Nationwide adding specialty division focused on global credit, political risk

Nationwide E&S/Specialty, a unit of Nationwide Mutual Insurance Co., said it is introducing a specialty division focused on global credit and political risk.

The new business unit will be led by Lillian Labbat, who was formerly senior vice president and global head of credit & political risk at Zurich Insurance Group Ltd. Ms. Labbat, who is New York-based, will report to Tom Iorio, who directs the management liability and specialty business line.

Scottsdale, Arizona-based Nationwide E&S was the third-largest, U.S.-based surplus lines insurer in 2022, with $2.77 billion in nonadmitted direct premiums, according to Business Insurance’s ranking.