Insurance coverage service Hadron has concluded the acquisition of the Assure Firm of North America USA (GCNA USA) from Atlantic Specialty Insurance coverage, a subsidiary of Intact Monetary Company.
The acquisition, Hadron’s second since its inception, marks an enlargement of the corporate’s specialty insurance coverage operations within the US.
Initially introduced in April, the deal endows Hadron with licensing in all 50 US states, Washington, DC and Puerto Rico.
Moreover, it features a Certificates of Authority from the US Division of the Treasury to challenge federal surety bonds.
The transaction excludes the switch of internet premiums, internet loss reserves, or staff.
Hadron CEO Sam Reeder stated: “Right this moment marks a pivotal milestone in Hadron’s journey to modernise the insurance coverage worth chain. GCNA’s broad nationwide admitted licensing and surety capabilities place us to ship options that meet the evolving wants of the delegated authority market. I want to thank my colleagues for his or her tireless efforts in constructing Hadron with unwavering dedication to excellence, at a tempo and scale that’s enviable.”
Altamont Capital Companions managing director Sam Gaynor stated: “Hadron’s execution has been distinctive. In simply over 18 months since launch, they’ve achieved what friends sometimes take 5 or extra years to construct – attaining diversified scale and robust operational foundations.”
Merger & Acquisition Providers acted because the unique monetary advisor, Grant Thornton offered monetary and due diligence assist, and Norton Rose Fulbright supplied authorized counsel to Hadron.
Backed by Altamont Capital Companions and different institutional buyers, Hadron started its US operations in 2023. It prolonged its attain to the UK in early 2024 with the buy of Folgate Insurance coverage Firm.
