AM Best Removes From Under Review With Negative Implications and Downgrades Credit Ratings of Guarantee Company of North America USA

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to A- (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “aa-” (Superior) of Guarantee Company of North America USA (GCNA US) (Southfield, MI). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings of Hadron Holdings 1, LLC (Hadron) are being extended to GCNA US due to its strategic importance, common management and sharing of operational capabilities. GCNA US gives Hadron the ability to continue to execute its global platform build with an admitted carrier in the United States allowing Hadron to diversify its product lines and distribution further. GCNA US significantly broadens Hadron’s specialty insurance footprint, delivering admitted commercial insurance products in all 50 states (including Washington, D.C. and Puerto Rico), along with a U.S. Department of Treasury Certificate of Authority for writing federal surety bonds. The acquisition positions Hadron to enhance delivery of solutions that meet the evolving needs of the delegated authority market.

The ratings reflect GCNA US’ inclusion as a member of Hadron, which on a consolidated basis has a balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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