IAT Insurance Group enters management liability market
IAT Insurance Group, a provider of specialty property and casualty products, is expanding its product offerings with the formation of a new management liability business unit. It will be led by John Passaro who brings more than 28 years of experience in the insurance industry, including extensive experience with management and professional lines.
“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,” said CEO Bill Cunningham.
John Passaro will join IAT on October 17 and, over the next 12 months, will build a team and infrastructure to support the new management liability business unit. The unit will focus on developing a comprehensive suite of management liability products that provide protection for officers and directors who can become personally liable for issues such as theft of intellectual property, misrepresentation and workplace law compliance.
Passaro joins IAT from Travelers Insurance where he gained extensive management liability experience, starting off as an underwriter and moving into various leadership roles in management liability underwriting, and other senior leadership positions.
Most recently at Travelers, Passaro served as President NY/ NJ downstate region and VP enterprise distribution. Previous to his 10 years at Travelers, his career spanned senior management roles at CAN, FirstCity Partnership, Arthur J. Gallagher, and Royal & Sun Alliance. Passaro started his insurance career at AIG.
Passaro will join IAT’s management committee, and work out of the company’s office in Newark, NJ.
“We look forward to welcoming John to support our entry into the management liability market as we expand our portfolio of commercial insurance products,” said Cunningham.
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