Newark-based IFIC Surety Group Inc. reached a definitive agreement to be acquired by IAT Insurance Group, a provider of specialty property and casualty products for businesses and individuals, the firms said Tuesday.Newark-based IFIC Surety Group Inc. reached a definitive agreement to be acquired by IAT Insurance Group, a provider of specialty property and casualty products for businesses and individuals, the firms said Tuesday.

The price of the transaction was not disclosed, and the deal is subject to regulatory approvals.

With its 220 employees and more than $150 million in gross written premium, IFIC Surety Group is the largest independently owned surety writer in the U.S. and the eighth-largest.

The acquisition of IFIC Surety marks IAT’s entry into the surety market. The Raleigh, N.C.-based company has $1.3 billion in annual gross written premium and $1.2 billion of GAAP (generally accepted accounting principles) equity.

IFIC Surety operates in 24 locations in the U.S., writing contract, commercial, bail, customs, specialty and subdivision bonds.

IAT has 700 employees and 13 offices around the country.