IAT Insurance Group has hired Ken Chapman as executive vice president, Surety, to lead IAT’s new surety business following IAT’s acquisition of IFIC Surety Group that is expected to close in the third quarter.
Chapman will join the company’s leadership team and report to CEO Bill Cunningham.
The company said that Dave Smith, acting as interim CEO for IFIC, is part of the management team of the company and will lead the company in bail operations.
Chapman joins IAT from Travelers Bond & Specialty Insurance, where the company is a member of the senior leadership team. For the past eight years, he has served as the deputy head of the Financial Institutions and the head of the business unit and has been responsible for the national strategy, activities and financial results of the unit. Prior to this position, Chapman was the regional vice president responsible for strategy and financial results at Travelers Bond & Specialty. More than 50 employees have worked in six state territories, including bail, management liability and property loss businesses.
Prior to his 22-year career with Travelers Bond & Specialty / Reliance Surety Company (Bond), he served as a bail insurer (Northern California and Hawaii) for Chapman, Continental Insurance Company / CNA and a branch manager (New Mexico, Colorado). Western Texas markets for Western Texas Insurance. His college career began in Dallas with the United States Fidelity & Guarantee.
Texas-based IAT said it agreed to buy the IFIC Surety Group in April. New Jersey-based IFIC Surety Group, International Fidelity Insurance Co. and its affiliate Allegheny Casualty Co. company. The Group has 220 employees and gross written premiums of more than $ 150 million.
The IAT Insurance Group is a private private insurance company. Offers include commercial property, flood, truck transport, car dealers, transportation and warehousing, and various special surplus and excess lines.
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