IAT Insurance Group has agreed to acquire IFIC Surety Group which includes International Fidelity Insurance Company and its subsidiary Allegheny Casualty Company.
Through the deal IAT will enter the surety market. IFIC Surety Group is said to be the eighth largest surety writer in the US with over $150 million in gross written premium.
IAT intends to maintain the IFIC brand and provide additional capacity and support its continued growth
IAT has $1.3 billion in annual gross written premium and $1.2 billion of GAAP equity and acquired the renewal rights to a $40 million book of business from State Auto subsidiary Rockhill recently.
“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,” said IAT CEO Bill Cunningham. “Its leading position in the market and broad distribution network, make IFIC a natural fit for IAT’s strategic objectives. We value the quality of the IFIC team and their strong underwriting discipline, and we are pleased that chairman Fred Mitterhoff has agreed to stay on board for the next two years.”
Fred Mitterhoff, IFIC chairman, added: “Like IAT, IFIC has always been a family-owned company and, when it came time to sell, we wanted to ensure that our values were maintained, including our commitment to employees, providing strong benefits, and fostering a supportive work environment. IAT is the perfect choice because they want to keep our talented team in place and invest in making the company even better.”