Guideone

GuideOne engages KBW for strategic capital action that may include mutual merger

GuideOne Insurance Company’s board has engaged KBW as it seeks “to augment its capital and surplus” to support the continued growth of its slimmed down go-forward operation, with AM Best putting the carrier’s crucial A- financial strength rating under review with negative implications.

GuideOne shuts down ~$125mn E&S casualty operation in latest reversal

Iowa-based mutual insurer GuideOne is putting its excess and surplus (E&S) lines casualty business into run-off and is parting ways with its underwriting staff for a portfolio that had grown to as much as $125mn in premium in a short period of time, The Insurer can reveal.

GuideOne surplus falls 15% to $389mn in ’22 as combined ratio rises to 108.6%

GuideOne’s underwriting loss swelled to $55mn and the insurer’s combined ratio jumped to 108.6 percent in 2022 as the firm said it was “getting back-to-basics” in its underwriting focus, while its policyholder surplus dropped by $70mn - equal to 15 percent - on the year to $389mn.

GuideOne’s head of programs, E&S Cullen the latest to exit beleaguered insurer

GuideOne’s head of programs and E&S Rick Cullen is the latest executive to leave the Iowa-based mutual company - along with the firm’s head of financial planning and analysis Andy Damrow - as the run of departures from the carrier’s specialty business continues, The Insurer can reveal.

GuideOne’s Berger appointed to head of growth at SME insurtech Joyn

Adam Berger, who had overseen operations within GuideOne’s CGA Insurance Services MGA, has left the company to join the SME-focused insurtech MGA Joyn as its new head of growth.