Axis launches research fund on behalf of ‘true trailblazer’ Butt
Bermuda-based global re/insurer Axis Capital Holdings has announced a $250,000 endowment to INSEAD to create a research fund on behalf of its co-founder and former chairman Michael Butt.
The Michael Butt Fund for Business & Society by Axis Capital will support the work of the Hoffmann Global Institute for Business and Society.
Butt is said to have played a pivotal role in guiding Axis from the start. He was appointed chairman of the re/insurer's board of directors in September 2002 and retired from the company on September 16, 2020.
Butt has also 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.
In 2019, The International Insurance Society (IIS) inducted Butt into its 'Insurance Hall of Fame' for his significant contribution towards Bermuda and its re/insurance industry.
“Michael is one of the re/insurance industry’s true trailblazers and his impact goes far beyond his many professional accomplishments. Michael is a leader who lifts people up and throughout his career he mentored and empowered countless professionals,” said Albert Benchimol, president and CEO of Axis Capital.
“Michael leveraged his influence as an industry leader to advocate for insurance to play a great role in creating a more sustainable world. With this endowment, our aim is to build on Michael’s legacy and inspire and enable a new generation of (re)insurance professionals to make a positive impact.”
The Hoffmann Global Institute for Business and Society is at the forefront of aligning INSEAD with the UN Sustainable Development Goals and aspires to make INSEAD a sustainable school. To achieve this, the Institute supports research on business and society and engages with future leaders, the global alumni community and external partners.
Ilian Mihov, Dean of INSEAD and Professor of Economics, said: “With research focused on the intersection of business and society, the Hoffmann Global Institute for Business and Society aims to bring fresh perspectives and innovative solutions to the most intractable global issues that threaten our future. I am grateful to Axis and to Michael Butt for their extraordinary support which allows us to accelerate INSEAD’s ambition to develop business as a force for good.”
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