Bain Capital Insurance invests in new insurance platform launch

Bain Capital Insurance invests in new insurance platform launch

[ad_1]



Bain Capital Insurance invests in new insurance platform launch | Insurance Business America















The investment is worth $200 million


Insurance News

By

The Mutual Group, a new insurance platform that will serve the mutual industry, has announced plans to launch with support from Bain Capital Insurance.

The platform will be created through Bain Capital Insurance’s acquisition of GuideOne Insurance Company (GuideOne), a niche-market mutual insurance carrier, which will be the inaugural member of The Mutual Group.

Former CEO of the National Association of Mutual Insurance Companies (NAMIC) Chuck Chamness will be the newly appointed chairman of The Mutual Group. Tim Fleming, GuideOne’s senior vice president of core commercial lines will be its chief executive officer.

Bernie Hengesbaugh, the chief executive officer of GuideOne, will be chairman and will be succeeded by Ken Cadematori, chief financial officer of GuideOne, as president and chief executive officer.

“I am thrilled to be part of the creation of such an innovative new solution provider to the mutual

insurance industry, which I am so proud to have spent nearly all of my career serving,” said Chamness.

“This creative solution marks the successful conclusion to the GuideOne board of directors’ strategic

process to bolster our capital base. The Mutual Group transaction allows us to achieve all of our goals while maintaining our heritage and history as a mutual insurance company,” said Hengesbaugh.

The Mutual Group will be launching with $800 million in annual premium serviced across 50,000 commercial policyholders by over 400 employees and will be based in West Des Moines, Iowa.

GuideOne will be using the $200 million it received in being the inaugural member to strengthen its balance sheet and surplus position as well as to continue its growth supporting policyholders.

“We are proud to continue our team’s history of developing innovative solutions for the mutual

insurance industry,” said Matt Popoli, global head of Bain Capital Insurance.

“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,” he added.

Related Stories


[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *