Barents Re has been awarded as Best Specialty Reinsurer 2021, by CFI.co (Capital Finance International) in The Insurance Awards 2021
On 17th March, 2021 Alexander van Doorn had the privilege to speak with Mr. Gerardo Garcia, Chairman of Barents Re.
“In a world of uncertainty, people want predictability – not an easy task, as no-one possesses a crystal ball”, says Gerardo García Chairman of Barents Re, the specialty reinsurance group. Founded in 1996, the company excels in responding to the challenges of climate change, political tension, and shifting business trends. The company’s mantra is: “Do it well – and do it properly.” Barents Re has quickly moved to adapt to recent disruptions, aiming to provide certainty for clients in a rapidly changing environment for reinsurance. Staff constantly track global movements, adjusting operations to suit the changes. The shift away from globalization, for instance, has led the company to invest in local 11cells ” to support clients in more than 70 countries around the world – located in Europe, Latin America, the Middle East, Africa and Asia. lt recognizes that each market is different, and there can be no blanket approach.
According to Mr. García, insurers face challenges everywhere, which is why each Barents Re local offices must always strive to be a center of excellence. The company offers an array of niche and specialty reinsurance products in fields which include Bonds, Energy, Financial Lines, Construction and Engineering, Property and Marine Cargo. Its experienced underwriting teams have deep subject knowledge, which enables them to create innovative solutions for clients.
The judges recognized the company’s ability to provide speedy , well executed solutions to clients in a seamless manner. They focus on long-term client relationships, which is why they are pleased to present Barents Re with the 2021 award for Best Specialty Reinsurer.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” 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 negative.
The ratings reflect Barents Re’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The ratings of Barents Re Lux reflect its strategic importance to and the support it receives from Barents Re. Barents Re Lux is part of the Barents Re rating unit, and it is fundamental to the group’s overall strategy. Barents Re provides a parental guarantee and reinsurance support to Barents Re Lux. As of 2020, Barents Re has taken action to relocate Barents Lux to the United Kingdom. The planned relocation involves establishing a new licensed reinsurance carrier domiciled in the United Kingdom, which will acquire all of the assets and liabilities of Barents Re Lux pursuant to a merger by absorption and a portfolio transfer.