A.M. Best Comments on Credit Ratings of IAT Reinsurance Company Ltd. Following Announced Acquisition of IFC Surety Group, Inc.

OLDWICK, N.J.--()--A.M. Best commented that the Credit Ratings (ratings) of IAT Reinsurance Company Ltd. (IAT Re) (Cayman Islands) and its U.S. operating subsidiaries (collectively referred to as IAT Insurance Group) (IAT) remain unchanged following the announcement that IAT Re has entered into a definitive agreement to acquire IFIC Surety Group, Inc. (IFIC) for an undisclosed amount. The closing of the transaction, which A.M. Best expects to occur in third-quarter 2018, is subject to customary regulatory approvals.

The pending transaction is expected to be bolt-on, which will essentially provide IAT an additional product offering and a well-established surety platform in the United States. It is expected that IFIC will maintain its operating autonomy and key personnel while retaining its brand and distribution network in the surety marketplace.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Jonathan Harris, CFA, FRM, +1 908-439-2200, ext. 5771
Senior Financial Analyst
jonathan.harris@ambest.com
or
Jacqalene Lentz, CPA, +1 908-439-2200, ext. 5762
Director
jacqalene.lentz@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Jonathan Harris, CFA, FRM, +1 908-439-2200, ext. 5771
Senior Financial Analyst
jonathan.harris@ambest.com
or
Jacqalene Lentz, CPA, +1 908-439-2200, ext. 5762
Director
jacqalene.lentz@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com