Canadian insurer buys Mid-State Surety Corp. (Companies).Guarantee Company of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , a Canadian issuer of surety and fidelity bonds An insurance device in the form of a personal guaranty that protects against loss resulting from disreputable or disloyal employees or other individuals who possess positions of confidence. , said it has closed its purchase of Mid-State Surety Corp. in Michigan for undisclosed terms. The transaction helps the company expand its surety business in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Guarantee Company of North America said. Based in Grosse Pointe Grosse Pointe (grōs point), name referring to five residential suburbs of Detroit, Wayne co., SE Mich. They include the city of Grosse Pointe (1990 pop. 5,681), inc. 1879; Grosse Pointe Farms, city (1990 pop. 10,092), inc. 1893, on Lake St. Farms, Mich., Mid-State Surety specializes in contract surety business for small and medium-size businesses. It issues surety bonds through a network of independent agents from eight offices throughout the United States. A Canadian-owned property/casualty insurance company, Guarantee Company of North America has offices in major centers throughout Canada. In the United States, the company is based in Mount Laurel, NJ. Last year, Guarantee Company of North America changed the name of the New Jersey-based insurance subsidiary to Guarantee Company of North America USA from Atlantic Alliance Fidelity & Surety Co. |
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