Sanford I. “Sandy” Weill, former CEO and chairman of Citigroup Inc., has been named chairman of Hamilton Insurance Group Ltd.'s board of directors, Hamilton said Thursday.
Last month, veteran insurance industry executive Brian Duperreault came out of retirement to run Bermuda-based Hamilton. Mr. Duperreault is the former CEO of Marsh & McLennan Cos. Inc.
Mr. Weill played a key role in the $70 billion merger of Citicorp and Travelers Group into Citigroup Inc. in 1998. A few years later, Citigroup divested itself of Travelers Property Casualty Corp.
“Sandy Weill is an icon in the financial services sector, someone who has been at the forefront of change throughout his career,” Mr. Duperreault, Hamilton's president and CEO, said in a statement. “Under his leadership, and with our forward-thinking management team, I have no doubt that our goal of establishing a leading insurance and reinsurance business will be realized.”
For his part, Mr. Weill said in the statement: “I think it is rare to have an opportunity to be involved with people who have an exemplary record in what is necessary to run a successful insurance company.''
Hamilton Insurance Group, which is controlled by Mr. Duperreault, is the holding company for Bermuda-based reinsurer Hamilton Re. It announced late last year that it would buy SAC Re Ltd., the Bermuda reinsurance unit of troubled Stamford, Conn.-based hedge fund SAC Capital Advisors L.P.
Before retiring as CEO of Marsh & McLennan in December 2012, Mr. Duperreault was CEO of Ace Ltd. from 1994 to 2004.