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IAT Insurance Group said Tuesday it is forming a management liability business unit headed by a former Travelers Cos. Inc. executive.
The Raleigh, North Carolina-based specialty insurer said John Passaro, who was most recently president of New York and New Jersey downstate region and vice president of enterprise distribution for Travelers, will head the new unit. Mr. Passaro, who joins the company Thursday, will be based in Newark, New Jersey.
The statement said the new unit will focus on developing a comprehensive suite of management liability products that provide protection for officers and directors who become personally liable for issues such as theft of intellectual property, misrepresentations and workplace law compliance, the statement said.
It said Mr. Passaro will build a team and infrastructure to support the management liability business unit over the next 12 months.
OneBeacon Insurance Group LLC has hired Nelson Kefauver, who most recently was a senior underwriter at rival Great American Insurance Group, as president of its management liability unit, the Plymouth, Minnesota-based insurer announced Monday.