5 December 2016 Insurance

Bermuda start-up Chelsea Avondale acquires MAX Canada

Bermuda domiciled holding company Chelsea Avondale, formed this year to acquire property and casualty insurance companies, has acquired the Canadian insurance operations of MAX (MutualAid eXchange) North America, a firm that serves faith-based and Anabaptist communities, including its Mutual Aid Insurance Brokers Company.

Following the acquisition, the two firms will continue to operate from their current locations. MAX Canada will retain its brand, brokers and workforce, and will continue to donate to its charitable arm Mutual Aid Ministries (MAM).

David Wine will continue as the president and CEO of MAX Canada, and Elaine Shantz as the board chairman under the new ownership.

“We have been seeking a partner that would help us strengthen and expand services for our Canadian policyholders. Chelsea Avondale is the perfect choice,” said Wine.

Nilesh Vasani, CEO and CIO of Chelsea Avondale, added: “We are deeply impressed by the MAX Canada team and their very special way of doing business.

“MAX Canada cares beyond the contract. We agree that’s the way insurance should be and that’s what we intend to do as we enhance, strengthen and extend the MAX name across Canada.”

John Lewis, managing director, acquisitions and operations of Chelsea Avondale, continued: “It is very important for us to listen carefully to those who established MAX to help us shape and frame the future with all the care and sensitivities of the legacy already established. I cannot begin to tell you how committed we are to continuing and expanding upon this special company.

“Chelsea Avondale will be investing significantly to provide MAX Canada with industry leading systems, investment management, enhanced staffing and access to capital to continue its growth.”

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