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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): April 23. 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Inter-Atlantic Financial, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
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    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>001-33721</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>20-8237170</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
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    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>400 Madison Ave.<BR>New York, NY <BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>10017</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(212) 581-2000</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#254;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01 </B><U><B>Entry into a Material Definitive Agreement</B></U><B>.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%"><B>Stock Purchase Agreement</B>


<P align="left" style="font-size: 10pt">On April&nbsp;23, 2009, Inter-Atlantic Financial, Inc., a Delaware corporation (&#147;IAN&#148;), entered into a Stock Purchase
Agreement (the &#147;Agreement&#148;) with Patriot Risk Management, Inc., a Delaware corporation (&#147;Patriot&#148;), and the
shareholders of Patriot who are a signatory to the Agreement, pursuant to which IAN agreed to acquire all of Patriot&#146;s
issued and outstanding capital stock.


<P align="left" style="font-size: 10pt">Pursuant to the terms of the Agreement, IAN will purchase all of Patriot&#146;s issued and outstanding capital stock in
consideration for (i)&nbsp;6,900,000 shares of newly issued IAN
Class&nbsp;B common stock, par value $0.0001 per share of common stock, and
(ii)&nbsp;in the event that at any time after the closing but prior the fifth anniversary of the closing date of the
transaction, the average closing trading price on the NYSE Amex (or on another national securities market on which the
Company&#146;s common stock is then quoted for trading) of&nbsp;IAN common stock for 20 consecutive trading days equals or
exceeds the following per share amounts: (i) $12, (ii) $13, (iii) $14, (iv) $15 and (v) $16 per share then the
consideration payable to the shareholders of Patriot shall be increased by an additional 1,000,000 shares of newly issued IAN Class
B common stock for reaching each of the foregoing per share amounts. The holders of substantially all of Patriot&#146;s
issued and outstanding capital stock have agreed not to sell the IAN&nbsp;Class&nbsp;B common stock received in the transaction
for a period of 12&nbsp;months from the closing. IAN stockholders at the time of closing will become holders of Class&nbsp;A
common stock, and such Class&nbsp;A common stock is anticipated to
receive a dividend of $0.20 per share per quarter. Such Class&nbsp;A
common stock is to receive an aggregate of $2.40 in dividends,
inclusive of any quarterly dividends, on or prior to a
change of control transaction or a liquidation. Class&nbsp;B Common Stock will not receive dividends.


<P align="left" style="font-size: 10pt">The transaction is subject to customary closing conditions. In addition, the closing is conditioned on (a)&nbsp;the approval
of the holders of a majority of the shares of IAN&#146;s common stock issued in IAN&#146;s initial public offering, (b)&nbsp;fewer
than thirty percent (30%) of the shares of IAN common stock issued in IAN&#146;s initial public offering voting against the
transaction and electing to convert their shares into cash in accordance with IAN&#146;s amended and restated certificate of
incorporation, (c)&nbsp;regulatory approval, (d)&nbsp;amendment of outstanding warrants and redemption of such warrants and (e)&nbsp;a
minimum of $35,000,000 in cash at closing net of transaction expenses and share and warrant redemptions. A copy of the
Agreement is attached hereto as Exhibit&nbsp;2.1


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.01 </B><U><B>Other Events</B></U><B>.</B>


<P align="left" style="font-size: 10pt">On April&nbsp;24, 2009, IAN issued a press release regarding the matters described in Item&nbsp;1.01 above. A copy of the press
release is attached hereto as Exhibit&nbsp;99.1.

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
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<P align="left" style="font-size: 10pt"><U>IMPORTANT ADDITIONAL INFORMATION</U>


<P align="left" style="margin-right:2%; font-size: 10pt"><I>Additional information about the transaction, including financial information and an informational slide show, is
expected to be released in the near future. IAN will file with the Securities and Exchange Commission (&#147;SEC&#148;)
all applicable documents including a preliminary proxy statement, and will mail a definitive proxy statement and
other relevant documents to IAN stockholders. A copy of these filings will be available when filed on the SEC
website (</I><U><I>http://www.sec.gov</I></U><I>), and may also be found on the Inter-Atlantic Financial website at</I>
<U><I>http://www.interatlanticfinancial.com/</I></U><I>.</I>


