Bain Capital Insurance invests in new insurance platform launch
Summary
Tim Fleming, GuideOne’s senior vice president of core commercial lines will be its 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. 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 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.