Film Guarantor IFG To Shut Down This Summer
The final curtain is about to fall on one of the industry’s top bond guaranty companies. International Film Guarantors has been gutted by its parent company’s decision to switch its allegiance to IFG’s main rival, Film Finances Inc.; Fireman’s Fund instead will insure that firm’s film-completion guarantees starting in early summer. That leaves IFG out in the cold, and the Santa Monica-based company that has bonded hundreds of films over more than two decades soon will be shuttered. Deadline hears that IFG will continue to take new bonding business through July 1, when the Fireman’s-Film Finances deal is expected to close, but will wind down from there. All bonds issued by IFG through that date will continue to be backed by Fireman’s Fund. We hear that there have been no immediate layoffs at IFG but that all staffers including top management will be exiting – some leaving by July and others staying into the fall to work on projects already bonded by the company.
Established in 1990, IFG has written more than $14B in completion guaranties for nearly 700 features, including Best Picture Oscar winner Crash and nominees including Midnight In Paris, The Fighter and Fargo. Its client films have ranged from The Shawshank Redemption and Ace Ventura: Pet Detective to Iron Man and The Iron Lady. The LA-headquartered Film Finances has long been insured by Lloyd’s of London, but it wasn’t immediately clear whether their relationship would continue or be trumped by the Fireman’s deal.
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