Bain Capital’s insurance investing arm Bain Capital Insurance has invested $200m into GuideOne Insurance Company to launch a new platform dedicated to the mutual insurance industry.
Known as the Mutual Group, the new platform is being established through Bain Capital Insurance’s acquisition of the operational platform of GuideOne.
Go deeper with GlobalData
GuideOne, a mutual insurance carrier founded in 1947, will become the inaugural member of the Mutual Group.
Following this transaction, GuideOne will continue to operate as an independent mutual insurance company owned by its policyholders.
GuideOne will retain 70 employees along with key strategic leadership roles including CFO, chief underwriting officer, general counsel and investment management.
Chuck Chamness, former CEO of the National Association of Mutual Insurance Companies, has been appointed as the chairman of the Mutual Group.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataGuideOne’s Core Commercial Lines senior vice-president, Tim Fleming, will lead the platform as CEO.
GuideOne CEO Bernie Hengesbaugh will become chairman and GuideOne’s existing CFO, Ken Cadematori, will succeed Hengesbaugh as the new president and CEO.
Based in West Des Moines, Iowa, the Mutual Group will launch with approximately $800m in annual premiums serviced across 50,000 commercial policyholders.
It will be supported by more than 400 employees.
The platform aims to deliver all the services a mutual insurance carrier requires, such as claims, underwriting and reinsurance purchasing.
According to Bain Capital Insurance, it has made the new investment from its $1.17bn Bain Capital Insurance Fund.
Subject to customary approvals and other closing conditions, the latest transaction is now projected to complete by the end of this year.
Kirkland & Ellis served as Bain Capital Insurance’s legal advisor, while Foley & Lardner served as GuideOne’s legal advisor for the transaction.
Bain Capital Insurance global head Matt Popoli said: “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.”
