SAN FRANCISCO, July 22, 2015 /PRNewswire/ -- Mr. Matthew E.G. Kelly, the owner, chairman and CEO of Insured Aircraft Title Service, Inc. ("IATS"), the nation's leading provider of escrow and title services to the aircraft industry, has appointed Mr. Charles C. McGettigan as the non-executive chairman of the Company.
Mr. Kelly, 95, is a resident of San Francisco and a former investment banker. Mr. Kelly will continue as CEO of IATS as well as CEO of Aviation Title Insurance Company, domiciled in Arkansas and CEO of Anglo Irish Insurance Company, domiciled in Bermuda.
"Charlie McGettigan is a proven executive and leader and has consistently provided excellent financial and operational counsel to the firm over many years," Kelly said. "This is a logical step forward as the Company continues to deliver world-class escrow and title services to the aircraft industry."
Mr. McGettigan has been a long time Board member and a close confidant of Mr. Kelly. Mr. McGettigan is the managing director of McGettigan, Wick & Co., LLC, a boutique investment banking firm and private equity investor based in San Francisco.
"I am committed to continuing the legacy of exceptional long term service to our many clients around the world and am excited about being more involved with IATS and its highly qualified team," said McGettigan.
About Insured Aircraft Title Services (IATS)
IATS was founded in 1963, and the Company was acquired by Mr. Kelly in 1968.
IATS has provided aviation firms and financial institutions with the professional expertise needed to make sound business decisions. Located in Oklahoma City, Oklahoma, just minutes away from the FAA records center at Mike Monroney Aeronautical Center (which is adjacent to the Will Rogers International Airport), the Company provides worldwide escrow services and title and document recordation services to the entire aviation industry. With a representative located in Shanghai, and an annual average of $9.8 billion of transactions over the past 10 years, IATS has grown to become the world's largest aircraft title and escrow company.
Evidenced by its archives, IATS maintains records on approximately 100,000 aircraft and/or engines for which IATS has performed documentation, title, or escrow services. In the past 20 years, with a focus on the aviation needs of businesses and high net-worth individuals, IATS has grown from managing 1,161 escrow transactions in 1997 to 4,145 escrow transactions in 2014, and exceeding 5,000 in certain years. Since 1996, IATS has handled a total of almost 70,000 aircraft escrow transactions, encompassing aircraft and clients from all over the globe. The International Registry ("IR") was created in Dublin, Ireland in early 2006, and IATS currently manages approximately 15,000 active entities that are registered with the IR.
SOURCE Insured Aircraft Title Service, Inc.