Joe Bannister

The chairman of the Malta Financial Services Authority, Joe Bannister, has made it to the Power 50, a list published annually by Captive Review magazine of the “most influential professionals in the global captive insurance industry”.

Prof. Bannister was a new entry in the 47th position, with Peter Allen, the CEP of Aon Captive and Insurance Management taking top position for the first time.

The list was based on 4,800 votes received in December, with article author Richard Cutcher saying this showed the “growing variety of companies and expertise serving the alternative risk space”.

In the write-up, Captive Review said: “Malta and Bannister are trusted by more than a handful of Europe’s multinationals with captives but the jurisdiction continues to undersell itself as a captive domicile because of the way it classifies insurance companies. It remains the only EU domicile to facilitate cell company business, putting it in a strong position as Solvency II takes full effect.”

This year, Captive Review also introduced an industry-wide Hall fo Fame recognising the most influential individuals in the industry over the past 50 years, with 13 inductees, who will be reviewed each year in December.