International Fidelity Insurance Company · Newark, NJ United States
Company Description
Phone: 973-624-7200
Fax: 973-624-1408
Toll Free: 800-333-4167
View International Fidelity Insurance Company Locations On A US Map
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This link will open in a new window Need some help ensuring you'll get paid for that construction project? International Fidelity Insurance (IFIC) doesn't mind acting the strongarm. Founded in 1904, IFIC provides surety insurance in all 50 US states; Washington, DC; and Puerto Rico. IFIC writes five lines of surety: contract (which accounts for about half its business), commercial, bail, customs, and subdivision (covers construction costs related to municipal property projects such as fixing curbs or sewer lines). IFIC has a strong history with small contractors, primarily in its home base of New Jersey. The company operates more than two dozen branches throughout the US; its biggest concentration of offices is on the East Coast. To read the full description, subscribe now.
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Key International Fidelity Insurance Company Financials
| Company Type | Private Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $89.2 |
| Employees | 130 |
International Fidelity Insurance Company Executives
37 executives listed for International Fidelity Insurance Company's Newark, NJ location.
| Title | Name & Bio | Contact |
| President and Director | Francis Mitterhoff | Network |
| COO and Director | Robert Minster | Network |
| Chief Commercial officer | George James | Network |
Competition
Competitive Landscape for International Fidelity Insurance Company
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top International Fidelity Insurance Company Competitors
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