Max-Hervé George: Difference between revisions
It is baccalauréat not BA |
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== Early life and education == |
== Early life and education == |
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George is the youngest |
George is the youngest in the family, born March 1989, and grew up in [[Metz|Metz, France]] with his brother and sister.<ref>{{Cite news|last=Costello|first=Miles|title=Investor confronts Aviva over ‘€230bn’ golden ticket|language=en|url=https://www.thetimes.co.uk/article/investor-confronts-aviva-over-euro230bn-golden-ticket-n3bjw69kj9q|access-date=2022-01-26|issn=0140-0460}}</ref> From a very young age George showed great interest in economics and finance.<ref name=":1" /> |
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After completing his [[baccalauréat]] in [[economics]] at the [[Institut Pilâtre de Rozier]] in 2008, George went on to study law at [[Paris Nanterre University|University of Paris X]]. He left university in 2010 to focus on his first business ventures in real estate investments and private equity.<ref>{{Cite web |url=https://www.businessoffinance.com/life/2015/3/20/life-insurance-contract-billionaire-max-herve-george |title=This Insurance Contract Will Make You A Billionaire |website=Business of Finance |access-date=2018-01-15}}</ref><ref>{{Cite web|title=APACH - Ultima, la success story qui dérange|url=http://www.apach.ch/?p=2588|access-date=2022-01-26}}</ref> |
After completing his [[baccalauréat]] in [[economics]] at the [[Institut Pilâtre de Rozier]] in 2008, George went on to study law at [[Paris Nanterre University|University of Paris X]]. He left university in 2010 to focus on his first business ventures in real estate investments and private equity.<ref>{{Cite web |url=https://www.businessoffinance.com/life/2015/3/20/life-insurance-contract-billionaire-max-herve-george |title=This Insurance Contract Will Make You A Billionaire |website=Business of Finance |access-date=2018-01-15}}</ref><ref>{{Cite web|title=APACH - Ultima, la success story qui dérange|url=http://www.apach.ch/?p=2588|access-date=2022-01-26}}</ref> |
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Revision as of 15:23, 28 January 2022
Max-Hervé George | |
|---|---|
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| Born | March 28, 1989 |
| Nationality | French |
| Occupation | Entrepreneur |
Max-Hervé George (born March 28, 1989) is a French entrepreneur, and property developer, and co-founder and CEO of Ultima Capital Group. George originally from Metz (France), and after a period in Switzerland,[1][2] he is now based in the United Kingdom.[3]
He is also known for managing a rare financial investment instrument life insurance contract "à cours connu", and his associated long-running legal fight with insurer Aviva.[4][5][6][7]
Early life and education
George is the youngest in the family, born March 1989, and grew up in Metz, France with his brother and sister.[8] From a very young age George showed great interest in economics and finance.[2]
After completing his baccalauréat in economics at the Institut Pilâtre de Rozier in 2008, George went on to study law at University of Paris X. He left university in 2010 to focus on his first business ventures in real estate investments and private equity.[9][10]
Professional career
Early career
As early as 2007, George took part in the litigation case instigated by his parents in his and his siblings' names against the French branch of the Insurance giant Aviva.[11]
Recent years
He participated to the purchase of a land, near Geneva, Switzerland and designed, developed and oversaw the construction to completion and launch of a commercial complex. He subsequent exited the transaction.[12]
In the same year, he associated with Byron Baciocchi to purchase the Sport Hotel Rutti in Gstaad[13] In 2013, the Sport hotel was demolished and work started on a construction which was to become Ultima Gstaad.[14]
In 2015, George launched the Duchessa brand.[15][16] The first boutique opened in Etoy in June 2016.[16]
Aviva Lawsuit
Background
In the 1980s, multiple insurance companies, including Abeille Vie, created life insurance contracts with a clause called "known price arbitrage" (à cours connu) destined to their best clients, therefore, shielded from market volatility.[11] These contracts allow the investor/subscriber to place their money in an investment at a price 8 days prior to the day of the investment.
For example, if the Asian market rose, the investor was able to instruct the insurance company to move their money into Asian investments at the price before the rise, realising an instant and certain capital gain that the insurance company must cover.
