Insurance carrier Hadron has concluded the acquisition of the Guarantee Company of North America USA (GCNA USA) from Atlantic Specialty Insurance, a subsidiary of Intact Financial Corporation.
The acquisition, Hadron’s second since its inception, marks an expansion of the company’s specialty insurance operations in the US.
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Initially announced in April, the deal endows Hadron with licensing in all 50 US states, Washington, DC and Puerto Rico.
Additionally, it includes a Certificate of Authority from the US Department of the Treasury to issue federal surety bonds.
The transaction excludes the transfer of net premiums, net loss reserves, or employees.
Hadron CEO Sam Reeder said: “Today marks a pivotal milestone in Hadron’s journey to modernise the insurance value chain. GCNA’s broad nationwide admitted licensing and surety capabilities position us to deliver solutions that meet the evolving needs of the delegated authority market. I would like to thank my colleagues for their tireless efforts in building Hadron with unwavering commitment to excellence, at a pace and scale that is enviable.”
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By GlobalDataAltamont Capital Partners managing director Sam Gaynor said: “Hadron’s execution has been exceptional. In just over 18 months since launch, they have accomplished what peers typically take five or more years to build – achieving diversified scale and strong operational foundations.”
Merger & Acquisition Services acted as the exclusive financial advisor, Grant Thornton provided financial and due diligence support, and Norton Rose Fulbright offered legal counsel to Hadron.
Backed by Altamont Capital Partners and other institutional investors, Hadron began its US operations in 2023. It extended its reach to the UK in early 2024 with the purchase of Folgate Insurance Company.
