American Family backs Chelsea Avondale
Chelsea Avondale , a home insurance group that develops and deploys scientific risk models to underwrite personal property risk, announced that it has secured Series C funding from MSD Partners and American Family Ventures , among others.
The funding will be used to support Chelsea Avondale’s Canadian homeowners insurance portfolio, which is underwritten through its wholly owned subsidiary, Max Insurance , and distributed through Max’s network of independent brokers. It will also be used to support Chelsea Avondale’s strategic international expansion.
“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.” – Kyle Beatty, Managing Director of American Family Ventures.
Chelsea Avondale was founded in 2016 and is the developer of Skynet, a precision risk system for P&C insurance. Max Insurance was the first to use this technology.
Bottom Line: “Brokers can sell 11 of our policies in the time it take to sell 1 from our peers.”