IFIC
Insurance - Newark, NJ, US
IFIC Details
Founded in 1904 by the Singer Sewing Company, IFIC provided captive fidelity coverage for its international subsidiaries. In 1964, IFIC became an independent writer of surety when a group of private investors made up of bail agents purchased the company. At that time, the company's Treasury Listing was only $45,000 vs. today's $9.6 million for the IFIC Group. Over the years, the company has evolved from exclusively writing bail to becoming one of the most diversified surety operations in the business. In the late 1990's our Chairman, President and CEO, Fred Mitterhoff, made the strategic decision to write contract, commercial and subdivision as a traditional, field driven surety. Today, we operate in over 30 profit centers and 24 physical locations throughout the USA. Over half of our 225 employees work in our regional offices. In 2011, the company recorded $158 million in the combined revenue of IFIC and ACC. As a "generalist surety", our major lines of business are: contract, commercial, customs, specialty and subdivision. Writings in each of these areas are spread throughout the USA. Dedicated to independent agencies specializing in surety, IFIC is both a field and underwriting driven organization. Our regional offices are empowered to make quick, informed decisions, supported by a strong staff of surety professionals. Our Home Office Underwriting Officers are deeply invested in growing long-term, profitable agency relationships. In October 2018, IFIC Surety was acquired by IAT Insurance Group. IFIC Surety now serves as IAT Insurance Group's seventh business unit. Learn more in the official press release: http://www.iatinsurancegroup.com/about-us/news/2018/10/01/iat-finalizes-acquisition-of-ific-surety
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