The Guernsey Champagne Reception, hosted by Guernsey Finance in Monte Carlo, marked its 10th anniversary on 8 September.
The reception celebrated a decade of industry engagement alongside the latest innovations and developments reinforcing Guernsey’s position as a leading hub for reinsurance, insurance-linked securities (ILS) and captives.
The event takes place every year during Les Rendez-Vous de Septembre – Europe’s largest insurance conference – where professionals gather to discuss major industry trends and developments ahead of the annual reinsurance renewals. Guernsey first held its own reception in tandem with the conference in 2016, and it has become a fixture of the programme as the island’s role in the global reinsurance market has continued to grow.
Paul Sykes, Chair of Guernsey Finance, opened the reception with a welcome address reflecting on recent, tangible examples of that growth, including the establishment of a new Guernsey-based reinsurance entity – Zenkyoren Re Ltd. Owned by one of the world’s largest co-operative organisations, the Japanese firm selected Guernsey to manage its reinsurance operations because of the jurisdiction’s extensive experience supporting international reinsurance and sophisticated ILS structures.
Commenting on the strength of Guernsey’s offering, Paul said: “Insurers and reinsurers are looking for stability, expertise, proportionate regulation and jurisdictions that can respond with agility – qualities that have served Guernsey well for decades.
“With a clear strategy for growth and proven strengths across captives, commercial reinsurance, ILS and humanitarian finance, Guernsey is well placed to take advantage of the opportunities ahead.”
Following an introduction from Mark Elliott, CEO of Marco Re and Polo Insurance Managers, Ian Thompson, Chief Executive Officer of Ascot Group, delivered the keynote address.
Sharing his experience of working with the Guernsey Financial Services Commission and the local industry in establishing the subsidiary Ascot Insurance Guernsey Ltd. in late 2025, he said: “Guernsey has really become a natural home for us.
“Guernsey can do things that others can’t. Firstly, there’s that ease of regulation and transaction, and there’s that razor-sharp focus of what really matters.” He also reflected on the current reinsurance market environment, cautioning against complacency following several years of strong performance. While acknowledging recent positive results across the sector, he warned that a combination of abundant capital and increasing competition was driving a rapid softening of pricing conditions. Stressing the importance of underwriting discipline, he argued that the industry must remain focused on long-term sustainability and resilience in the face of future catastrophe losses.
“Mother Nature has a brutal way of reminding you who’s in charge,” Ian said.
“When you think of the wildfires, the endless flooding, the wars in the Middle East and the inevitable windstorms, I really think the world needs our industry to be stable and upbeat right now.”
