Bain to launch The Mutual Group

Bain Capital LP on Wednesday said it would launch The Mutual Group with the purchase of the operational platform of GuideOne Insurance Co. by Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital.

GuideOne will become the inaugural member of The Mutual Group and use the $200 million capital injection from Bain to drive future growth, Bain said in a statement. Founded in 1947, GuideOne specializes in coverages for religious organizations, nonprofit and human services, and programs businesses.

Chuck Chamness, former CEO of the National Association of Mutual Insurance Cos., was named chairman of the new mutual platform. Tim Fleming, senior vice president of core commercial lines at GuideOne, will be CEO of The Mutual Group.

As part of the deal, Bernie Hengesbaugh, CEO of GuideOne, will become chairman, and Ken Cadematori, chief financial officer of GuideOne, will succeed him as president and CEO.

The Mutual Group, based in West Des Moines, Iowa, will launch with approximately $800 million in annual premiums across 50,000 commercial policyholders and more than 400 employees, the statement said.