Gore Mutual’s transformation plans result in strong year-end results for 2021
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.
Read more: Gore Mutual’s ‘Next Horizon’ transformation almost complete
“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.
Read more: Russia-Ukraine conflict – Canadian insurers donate to relief efforts
“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.”
