Albert A. Benchimol, president and CEO of AXIS Capital, has issued a letter of remembrance to colleagues about Michael A. Butt, the company’s former chairman and industry leader, who died on Feb. 8.

Benchimol describes Butt as a “towering figure” and “industry trailblazer.”

“Over the course of his five-decade career, he was a builder of businesses, a builder of markets, and a passionate voice on issues such as climate risk and building a more sustainable world,” said the letter from Benchimol to AXIS employees, which was posted on LinkedIn where tributes have poured in.

Butt joined AXIS Capital as chairman of the board in September 2002, a position he held until 2020. He played a pivotal role in guiding the company from a startup to a leading player in the global specialty re/insurance industry. Before AXIS, he held various leadership roles in the re/insurance industry, including chairman of Sedgwick, CEO of Eagle Star Holdings and Eagle Star Insurance Co., CEO of MidOcean Ltd., and director of XL Capital and Farmers Insurance Group.

“But his honors didn’t stop there…In 2008, Michael was awarded the Bermuda Institute Lifetime Award. In 2011, he was appointed an Officer of the Order of the British Empire (OBE) to commemorate his distinguished contributions toward the building of the Bermuda reinsurance industry, and in 2019, Michael was recognized by the International Insurance Society as its Insurance Hall of Fame Laureate,” the letter continued.

On a more personal note, Benchimol said that Butt was much more than a captain of the insurance and reinsurance industry.

“He was a counselor and a mentor, a compassionate leader, and a wonderful friend. He cared deeply about helping others and opened doors for countless young professionals, particularly those from disadvantaged backgrounds,” the letter said.

“For a man of his stature, Michael was incredibly humble—and incredibly human. Beyond being a brilliant business leader who always carried himself with charm and elegance, Michael also was a lot of fun—smart and intellectually curious, with a razor-sharp wit. It gives me some comfort that in his final days and months, Michael was surrounded by his loved ones including his wife Zoe and his family,” Benchimol went on to say.

“Please join me in saying farewell to Michael and perhaps savoring a glass of Johnny Walker Black in his honor,” Benchimol concluded.