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The Guarantee Company of North America (GCNA), founded in 1872, is currently the largest purveyor of contract surety and fidelity bonding in Canada.
It started out providing fidelity bonds for the employees of the railways (such as the Grand Trunk Railway) in the 1800s.
The earliest beginnings are traced back to an Edward Rawlings who in 1863 was dispatched from London, England, to Montreal, Canada, to begin this venture. He initially went out of business, but together with his clients and friend Sir Alexander Galt acquired a Charter on April 9, 1872, with Sir Alexander as president and Rawlings as manager in Montreal, Quebec.
Today the GCNA is the largest provider of insurance to government and governmental organizations across Canada.
They are no longer the biggest company providing contract and commercial surety bonds.
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The majority interest in Guarantee Company of North America is held by an insurance brokerage. It is through independent brokers that insurance to government agencies, corporations and people is provided. The remaining portion of the ownership of GCNA is held by an insurance company that competes with them.
Wikipedia content modification information:
- This page was last modified on 28 September 2008, at 01:29.
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