GuideOne Insurance, based in West Des Moines, will lay off 43 employees effective Dec. 15, according to Iowa’s Worker Adjustment and Retraining Notification, or WARN, website.
The company acknowledged the layoffs in a written statement, saying it has “been working through a simplification process to streamline operations, create efficiencies, and reduce expenses.”
“GuideOne confirms there have been employee impacts because of this work,” the statement said. “We recognize this is difficult news and are keenly aware of the impact on GuideOne employees and their families.”
It said fewer than 10% of GuideOne’s workforce was affected, and that “all impacted employees have been offered advanced notice and a severance package as well as other transitionary support.”
GuideOne employs about 500 workers and is known for providing insurance for nonprofits such as churches, educational institutions and human services organizations. It formerly also sold home and auto insurance, and laid off 73 workers after it eliminated those lines in 2016. At the time, it had more than 700 employees.
Founded in 1947, GuideOne is licensed in all 50 states and operates through a network of independent agents serving more than 50,000 commercial policy holders, according to the company’s website.
The company reported total assets of nearly $1.8 billion in its 2022 annual report, but a net loss of $39 million following net income of $11 million in 2021 and a net loss of $19 million in 2020.
Kevin Baskins covers jobs and the economy for the Des Moines Register. Contact him at kbaskins@registermedia.com.
