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

GuideOne is comitted to delivering outstanding results for our policyholders through operational and underwriting excellence. Over the past couple of years, we have engaged in a company-wide focus on reducing organizational complexities to result in a more streamlined, efficient and competitive company. And we bring this focus forward to continually evolve our primary niche business segments: Religious Organizations, Nonprofit & Human Services, and Programs. 

Our 2023 Annual Report theme, “Taking Care of Business,” was demonstrated in our major initiatives throughout the year. As an organization, we simplified how we do business, streamlined processes and reduced expenses.  

A few things to note as you read through the report: 

• Surplus grew by $143 million in 2023;
• Direct Written Premium from ongoing operations increased by 18.4% to $842 million; and 
• Combined Ratio of the ongoing business improved from 103.9% in 2022 to 99.5% in 2023. 

These are just a few of the highlights from the financial section of the annual report, but there is much more to consider as we think about the policyholder experience, our business niches, risk control efforts and the work of GuideOne Foundation.

As we look ahead, GuideOne is positioned with the clarity and financial stability to achieve growth, and we are on course with opportunities to benefit policyholders. We thank our policyholders and distribution partners for placing your confidence in GuideOne and we look forward to serving your evolving needs as we move forward together. 

KENNETH CADEMATORI,                 
President & Chief Executive Officer