Gore Mutual has reported its half-year financial results, noting that it has made “significant progress on its transformational journey” from being a mid-size regional carrier to a national-scale insurer – its “Next Horizon” strategy.
The company reported that it has grown its business by over 20% across personal and commercial insurance as a direct result of improvements made to its operating models and competitive pricing. This growth was supported by Gore Mutual’s underwriting performance. The insurer posted an underwriting profit of $14.5 million, gross written premiums of $282 million, and consolidated ratios including a 53.6% loss ratio and a combined operating ratio of 93.9% – 6% of which represents investments in its ongoing transformation.
Gore Mutual announced its new operating model for Ontario personal lines auto and individually rated commercial auto (IRCA) insurance during H1 2021. The company also took its first step in its strategic transformation with the launch of a national contact centre, and became the first insurer in Canada to launch InsuranceSuite in Guidewire Cloud.
The insurer highlighted that’s its improved service response times across all personal insurance as well as changes to property pricing, led to strong growth in target segments. Gore Mutual also noted that it provided over $30 million in premium relief during the pandemic through rate reductions.
This year has seen promising growth for Gore Mutual. We continue to invest in the future of our core insurance operations, talent and technology,” said Gore Mutual CEO Andy Taylor. “I’m proud of the work of our employees who continue to raise the bar during our transformation. We remain committed to our investment in transformation and will continue to strengthen our business by working closely with our broker partners across Canada.”
Taylor added that while the company’s results are encouraging, Gore Mutual is aware of the challenges it faces going into the second half of 2021.
“Ongoing weather-related catastrophes and the re-opening of the economy will present a challenging environment for the industry, but we are working hard to ensure that we will continue to be there for our customers in their greatest time of need,” the chief executive stated.