Former Citigroup CEO Sandford Weill has been named the chairman of Hamilton Insurance Group, which completed its acquisition of the reinsurance unit previously owned by hedge fund firm SAC Capital last month.
Hamilton president and chief executive officer Brian Duperreault said through a statement released by the Bermuda-based reinsurance firm last week that Weill’s appointment will help “establish a leading insurance and reinsurance business.”
Weill, who left Citigroup in 2006, helped build it into what was at one point the world’s largest bank.
eVestment reported that Connecticut-based SAC Capital made the decision to sell off its reinsurance amidst the firm’s insider trading probe. SAC, which admitted to insider trading in November, was charged with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The Securities and Exchange Commission also charged Cohen for failing to prevent insider trading at his firm.