Bermuda’s important role in the captive insurance sector has been highlighted by the number of island-based executives included in this year’s Power 50 list.

Top of the pile is Peter Mullen, chief executive officer of Aon’s Global Captive and Insurance Management business.

Mr Mullen, who came to the island in 1986, moved up five places to the number one spot on this year’s list, published by Captive Review magazine.

In its profile of Mr Mullen, the magazine said: “Leading 500 employees across 21 offices, Mullen is a loyal Aon and captive servant who has put in place a forward-thinking leadership team spread around the world.

“Aon have been quick to take the lead on numerous regulatory and political developments in recent years, most notably Solvency II, Brexit and the OECD’s Beps project.

“Under his leadership, Aon have become the leaders in cell company business and, using those facilities around the world, have made an impressive contribution to the growth of ILS.”

Mr Mullen was appointed to his current role with Aon in 2011, when he moved from Bermudian-based Artex Risk Solutions.

David McManus, chief executive officer of Artex, has climbed to tenth in the Power 50 list, up six places from last year.

The magazine noted: “The growth of Artex is no new phenomenon, but the first half of 2016 was particularly busy with the acquisitions of Kane and Hexagon PCC. Based in Bermuda, McManus keeps a relatively low profile, but is quietly putting together a well-diversified and experienced captive team able to meet a variety of client needs. The management firm is now a very significant player in Guernsey, Bermuda, Cayman and onshore US.”

As mentioned in a Royal Gazette article yesterday, Bermuda’s David Gibbons is at 18 in the list, while Bermudian-based Tom Booth is a new entry at 48.

Mr Gibbons is captive insurance leader and partner at PwC Bermuda. Mr Booth is chief financial officer at R&Q.

Captive Review, which is based in London, has more than 12,000 subscribers. About 4,800 votes from professionals in the captive industry were received by the publication and were used to compile the annual Power 50 list.

In its February issue, it has also published its first Hall of Fame list, recognising the most influential individuals the captive insurance industry has produced, or been served by, during the past 50 years.

On the list is the late Fred Reiss, who pursued the concept of “self-insurance” and launched the first captive in 1953, before setting up captives in Bermuda starting in the early 1960s.