Group and Commercial Surety Agency and the equity transactions involving Michael DeGroote and Wayne Huizenga, it was reported on Monday.

In the deal Republic Environmental, a spin-off of Republic Waste Industries, Inc., becomes International Alliance Services, Inc. (IAS), a specialty insurer and bonding company with operations in over 40 states also offering environmental services in the eastern US and Canada.

Mr. DeGroote, a Bermuda resident, is the largest shareholder of Republic Waste Industries. He remains IAS chairman. Mr. Huizenga is Republic Waste Industries chairman. They invested $10.5 million in Republic Environmental in exchange for four million new common shares and 12 million warrants, the company said.

"We have created a unique environmental risk management enterprise, perhaps the only specialty insurance company in the US with in-house hazardous waste remediation and analytical capabilities,'' Mr. DeGroote said.

He also said the company will "launch an aggressive campaign of growth through acquisitions and product development focused on providing new and creative solutions to difficult environmental risks.''