Kansas-based insurer MAX goes bankrupt
MutualAid eXchange (MAX) is now bankrupt. This comes after the District Court of Shawnee County, KS mandated the liquidation of MAX Insurance on August 22, just two weeks after appointing the Commissioner as the Rehabilitator of the company through an Order of Rehabilitation.
Established in 2001 and based in Overland Park, MAX specialized in insurance for residential properties and farms, also serving faith communities and mutual aid ministries. The company was authorized to operate in 28 states.
According to the Kansas Insurance Department, MAX had nearly 30,000 active policies across the country.
For several years, the company’s financial stability was in question. In 2019, rating agency AM Best removed the firm’s ratings at its own request, highlighting that its operating performance had been inconsistent, mainly due to weather-related incidents.