Industry pays tribute to ‘trailblazer’ Michael Butt

The industry has paid tributes to industry veteran Michael Butt, the former chairman of  AXIS Capital, who died on Wednesday, February 8, at the age of 80.

The news was revealed by Albert Benchimol, president and CEO of AXIS in a letter, who called Butt “a towering figure and a trailblazer in our industry.”

Others also praised the career of Butt, who also served (2008-2009) as the chair of the Association of Bermuda Insurers & Reinsurers (ABIR).

Current ABIR chair Pina Albo, CEO of Hamilton Insurance Group, said: “Michael was an industry legend. His leadership over decades was significantly instrumental in growing of ABIR as the collective international voice of the Bermuda insurance and reinsurance market. We offer our most sincere condolences to his family. May they take comfort in his memory. Bermuda certainly mourns his loss.”

John Huff, CEO of ABIR, added: “Over the course of his career, Michael Butt was a builder of business and a passionate voice for the Bermuda market. He served as ABIR chair in 2008 and 2009 but contributed greatly to the industry for years before and after his term as Chair. ABIR, Bermuda and consumers around the world continue to benefit from Michael’s leadership.”

AXIS commented: “The AXIS community mourns the loss of our long time Chair Michael Butt. His contributions have left a lasting impact on AXIS and the industry.”

Butt worked as a broker, insurer and reinsurer during his career and was a key figure in the establishment of the Bermuda reinsurance market. He started his career in London and became chairman of Sedgwick, which was later bought by Marsh & McLennan. He later ran insurer Eagle Star Holdings from 1987 until 1992.

After Hurricane Andrew in 1992, he became CEO of Bermuda-based Mid Ocean. That was later acquired by XL Capital and Butt was a director of XL until he joined AXIS in 2002. He retired as chairman of AXIS in 2020.

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