Barents Re 2023 Annual Report

Reflecting on our journey, I am reminded of the phrase: “Do not focus on having the most, but be happy with less”, this thought has guided our strategy over the past year, during which, despite global market uncertainties, we have managed not only to meet but to exceed our financial goals.

The financial results of 2023 are a source of pride. Supported by strong market fundamentals, we achieved a 7% growth in revenue to USD 401,342,264 compared to the previous year, and a 26% increase in operating profit margin, which directly reflects the success of our strategy and operating execution. All offices contributed to our success. Our investment portfolio, which was invested mainly in cash and short-term securities, continued to benefit from rising interest rates. These figures represent more than just numbers on a balance sheet; they are a testament to the hard work and dedication of our team.

As we move forward into 2024, we do so with a renewed sense of purpose and a clear vision to continue building on these solid foundations. Our focus will remain on providing specialty and niche reinsurance solutions that exceed expectations, that has long-term value for all stakeholders.

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.

Gerardo Garcia G.
Director – Executive Chairman