Last year's Bermuda Insurance Leader of the Year and director and board member of XL Capital Ltd. Michael Butt has resigned to join Axis Specialty Ltd. as chairman of the board.

Axis Specialty Limited announced yesterday that Mr. Butt will be nominated as a director at its September 19 board meeting and will succeed Robert J. Newhouse, Jr. as chairman of the board of directors. He will be based in Bermuda.

Mr. Newhouse will continue as chairman of the executive committee and as a member of the senior management of the company.

John Charman, president and CEO of Axis Specialty Limited said: “Michael has had a long and distinguished career in both the insurance and reinsurance business worldwide. This key management appointment is in line with Bob and my plans for the future of Axis. We have both known Michael for many years and are delighted that he has agreed to join our management team.”

Mr. Butt joined XL as a director in 1998 following the merger with Mid Ocean Ltd., where he was president and chief executive officer from 1993 to 1998.

XL chairman, Michael P. Esposito, Jr, said: “Michael was the dynamic leader of Mid Ocean Limited during the time that XL was a shareholder and up to our acquisition of Mid Ocean. He provided great strategic vision and we were extremely pleased that he agreed to serve on the XL board and to develop the international strategy of the company, particularly in Europe.”

President and CEO of XL, Brian M. O'Hara, added: “As a director of XL, Michael has provided me with extraordinary support in the build-out of our businesses. His guidance was vital in the development of our holdings in Le Mans Re, which has enhanced our reinsurance unit, XL Re, and secured a significant foothold in Continental Europe.

“His foresight in identifying the opportunity for us to purchase Winterthur International has enabled us to develop our insurance unit into a highly successful global business platform. Michael is a friend as well as a business associate and I would like to personally thank him for his contributions and congratulate him on his new position.”

Mr. Butt was chairman of Sedgwick Limited and vice-chairman of the Sedgwick Group plc. in the UK from 1982 to 1986. He served as chairman and CEO of Eagle Star Holdings plc. and Eagle Star Insurance Company from 1987 to 1992.

He was on the board of the Farmers Insurance Group and BAT Industries, and was formerly a director of Phoenix Securities Limited, Marceau Investissements S.A. in France and Instituto Nazionale delle Assicuranzioni (INA) in Italy. Mr. Butt was also chairman of the INSEAD International Council and has been a member of the INSEAD Board, Fontainebleau, France, since 1982.

He has served as a member and contributor of the Geneva Association since 1987 and was a director of the Bank of N.T. Butterfield & Son from 1996 to 2002. Presently, Mr. Butt is a member of the board of trustees for the Bermuda Biological Station for Research and is vice-chairman of the Association of Bermuda International Companies.