<P align="left" style="font-size: 10pt"><I>IAN and Patriot and their respective directors and executive officers may be deemed to be participants in the
solicitation of proxies for the special meeting of IAN&#146;s stockholders to be held to approve the proposed business
combination. IAN stockholders and other interested persons are urged to read, when available, IAN&#146;s preliminary proxy
statement and definitive proxy statement in connection with IAN&#146;s solicitation of proxies for the special meeting
because these proxy statements will contain important information. Such persons can also read IAN&#146;s final prospectus,
dated October&nbsp;2, 2007, its annual report on </I><I>Form 10-K</I><I> for the fiscal year ended December&nbsp;31, 2008 and other reports as
filed with the SEC for a description of the security holdings of IAN&#146;s officers and directors and their respective
interests in the successful consummation of this business combination. The preliminary proxy statement and definitive
proxy statement of IAN will contain information with respect to the officers and directors of Patriot. The definitive
proxy statement of IAN will be mailed to stockholders as of a record date to be established for voting on the proposed
business combination. Stockholders will also be able to obtain a copy of the definitive proxy statement, without
charge, by directing a request to IAN at: 400 Madison Avenue, New York, NY 10017. The preliminary proxy statement and
definitive proxy statement, once available, and the final prospectus and other filings of IAN can also be obtained,
without charge, at the SEC website (</I><U><I>http://www.sec.gov</I></U><I>).</I>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.</B><B>01(d)</B> <U><B>Financial Statements and Exhibits</B></U><B>.</B>

<DIV align="center">
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    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Purchase Agreement, dated as of April&nbsp;23, 2009, by and
among Inter-Atlantic Financial Inc., Patriot Risk Management,
Inc., and the shareholders of Patriot Risk Management, Inc. who
are a signatory to the Agreement.*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated April&nbsp;24, 2009.</TD>
</TR>
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</TABLE>
</DIV>



<P align="left" style="margin-left:12%; font-size: 10pt">* Schedules have been omitted and IAN agrees to furnish supplementally to the Commission a copy of any
omitted schedules upon request.

&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;





<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this Report to be signed on its behalf by the undersigned thereunto duly authorized.



<P align="left" style="margin-left:45%; font-size: 10pt"><B>INTER-ATLANTIC FINANCIAL, INC.</B>



<P align="left" style="margin-left:45%; font-size: 10pt">By: <U>/s/ Andrew S. Lerner</U><BR>
Andrew S. Lerner<BR>
Chief Executive Officer<BR>


<P align="left" style="font-size: 10pt">Dated: April&nbsp;27, 2009

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4
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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Purchase Agreement, dated as of April&nbsp;23, 2009, by and
among Inter-Atlantic Financial Inc., Patriot Risk Management,
Inc., and the shareholders of Patriot Risk Management, Inc. who
are a signatory to the Agreement.*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated April&nbsp;24, 2009.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:12%; font-size: 10pt">* Schedules have been omitted and IAN agrees to furnish supplementally to the Commission a copy of any
omitted schedules upon request.


