Nationwide launches new credit and political risk vertical led by Lillian Labbat
Nationwide E&S/Specialty is launching a new specialty division focused on global credit and political risk and hired Lillian Labbat to lead this new business line under Nationwide’s specialty umbrella. Labbat will report to Tom Iorio who directs the management liability and specialty business line.
“Nationwide sees this area as a good place to continue to grow our specialty business and a complement to our existing - lines of business,” said Tom Iorio, EVP Management Liability and Specialty. “There is increased demand in the market for solutions to growing credit relationships and exporting abroad. Labbat has extensive experience in credit markets and structured lending at top global financial institutions, with experience spanning a wide range of industries and countries, and an expertise in developing markets. We are excited to welcome her to build this area within Nationwide.”
Lillian Labbat assumes the position immediately and will focus on assembling a team of experienced structured credit and political risk underwriters with experience in both insurance underwriting and bank financing. Nationwide plans to be able to write business in this area in early 2024.
Previously, Lillian was the SVP and Global Head of Credit & Political Risk at Zurich. She was responsible for the growth strategy and performance of the global team, providing underwriting expertise to large multinationals, financial institutions, and government agencies.
Before Zurich, Lillian was Managing Director at J.P. Morgan, responsible for driving the growth of the investment bank’s global structured export finance products. During that time, Lillian accepted the Lender of the Year award on behalf of JPM from then Vice President Joe Biden for financing U.S. businesses. Lillian also headed export finance for BNP Paribas in the U.S. and Canada and, earlier in her career, worked at Citigroup as head of underwriting for a credit & political risk insurance subsidiary.