Gore Mutual Insurance Company (Gore Mutual) produced strong growth as it completed the first phase of its “Next Horizon” transformation, its financial results for the full year ended December 31, 2022 showed.
Gross written premiums grew nearly 14% at $670 million. On an adjusted basis, the company produced a combined operating ratio of 97% after accounting for more than $32 million of transformation investments, with a non-adjusted combined operating ratio of 102%.
“Gore Mutual remained resilient, with a strong financial position despite geopolitical risk, inflationary pressures, and severe weather events in 2022,” said Lyndsay Monk, chief financial officer.
“Although market volatility was persistent, we protected our capital and achieved higher net investment income from our cash and fixed income portfolios. We continued to make significant investments in our transformation and are achieving above average growth through the continued strong support of our broker partners.”
CEO Andy Taylor said the organization had a “milestone” year after completing the foundational phase of its transformation, which included new operating models, technology, and talent.
“With this foundation now in place, our path forward will be focused on realizing the many benefits of our transformation to power our organization into the future, ensuring we are built for success,” Taylor said in a news release.
One of Canada’s oldest property and casualty insurers, Gore Mutual has offices in Cambridge, Toronto, and Vancouver.
