IAT Insurance Group, a privately owned specialty insurance company, has announced the creation of a management liability unit.
According to a release, IAT’s new unit will focus on creating an inclusive range of management liability products that cover for officers and directors whenever they become liable for things such as theft of intellectual property, misrepresentation and workplace law compliance.
“IAT is well positioned to enter the management liability market with a competitive product especially designed for privately owned companies and not-for-profit organizations,” commented IAT CEO Bill Cunningham.
The company has also named John Passaro as leader of the management liability unit. Over the next 12 months, he will build a team and infrastructure to support IAT’s new business unit. Passaro officially joins the company on October 17, 2019.
Passaro joins from Travelers Insurance, where he most recently served as president of the NY/NJ Downstate region and VP of enterprise distribution. Having spent the last 10 years at Travelers, he first joined the company as an underwriter.
Prior to joining Travelers, Passaros’ career spanned several senior management roles at CNA, FirstCity Partnership, Arthur J. Gallagher, and Royal & Sun Alliance. He began his insurance career at AIG.
Following his appointment, Passaro will also join IAT’s management committee. He will be based in the company’s Newark, NJ office.