ATLANTA and MIAMI, Feb. 3, 2011 /PRNewswire/ -- Interstate National Corporation, one of the nation's largest independent providers of vehicle service contracts and other F&I products, and its equity partner Golden Gate Capital, a San Francisco-based private equity firm with over $8 billion of capital under management, announced today they have successfully completed the acquisition of Financial American Insurance Group (f/k/a "Cardif Insurance"). Financial American develops and administers credit-related insurance products and services marketed through financial institutions, automotive dealers and general agents throughout all fifty states.
For Interstate National, the transaction represents the continuation of an aggressive growth and acquisition strategy that has been a key initiative of Interstate National for the past five years. "We are pleased to welcome Financial American to the Interstate National family," said Interstate National President & CEO, Shaun Fetherston. "The addition of Financial American allows us to offer our clients the broadest, most comprehensive line of products and services available in the industry today."
Manny Millor, President & CEO of Financial American Insurance Group added, "The combination of Interstate National's marketing and administration capabilities with Financial American's robust product offering and strong underwriting platform create a one-stop, rock solid industry leader."
About Financial American Insurance Group
Financial American Insurance Group, based in Miami, Florida, specializes in Credit Life, Credit Disability, Involuntary Unemployment Insurance (IUI), Credit Property, Collateral Protection Insurance (CPI), Contractual Liability Insurance Policies (CLIP) and Guaranteed Asset Protection (GAP) programs through their family of companies: Financial American Insurance Services, Inc., Financial American Life Insurance Company and Financial American Property and Casualty Insurance Company.
About Interstate National Corporation
Interstate National, headquartered in Atlanta, Georgia, offers producers thirty-five years of experience with over 3 million contracts sold and $1 billion in paid claims to over 1.5 million consumers. In addition, Interstate National partners with over 3,000 producers in the U.S. and Canada; and has distributed over one-quarter of a billion dollars in underwriting gains and investment income. For more information, visit www.inds.com.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $8 billion of assets under management. Golden Gate is dedicated to partnering with world-class management teams and targets investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types. For more information, visit www.goldengatecap.com.
SOURCE Interstate National Corporation