Hamilton Insurance Group, Ltd., the property and casualty insurance and reinsurance group, today announced that veteran financier Sanford “Sandy” Weill will serve as Chairman of the group’s Board of Directors.
This is a major catch for the privately held insurance company, and brings Sandy Weill back to his insurance roots. In the explosion of giant integrated financial service companies in the nine eighties and nineties Sandy Weill had played a lead role by merging Citibank and the Travelers Group in 1998.
In recent times the whole idea of such enormous one-stop shops, combining commercial banking, money management, investment banking and insurance all under one roof has become discredited and, indeed, Weill himself is reported to even have changed his own mind about its value as well.
In making the announcement Hamilton’s President and Chief Executive Officer Brian Duperreault said “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. It’s an honor to serve with Sandy.”
“Sandy Weill is an icon in the financial services sector, someone who has been at the forefront of change throughout his career, ” he added.
In explaining the move Sandy Weill says, “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.”
“Brian Duperreault has run businesses very successfully in all parts of the insurance industry from Marsh & McLennan, to the ACE Group in Bermuda, as well as his long stint at AIG.”
“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 together, and I look forward to working with the Board on the opportunities and challenges that lie ahead.”
Weill was referring to the deal announced in December whereby Hamilton Insurance, and data driven investment company Two Sigma, agreed to acquire the reinsurance assets and business of Stephen Cohen’s SAC Capital. SAC has been forced to withdraw from managing outside money, as part of the resolution of its insider trading legal problems, and to revert to being just a family office for Stephen Cohen’s own investments.
About Hamilton Insurance Group
Hamilton Insurance Group leverages analytics and research to create underwriting and investment value for its clients and shareholders. As of December 31, 2013, Hamilton Insurance Group had approximately US$800 million in capitalization.
About Hamilton Re
Hamilton Re, a Bermuda-based Class 4 property and casualty reinsurer, is rated “A-“ (Excellent) with a stable outlook by A.M. Best Company, Inc.