The District Court of Shawnee County, Kansas has declared MutualAid eXchange (MAX) insolvent, and the company has been placed into liquidation pursuant to a petition filed by the Commissioner of Insurance.
The court ruled MAX to be insolvent on August 22, two weeks after the company’s board of directors consented to an Order of Rehabilitation. After further evaluation of the company’s solvency, the court determined that liquidation is necessary to pay outstanding liabilities.
MAX had consistent underwriting losses, lack of reinsurance, and a declining surplus that posed a hazard to its policyholders, creditors, and others, the court judgment.
Founded in 2001, Overland Park-based MAX concentrated on homeowners and farms…
