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Hamilton Insurance Group Ltd. said Wednesday that Sandy Weill has retired as chairman of the board, effective immediately.
Mr. Weill will continue to advise the company in a consulting capacity. Brian Duperreault will succeed Mr. Weill as chairman. Mr. Duperreault will remain in his position as CEO of Hamilton, Pembroke, Bermuda-based Hamilton said in a statement.
Mr. Weill has been chairman of the board since January 2014. He also serves as chairman emeritus of Citigroup Inc.; chairman emeritus of Weill Cornell Medicine; founder and chairman of the National Academy Foundation; chairman of the executive council of the University of California, San Francisco; and chairman of Weill Hall.
“Sandy was instrumental in Hamilton's market launch and, since then, we've benefited greatly from his extensive experience and balanced judgment,” Mr. Duperreault said in the statement. “I will always be grateful to him for believing in Hamilton's potential, and look forward to his wisdom and counsel as a consultant to the company.”
Kathleen Reardon, chief executive of Bermuda-based Hamilton Re Ltd., the reinsurance unit of Hamilton Insurance Group Ltd., has said that the reinsurer will enter property insurance market, reported The Royal Gazette.