Chelsea Avondale raises new round of funding

Bermuda-based insurer Chelsea Avondale has secured Series C funding to enable it to build its Canadian homeowners insurance portfolio and to expand internationally.

The company, which started in 2016, says it has developed a scientific risk model called Skynet which enables it to offer prices and coverage to policyholders which traditional carriers cannot match.

The funding round was led by MSD Partners and included American Family Ventures.

Chelsea Avondale said the growth of the portfolio will be underwritten through the company's wholly owned subsidiary, Max Insurance, and distributed through Max's network of independent brokers.

In conjunction with the completion of the investment round, Dan Bitar (pictured), managing director and co-head of MSD Growth, has joined the Chelsea Avondale board of directors.

Chelsea Avondale said: "At a time when many brokers and policyholders are struggling to find affordable capacity, Chelsea Avondale's unique approach to personal property risk offers prices and coverage to many policyholders that traditional carriers cannot match.

"By applying its granular and scientific approach to underwriting, the company is able to provide a highly efficient quote, bind, and policy administration process for brokers and policyholders."

Bitar said: ""We are thrilled to partner with the Chelsea Avondale team to support the continued expansion of their innovative and differentiated approach to property insurance.

"Chelsea Avondale's passion for precision pricing and risk management, coupled with a strong track record of exceptional underwriting results, creates a tremendous runway for future growth. This investment is emblematic of MSD Growth's strategy of serving as a flexible, long-term partner to growth businesses with proven business models and large market opportunities."