Guarantee Co. completes U.S. acquisition

Montreal-based The Guarantee Company of North America (GCNA) has completed the acquisition of Mid-State Surety Corp. of Grosse Point Farms, Michigan.GCNA is already Canada’s largest issuer of surety and fidelity bonds and hopes the acquisition will expand its U.S. markets.Mid-State specializes in contract surety business for small and mid-size companies and has eight U.S. offices.GCNA’s U.S. headquarters is in Mount Laurel, New Jersey, but the company serves markets in the east, central and southwest regions of the U.S. The company has been making inroads into the U.S. market since 2001, when it purchased Atlantic Alliance Fidelity and Surety Co., which became the basis of The Guarantee Company of North America USA.No details of the deal, which saw GCNA purchase all outstanding shares of Mid-State, were released.