2021 continued as a year of retrenchment in the Financial Lines market, as prices rose across the sector and coverages were cut back in some sectors. Our portfolio of emerging markets business is quite unique, so the market trends don’t always match the broader Financial Lines market, but this year was extremely positive.

Emerging market accounts tend only to need a modest line size commitment, which means that competition often arises from the opportunistic activity of Financial Lines underwriters with limited experience in the sector. Strong relationships with cedants and brokers are critical, which we plan to strengthen further in 2022. There is also low systemic risk exposure.

In 2021 we strengthened the Financial Lines team, which will be fully implemented in 2022. This will allow us to focus on new business opportunities that have not been available to us before.

In the year ahead, we intend to continue to focus on underwriting discipline and diligent risk selection at the expense of the pursuit of out-and-out top-line growth. This is all within the context of developing our Financial Lines portfolio and contributing positively to the Barents Re brand.