Insurance for Insurance – Barents RE Have It Covered
Over the course of twenty-four years, Barents RE have cultivated a presence across Europe, the Middle East, Latin America and Asia as one of the world’s most established independent reinsurance groups. Now, with up to six hundred reinsurance connections across seventy countries, we discover the global success of the firm in a profile that takes a closer look at what they continued to do so successfully over the years.
The idea behind reinsurance may seem to be relatively simple, but for those not well-versed in the industry jargon, it can be confusing. Insurance companies write their policies which cover customers from potential losses, which many of us are familiar with. However, those same insurers have to take care to manage their risks effectively, or run the danger of opening themselves up to devastating losses that could sink them in freak accidents or catastrophes.
Let’s say, for instance, that an insurer primarily covers an area that is prone to hurricanes, flooding, or another form of natural disaster. Should a disaster strike and unfortunate circumstances lead to excessive losses, the insurer could become overwhelmed financially. That’s where firms like Barents RE come in; reinsurers who are on hand to help.
Reinsurance companies, like Barents RE, work to alleviate some of the risk exposure that insurers face. Of the premiums that policyholders pay, the insurance companies pay an amount to reinsurance companies. In return, the reinsurance company then agrees to cover losses above certain high limits, essentially capping the limit of an insurer’s maximum loss and leaving the work of figuring out how to cover devastating losses in a major disaster to firms such as Barents RE. Simple, right?
Perhaps best described as insurance for insurance companies, Barents RE provides a wide range of niche and specialty reinsurance products to their clients, particularly those working within property and casualty insurance. An integral part of the insurance chain, the firm’s reinsurance offerings are important not just for the insurance companies themselves, but the policyholders as well. It is vitally important that in the aftermath of any loss that is covered, the client gets what is rightfully theirs, and that is exactly what Barents RE are focused on making happen.
Instead of offering reinsurance to every type of business, the team at Barents RE know that the discipline and restraint of underwriting is fundamental to its ongoing success. Originally, underwriting has stemmed from the practice of having a risk-taker sign their name under the total amount of risk they were willing to accept for a specified premium. Despite the practice of underwriting having changed over the years, the expertise of the craft has not. The team at Barents RE bring a wealth of market knowledge and insight to their underwriting, enabling even more innovation in the solutions that the firm then offers to its insurance clients.
However, despite the constant innovation and vastness of knowledge that the team brings, Barents RE does not participate in every type of insurance. Within the commercial arena, the firm is especially strong in energy, construction, engineering, life, accident and health, marine cargo, property, financial lines, and bonds. As well as the commercial areas that the firm work hard in, Barents RE is also growing its presence within the consumer market through participation in a variety of affinity programmes.
As with any insurance or reinsurance firm, maintaining the highest standards of regulatory compliance and corporate governance are of the utmost importance. Whilst there is a desire to help people protect what matters most, observing and following all the applicable laws and regulations across the various territories where Barents RE work is the primary objective. Seeing as the firm operates all around the world from its several offices, that is a lot of territorial laws and regulations to be familiar with, truly exemplifying its expert knowledge. No staff member is exempt when it comes to the levels of compliance and knowledge of the laws, rules and regulations required to perform their daily tasks. Every single person that is employed at Barents RE is made aware of the firm’s stance on compliance and governance policies through their very own Compliance Manual, wherever they are in the world. Detailed plans and procedures ensure that every single action undertaken is the best it can be, and doesn’t leave the company open to being fined or punished.
Of course, each and every insurance company client and broker that Barents RE works alongside can expect nothing less than the highest level of service. Critical to the firm’s continued success and acquisition of accolades is its ability to build and maintain long-term relationships with clients domestic and foreign. As long as there are things that people value, there will always be insurance firms, and reinsurance firms will always be there back them up.
When disaster strikes, those who suffer devastating loss want to know that their earthly possessions are well and truly covered. For insurance firms, having the back of a reinsurance firm such as Barents RE can give just that little bit extra peace of mind that is so necessary. Barents RE are a crucial part of the insurance supply chain, and helping ensure that insurance keeps running smoothly.