Chelsea Avondale

Chelsea Avondale is a home insurance group developing risk models to underwrite personal property risk. It also offers homeowners, tenants, landlords, and condo insurance in Canada through Max Insurance, its wholly owned subsidiary. The company is also open to partner with industry leaders to provide its software.

The company developed Skynet, a risk technology, for property and casualty insurance, which evaluates the scientific principles that trigger insurance claims and prices them accordingly, with a focus on evaluating each risk separately and analyzing risk specifics to a single policy rather than for an entire group. The company's technology claims to run at least 10,000 years of catastrophic events per peril through a multitude of physics-based models and at least 4 million years of simulations via ML models for non-catastrophe perils. Through this, the company evaluates risk per policy and claims completion of the process in less than two seconds at the point of sale.

Fundings and financials

In May 2023, the company announced that it raised an undisclosed amount in a Series C funding round led by MSD Partners and L.P., with participation from American Family Ventures. The fresh funds were to be used toward expanding the company’s homeowners insurance in Canada, which is underwritten by its wholly-owned subsidiary, Max Insurance. Additionally, the funds would support the company's expansion into international markets.