MAX North America has announced that its Canadian operations, MAX Canada Insurance Company, have been acquired by Chelsea Avondale.
Despite the acquisition, MAX has reassured clients that MAX Canada Insurance Company “will continue to serve faith-based and Anabaptist communities,” and that it will still donate to the Mutual Aid Ministries under its own name.
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The transaction closed on November 30 and saw the 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, and MAX Canada will retain its brand, values, brokers, and personnel. Terms of the deal were not disclosed.
“We are deeply impressed by the MAX Canada team and their very special way of doing business,” said Chelsea Avondale CEO and CIO Nilesh Vasani. “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,” added MAX North America president and CEO David Wine. “Chelsea Avondale is the perfect choice.”
Wine, who helped MAX North America launch back in 2000, has agreed to remain as president and CEO of MAX Canada during the transition, a release said. The release also said that current MAX Canada board chair Elaine Shantz will also continue her role following the acquisition.
“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,” stated Chelsea Avondale managing director of Acquisitions and Operations John Lewis. “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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