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Mullen tops Power 50 captive list

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Power list: Peter Mullen heads this year’s Power 50 list in Captive Magazine

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 an earlier version of this story 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.

He said: “It’s an honour to be included again in the Power 50 list which recognises the most influential professionals in the global captive insurance industry.

“Being in the top 20 is a testament to PwC Bermuda’s leading insurance industry expertise and captive specialisation as well as the island’s continuing position as the largest captive domicile in the world.”

Mr Gibbons is the only Bermudian-based professional from the “big four” global accounting companies, to make the list.

In its personal profile, Captive Review said: “Gibbons leads a dedicated captive insurance group at PwC Bermuda and has more than 18 years of experience in insurance, having also worked in Barbados.

“Highly visible within the wider captive industry in Bermuda, he chaired the Bermuda Captive Conference in 2016 and plays a leading role within the Bermuda Business Development Agency.”

Meanwhile, Mr Booth is chief financial officer at R&Q. He is a new entry in this year’s list.

The magazine said: “R&Q’s surge in transaction activity on both sides of the Atlantic has helped Bermuda-based Booth into this year’s Power 50.

“R&Q have completed a number of novations, portfolio transfers and acquisitions both onshore in the US, in Cayman and Bermuda and in Europe.

“Booth is a key player in the run-off specialists’ growth, both operationally and from a business development position.”

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 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 of 13 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. Born in Ohio, he died in Bermuda in 1993. He was a philanthropist and made major donations to the Bermuda Institute of Ocean Sciences and Saltus Grammar School, among other non-profits.

Captive Review, in its profile piece on Mr Reiss, said: “Widely regarded as the father of the captive movement and the man to coin the term ‘captive’, Fred Reiss formed the first captive — Steel Insurance Company of America — for Youngstown Sheet & Tube Company in 1953. He then established up American Risk Management in Bermuda, the first management firm in the jurisdiction, and began setting up captives.

“He is credited with setting Bermuda on its way to the dominant captive domicile it is today.”

This story has been updated to include information on David McManus who, due to an oversight, was not mentioned in the earlier version, and also further information on Peter Mullen

Power list: David McManus, of Artex, is at number 10 in the Power 50 list
Power list: David Gibbons, of PwC Bermuda, is at 18 in the Power 50 list
Power list: Tom Booth, CFO of R&Q, is a new entry at 48 in the Power 50 list