For 2021, I am departing from past annual reports and wish to make a statement on the future strategy of Barents Re. The goal is to use what we have learned during the Covid-19 pandemic to become a truly more resilient enterprise. We are not a short-term strategy player. Our strategic objectives are mainly long-term. To become a truly resilient business, we focus on three main objectives. First the integration of our teams worldwide within a culture that promotes life experiences, that can learn from each other. This is an environment where our staff enjoy rewarding work and grow professionally. Where there is mobility within the company. We aim to train multifaceted underwriters who are multicultural. Focus and specialization are our second strategic objectives. Third and last is our ongoing strategy of vertical integration within the re/insurance space and the creation of specialty vehicles.

2021 was a great year for Barents Re. Indeed, 2021 results were the best year ever for the company. We continued to organically grow our business, generating a net profit of USD 38.9 million (2020: USD 28.6 million), on gross written premiums of USD 319.1 million. Similarly, our total assets grew to USD 1,230 million (2019: USD 1,126million), and shareholder’s equity rose to USD 550.1 million (2019: USD 515.8 million). With a net loss ratio of 63% and a combined ratio of 87%, Barents Re’s 2021 ratios were among the best in the reinsurance sector.

Barents Re’s success was the culmination of a well-planned and executed strategy where our solid footprint, rigorous risk selection, and strong customer relationships enabled us to benefit from improved market conditions in all our lines of business. We are confident that market conditions will remain adequate in 2022 and that the company is well positioned for the future.

I want to close this year’s message with a personal reflection…