Veteran insurance director Michael Butt, who died this week at age 80, was praised this evening by David Burt, the Premier, as a friend to the island as well as the industry.

Mr Burt, who is also the Minister of Finance, paid tribute to Mr Butt as “a well-regarded industry leader who played a key role in establishing Bermuda as a leading re/insurance centre”.

“His long and distinguished career spanned more than five decades, and throughout this time he remained a vital contributor to Bermuda and was committed to preserving our reputation as a major international financial centre.”

The Premier noted Mr Butt’s significant positions of influence within the Association for Bermuda International Companies as well as the Association for Bermuda Insurers and Reinsurers.

He added that Mr Butt was a co-founder and former chairman of Axis Capital – as well as “a selfless supporter of local arts and charities”.

The Premier said that in his capacity as finance minister: “I had the pleasure of working with Mr Butt as he was a member of the Financial Policy Council, a committee established to advise the Ministry of Finance and the Bermuda Monetary Authority on matters relating to financial stability in Bermuda.

“I greatly appreciated his insights and the vast knowledge and experience that he shared with the Government for the betterment of Bermuda’s financial industry.

“And I also appreciated how he continually used his platform to promote Bermuda and all we offer to the international financial industry.

“On behalf of the Government of Bermuda, I extend my heartfelt condolences to his family and loved ones.”