Barents Re to Enter Puerto Rico in 2011 as Part of Regional Expansion

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Panama-based Barents Re Reinsurance Company is planning to enter the Puerto Rican market next year, Barents Re's general director, Gerardo Garcia, has told Business News Americas.

Panama-based Barents Re Reinsurance Company is planning to enter the Puerto Rican market next year, Barents Re's general director, Gerardo Garcia, has told Business News Americas.

Barents Re has a representative office in Venezuela, an underwriting office in Miami and a subsidiary in Belize.

Garcia said he expects the process of obtaining a reinsurance license in Puerto Rico to be finished this year and for operations to start in 2011.

Barents Re sees Puerto Rico as an attractive market due to the size of its economy, and the executive said he believes that the performance of the island's economy will improve once the US economy recovers. The Puerto Rican economy has been in a recession for several years.

After Puerto Rico, the reinsurer could continue its regional expansion into Mexico where it would probably open a representative office, Garcia said.

The executive also added that the company is interested in the Brazilian market, but an entry into Brazil would be a project for the medium term.

Provident Capital Indemnity Newsdesk – MG – October 2010

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