Historically strong in Latin American markets and with significant growth globally over the past decade, Barents Re remains one of the pre-eminent facultative Surety Bond reinsurers worldwide.

 

Navigating through the hard times of the Covid -19 pandemic, which heavily affected the world economy, we focused on ongoing projects, avoiding a negative impact on our Surety Bonds portfolio. While most infrastructure projects suffered delays, we supported our clients with the needed extensions, alongside governments and other public bodies who have shown a collaborative approach. These efforts, in such extraordinary times, proved to be the successful way forward. 

 

During 2020, the Spanish government placed a moratorium on Renewable Energy projects, with the aim of restructuring the industry. This is the goal for new regulations planned for 2021. We intend to remain an important player in this specialized sector and a recognized first mover. 

 

Despite many projects being delayed by Beneficiaries, we maintained our strong presence in Latin America supporting the construction of relevant infrastructure projects, working closely with our contacts. Likewise, in Europe, especially in the Nordic and Eastern countries.

 

Our presence in Africa continues to grow progressively, again through new infrastructure developments. Our approach has not changed: being very cautious, focusing on countries with political stability and on projects financed by international banks or public bodies, venturing in these markets side by side with the most experienced construction companies.

 

Looking ahead, our experience and knowledge, along with business development initiatives and our reputation as one of the leading Surety Bonds underwriters, puts us in an excellent position to capitalize on new opportunities that the global economic recovery will bring in 2021. We are happy to report that our brand recognition in Surety Bonds business increases year after year.