Financial Strength

Providing underwriting expertise and high standards of service you can trust.

During the year, we took actions to address financial and operational obstacles that were preventing us from being the best GuideOne we could be. Through a company-wide focus on operational excellence and the decision to exit the open market Excess & Surplus property and casualty business, we reduced organizational complexities and expenses to finish the year a more streamlined, efficient and competitive company. And we will bring this focus forward, with a commitment to continuous organizational improvement and on our primary businesses ― Religious Organizations, Nonprofit & Human Services and Programs.

A significant turning point came in December when GuideOne and Bain Capital Insurance came together in an agreement that produced a $200 million capital infusion, positioning GuideOne for security and setting the stage for growth. This business arrangement offers policyholders greater financial stability and provides distribution partners and employees with a solid go-forward framework to deliver optimal performance and exceptional results.

Importantly, GuideOne maintained a Best’s Financial Strength Rating of A- (Excellent). For the latest rating, access ambest.com. This rating announcement confirmed that the business decisions we’ve made to improve our portfolio, along with the Bain agreement, have positioned us solidly to move forward.

Message From the CEO

“Our surplus grew by $143 million, or 37%, over the prior year as a result of streamlined operations of the company and the successful conclusion of our capital augmentation initiative. The strength of our balance sheet increased significantly from 2022 and positions us well to proactively support our policyholders. Direct Written Premium from ongoing operations increased by 18.4% to $842 million, and the combined ratio of the ongoing business improved from 103.9% in 2022 to 99.5% in 2023. Elevated adverse weather events in 2023 had a material impact on the industry’s surplus, although GuideOne was able to pay more than $200 million in policyholder property losses while still growing surplus through ongoing operations.”

KENNETH CADEMATORI,                 
President & Chief Executive Officer