Five leading executives in Bermuda’s captive insurance industry have been ranked on the “Power 50” list published in Captive Review magazine’s December issue.

The London-based publication, with more than 12,000 subscribers, annually selects 50 figures who have wielded the biggest impact on the industry worldwide.

Bermuda is the largest domicile for captive insurance companies, with more than 860 registered on the Island of the more than 5,700 total worldwide.

At number seven was Peter Mullen, CEO of Aon Global Captive Management, while Shelby Weldon, director of licensing and authorisation at the Bermuda Monetary Authority (BMA) placed 26th.

Other Bermuda-based executives to feature were Brady Young (26th), CEO and president of Strategic Risk Solutions; Tim Faries (39th), partner, Bermuda Group Head, Corporate and Commercial and Group Team Leader, Insurance at Appleby; and Richard Lightowler (45th), Head of Insurance at KPMG Bermuda.

Aon’s Mr Mullen was described as “a global captive management leader” who manages in excess of 1,200 captives and 550 cells in over 30 locations worldwide. “Mullen’s influence stretches beyond most other captive managers,” said the magazine.

Strategic Risk Solutions’ Mr Young was credited for developing “a strong independent captive management company” and “has a knack of attracting and retaining talent. He is a prominent conference speaker and is a respected figure in advice regarding domicile.”

The BMA’s Mr Weldon was praised for overseeing “the largest captive domicile on a global basis. His influence extends far beyond the Island”, said the magazine. “With more than 20 years’ experience, Weldon is one of the most well-known figures in Bermuda’s captive market.”

Appleby’s Mr Faries was lauded as “a respected attorney well versed in the establishment and licensing of all alternative risk financing vehicles in Bermuda. Under his leadership, Appleby’s insurance practice has developed a regulatory practice in Bermuda, as the domicile has adapted its regulatory framework in preparation of Solvency II”, said the magazine.

KPMG’s Mr Lightowler “has influence on the Island by assisting in drafting legislation for Bermuda’s insurance regulator”, said the magazine, and is also a conference speaker. Mr Lightowler is a member of the Insurance Advisory Committee and chair of the Act and Regulations Committee, and was a member of the former Insurance Admissions Committee responsible for reviewing applications for new insurance company incorporations.

Commenting on the Power 50 list, Mr Lightowler said: “It is pleasing to see Bermuda so strongly represented. Bermuda continues to be the leading captive domicile with clear and sensible regulation and expert professional service support; it is truly unique as being the only captive domicile with a thriving reinsurance and broker market.”

Mr Faries said he was honoured to appear on the list. “I’m especially delighted to see five Bermuda leaders recognised, which speaks to the Island’s strength and continuing dominance in the captive industry.”

Mr Young said he believed Bermuda’s ranking on the Power 50 reaffirmed the Island as a major force in the captive market. “Personally, I think Bermuda is the centre of the alternative risk financing market, of which captives are one aspect,” he noted. “Bermuda is still the domicile of choice for many of the largest and most complex captive programmes.”

Bermuda Business Development Agency (BDA) CEO Stephen Lund said: “The Power 50 selection of Bermuda executives points to the maturity of our captive insurance industry and the phenomenal wealth of intellectual capital this jurisdiction attracts and grows.

“Bermuda’s international business leaders are not only keeping the Island at the forefront of the captives market, but are also having a meaningful impact on the industry globally. We congratulate them all on their tremendous achievements.”

Useful website: www.captivereview.com