Michael Butt, the Axis Capital Holdings chairman, has won a top industry lifetime achievement award.

The near-50-year veteran of the insurance industry was given the award at a ceremony in London by Insurance Day magazine.

Insurance Day editor Michael Faulkner said: “Mr Butt is a towering figure in the world of specialty insurance and reinsurance, having won the respect of colleagues and competitors alike in Bermuda in London and indeed around the world.”

The award was presented in London last week.

Mr Butt joined Axis as chairman in 2002 and he is also the chairman of Axis Specialty Ltd.

Earlier he held top positions and directorships in organisations in London, Europe and America.

Mr Butt was given an OBE in 2011 to recognise his major contributions to the insurance industry and Bermuda over the last 20 years.