Axis Capital Holdings Limited has announced a $250,000 endowment to international business school Insead to create a research fund on behalf of the company’s former chairman of the board.

The Michael A. Butt Fund for Business & Society by Axis Capital will support the work of the Hoffmann Global Institute for Business and Society, the Bermudian-based global specialty re/insurer said.

Mr Butt earned an MBA from Insead, Fontainebleau, France, and served as a member of the Insead board in Fontainebleau from 1982 until 2010.

He was also chairman of the Insead International Council from 1988 until 1991 and chairman of the development capital campaign from 2002 until 2009, later becoming a member of the advisory board.

Mr Butt retired as chairman of Axis in 2020.

Albert Benchimol, president and CEO of Axis Capital, said: “Michael is one of the re/insurance industry’s true trailblazers and his impact goes far beyond his many professional accomplishments.

“Michael is a leader who lifts people up and throughout his career he mentored and empowered countless professionals.”

Mr Benchimol added: “Michael leveraged his influence as an industry leader to advocate for insurance to play a great role in creating a more sustainable world.

“With this endowment, our aim is to build on Michael’s legacy and inspire and enable a new generation of re/insurance professionals to make a positive impact.”

Axis said the Hoffmann Global Institute for Business and Society is at the forefront of aligning Insead with the UN Sustainable Development Goals and aspires to make Insead a sustainable school.

To achieve this, it said, the Institute supports research on business and society and engages with future leaders, the global alumni community and external partners.

Ilian Mihov, dean of Insead and professor of economics, said: “With research focused on the intersection of business and society, the Hoffmann Global Institute for Business and Society aims to bring fresh perspectives and innovative solutions to the most intractable global issues that threaten our future.

“I am grateful to Axis and to Michael Butt for their extraordinary support which allows us to accelerate INSEAD’s ambition to develop business as a force for good.”

One of the world’s leading and largest graduate business schools, Insead has locations in France, Singapore, Abu Dhabi, and San Francisco.