Barents can trace its origins to Bonds reinsurance and it remains one of our core specialisms over two decades later. In 2017, we brought to fruition the time and energy spent on developing relationships by supporting some of the most important international contractors on big infrastructure projects including airports, railways and roads in many of the world’s growth markets.
We expect this trend to continue in 2018 given the number of infrastructure projects in the pipeline in regions such as MENA (Middle East & North Africa) and Latin America where we are especially active. National government investment for infrastructure and industrial projects presents significant opportunities in these regions complemented by select risks in Europe.
The Bonds rating environment in 2017 was arguably more rational than other lines of reinsurance business as Bonds market players were able to set premiums more sensibly and adequately. We expect this rational approach to continue in 2018. In terms of the market landscape, we anticipate an increase in the number of reinsurers and banks collaborating on complex transactions which we believe will be an important facilitator for large-scale projects.
In the coming year, we expect to broaden our partnerships with specialized brokers and develop new classes of Bonds to enlarge our portfolio. With our significant capacity and deep sector knowledge, Barents is ideally placed to take advantage of Bonds opportunities as they arise in our specialist areas of expertise.