Bain Capital Insurance coverage invests in new insurance coverage platform launch

The Mutual Group, a brand new insurance coverage platform that can serve the mutual business, has introduced plans to launch with help from Bain Capital Insurance coverage.

The platform shall be created by way of Bain Capital Insurance coverage’s acquisition of GuideOne Insurance coverage Firm (GuideOne), a niche-market mutual insurance coverage service, which would be the inaugural member of The Mutual Group.

Former CEO of the Nationwide Affiliation of Mutual Insurance coverage Corporations (NAMIC) Chuck Chamness would be the newly appointed chairman of The Mutual Group. Tim Fleming, GuideOne’s senior vice chairman of core business strains shall be its chief govt officer.

Bernie Hengesbaugh, the chief govt officer of GuideOne, shall be chairman and shall be succeeded by Ken Cadematori, chief monetary officer of GuideOne, as president and chief govt officer.

“I’m thrilled to be a part of the creation of such an modern new resolution supplier to the mutual

insurance coverage business, which I’m so proud to have spent practically all of my profession serving,” mentioned Chamness.

“This inventive resolution marks the profitable conclusion to the GuideOne board of administrators’ strategic

course of to bolster our capital base. The Mutual Group transaction permits us to realize all of our objectives whereas sustaining our heritage and historical past as a mutual insurance coverage firm,” mentioned Hengesbaugh.

The Mutual Group shall be launching with $800 million in annual premium serviced throughout 50,000 business policyholders by over 400 workers and shall be primarily based in West Des Moines, Iowa.

GuideOne shall be utilizing the $200 million it obtained in being the inaugural member to strengthen its stability sheet and surplus place in addition to to proceed its development supporting policyholders.

“We’re proud to proceed our workforce’s historical past of growing modern options for the mutual

insurance coverage business,” mentioned Matt Popoli, international head of Bain Capital Insurance coverage.

“We’re thrilled to not solely launch this new options platform, but additionally to deliver a number one mutual insurer like GuideOne on as The Mutual Group’s first member as we additional strengthen its path ahead,” he added.