IAT Group

IAT Group includes six insurance companies and one reinsurance company.

• Acceptance Casualty Insurance Company
• Acceptance Indemnity Insurance Company
• Occidental Fire & Casualty of North Carolina
• Harco National Insurance Company
• IAT Reinsurance Company Ltd.
• Transguard Insurance Company of America
• Wilshire Insurance Company

All companies are rated A- VIII by A.M. Best, except IAT Reinsurance, which is rated A- XII.

In the mid 1980s Peter R. Kellogg and Edward A. Kerbs, partners in Spear Leeds & Kellogg, acted on a long held belief that the reinsurance business would be a source of long-term and low cost investment 'float' if underwriters' compensation was based on the long-term results of their risk decisions rather than their short-term impact on revenue and earnings per share growth.

IAT was incorporated and capitalized specifically to implement this strategy under the licensed authority of the N.Y. Insurance Exchange ('NYIE'). In 1991, IAT withdrew from the NYIE and reincorporated its assets and liabilities under the laws of Bermuda where it has since operated in good standing as a Class 3 reinsurer.

In 1998, IAT acquired Occidental Fire & Casualty and Wilshire Insurance. They had sustained a long period of financial deterioration culminating in a C rating from A. M. Best and regulatory oversight from the North Carolina State Insurance Commission.

IAT invested capital in the companies, allowing Occidental and Wilshire to attain reserves above the actuarial select level. IAT also instituted new management and underwriting policies, embarked on a broad technological reformation, and instituted prospective profit sharing and bonus programs for all employees.

These initiatives produced good results, and the carriers were rewarded with ratings of B+ by A. M. Best in 2000 and an A- rating in 2005. Occidental and Wilshire have specialty market niches providing truck liability, physical damage, and inland marine insurance to owner-operators and small fleet owners who operate in local, intermediate and long haul markets. In addition these companies offer non-standard private passenger auto insurance that has a low correlation with the cycle of the commercial truck business.

In 2001, IAT acquired Acceptance Casualty and Acceptance Indemnity from the Acceptance Insurance Co. (Nebraska), providing access to commercial auto, excess umbrella, liquor liability, garage liability, and other specialty lines of business. The Acceptance companies, rated A- by A.M. Best, brought expertise in new product lines which provides the IAT Group with both revenue growth and risk diversification.