New Bermuda holding company completes first acquisition

Chelsea Avondale, a company formed on Bermuda this year by a high-net-worth investor base to acquire of community-based property/casualty insurers and principally invest the assets, has completed one of its first deals.

The company 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.

The CEO and chief investment officer of Chelsea Avondale is Nilesh Vasani, formerly the head of alternative investments at BMO Global Asset Management.

Vasani said: “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.”

Following the competition of the deal, 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.

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.”