Sanford "Sandy" Weill, the former head of Citigroup Inc., has been named chairman of the board at Hamilton Insurance Group Ltd., which runs the reinsurer that hedge fund manager Steven A. Cohen chose to exit.

"Sandy Weill is an icon in the financial services sector," Hamilton Chief Executive Officer Brian Duperreault said today in a statement.

Weill, 80, helped engineer the 1998 merger of insurer Travelers Group Inc. and Citicorp, ushering in the era of U.S. banking conglomerates.

Cohen, the billionaire founder of SAC Capital Advisors LP, agreed last month to sell the reinsurer after his hedge fund reached a $1.8 billion deal to end a criminal investigation into insider trading. Duperreault, the former CEO of insurance broker Marsh & McLennan Cos., is partnering with quantitative hedge fund firm Two Sigma Investments LLC at the Bermuda-based reinsurer.

"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," Weill said in the statement.

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