Axis Capital Holdings Ltd chairman Michael Butt has been inducted into the International Insurance Society’s Hall of Fame.

He has also been named the 2019 Insurance Hall of Fame Laurette, and will be honoured at the IIS Global Insurance Forum’s gala award in Singapore on June 20.

Albert Benchimol, president and chief executive officer of Axis Capital, said: “Michael has been instrumental in many of the important developments within the global (re)insurance industry over the last 50 years, including the establishment of Bermuda as one of the world’s leading hubs for speciality risks.

“We are deeply indebted to Michael for his leadership at Axis and his contributions to the global (re)insurance industry, and congratulate him on this well-deserved honour.”

Mr Butt joined Axis Capital as chairman in 2002 and helped guide it from a start-up to a leading player in the global speciality (re)insurance industry. Among awards he has received are an OBE in 2011, the Bermuda Insurance Institute Lifetime Award, the Insurance Day Lifetime Achievement Award and the Insurance Insider Honours Lifetime Achievement Award.

The Insurance Hall of Fame recognises insurance leaders who have made a broad, encompassing and lasting contribution to the insurance industry and who are recognised by their peers as successful leaders, innovators and visionaries. Recently inducted Laureates include Nikolaus von Bomhard of Munich Re, Stephen Catlin of XL Catlin, Brian Duperreault of AIG, Denis Kessler of Scor, Shuzo Sumi of Tokio Marine and Ikuo Uno of Nippon Life.