CHELSEA AVONDALE CONTINUES MAX CANADA NAME, PERSONNEL & VALUES AS IT ACQUIRES CANADIAN INSURANCE OPERATIONS
(Kitchener, ON, December 1, 2016) – MAX North America announced that MAX Canada Insurance Company will continue to serve faith-based and Anabaptist communities following its sale to Chelsea Avondale. In addition, MAX Canada will continue to donate to the Mutual Aid Ministries. This is the pledge made by officers of Chelsea Avondale as they announced the purchase of the Canadian operations of MAX North America.
The purchase closed on November 30 and included acquisition of all MAX related operations in Canada including Mutual Aid Insurance Brokers Company (MAIBC). Both companies will continue to operate from their current locations. MAX Canada will retain its brand, values, brokers, and personnel and will continue to honour MAX Canada’s deeply held values.
Terms of the sale were not disclosed.
“We are deeply impressed by the MAX Canada team and their very special way of doing business,” said Nilesh Vasani, Chief Executive Officer & Chief Investment Officer of Chelsea Avondale. “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.”
“We have been seeking a partner that would help us strengthen and expand services for our Canadian policyholders,” said David Wine, President and CEO of MAX North America. “Chelsea Avondale is the perfect choice.”
Wine, who helped launch MAX North America in 2000, has agreed to stay on as President and CEO of MAX Canada during the transition. Elaine Shantz, current MAX Canada board chair, will also continue in that role under the new ownership.
John Lewis, Managing Director, Acquisitions and Operations of Chelsea Avondale added, “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.”
| About Chelsea Avondale Chelsea Avondale has been established to acquire property and casualty insurance companies and invest the assets of our subsidiaries following a value investing philosophy to deliver exceptional risk adjusted returns. We aim to improve performance through first class investment management, technology, systems and risk management frameworks. We firmly believe that community-based insurers better serve their policyholders and outperform the industry as a whole. We approach our acquisitions of community-based insurers as partnerships with management, policyholders and all other stakeholders. To learn more about Chelsea Avondale, visit www.ChelseaAvondale.com. Contact: John Lewis |
About MutualAid eXchange MutualAid eXchange (MAX) is a unique, member-owned property and casualty insurance enterprise that offers a full range of competitively priced auto, homeowners, farm, business, life and related forms of insurance. MAX was founded on the principles of fairness, faith and social responsibility. One thing that makes MAX special is that it devotes a portion of its revenues to a fund that helps people regain and sustain wholeness after an unexpected loss or tragedy. The company also follows socially responsible business practices including volunteerism by employees, cooperative ownership, sustainability and life-work balance. To learn more about MAX, visit Contact: Lisa Bage |
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