Best’s News & Research Service - April 04, 2018 11:51 AM (EDT)
A.M. Best Comments on Credit Ratings of IAT Reinsurance Company Ltd. Following Announced Acquisition of IFC Surety Group, Inc.
- April 04, 2018 11:51 AM (EDT)
Oldwick //BestWire// - 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.
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