Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has announced that co-founder and Chairman of the Board of Directors, Michael Butt, OBE, is to retire from the company and be succeeded by Henry B. Smith, effective September 16th, 2020.
Butt is a recognised industry leader who played an important role in establishing Bermuda as one of the world’s leading re/insurance hubs.
As well as a co-founder of the Bermudian re/insurer, he is also a member of the Insurance Hall of Fame. He is to be succeeded by Smith, who has served as a member of the AXIS Capital Board of Directors since May 2004 and as Lead Independent Director since May 2012.
The company’s President and Chief Executive Officer (CEO), Albert Benchimol, commented: “I want to express my deep appreciation to Michael for all he has done for our Company since its inception, and for the many contributions he has made to the (re)insurance industry over the course of his career.
“Michael’s impact on our industry and our Company has been immense. It has been an honor and a privilege to serve with Michael and call him my mentor, colleague and friend.”
Butt has worked in the industry for five decades and is recognised as being a builder of business, a builder of markets, and a passionate voice on global issues. He was named Chairman of the Board in September 2002 and has played a key role in guiding the firm from a startup to an established global player.
During his time in the industry he has held numerous leadership roles, including serving as Chairman of Sedgwick; CEO of Eagle Star Holdings plc and Eagle Star Insurance Company; CEO of MidOcean Limited; and Director of XL Capital Limited, and Farmers Insurance Group.
In 2011, he was named as an Officer of the Order of the British Empire (OBE) to commemorate his contributions toward the building of the Bermuda reinsurance industry. Furthermore, in 2019 Butt was named by the International Insurance Society as its 2019 Insurance Hall of Fame Laureate.
“I wish to express my gratitude to the many people who have made my nearly two decades at AXIS so enjoyable. I particularly want to thank my fellow Board Directors and AXIS colleagues, as well as our shareholders, clients, and partners in distribution. I am confident AXIS is in good hands under the leadership of our CEO Albert Benchimol and the incoming independent Board Chairman Henry Smith, and believe the firm is very well-positioned to be a leader in the specialty insurance and global reinsurance industry,” said Butt.
His successor, Smith, is the former CEO and President of W.P. Stewart & Co. Limited, and he previously served as CEO of the Bank of Bermuda Limited. At AXIS Capital, alongside his role as Chairman-Elect of the Board of Directors, he is currently Chair of the Executive and Compensation Committees and a member of the Corporate Governance & Nominating and Risk Committees.
