The Bermuda Insurance Institute (BII) has announced that XL Capital director Michael Butt will be presented with the Bermuda Market Leader of the Year Award for 2001.

Arch Capital chairman Robert Clements has been named recipient of the Lifetime Achievement Award for the industry.

The annual awards, organised by the Bermuda Insurance Institute, will be presented at a gala black-tie dinner on March 2 at the Fairmont Southampton Princess Hotel. The BII said Mr. Butt has put together components of the successful purchase by XL Capital of Winterthur International. It said he also ensured the necessary integration of the two organisations.

He was also instrumental last year in sealing the deal that brought a controlling interest for XL Capital in Le Mans R?, a joint venture reinsurer formed by XL and Mutuelles du Mans Assurances (MMA) in 1999.

Mr. Clements has been chairman of Arch Capital Group since 1995, a firm that has just opened a new Bermuda reinsurer.

He is currently a special assignee to MMC Capital, Inc., which he founded and served as chairman and chief executive officer. Previously, he served as president of Marsh & McLennan Companies, having been vice chairman in 1991.

According to the BII, Mr. Clements has been credited with the establishment of ACE and XL Capital back in the mid-1980s.

The BII retained a panel of representatives on the selection committee, with representatives from leading organisations in international business, education and journalism. The selection committee includes representatives from Business Insurance, The School of Risk Management, Insurance and Actuarial Science (formerly the College of Insurance) at St. John's University, the Bermuda Insurance Management Association, the Bermuda Independent Underwriters Association, the Insurance Brokers Association of Bermuda, , and the BII.