Chicago, IL – December 6, 2016 – The Warranty Group, a leading global provider of warranty solutions and underwriting services, announced today that Nelson J. Chai will join the company as its new President and Chief Executive Officer, effective January 4, 2017. Thomas W. Warsop III, President and Chief Executive Officer since August 2012, will leave to pursue other opportunities after overseeing a transition to Mr. Chai.
“The TWG team is one of the best I have worked with throughout my career, and I know the company will continue to be a leader in the warranty, loyalty and business intelligence landscape,” said Mr. Warsop.
“Tom was instrumental in transforming the company from a spun-off division of Aon Corporation to a formidable, stand-alone competitor with industry-leading capabilities in major markets around the world,” explained Eric Leathers, Chairman, Board of Directors, The Warranty Group, Inc. “On behalf of the Board and TPG Capital, I thank Tom for his leadership and service.”
Mr. Chai is former President of CIT Group, Inc., a publicly-traded commercial bank with a market capitalization of over $8 billion and more than $65 billion in assets. He has a track record of success at some of the largest and most successful public companies in the financial services industry, including serving as Chief Financial Officer of Merrill Lynch & Co., NYSE Euronext, the parent company of the New York Stock Exchange, and Archipelago Holdings, the first fully-electronic stock exchange in the US.
“The Warranty Group has been an industry leader for more than fifty years and I am honored to be entrusted to position it for continued growth in the future,” said Mr. Chai. “I look forward to the opportunities ahead and working with the TWG team.”
About The Warranty Group: Celebrating more than 50 years of industry leadership, The Warranty Group is one of the world’s premier global providers of warranty solutions and related benefits, with operations in more than 35 countries and nearly 1,700 employees. With Virginia Surety Company and London General Insurance as our wholly-owned insurance companies, The Warranty Group is a single-source solution that provides underwriting, claims administration, and marketing expertise to some of the world’s leading manufacturers, distributors, and retailers of consumer goods including automobiles, homes, consumer appliances, electronics, and furniture, as well as specialty insurance products and services for financial institutions. For more information, visit www.thewarrantygroup.com.