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Insurer snags former Travelers executive

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Insurer snags former Travelers executive

IAT Insurance Group Inc. on Monday said former Travelers Cos. Inc. executive Ken Chapman is joining the company in the newly created position of executive vice president of surety.

Mr. Chapman was formerly vice president of Travelers’ financial institutions business within its bond and specialty insurance segment. He will lead Raleigh, North Carolina-based IAT’s new surety business, following the closing of its acquisition of Newark, New Jersey-based IFIC Surety Group Inc., which is expected to be finalized in this year’s third quarter, IAT said in its announcement.

Mr. Chapman, who will be based in Newark, will join the company’s leadership team and report to IAT CEO Bill Cunningham, the statement said.

Dave Smith, who has been serving as IFIC’s interim CEO, will remain part of the company’s management team and lead its bail operations, the statement said.

On Monday, Travelers said it was naming Kristin Roger, who was most recently financial institutions underwriting officer, to replace Mr. Chapman.