Pros
Working in/closely with the IT department means you'll be in close contact with the senior management group at all times--full of highly mentoring individuals that truly care about their employees and are invested in them. The CIO is a great leader and will definitely take the time to talk to you. Executives are all open to new and big ideas and will take the time to chat about anything you're interested in.
Cons
Outside of the IT/PMO departments, things can be a nightmare in terms of being able to effectively work with cross-functional teams. Staff in Underwriting, Risk Management, and so forth seem to blow off most of what IT or the PMO is doing. You will have lots of no-shows to your meetings and last-minute rescheduling or cancellations. This is just an issue with antiquated company culture that is targeted for change as per the new CEO though.