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Chelsea Avondale Bolsters Canadian Home Insurance Portfolio With Fresh Series C Funding

Things To Know About Chelsea Avondale

It is a privately held company founded in 2017. With insurance as it’s major specialty, the firm is well known for development of the world’s most risk taking technology and P&C claims, Skynet. It has an approach towards scientific principles that cause insurance claims. The pioneering home insurance group renowned for its underwriting using scientific risk models, has currently secured series C funding from an ensemble of prominent investors actively held by MSD Partners, L.P., with American Family Ventures and other investors . 

These funds will be used to leverage the expansion of the firm. This portfolio is underwritten by its wholly owned subsidiary, Max Insurance, and is distributed via Max’s independent broker network. Thus, the funding will also be used for international approach and growth. As a result of the successful investment round, Dan Biter, managing director and co-head of MSD Growth, has joined the Chelsea Avondale board of directors as well.

The firm is recognized for it’s service of a unique approach that delivers affordable capacity for many brokers and policyholders, even in challenging conditions. Thus, by this tamed service it lets customers redeem a right claim fitted for it’s conditions.

What Are The Views Of Leading Members Of The Firm On This 

Dan Bitar, MSD Growth’s managing director and co-head, 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.”

Kyle Beatty, managing director of American Family Ventures, highlighted Chelsea Avondale’s exceptional approach to risk management, “Chelsea Avondale’s culture is driven by tenured risk managers and scientists with decades of reinsurance experience. Their knowledge and expertise in dynamically modelling and managing all catastrophic and non-catastrophic risk is truly impressive. Their proprietary approaches enable the company to delineate risk with exceptional precision, particularly for homes exposed to wildfires and flooding. Further, this team has fully rebuilt its insurance operating system, thereby removing unnecessary operating expense and creating a step-change in user experience for both agents and policy holders.” 

Nilesh Vasani, CEO of Chelsea Avondale, added, “MSD Partners and American Family Ventures are industry leaders in supporting transformational ideas in insurance. We are fortunate to have such partners that deeply understand the value of our approach and are committed to helping us advance the development and application of risk science in the property insurance market.”

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