Message from the Chief Executive Officer

I’m delighted to report that 2023 represents another record year for Barents Re.

 

Our strategy of maintaining discipline within our niche and specialty fields continued to prove fruitful, and whilst there were numerous - and somewhat tempting - new opportunities emanating from the sector, we kept steadfast to our core risk appetite.

 

By optimizing performance within our specialized lines we achieved superior underwriting results for the group, and our combined ratio of 87% remains enviable for the sector; with our 3 year average of 86% even more so.

 

The positive investment environment naturally contributed further, even for our low risk portfolio, culminating in a record year of profits for the firm, being an impressive return of 26% on net retained income.

 

I take this opportunity to thank the global team for their diligent work, the Board for their guidance and support, and to our clients and producers for entrusting us with their risk transfer solutions. We are grateful to operate with such a wide range of prestigious clients and a diverse geographic footprint to match. Likewise we appreciate the capacity, support and continuity of our broad and well capitalized reinsurance panel partners.

 

During 2024, as we continue to seek excellence and further opportunities in our chosen lines, we will also again review our risk appetite as we seek even better returns within our own unique privately owned ecosphere of a very strong balance sheet and no material leverage.

 

I was delighted and very proud to accept the CEO role in the 2nd Quarter of 2024 and remain grateful for the trust and confidence shown by the shareholder and Board. I’m energized and optimistic for the future, amidst a positive market climate, and as we nimbly navigate 2024 thus far. I firmly believe we can challenge ourselves even further as we embark upon the next chapter of the company’s impressive 28 year history. 

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Gary Callaghan

CEO