IAT Insurance Group Finalizes Acquisition of IFIC Surety Group, Inc.
RALEIGH, N.C.--(BUSINESS WIRE)--Oct 1, 2018--IAT Insurance Group (IAT), a leading provider of specialty property and casualty products, announced today that the company’s acquisition of IFIC Surety Group, Inc. has been finalized. IFIC becomes IAT’s seventh business unit, joining Specialty, Commercial Transportation, Programs, Assumed Reinsurance, Excess Casualty Mid-Market and Inland Marine.
The acquisition reflects IAT’s entry into the surety market. IFIC consists of International Fidelity Insurance Company and its subsidiary Allegheny Casualty Insurance Company. The group has almost 200 employees, over $150 million in gross written premium, is the largest privately held surety company, and is the eighth largest surety writer in the United States. With $1.3 billion in annual gross written premium and $1.2 billion of GAAP equity, IAT Insurance Group has the resources and financial strength to support IFIC’s continued growth.
IAT plans to maintain the IFIC brand, which has broad recognition amongst its agents and customers. IAT Chief Executive Officer Bill Cunningham noted, “IFIC is a well-respected company with a long history in the surety sector and we are pleased to welcome it into the IAT family. Its leading position in the market, strong underwriting discipline and broad distribution network, make IFIC a natural fit for IAT’s strategic objectives.”
About IAT Insurance
IAT Insurance Group is a privately owned, specialty insurance company providing property and casualty products for businesses and individuals. IAT goes to market through seven business units – Commercial Transportation, Specialty, Programs, Inland Marine, Excess Casualty Mid-Market, Assumed Reinsurance, and IFIC Surety. The IAT Insurance Group companies are rated A- Excellent by A.M. Best. Connect with IAT Insurance Group on LinkedIn and Facebook, and learn more about the company at www.iatinsurancegroup.com.
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CONTACT: IAT Insurance Group
Caryn Best, 919-838-4464
KEYWORD: UNITED STATES NORTH AMERICA NORTH CAROLINA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: IAT Insurance Group
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PUB: 10/01/2018 09:33 AM/DISC: 10/01/2018 09:33 AM