The year 2021 was a strong year for Gore Mutual, as the mutual insurer posted a 17% increase in business and gross written premiums of $590 million for the full year ended December 31, 2021.
Gore Mutual also said in its earnings report that its combined operating ratio is 99%, after accounting for over $35 million of transformation investments. But on an adjusted basis, the company ended 2021 at a 92% combined operating ratio.
The insurer’s solid performance for the year comes as it nears completion of its “Next Horizon” transformation strategy, which was first unveiled in 2020. Gore Mutual set itself the goal of transforming from a mid-size, regional carrier to a national scale insurer by leveraging best-in-class technology and operating models.
"2021 was a significant year as we accelerated our Next Horizon transformation and delivered strong growth and profitability," said Gore Mutual CEO Andy Taylor. "As we look ahead, we'll complete the foundational phase of our transformation during 2022 and maintain the velocity of our growth."
"Notwithstanding the challenging environment with the ongoing global pandemic and weather-related catastrophes, our strong financial results allowed us to continue to accelerate the investments we're making in our transformation," added Gore Mutual chief financial officer Lyndsay Monk. "Every decision and investment we make is anchored in the long-term benefits to our customers, broker partners and communities."
"We fully completed our personal lines transformation during 2021 to create a scalable, efficient and competitive business," commented Gore Mutual chief operating officer Paul Jackson. "2022 will see the delivery of a new commercial insurance operating model, more pricing agility, and new product offerings."
Gore Mutual has also announced that it will be donating $50,000 to the Canadian Red Cross Ukraine Humanitarian Crisis Appeal, joining other Canadian insurers that have contributed towards relief efforts to support those affected by the conflict in Ukraine.
“This has been a heavy week, and we recognize the impact that the increasingly dire situation in Ukraine is having on many individuals and communities locally, nationally and globally,” said Taylor. “As we always have, we stand by our employees, customers, broker partners and communities in their time of need, and this is one such example. Our thoughts and hearts are with everyone who is experiencing loss and pain during this very difficult time.”