AXIS Capital Holdings Ltd. said its chairman has been inducted into the International Insurance Society Insurance Hall of Fame.
Michael Butt has also been named the 2019 Insurance Hall of Fame Laureate, according to the insurer.
Butt will be honored at the IIS Global Insurance Forum’s Gala Awards taking place on June 20 in Singapore.
“We are immensely proud that our chairman, Michael Butt, has been named the 2019 Insurance Hall of Fame Laureate,” said Albert Benchimol, president and CEO of AXIS Capital.
Benchimol said that Butt “has been instrumental in many of the important developments within the global [insurance and reinsurance] industry over the last 50 years, including the establishment of Bermuda as one of the world’s leading hubs for specialty risks,” he added.
At AXIS Capital and throughout his career, Butt has been a builder of businesses and markets and a passionate voice on issues such as climate and risk, AXIS Capital said in a statement.
Butt joined AXIS Capital as chairman of the board in September 2002 and has played a pivotal role in guiding the company from a startup to a leading player in the global specialty insurance and reinsurance industries, the company said.
Also, his contributions to Bermuda were recognized in his appointment as an officer of the Most Excellent Order of the British Empire (OBE), AXIS said.
The Insurance Hall of Fame recognizes insurance leaders who have made a broad, encompassing and lasting contribution to the insurance industry and who are recognized by their peers as successful leaders, innovators and visionaries. Nominees for the Insurance Hall of Fame are submitted by the IIS membership and evaluated for selection by the IIS Honors Committee, a body of senior insurance executives and academics. Recently inducted Laureates include Nikolaus von Bomhard of Munich Re, Stephen Catlin of XL Catlin, Brian Duperreault of AIG, Denis Kessler of SCOR, Shuzo Sumi of Tokio Marine and Ikuo Uno of Nippon Life.
Source: AXIS Capital