established expertise across insurance, engineering, finance, and risk management. Its product portfolio features solutions across the following lines:
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Property All Risk
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CAR/EAR (Contractors’/Erection All Risks)
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General Liability
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Personal Accident
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Bonds
Key Highlights of Barents Insurance in 2024
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Financial backing from the Barents Group, rated “A‑” by S&P.
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Licensed in 2024 as an insurance and reinsurance company under EU regulatory standards.
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Strategic location in Sofia, serving both regional clients and multinational projects.
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Technical specialization, including additional services such as third-party inspections for large infrastructure projects.
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Robust corporate governance, including independent board members.
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Positive technical results, reflecting disciplined underwriting and efficient operations.
Financial Indicators – Fiscal Year 2024
Despite being its first year of operations, Barents Insurance successfully established a solid financial foundation in Bulgaria and Eastern Europe. During 2024, the company:
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Reached an initial volume of premiums written in line with the Group’s targets, primarily in engineering, property risk, and liability lines.
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Established its technical reserves in accordance with the European Solvency II framework, ensuring adequate backing for its assumed commitments.
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Closed the year with a positive technical result, reflecting disciplined underwriting and rigorous risk control.
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Maintained a strong capital position, with solvency levels exceeding regulatory requirements.
These figures reflect a steadily growing operation with a solid foundation to consolidate itself as a key player in the region.
Message from the CEO
Mr. Alexander Gospodinov
CEO and Head of International Development
At Barents Insurance, we firmly believe in the power of technical specialization and local knowledge. Our entry into Bulgaria in 2024 marked the beginning of a new chapter within the Barents Group, with the goal of establishing a solid platform for insurance and reinsurance development in Eastern Europe.
Throughout this first year of operations, we focused on building an efficient operational foundation, complying with the highest regulatory standards, and strengthening relationships with strategic clients and brokers. We successfully launched a highly specialized technical portfolio, enhanced our internal capabilities, and implemented strong underwriting and risk management processes.
This year’s performance reflects our team’s dedication and the Group’s confidence in this initiative. We closed 2024 with positive technical indicators, a healthy financial position, and a growing pipeline of structured business and infrastructure projects. We are excited about what lies ahead. Our focus for the future is clear: to continue growing with discipline, delivering innovative solutions, and becoming a technical and ethical benchmark in the insurance sector across the region.”
At Barents Insurance, we strongly believe in the value of technical specialization and in-depth local knowledge. Our expansion into Bulgaria in 2024 marked a significant milestone for the Barents Group, laying the groundwork for a robust insurance and reinsurance platform in Eastern Europe.
During our first year of operations, we concentrated on building a streamlined and resilient operational structure, fully aligned with top-tier regulatory standards, while also strengthening ties with key clients and brokers. We successfully introduced a specialized technical portfolio, advanced our internal capabilities, and established solid underwriting and risk management frameworks.
Our 2024 results highlight the dedication of our team and the Barents Group’s confidence in this initiative. We ended the year with strong technical outcomes, a sound financial position, and a steadily expanding pipeline of structured business and infrastructure opportunities.
Looking ahead, we are enthusiastic about the path forward. Our goal remains clear: to pursue disciplined growth, deliver innovative insurance solutions, and position ourselves as a technical and ethical reference point in the regional market.