The Mutual Group, a new insurance platform catering to the mutual industry, is set to launch with support from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital. The platform is being established through Bain Capital Insurance’s acquisition of the operational platform of GuideOne Insurance Company, a mutual insurance carrier founded in 1947. GuideOne will become the inaugural member of The Mutual Group.
With approximately $800 million in annual premium and servicing over 50,000 commercial policyholders through a team of over 400 employees, The Mutual Group will be headquartered in West Des Moines, Iowa. The platform aims to assist mutual carriers in enhancing operational efficiency, ensuring long-term success, and preserving their independence and benefits of mutuality. The range of services offered includes underwriting, claims processing, reinsurance purchasing, and a robust technological suite featuring policy administration, enterprise billing, and enterprise claims administration systems.
GuideOne, as the first member of The Mutual Group, will utilize the $200 million received from the transaction to fortify its balance sheet, surplus position, and support continued growth in aid of policyholders. Chuck Chamness, former CEO of the National Association of Mutual Insurance Companies, has been appointed as the chairman of the new member-centric mutual platform. Tim Fleming, currently SVP of Core Commercial Lines at GuideOne, will serve as the CEO of The Mutual Group.
The investment in The Mutual Group is part of the $1.17 billion Bain Capital Insurance Fund, LP, which represents the inaugural dedicated insurance private equity fund managed by Bain Capital Insurance. The transaction is expected to conclude by the end of 2023, subject to customary approvals and closing conditions.
Tim Fleming, CEO of The Mutual Group, expressed excitement about the new platform’s launch, highlighting the combination of GuideOne’s extensive experience as a niche mutual insurance carrier with the strategic vision and insurance investing acumen of Bain Capital Insurance. Matt Popoli, the global head of Bain Capital Insurance, emphasized the commitment to preserving the independence and benefits of mutuality for mutual insurers while providing a modern and scalable operating platform to ensure long-term success.
