ESG
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.
Environmental, Social & Governance
Barents Re’s Senior Management
Composed of highly skilled professionals with a proven track record in various areas, including but not limited to the (re)insurance industry, which is a key factor for the correct and sustainable management of a successful company:
Gerardo Garcia G.
Gary Callaghan
Marukel Higuero
Cesar Ujueta
Social
Education is the first step to build a better future through properly trained professionals. Today’s society is increasingly competitive, and the importance of academic education takes on unprecedented importance.
With the objective of supporting its social environment, In 2022 Barents Re has granted two scholarships via the Insurance Managers Association of Cayman (IMAC). Barents Re has granted an annual donation for a period of three years for IMAC to sponsor the two scholarships.
Barents Re is firmly committed to supporting the Cayman Islands community and is honored to provide financial support to young Caymanians to continue their studies and pursue their academic goals.
Barents Re’s Chairman, Mr. Gerardo Garcia, said:
“Education is the key to our future and one of the most important pillars of our society. We feel honored and committed to providing our support to the community and catapulting Caymanian students so that they can make their academic dreams come true, and in turn become key and positive people in our society.”
Governance
Barents Re firmly believes that a well-developed governance structure is an important factor for a sustainable business.
Barents Re’s governance is developed through a strategy composed of three main pillars:
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Recruiting and retaining efficient and performing staff is a key objective of the company.
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New business and renewals are thoroughly analyzed.
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The company is well placed to succeed in a challenging market environment by having:
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Clear focus on what we intend to be and do, formalized in a prudent business plan, supported by adequate capital
and an Enterprise Risk Management framework; -
Robust historical knowledge of business planned to be underwritten and long-term commitment to our target
business and emerging markets; -
Experienced team with extensive underwriting experience;
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Long-term relationships with brokers, MGAs and cedants which operate within our business targets;
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Prompt response times and proven service standards;
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A brand with an A.M. Best Financial Strength Rating (customer recognition), and;
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Support and long-term commitment of our shareholders.
Barents Re has 5 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
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Compensation
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Investment
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Reinsurance
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Risk & Compliance
Barents Re’s operational group structure allows each department to take charge of its function, reporting as appropriate to the General Manager. Each department is made up of personnel with experience in the business areas they manage.
In the case of compliance and internal audit, given the need for independence and autonomy of their function, they report directly to the board of directors.
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A robust governance structure begins with the Company's Board of Directors, composed of 6 members; which includes 1 Director representing the shareholder, 1 Director and CEO, and 4 Independent Non-Executive Directors: