The acquisition signals IAT’s entry into the surety market. The closing of the transaction is subject to customary regulatory approvals.
IFIC Surety Group is headquartered in Newark, N.J., and operates in 24 locations throughout the U.S. The company consists of International Fidelity Insurance Company and its subsidiary, Allegheny Casualty Company. It writes contract, commercial, bail, customs, specialty and subdivision bonds. Writings in each of these areas are spread throughout the U.S. and produced through independent agencies specializing in surety.
IAT is a privately owned, specialty insurance company providing property and casualty products for businesses and individuals. With 700 employees and 13 offices across the country, it goes to market through six business units: Commercial Transportation, Specialty, Programs, Inland Marine, Surplus Lines Excess and Assumed Reinsurance.
IAT plans to maintain the IFIC brand following the acquisition.
Jones Day served as legal advisor and Keefe, Bruyette & Woods Inc., a Stifel Company, served as financial advisor to IFIC in the transaction. Poyner Spruill served as legal advisor to IAT in the transaction.