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The Warranty Group Taps Nelson Chai For Chief Exec

Nelson Chai, a past president of CIT Group and a former chief financial officer of Merrill Lynch, will join The Warranty Group (TWG) next month as president/CEO.

Chai succeeds Thomas Warsop III, who is leaving the post after four years to pursue other opportunities.

Warsop is credited with transforming TWG from an Aon Corp. spin-off to a stand-alone warranty and underwriting resource. The 52-year-old business, which specializes in CE, majaps and furniture among other product categories, has two wholly-owned insurance companies and some 1,700 employees operating in over 35 countries to provide underwriting, claims administration and marketing support to manufacturers, distributors and retailers.

The company was acquired two years ago by TPG Capital, a private investment firm.

“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,” he said.

His successor helped preside over CIT Group, a publicly-traded commercial bank with more than $65 billion in assets, and also served as chief financial officer of Merrill Lynch & Co.

Chai will formally assume his new duties on Jan. 4, with Warsop overseeing the transition.