A Bermuda businessman has made the top ten of a list of 50 of the major power brokers in captive insurance.

Peter Mullen, the chief executive of Aon Captive and Insurance Management, is the highest placed of five Island business chiefs to make the list, compiled by influential industry magazine Captive Review.

His citation said: “He has been at the forefront of Aon’s captive initiatives to drive improved performance, utility, innovation and governance in the captive business and is well-known on the captive circuit and a frequent speaker at industry events.”

Mr Mullen was followed on the list by Bermudian PwC managing director and captive insurance leader David Gibbons, who came in at number 12.

Captive Review said: “Gibbons has established himself as a key presence within the Bermuda captive industry and now plays an active role on the organising committee for the domicile’s annual conference.”

David McManus, the president of Artex Risk Management, was two places behind Mr Gibbons and a new entry to the list.

Captive Review said that Mr McManus had “substantially increased his sphere of power and influence” after parent firm Arthur J Gallagher bought out Guernsey-based captive managers Heritage Insurance Management Ltd.

The report said: “The combined force of Artex and Heritage, overseen by McManus, means the firm is now licensed in more than 20 domiciles and has its eyes fixed on Singapore as its next destination to open up the Asian market.

“In his role as president, McManus is now responsible for one of the world’s biggest captive management firms.”

Shelby Weldon, the director of licensing and authorisation at the Bermuda Monetary Authority, made the top 20, coming in 19th position.

The report said he was “regulator of the largest domicile in the world” and was an influential figure in the decision that it was not necessary to regulate captives on the Island in the same way as the European Union.

The Bermuda contingent on the list was completed with Richard Lightowler, a partner in Bermuda financial services company KPMG, who was 32nd on the list.

Captive Review wrote: “Lightowler’s role within the Bermuda captive industry stretches beyond auditing and consulting on large captives, with him playing a key role in the development of insurance legislation within the jurisdiction.”

The five mean that Bermuda-based specialists in the field make up ten per cent of the global power list.

There were more than 600 submissions in this year’s Captive Review Power 50, with each submission containing votes for three individuals.