AXIS Capital chairman, co-founder Butt to retire; successor revealed

Bermuda-based re/insurer AXIS Capital Holdings' chairman and co-founder Michael Butt is to retire from the company on September 16, 2020. He will be succeeded by Henry Smith.

Butt was appointed chairman of the re/insurer's board of directors in September 2002, and is said to have played a pivotal role in guiding AXIS from the start. He has held numerous leadership roles within the industry, including serving 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.

Smith has served as a member of the AXIS Capital board of directors since May 2004 and as lead independent director since May 2012. He is the former CEO and president of WP Stewart & Co. Previously, he served as the CEO of the Bank of Bermuda, a position he held for seven years until the acquisition of the bank by HSBC Holdings.

At AXIS, in addition to the role as chairman-elect of the AXIS board of directors, Smith is the current chair of the executive and compensation committees and a member of the corporate governance & nominating and risk committees.

Albert Benchimol, AXIS president and CEO, said: “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 added: “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.”