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">5




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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23. 2009
Inter-Atlantic Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-33721
20-8237170
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
400 Madison Ave.
New York, NY
10017
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(212) 581-2000
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
þ
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
.
Stock Purchase Agreement
On April 23, 2009, Inter-Atlantic Financial, Inc., a Delaware corporation ("IAN"), entered into a Stock Purchase
Agreement (the "Agreement") with Patriot Risk Management, Inc., a Delaware corporation ("Patriot"), and the
shareholders of Patriot who are a signatory to the Agreement, pursuant to which IAN agreed to acquire all of Patriot's
issued and outstanding capital stock.
Pursuant to the terms of the Agreement, IAN will purchase all of Patriot's issued and outstanding capital stock in
consideration for (i) 6,900,000 shares of newly issued IAN
Class B common stock, par value $0.0001 per share of common stock, and
(ii) in the event that at any time after the closing but prior the fifth anniversary of the closing date of the
transaction, the average closing trading price on the NYSE Amex (or on another national securities market on which the
Company's common stock is then quoted for trading) of IAN common stock for 20 consecutive trading days equals or
exceeds the following per share amounts: (i) $12, (ii) $13, (iii) $14, (iv) $15 and (v) $16 per share then the
consideration payable to the shareholders of Patriot shall be increased by an additional 1,000,000 shares of newly issued IAN Class
B common stock for reaching each of the foregoing per share amounts. The holders of substantially all of Patriot's
issued and outstanding capital stock have agreed not to sell the IAN Class B common stock received in the transaction
for a period of 12 months from the closing. IAN stockholders at the time of closing will become holders of Class A
common stock, and such Class A common stock is anticipated to
receive a dividend of $0.20 per share per quarter. Such Class A
common stock is to receive an aggregate of $2.40 in dividends,
inclusive of any quarterly dividends, on or prior to a
change of control transaction or a liquidation. Class B Common Stock will not receive dividends.
The transaction is subject to customary closing conditions. In addition, the closing is conditioned on (a) the approval
of the holders of a majority of the shares of IAN's common stock issued in IAN's initial public offering, (b) fewer
than thirty percent (30%) of the shares of IAN common stock issued in IAN's initial public offering voting against the
transaction and electing to convert their shares into cash in accordance with IAN's amended and restated certificate of
incorporation, (c) regulatory approval, (d) amendment of outstanding warrants and redemption of such warrants and (e) a
minimum of $35,000,000 in cash at closing net of transaction expenses and share and warrant redemptions. A copy of the
Agreement is attached hereto as Exhibit 2.1
Item 8.01
Other Events
.
On April 24, 2009, IAN issued a press release regarding the matters described in Item 1.01 above. A copy of the press
release is attached hereto as Exhibit 99.1.
IMPORTANT ADDITIONAL INFORMATION
Additional information about the transaction, including financial information and an informational slide show, is
expected to be released in the near future. IAN will file with the Securities and Exchange Commission ("SEC")
all applicable documents including a preliminary proxy statement, and will mail a definitive proxy statement and
other relevant documents to IAN stockholders. A copy of these filings will be available when filed on the SEC
website (
http://www.sec.gov
), and may also be found on the Inter-Atlantic Financial website at
http://www.interatlanticfinancial.com/
.
IAN and Patriot and their respective directors and executive officers may be deemed to be participants in the
solicitation of proxies for the special meeting of IAN's stockholders to be held to approve the proposed business
combination. IAN stockholders and other interested persons are urged to read, when available, IAN's preliminary proxy
statement and definitive proxy statement in connection with IAN's solicitation of proxies for the special meeting
because these proxy statements will contain important information. Such persons can also read IAN's final prospectus,
dated October 2, 2007, its annual report on
Form 10-K
for the fiscal year ended December 31, 2008 and other reports as
filed with the SEC for a description of the security holdings of IAN's officers and directors and their respective
interests in the successful consummation of this business combination. The preliminary proxy statement and definitive
proxy statement of IAN will contain information with respect to the officers and directors of Patriot. The definitive
proxy statement of IAN will be mailed to stockholders as of a record date to be established for voting on the proposed
business combination. Stockholders will also be able to obtain a copy of the definitive proxy statement, without
charge, by directing a request to IAN at: 400 Madison Avenue, New York, NY 10017. The preliminary proxy statement and
definitive proxy statement, once available, and the final prospectus and other filings of IAN can also be obtained,
without charge, at the SEC website (
http://www.sec.gov
).
Item 9.
01(d)
Financial Statements and Exhibits
.
Exhibit No.
Description
2.1
Stock Purchase Agreement, dated as of April 23, 2009, by and
among Inter-Atlantic Financial Inc., Patriot Risk Management,
Inc., and the shareholders of Patriot Risk Management, Inc. who
are a signatory to the Agreement.*
99.1
Press Release dated April 24, 2009.
* Schedules have been omitted and IAN agrees to furnish supplementally to the Commission a copy of any
omitted schedules upon request.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this Report to be signed on its behalf by the undersigned thereunto duly authorized.
INTER-ATLANTIC FINANCIAL, INC.
By:
/s/ Andrew S. Lerner
Andrew S. Lerner
Chief Executive Officer
Dated: April 27, 2009
EXHIBIT INDEX
Exhibit No.
Description
2.1
Stock Purchase Agreement, dated as of April 23, 2009, by and
among Inter-Atlantic Financial Inc., Patriot Risk Management,
Inc., and the shareholders of Patriot Risk Management, Inc. who
are a signatory to the Agreement.*
99.1
Press Release dated April 24, 2009.
* Schedules have been omitted and IAN agrees to furnish supplementally to the Commission a copy of any
omitted schedules upon request.