IAT Insurance Group Launches New Inland Marine Business Unit

CHESHIRE, Conn., Sept. 7, 2017 /PRNewswire-iReach/ -- IAT Insurance Group, a leading provider of specialty property and casualty products for businesses and individuals, is expanding its product offerings with the launch of a new Inland Marine business unit. To lead the new Inland Marine business unit, IAT welcomes Joe Tracy who brings nearly 30 years of insurance industry experience, most of which has been focused on Inland Marine and Commercial Property. "The Inland Marine market is an excellent complement to IAT's current offerings and represents a strong growth opportunity for the company and our agency partners," said CEO Bill Cunningham.

In addition to building the new unit, Joe Tracy will serve as the Inland Marine Product Lead working with IAT's Programs and Commercial Transportation units to leverage synergistic opportunities. "As the 6^th largest insurer of commercial truck in the U.S., there's tremendous opportunity for IAT to create and deliver leading edge cargo offerings," explained Cunningham. Tracy will join IAT on September 18th and over the next 12 to 18 months build a team to support the new Inland Marine business unit and deliver more product offerings across the company's distribution.

Joe Tracy also brings in-depth experience in Commercial Property and will additionally serve as the company's Commercial Property Product Leader working across the organization to develop more product opportunities. His experience leading new units, and growing and managing product lines makes him especially well-suited for his new role at IAT. At OneBeacon, Tracy advanced the company's Monoline Property and Inland Marine unit, served as Chief Underwriting Officer for authority and strategy development of first party lines and grew the unit into a $75M business in just three years, expanding capabilities, product, capacity and service offerings. Most recently he was the Business Unit President for Travelers' Inland Marine Business Unit where he grew the company's book of business more than 20% over the last seven years and delivered profit with combined ratios in the low 80's to mid 90's.

"With his Inland Marine and Commercial Property expertise, Joe will be an important contributor to the IAT team as we continue to build a strong foundation for growth and future expansion," said Cunningham.

About IAT Insurance

IAT Insurance Group is a privately owned, specialty insurance company providing property and casualty products for businesses and individuals. With more than 650 employees and 13 offices across the country, we go to market through five business units – Commercial Transportation, Specialty, Programs, Inland Marine and Assumed Reinsurance. Dedicated to the long-term, IAT focuses on providing our clients with superior products and service with the steadfast dedication to innovation, stability and profitable growth that comes from the flexibility and power of our independence. The IAT Insurance Group companies are rated A- Excellent by AM Best. Connect with IAT Insurance Group on LinkedIn, and learn more about the company at www.iatinsurancegroup.com.

Media Contact: Caryn Best, IAT Insurance Group, 919-838-4464, [email protected]

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SOURCE IAT Insurance Group