GuideOne Insurance cutting about 73 jobs

GuideOne Insurance will cut about 73 jobs as the company stops selling home and auto insurance.

A spokeswoman for the West Des Moines-based insurer confirmed the cuts to the Register on Thursday. The layoffs will occur during the next 12 to 18 months, she said.

GuideOne plans to stop providing its personal lines of insurance. Instead, the company will put more focus on its church business, spokeswoman Christy Gooding said.

"The personal lines has historically been an unprofitable business for GuideOne," Gooding said. "By exiting personal lines, we are able to redeploy our capital to our growing and profitable church business."

Personal lines make up about 15 percent of GuideOne's premium revenue, Gooding said. Meanwhile, GuideOne's commercial lines — including coverage for churches, nonprofits and senior living centers — make up about 85 percent.

The company had about 710 employees total before the cuts.

Gooding said GuideOne plans to host an on-site and virtual job fair to help affected employees, but dates have not been set. Affected employees will also receive severance packages based on how long they have worked for the company.

GuideOne, a private company, reported net income of $30.1 million for 2015 and premium revenue of $646.1 million, according to a news release on its website.