Tuesday, 1 September 2015
Last updated 5 min ago
Jan 13 2014 | 9:39am ET
Former Citigroup chief Sandy Weill has been named chairman of SAC Capital Advisors' former reinsurance business.
Weill was introduced on Friday by the new CEO of the newly-rechristened Hamilton Insurance Group, Brian Duperreault. "Sandy Weill is an icon in the financial services sector," he said. "I have no doubt that our goal of establishing a leading insurance and reinsurance business will be realized."
SAC sold the former SAC Re to a group led by Duperreault and hedge fund Two Sigma Investments last year, following its guilty plea on insider-trading charges. SAC's deal with prosecutors bars it from managing outside capital, which would prevent it from continuing to manage SAC Re's premiums.
SAC founded the reinsurer in 2012 as a permanent-capital vehicle. Two Sigma will take over its role managing Hamilton's premiums.
"Brian's teaming up with Two Sigma marries insurance expertise with an outstanding record of investment expertise, a combination that I believe will work well," Weill said.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…