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Bermuda College Foudation and ABIR announce Michael Butt scholarship recipients

Hamilton, Bermuda: 9 July 2024 – Bermuda College Foundation (“the Foundation”) is pleased to highlight the three Bermuda College (“the College”) students, who’s recently completed first year was funded by first-year scholarships, donated in memory of Michael Butt by the Association of Bermuda Insurers and Reinsurers (“ABIR”). 

Considered an “industry legend”, Michael Butt (1942 – 2023) was globally known and respected for his role in developing the local and global reinsurance industry. He arrived in Bermuda in 1992 as the President and Chief Executive Officer of Mid-Ocean Ltd. and was part of the industry’s ‘Class of 1993”, which alternated the course of international business in Bermuda and was instrumental in developing the catastrophe reinsurance industry. Michael’s leadership in advancing Bermuda as an international insurance hub continued during his tenure as Chairman of the Board of AXIS Capital (AXIS) from 2002 through 2020, where he played a pivotal role in guiding the Company from a Bermuda “Class of 2001” start-up to a leading player in the global specialty insurance industry. Michael served as Chair of ABIR in 2008 and 2009. 

ABIR’s $20,250 scholarship donation was both merit- and needs-based and covered full tuition and textbooks for three first-year students: Raynique Caines (Associates of Arts - Arts), Jade Fubler (Associate of Arts – Business Administration), and Eli Furbert (Associate of Arts – Business Administration). 

“The Foundation’s ability to increase access to the excellent education provided at Bermuda College is due to the generosity of donors, such as ABIR,” says Garry Madeiros, Chairman of the Foundation. “To do so in memory of Michael Butt, a stalwart of Bermuda and the World’s insurance/reinsurance industry who was passionate about developing local talent, makes these scholarships that much more special. This is but one way ABIR has shown their support of the Foundation and the College. We very much appreciate their ongoing support and are looking forward to the seeing the longer-term achievements of Raynique, Jade, and Eli.”

“Our team at AXIS applauds the Bermuda College Foundation and ABIR for their yeoman work to provide access to education to local students – and we congratulate Raynique, Jade, and Eli on their impressive achievements,” said Vince Tizzio, President and CEO of AXIS. “These scholarships are a fitting tribute to Michael and his legacy, reflecting his passion for supporting the growth and development of local talent, and in elevating Bermuda as a global insurance market.” 

Michael Butt was a long-time builder of Bermuda.” Said John M. Huff, ABIR CEO. “Kick starting the academic studies of these students is fully aligned with Michael’s commitment of investing in Bermuda talent.” 

Necheeka Trott, Acting VP of Academic & Student Affairs at Bermuda College states, “Bermuda College is incredibly grateful for the generous scholarship donation of $20,250 from ABIR in memory of Michael Butt, whose trailblazing legacy in Bermuda's reinsurance industry will impact the College’s insurance programme and its students for years to come.” She continued, “This scholarship has provided tangible benefits to three deserving students, and the much-needed support that will continue to fuel the pipeline for Bermudians to enter the re/insurance industry, and build a strong local workforce. The College is pleased to partner with ABIR in support of our students and in honour of Michael's memory.” 

Photo Caption (L to R): Pahn-ya Ratteray – Development Director, Bermuda College Foundation; Necheeka Trott – Acting VP of Academic & Student Affairs, Bermuda College; Jade Fubler – Bermuda College student and Michael Butt Scholarship recipient; John Huff – CEO, ABIR. Not shown: Raynique Caines and Eli Furbert. 



Bermuda College Foundation was launched in October 2019 to provide dedicated fundraising support to Bermuda College and ensure its long-term sustainability and ability to provide a stateof-the-art education experience to the students it serves. The Foundation is a Bermuda registered charity (Charity #341) and has its own Board and governance structure. 

ABOUT ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers operating in 150 countries, was founded in 1993. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit Follow us on X @ABIR_Bermuda.

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