CHESHIRE, Conn. & NEWARK, N.J.–(BUSINESS WIRE)–IAT Insurance Group announces the hiring of Ken Chapman as Executive Vice President, Surety. Chapman will lead IAT’s new surety business, following the closing of IAT’s acquisition of IFIC Surety Group, expected to be finalized in 3Q 2018. He will join the company’s leadership team and report to CEO Bill Cunningham. “Ken’s 30 years of surety experience and strong leadership skills make him an excellent choice to head our new surety business unit,” said Cunningham. “The surety sector is an exciting area of growth for us and we are pleased to have someone of Ken’s background to take leadership of that division.” Dave Smith, who had been serving as Interim CEO for IFIC, remains an integral part of the company’s management team, and will lead the company’s bail operations.
Ken Chapman joins IAT on August 27, 2018 from Travelers Bond & Specialty Insurance where he was a member of the company’s senior leadership team. He served as Vice President and Business Unit Head – Financial Institutions for the past eight years and was responsible for national strategy, operations and financial results of the unit. Prior to that role, Chapman was Regional Vice President at Travelers Bond & Specialty, responsible for strategy and financial results. He managed a staff of more than 50 across a six state region comprised of surety, management liability and property casualty businesses.
“This is an exciting opportunity,” said Chapman. “IAT is a dynamic insurance company with strong financial resources to increase the bonding and T-list capacity of IFIC, and IFIC is a highly regarded surety writer with strong underwriting discipline. I look forward to working with George James (Head of Commercial Surety) and Adrian Oddi (Head of Contract Surety) and their talented teams who have built a solid foundation and strong agent partnerships at IFIC.”
Prior to his 22-year career with Travelers Bond & Specialty/Reliance Surety Company (Bond), Chapman held positions as a surety underwriter (Northern California and Hawaii) for Continental Insurance Company/CNA and as a branch manager (New Mexico, Colorado and West Texas markets) for Insurance Company of the West. He began his surety career in Dallas with United States Fidelity & Guaranty. Chapman graduated from the University of North Texas with a degree in Business Administration.
IAT announced it reached a definitive agreement to acquire IFIC Surety Group in April 2018. The acquisition is expected to close in the third quarter of 2018 following customary regulatory approvals. IFIC Surety Group consists of International Fidelity Insurance Company and its subsidiary Allegheny Casualty Company. The group has 220 employees and more than $150 million in gross written premiums. It is the largest independently owned surety writer in the United States, and the country’s eighth largest overall.
About IAT Insurance Group
IAT Insurance Group is a privately owned, specialty insurance company providing property and casualty products for businesses and individuals. The IAT Insurance Group companies are rated A- Excellent by A.M. Best. Connect with IAT Insurance Group on LinkedIn and Facebook, and learn more about the company at www.iatinsurancegroup.com.
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