2023 was a year of achievement for Barents Reinsurance SA.

 

Buoyed by solid market fundamentals, our 2023 operating performance was excellent; gross net earned premiums reached EUR 158.8 million, and the combined ratio was 92%, giving rise to a profitability margin of 6%. We were particularly pleased by the performance of our Energy and Life lines of business. Our investment portfolio, which was invested mainly in cash and short-term bonds, continued to benefit from rising interest rates.

 

Our success in 2023 can be attributed to the dedication and professionalism of our staff in Luxembourg and London under the leadership of the new Chief Executive. The continued build-out of our underwriting, actuarial, claims, and other teams, in support of our new strategy, necessitated the move to a larger office space in Luxembourg in January 2023.

 

We are confident that market conditions will remain favorable in 2024 and that the company is well-positioned for the future.