Bain Capital’s insurance coverage investing arm Bain Capital Insurance coverage has invested $200m into GuideOne Insurance coverage Firm to launch a brand new platform devoted to the mutual insurance coverage trade.
Often known as the Mutual Group, the brand new platform is being established via Bain Capital Insurance coverage’s acquisition of the operational platform of GuideOne.
GuideOne, a mutual insurance coverage service based in 1947, will turn into the inaugural member of the Mutual Group.
Following this transaction, GuideOne will proceed to function as an impartial mutual insurance coverage firm owned by its policyholders.
GuideOne will retain 70 workers together with key strategic management roles together with CFO, chief underwriting officer, common counsel and funding administration.
Chuck Chamness, former CEO of the Nationwide Affiliation of Mutual Insurance coverage Corporations, has been appointed because the chairman of the Mutual Group.
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GuideOne’s Core Business Traces senior vice-president, Tim Fleming, will lead the platform as CEO.
GuideOne CEO Bernie Hengesbaugh will turn into chairman and GuideOne’s present CFO, Ken Cadematori, will succeed Hengesbaugh as the brand new president and CEO.
Primarily based in West Des Moines, Iowa, the Mutual Group will launch with roughly $800m in annual premiums serviced throughout 50,000 business policyholders.
Will probably be supported by greater than 400 workers.
The platform goals to ship all of the companies a mutual insurance coverage service requires, similar to claims, underwriting and reinsurance buying.
In keeping with Bain Capital Insurance coverage, it has made the brand new funding from its $1.17bn Bain Capital Insurance coverage Fund.
Topic to customary approvals and different closing circumstances, the newest transaction is now projected to finish by the top of this 12 months.
Kirkland & Ellis served as Bain Capital Insurance coverage’s authorized advisor, whereas Foley & Lardner served as GuideOne’s authorized advisor for the transaction.
Bain Capital Insurance coverage international head Matt Popoli stated: “We’re thrilled to not solely launch this new options platform, but in addition to convey a number one mutual insurer like GuideOne on because the Mutual Group’s first member as we additional strengthen its path ahead.”
