Bain Capital Insurance-backed Mutual Group to Launch with GuideOne Acquisition
The Mutual Group, a new insurance platform targeting the mutual industry, is set to launch with the support of Bain Capital Insurance. The platform will be established through Bain Capital Insurance’s acquisition of GuideOne Insurance Company (GuideOne), a niche-market mutual insurance carrier. GuideOne will become the inaugural member of The Mutual Group.
Chuck Chamness, former CEO of the National Association of Mutual Insurance Companies (NAMIC), will serve as the newly appointed chairman of The Mutual Group. Tim Fleming, currently GuideOne’s Senior Vice President of Core Commercial Lines, will assume the role of Chief Executive Officer.
Bernie Hengesbaugh, the current CEO of GuideOne, will become chairman and will be succeeded by Ken Cadematori, GuideOne’s Chief Financial Officer, as President and CEO.
Chamness expressed his excitement about being part of the creation of an innovative solution provider for the mutual insurance industry, reflecting on his career dedicated to serving the industry.
The Mutual Group is expected to launch with $800 million in annual premium serviced across 50,000 commercial policyholders, supported by over 400 employees. The headquarters will be based in West Des Moines, Iowa.
GuideOne, as the inaugural member, will use the $200 million received to strengthen its balance sheet and surplus position and continue its growth in support of policyholders.
Matt Popoli, Global Head of Bain Capital Insurance, stated, “We are thrilled to not only launch this new solutions platform but also to bring a leading mutual insurer like GuideOne on as The Mutual Group’s first member as we further strengthen its path forward.”
