Bain Capital Insurance Invests $200 Million Into Guideone Insurance Company To Launch Innovative New Platform Dedicated To Mutuals Date December 20, 2023 The Mutual Group to provide a unique combination of equity capital plus outsourced operational capabilities to improve the financial strength, flexibility and operational efficiencies of its mutual insurance company members West Des Moines, IA and Boston, MA – December 20, 2023 – The Mutual Group, an innovative new insurance platform serving the mutual industry, today announced its plans to launch with support from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital. The Mutual Group is being created through Bain Capital Insurance’s acquisition of the operational platform of GuideOne Insurance Company (“GuideOne”), a leading niche-market mutual insurance carrier founded in 1947. GuideOne will serve as the inaugural member of The Mutual Group. Chuck Chamness, former CEO of the National Association of Mutual Insurance Companies (NAMIC), is the newly appointed Chairman of the new member-centric mutual platform. Tim Fleming, Senior Vice President of Core Commercial Lines at GuideOne, will lead The Mutual Group as Chief Executive Officer. As part of the transaction, Bernie Hengesbaugh, Chief Executive Officer of GuideOne, will become Chairman, and Ken Cadematori, Chief Financial Officer of GuideOne, will succeed him as President and 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 launch with approximately $800 million in annual premium serviced across 50,000 commercial policyholders by its over 400 employees, and is based in West Des Moines, Iowa. “This creative solution marks the successful conclusion to the GuideOne Board of Directors’ strategic process to bolster our capital base,” said Hengesbaugh. “The Mutual Group transaction allows us to achieve all of our goals while maintaining our heritage and history as a mutual insurance company.” GuideOne will use the $200 million it received for becoming the inaugural member of The Mutual Group to strengthen its balance sheet and surplus position and to bolster its continued growth in support of policyholders. As The Mutual Group’s inaugural member, GuideOne will further support its long-term stability through improved operational efficiencies and underwriting performance. “Bain Capital Insurance’s significant capital infusion and the opportunity to be the foundation for an innovative, new platform is a testament to the strength of our organization and stability of our businesses,” said Cadematori. “Our improved financial strength sets us on an exciting course for growth and opportunity to benefit our employees and our policyholders in our proven niche Religious Organizations, Nonprofit and Human Services, and Programs businesses. We are excited to be the inaugural member of The Mutual Group and look forward to watching its membership grow over 2024 and beyond.” The Mutual Group will provide all the services a mutual insurance carrier requires to function efficiently, including underwriting, claims, and reinsurance purchasing as well as a robust technological suite that provides policy administration, enterprise billing and enterprise claims administration systems. "The Mutual Group is an exciting new platform that combines GuideOne’s nearly eight decades of experience as a niche mutual insurance carrier and its highly specialized team with the insurance investing acumen and strategic vision of Bain Capital Insurance,” said Fleming. “Our goal in supporting mutuals is to preserve their independence and benefits of mutuality while providing a modern, scalable operating platform that supports long-term success.” The investment was made out of the $1.17 billion Bain Capital Insurance Fund, LP, the inaugural dedicated insurance private equity fund managed by Bain Capital Insurance and its team of over 20 investment professionals. “We are proud to continue our team’s history of developing innovative solutions for the mutual insurance industry,” said Matt Popoli, Global Head of Bain Capital Insurance. “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.” The transaction is expected to close by the end of 2023, subject to customary approvals and other closing conditions. Kirkland & Ellis LLP served as legal advisor to Bain Capital Insurance on the transaction. Foley & Lardner LLP served as legal advisor to GuideOne on the transaction. ### About The Mutual GroupThe Mutual Group is an innovative insurance services platform that provides a full suite of solutions designed to improve the operational efficiency and scalability of mutual insurance carriers. Based in West Des Moines, Iowa, The Mutual Group and its over 400 employees will support the company’s four service verticals: underwriting, claims, corporate services, and technology. The Mutual Group, which has more than $800 million in annual premium serviced across 50,000 commercial policyholders, is led by a group of seasoned industry experts with deep experience in leading innovative insurance companies across a variety of subsectors. For more information, please visit www.themutualgroup.com. About GuideOneFor more than 75 years, GuideOne Insurance Company has supported our policyholders’ goals by providing Nimble Solutions for Niche Needs®. Driven by a diverse portfolio of property and liability insurance and risk management solutions, we strive to Make Positive Change Possible® by serving as a trusted partner to the people who strengthen and support our communities. GuideOne’s corporate headquarters is located in West Des Moines, Iowa. For more information, visit www.guideone.com. About Bain Capital InsuranceBain Capital Insurance is the dedicated insurance investing business of Bain Capital, a leading global private investment firm with approximately $180 billion under management across 23 offices on four continents. We seek to collaborate with leading insurance businesses and management teams to unlock value and drive innovation across the insurance industry, specializing in insurance investing strategies that span the entire value chain and growth spectrum – from catalyzing transformational change, creating new platforms, and stepping into capacity-driven dislocations, to partnering with industry participants to meet their long term strategic and investment return targets. Learn more at www.baincapitalinsurance.com. Media Contacts: For Bain Capital Insurance:Charlyn Lusk / Thomas Conroy Stantonclusk@stantonprm.com / firstname.lastname@example.org(646) 502-3549 / (646) 502-9006 For The Mutual Group & GuideOne:Lori ChappellContactUs@TheMutualGroup.com / Corporateemail@example.com  GuideOne will continue to operate as an independent mutual insurance company owned by its policyholders. In addition, GuideOne will retain approximately 70 employees and key strategic leadership roles including Chief Financial Officer, Chief Underwriting Officer, General Counsel and investment management along with other critical functions.