Hadron to acquire GCNA
Hadron, an insurance carrier that offers fronting services, is to acquire The Guarantee Company of North America USA (GCNA), a Michigan-domiciled insurance company, from Atlantic Specialty Insurance Company, a subsidiary of Intact Financial Corporation.
Hadron said that this acquisition marks a major milestone in its growth, broadening its product offerings and strengthening its position in the US market. Hadron expects the acquisition to close in the third quarter, subject to regulatory approvals and customary closing conditions. No net premiums, net loss reserves, or employees will transfer as a result of the transaction.
With licensing to operate in all 50 US states, Washington, DC, and Puerto Rico, as well as a Certificate of Authority from the US Department of Treasury as an acceptable surety for Federal bonds, GCNA will significantly expand Hadron's capabilities and national footprint, enhancing its ability to deliver a broader range of admitted insurance solutions to policyholders and underwriting partners.
Hadron, backed by more than $250 million in committed capital from Altamont Capital Partners and other institutional investors, launched in the US in 2023 and expanded to the UK in early 2024. Hadron provides both lead and primary insurance services as well as capacity to managing general agents (MGAs) or managing general underwriters (MGUs) that offer small-to-medium-sized businesses (SMBs) protection for their growing insurance needs.
“This acquisition marks a pivotal step for Hadron as we continue to modernise the insurance value chain and deliver superior outcomes for our distribution partners, capacity providers, and policyholders,” said Sam Reeder, chief executive of Hadron. “By integrating GCNA’s surety licensing and broad nationwide admitted product capabilities with Hadron’s data-first approach, we will be able to deliver a wider range of solutions to meet the growing demand for diverse and specialised insurance products.”
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