IAT INSURANCE CLOSES ACQUISITION OF IFIC SURETY

US property/casualty insurer IAT Insurance Group has entered the surety market with the closure of its acquisition of IFIC Surety Group. Terms of the deal were not disclosed. IFIC generates around $150m in annual gross written premiums through its International Fidelity Insurance and Allegheny Casualty Insurance units. The New Jersey-based group is the largest independently owned and eighth-largest surety writer in the US.