Bermuda reinsurance veteran to step down from AXIS board


Michael Butt, the chairman of AXIS Capital Holdings’ board of directors, will retire from the company, effective September 16, 2020. 

Butt was a co-founder of AXIS and a member of the insurance hall of fame who is credited with playing an instrumental role in establishing Bermuda as one of the world’s foremost re/insurance hubs. 

He was appointed chairman of the AXIS Capital’s board in September 2002, and has played a pivotal role in guiding the re/insurer to its current position. He has held numerous leadership roles within the industry, including as chairman of Sedgwick, CEO of Eagle Star Holdings and Eagle Star Insurance Company, CEO of MidOcean and director of XL Capital and Farmers Insurance Group.

In 2011, he was appointed as an officer of the Order of the British Empire (OBE) to commemorate his role in building Bermuda up as a reinsurance hub. 

Butt will be succeeded by Henry Smith, who has served as a member of the AXIS Capital board since May 2004, and as lead independent director since May 2012.

Albert Benchimol, AXIS’ president and chief executive, described Butt’s impact on AXIS, and the broader re/insurance industry, as “immense.” 

Butt expressed confidence in Benchimol and Smith’s ability to lead the company forward. “The firm is very well-positioned to be a leader in the specialty insurance and global reinsurance industry,” he said. 


Michael Butt, AXIS Capital Holdings, Albert Benchimol, Henry Smith

Bermuda Re