Butt to retire as Axis chairman

Axis Capital Holdings Ltd. announced Wednesday that Michael Butt will retire as chairman of the board of directors, effective Sept. 16, Axis said in a statement.

Mr. Butt will be succeeded by Henry B. Smith, a member of the Axis Capital board of directors since May 2004 and lead independent director since May 2012, the statement said.

Mr. Smith is also chair of the executive and compensation committees and a member of the corporate governance and nominating and risk committees, the statement said.

A co-founder of Axis, Mr. Butt was named chairman of the board of directors in September 2002. He also served as chairman of Sedgwick Ltd., the statement said.

He is a member of the Insurance Hall of Fame and in 2011 was appointed as an Officer of the Order of the British Empire “to commemorate his distinguished contributions toward the building of the Bermuda reinsurance industry,” the statement said.