BARENTS Re eyes Middle East and the South and East European region

24 April 2014 — Daniela GHETU
barentsPanama-based reinsurer BARENTS Re will use the USD100 million capital infusion received by the end of 2013 to support its international expansion, especially in Europe, the company said. In fact, the Eastern Europe and the CIS countries are among the most interesting targets for BARENTS Re, as Gerardo GARCIA, Chief Underwriting Officer of the company recently stated in an interview with Global Reinsurer.

"As our global expansion continues, I am delighted with our newest operation in Moscow. This expansion into Russia is not only because we are interested in the Russian market but because it gives us better access to the Eastern European markets which are a big focus for us. Our plan for Eastern Europe is to acquire local knowhow. This knowledge is essential for us as the only underwriters that truly know those markets and know the region are Russian groups because they were the only ones allowed to operate over the past few decades. We are also planning to acquire a direct broking group that has operations in Southern Europe and to incorporate them into our network. This acquisition fits directly into our strategy as the amount of our business that comes through brokers is relatively small and so we still plan on winning a lot of business by acquiring it ourselves," said Gerardo GARCIA. He also revealed BARENTS Re's interest in developing its Turkish business. "By the end of this year I expect Turkey to be the biggest non-cat premium market for us in the Middle East," said GARCIA explaining that he expects to obtain remarkable results in this country with a new range of products as technology protection and identity safeguards.

GARCIA also explained that BARENTS Re's Latin American roots, politically neutral in the current conflict situation from the Middle East and the Black Sea region of the former Soviet Union, may add to the company's success chances in the region.

BARENTS Re operates its global reinsurance business underwriting business in a total of 51 countries. Recently, the company received The European's award Reinsurance Company of the Year for the Latin America regions 2014.

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