December 5, 2016 by Canadian Underwriter
Chelsea Avondale has acquired MAX Canada Insurance Company, which will continue to serve faith-based and Anabaptist communities under its existing name.
Closing Nov. 30, the purchase included the acquisition of all MAX Canada-related operations in Canada, including Mutual Aid Insurance Brokers Company, MAX North America announced in a statement Friday. Terms of the sale were not disclosed.
MAX Canada is a faith-based company that provides quality property insurance products (personal, farm, commercial and church) in five Canadian provinces.
“MAX Canada will continue to donate to the Mutual Aid Ministries,” the statement notes. “This is the pledge made by officers of Chelsea Avondale as they announced the purchase of the Canadian operations of MAX North America.”
Pointing out that 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,” the statement adds.
“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,” Nilesh Vasani, Chelsea Avondale’s chief executive officer and chief investment officer, says in the statement.
David Wine, president and CEO of MAX North America, calls Chelsea Avondale “the perfect choice,” pointing out “we have been seeking a partner that would help us strengthen and expand services for our Canadian policyholders.”
Wine will stay on as MAX Canada’s president and CEO during the transition, while Elaine Shantz, current chair of MAX Canada’s board, will also continue in that role under the new ownership.
“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,” says John Lewis, managing director of acquisitions and operations for Chelsea Avondale, which has been established to acquire property and casualty insurance companies and invest the assets of its subsidiaries.
“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,” Lewis continues.