Top banker Sandy Weill has retired as chairman of the board of Hamilton Insurance Group.

Mr Weill, former chairman of Citigroup, will be succeeded by Hamilton founder and chief executive officer Brian Duperreault, however he will continue to advise the company on a consultancy basis, while Mr Duperreault will retain the CEO job.

“Sandy was instrumental in Hamilton’s market launch and, since then, we’ve benefited greatly from his extensive experience and balanced judgement,” said Mr Duperreault.

“I will always be grateful to him for believing in Hamilton’s potential and look forward to his wisdom and counsel as a consultant to the company.”

Mr Weill retired from Citigroup, once the world’s biggest banking and financial services group, in 2006. He became Hamilton chairman just over two years ago.

He said: “I have really enjoyed my time as chairman of Hamilton and I am proud of what we have achieved together in a short period of time.

“Today, Hamilton provides the highest quality products and services to our clients while growing value for all stakeholders.

“I would like to thank my fellow directors and the senior leadership team at Hamilton for all their support and hard work and I look forward to contributing further to the company’s continued success.”

Hamilton was set up by industry veteran Mr Duperreault at the end of 2013 with the aim of creating a new business model for insurance with an emphasis on advanced data analytics and technology.

Mr Weill is credited as one of the driving forces behind the forging of a strategic relationship between the Bermudian-based group and Two Sigma, the company’s technology and investment partner. He remains chairman emeritus of Citigroup and holds a number of other top positions, including president of Carnegie Hall, chairman emeritus of Weill Cornell Medicine and member of the Chancellor’s advisory board at the University of California.

Mr Duperreault founded Hamilton after a 40-year career in the insurance industry, including 20 years at AIG, a decade at Ace, now named Chubb, where he spearheaded the company’s move from a small Bermuda-based insurer to a global force in property and casualty insurance.

He also spent five years at Marsh & McLennan, where he was credited with a major turnaround in the firm’s financial performance.