Thursday, 11 February 2016
Last updated 4 hours 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.