GuideOne Insurance

Last updated
GuideOne Insurance
Company type Mutual company
Industry Insurance
Founded Des Moines, Iowa United States, (1947)
Headquarters,
Number of locations
50 states
Area served
United States
Key people
Bernard Hengesbaugh (Chief Executive Officer)
Products church insurance, auto insurance, home insurance and casualty insurance
RevenueIncrease2.svg$586.8 million USD  (2014)
Number of employees
620 (2019)
Website www.guideone.com

GuideOne Insurance is an American niche-market insurance company based in West Des Moines, Iowa that specialises in insurance for churches, schools and students. It is one of the largest church insurers in the United States. The company is licensed in all 50 of the Unites States.

Contents

As of 2021, the company reached $1.06B in written premium.

History

The company celebrated its 75th anniversary on April 1, 2022. For more than 75 years, GuideOne has been recognized for its deep knowledge of niche businesses, strong relationships with partners and intellectual curiosity to keep the organization moving forward. Today, the company’s level of talent and knowledge makes it a larger, more sophisticated player in the marketplace than it was previously.

GuideOne Insurance appointed Adam Niebrugge to the position of senior vice president, chief actuary and risk officer, effective July 7, 2022. In this role, Niebrugge is responsible for leading GuideOne’s actuarial team and overseeing the company’s enterprise risk management strategies and its evaluation of financial risk exposures.

On July 5, 2022, AM Best, the largest credit rating agency specializing in the insurance industry, affirmed the Financial Strength Rating of A− (Excellent) and the Issuer Credit Rating of “a−” of the GuideOne Insurance Companies. The outlook of these ratings is stable.

Bernard (Bernie) Hengesbaugh was named president and chief executive officer of GuideOne Insurance Company on June 15, 2022. Hengesbaugh is an industry veteran having served in multiple leadership roles at CNA Insurance. He took over for Andy Noga, who served as interim CEO for the past several months and returned to his role as general counsel of the company.

On July 14, 2023, AM Best placed under review with negative implications the Financial Strength Rating of A− and the Long-Term Issuer Credit Ratings of “a−” of GuideOne Insurance Company and its wholly owned subsidiaries. These ratings have been placed under review with negative implications given AM Best’s concerns with a significant decline in surplus and risk-adjusted capital ratios. GuideOne has taken initial steps to seek out capital solutions and the transaction would likely take the form of an affiliation or mutual holding company merger combined with reinsurance and/or other capital guarantees.

Timeline

Corporate sponsorships

GuideOne Foundation supports many charitable organizations, including Big Brothers Big Sisters of Central Iowa, Food Bank of Iowa, Habitat for Humanity, Junior Achievement and more.

See also

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