With the development of technology and the instant access to market prices, these contracts become a danger to insurance companies' assets. Virtually all insurance giants taking measure of the danger, including AXA and AGF started to purchase the contracts back from their clients. But not Aviva which had purchased Abeille vie in 2002.[17][18]
Instead Aviva drastically decreased the list of authorized investments in the contracts allowing the certain gains and refused to execute the investment orders of clients/investors who complain opening the door to litigation.[11]
George's case
Having subscribed life insurance contracts with known price clauses for their 3 children, George's parents instigated legal action in the French court against Aviva in 2002. In 2007, having come of age, he became party to the litigation himself. As of 2017, he has been fighting Aviva for 10 years, 15 if the years fought by his parents are taken into account.[19]
By 2015, up to 50 court decisions had been rendered against Aviva France. In September 2014, the French Supreme court, the Cour de Cassation, ruled in favor of the George family, determining that the life insurance contracts, as drafted with the "known price" clause, are legally binding under French law.[20] Nevertheless, George is still in court against Aviva, having won on the principle of the legality of the contracts, he now needs to have his prejudice recognized and valued in a second ongoing battle.[1]
It is reported that at least 30 other people are in litigation with Aviva, with the possibility of thousands of similar contracts existing.[7] Aviva has been repeatedly criticized for not disclosing the measure of the risks related to the "known price" contracts, "failing to show these potential losses on its books, it is also neglecting its duty to its shareholders and policyholders".[12]
On 23 February 2021, Aviva sold its French business to Aema Group.[21]
References
- ^ a b "Meet the man who could own Aviva France". Financial Times. Dan McCrum. 27 February 2015. Archived from the original on 1 December 2017.
- ^ a b "Un jeune entrepreneur français ouvre des établissements ultra luxe". Bilan (in French). Archived from the original on 2017-12-01. Retrieved 2017-11-20.
- ^ "Ultima, la success story qui dérange". Tribune de Genève (in French). ISSN 1010-2248. Retrieved 2022-01-27.
- ^ "Aviva loses legal fight to end time-travelling risk-free investments". The Daily Telegraph. 19 March 2015. Archived from the original on 3 December 2017.
- ^ "Max-Herve George: The man fighting a merciless legal war against insurance giant Aviva". The Independent. John Lichfield. 10 April 2015. Archived from the original on 1 December 2017.
- ^ "Max-Hervé George v Aviva". The Belfast Telegraph. John Lichfield. Retrieved 10 April 2015.
- ^ a b "We spoke with the investor with the unbelievable 'magic ticket' that gives him 68% annual returns with no risk". Business Insider. Mike Bird. 18 March 2015. Archived from the original on 29 May 2015.
- ^ Costello, Miles. "Investor confronts Aviva over '€230bn' golden ticket". ISSN 0140-0460. Retrieved 2022-01-26.
- ^ "This Insurance Contract Will Make You A Billionaire". Business of Finance. Retrieved 2018-01-15.
- ^ "APACH - Ultima, la success story qui dérange". Retrieved 2022-01-26.
- ^ a b c "La vérité sur les clients millionnaires d'Aviva". Challenges (in French). 15 April 2015. Archived from the original on 2018-01-15. Retrieved 2017-11-23.
- ^ a b "One young man's merciless legal war against insurance giant Aviva". The Independent. 2015-04-10. Archived from the original on 2017-12-01. Retrieved 2017-11-23.
- ^ "Gstaad Life, 15 February 2013". issuu. Archived from the original on 15 January 2018. Retrieved 2017-11-23.
- ^ "deux investisseurs à l'assaut des cimes". Bilan. 6 December 2017.
- ^ "Duchessa SA - Restaurants et boutiques de saveurs". Duchessa - Store concept (in French). Archived from the original on 2017-12-01. Retrieved 2017-11-23.
- ^ a b "Un jeune entrepreneur français ouvre des établissements ultra luxe". Bilan (in French). Archived from the original on 2017-12-01. Retrieved 2017-11-23.
- ^ "Arbitrage Discovered". Bloomberg L.P. 2015-02-27. Archived from the original on 2017-12-01. Retrieved 2017-11-23.
- ^ "L'Abeille Compagnies d'Assurances - Heritage - Aviva plc". heritage.aviva.com. Archived from the original on 2017-12-01. Retrieved 2017-11-23.
- ^ "Financial Times" (PDF). Archived (PDF) from the original on 2017-12-01.
- ^ Dakers, Marion (2015-03-19). "Aviva loses legal fight to end time-travelling risk-free investments". Daily Telegraph. ISSN 0307-1235. Archived from the original on 2017-12-03. Retrieved 2017-11-23.
- ^ "Aviva sells French arm for e3.2 billion". 23 February 2021.