CHICAGO — The Warranty Group, which provides warranty solutions and underwriting services, announced today that Nelson J. Chai will join the company as its new president and CEO, effective Jan. 4, 2017.

Chai replaces Thomas W. Warsop III, who has held both titles since August 2012. According to company officials, he is leaving 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,” stated Warsop in the company’s press release.

Eric Leathers, chairman of the company’s board of directors, said of Warsop’s leadership: “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. On behalf of the Board and TPG Capital, I thank Tom for his leadership and service.”

Chai previously served as the president of CIT Group Inc., a publicly traded commercial bank with a market capitalization of more than $8 billion and more than $65 billion in assets. According to company officials, 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 CFO 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 United States.

“The Warranty Group has been an industry leader for more than 50 years and I am honored to be entrusted to position it for continued growth in the future,” stated Chai in the company’s press release. “I look forward to the opportunities ahead and working with the TWG team.”