IAT Insurance Group, a Raleigh, N.C.-headquartered provider of specialty property and casualty products, has finalized its acquisition of Newark, N.J.-headquartered IFIC Surety Group Inc.
IFIC consists of International Fidelity Insurance Company and its subsidiary Allegheny Casualty Insurance Company. Following the acquisition, IFIC becomes IAT’s seventh business unit, joining Specialty, Commercial Transportation, Programs, Assumed Reinsurance, Excess Casualty Mid-Market and Inland Marine.
IAT plans to maintain the IFIC brand following the acquisition, which reflects IAT’s entry into the surety market.
Source: IAT Insurance Group
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