The Bermuda College Foundation has highlighted three students who have recently completed their first year through scholarships donated by the Association of Bermuda Insurers and Reinsurers, in memory of reinsurance industry legend Michael Butt.

Abir’s $20,250 scholarship donation was both merit and needs-based and covered full tuition and textbooks for three first-year students: Raynique Caines (Associate of Arts — Arts), Jade Fubler (Associate of Arts — Business Administration) and Eli Furbert (Associate of Arts — Business Administration).

Garry Madeiros, chairman of the foundation, said the generosity of donors such as Abir helped them increase access to quality education.

He said: “To do so in memory of Michael Butt, a stalwart of Bermuda and the world’s insurance/reinsurance industry who was passionate about developing local talent, makes these scholarships that much more special.

“This is but one way Abir has shown their support of the foundation and the college. We very much appreciate their ongoing support and are looking forward to seeing the longer-term achievements of Raynique, Jade and Eli.”

Vince Tizzio, president and CEO of Axis, said his team applauded the college and Abir “for their yeoman work to provide access to education to local students. And we congratulate Raynique, Jade and Eli on their impressive achievement”.

John Huff, Abir CEO, said: “These scholarships are a fitting tribute to Michael and his legacy, reflecting his passion for supporting the growth and development of local talent and in elevating Bermuda as a global insurance market.

“Kick-starting the academic studies of these students is fully aligned with Michael’s commitment of investing in Bermuda talent.”

Necheeka Trott, acting VP of academic and student affairs, said the college was grateful: “This scholarship has provided tangible benefits to three deserving students, and the much needed support that will continue to fuel the pipeline for Bermudians to enter the [insurance and] reinsurance industry and build a strong local workforce. The college is pleased to partner with Abir in support of our students and in honour of Michael's memory.”

Mr Butt played a leading role in the development of the global reinsurance industry, and locally from the time he arrived in 1992 to steer a new catastrophe reinsurer.

He was a leader in the Class of 1993, several highly capitalised reinsurance start-ups in Hamilton, which led to the creation of a new catastrophe reinsurance market and changed the course of international business in Bermuda.

As the president and CEO of Mid-Ocean Ltd, he was at the forefront of a movement that advanced Bermuda as an international insurance and reinsurance hub.

His work continued as chairman of Axis Capital from 2002 through 2020, where he played a pivotal role in guiding the company from a Bermuda Class of 2001 start-up to a leading player in the global specialty insurance industry.

He also chaired Abir in 2008 and 2009 and made many other contributions to Bermuda, including as a member of the government’s Financial Policy Council.