Guernsey’s US reinsurance ambitions move forward with NAIC assessment
Guernsey has taken a significant step towards strengthening its position in the US reinsurance market, with its application for recognition by the National Association of Insurance Commissioners (NAIC) now progressing through the US assessment process.
Speaking to delegates at the 2026 Airmic Guernsey conference, William Mason, Director General of the Guernsey Financial Services Commission, said the jurisdiction had applied to the NAIC in July. If recognition is secured following the assessment, Guernsey reinsurers would be able to write business into the US market more efficiently.
Mason said Guernsey already writes more than $1.5 billion a year into the US market and that NAIC recognition could allow this capacity to increase. He said additional reinsurance capacity could help hold down US insurance premiums.
The application is expected to be subject to an assessment lasting around 15 to 18 months. The NAIC has also opened a 60-day period for public comment, and Mason encouraged delegates with an interest in Guernsey’s US insurance business to make their views known during that process.
He highlighted discussions with insurance commissioners in states including Florida and Louisiana, saying they had been receptive to the prospect of additional capacity entering the US market.
Mason linked the NAIC application to what he described as an effort to overcome “proximity bias” by looking beyond Guernsey’s traditional markets. The Commission is also looking east, towards Saudi Arabia and the wider Gulf Cooperation Council (GCC).
He pointed to 14.4% growth in Saudi Arabia’s gross written premium during the first quarter of the year as evidence of the opportunities presented by growth markets. Guernsey was also admitted earlier this year to a new UK-GCC trade treaty, which Mason described as the first time Guernsey had been included in a UK post-Brexit trade treaty for services.
Alongside its international expansion, the Commission is developing its approach to digital finance and insurance. Mason said Guernsey had initially been cautious about digital finance but had launched a digital finance initiative as the sector matured. The Commission has since consulted industry and published guidance on tokenisation, while establishing a sandbox for firms wanting to explore areas such as digital and parametric insurance.
The Commission is also examining the US GENIUS Act and its implementing rules as it develops its approach to stablecoins, with Mason saying it hopes to publish rules towards the end of this year.
Mason said the Commission remained open to feedback, particularly on digital insurance, which he acknowledged was still at a formative stage.
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