Gerardo García, president of Barents Re, assured La Estrella that ‘growing Europe and the Middle East was nothing more than a natural extension of a business that continues to develop in those markets’. “Our business is to manage and manage risks and here, more than in other businesses, it is not good to put the eggs in one basket,” Garcia added.

The Panamanian reinsurer Barents Re Reinsurance Company (Barents Re) will expand its business to Europe and the Middle East, after receiving an injection of capital for $ 100 million.

The capital comes from the company Standard Capital Shareholdings, Inc. (Standard), which holds 100% of the shares of Barents Re. In turn, Standard obtains the resources for the capitalization of Barents Re, placing an issue of preferred shares.

The issue has been subscribed by the Investment Fund Latam and Global Insurance IC., Listed on the London Stock Exchange and Euroclear. The preferred shares issued by Standard may be exchanged for common shares up to 20% of Standard’s capital in a period of five years.

Barents Re is a Panamanian reinsurance company, authorized and regulated by the Superintendence of Insurance and Reinsurance.

INVESTMENT

Both markets represent an opportunity for the natural growth of the business. In Europe and the Middle East, Barents Re will cover the same segments that it serves in other parts of the world: microinsurance, personal accidents, health, life, mass market, personal accidents, among others.

And although the reinsurance company has decided to expand to other markets, it is in Latin America where it has “its greatest interests,” the executive said.

The company serves its business in Latin America through its offices in Panama and Miami. In addition, it has reinsurance businesses in 51 countries.