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=== Recent years ===
=== 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.<ref name=":4">{{cite web |url=https://www.independent.co.uk/news/business/news/max-herve-george-the-man-fighting-a-merciless-legal-war-against-insurance-giant-aviva-10168427.html |title=One young man's merciless legal war against insurance giant Aviva |date=2015-04-10 |work=The Independent|access-date=2017-11-23 |url-status=live |archiveurl=https://web.archive.org/web/20171201042231/http://www.independent.co.uk/news/business/news/max-herve-george-the-man-fighting-a-merciless-legal-war-against-insurance-giant-aviva-10168427.html |archivedate=2017-12-01 }}</ref>
George purchased land, near [[Geneva|Geneva, Switzerland]] and designed, developed and oversaw the construction to completion and launch of a commercial complex, which was sold in 2015.<ref name=":4">{{cite web |url=https://www.independent.co.uk/news/business/news/max-herve-george-the-man-fighting-a-merciless-legal-war-against-insurance-giant-aviva-10168427.html |title=One young man's merciless legal war against insurance giant Aviva |date=2015-04-10 |work=The Independent|access-date=2017-11-23 |url-status=live |archiveurl=https://web.archive.org/web/20171201042231/http://www.independent.co.uk/news/business/news/max-herve-george-the-man-fighting-a-merciless-legal-war-against-insurance-giant-aviva-10168427.html |archivedate=2017-12-01 }}</ref>In 2015, George launched the [[Duchessa SA|Duchessa]] brand.<ref>{{Cite web |url=https://www.duchessa.ch/ |title=Duchessa SA - Restaurants et boutiques de saveurs |website=Duchessa - Store concept |language=fr-FR|access-date=2017-11-23 |url-status=live |archiveurl=https://web.archive.org/web/20171201033338/https://www.duchessa.ch/ |archivedate=2017-12-01 }}</ref><ref name="Bilan">{{cite web |url=http://www.bilan.ch/plus-de-redaction/un-jeune-entrepreneur-francais-ouvre-etablissements-ultra-luxe |title=Un jeune entrepreneur français ouvre des établissements ultra luxe |work=Bilan |access-date=2017-11-23 |language=fr |url-status=dead |archiveurl=https://web.archive.org/web/20171201033844/http://www.bilan.ch/plus-de-redaction/un-jeune-entrepreneur-francais-ouvre-etablissements-ultra-luxe |archivedate=2017-12-01 }}</ref> The first boutique opened in [[Étoy, Switzerland|Etoy]] in June 2016.<ref name="Bilan" /> Duchessa was sold to Geneva-based M3 Groupe in 2021.<ref>{{Cite web|title=Le groupe M3 se redimensionne et n’ouvrira pas ses restaurants avant juin|url=https://www.bilan.ch/entreprises/le-groupe-m3-licencie-et-nouvrira-pas-ses-restaurants-avant-juin|access-date=2022-01-27|website=Bilan|language=fr}}</ref>

In the same year, he associated with [[Byron Baciocchi]] to purchase the Sport Hotel Rutti in [[Gstaad]]<ref>{{cite web |url=https://issuu.com/mdruck/docs/l_gl_15_february_2013_gzd |title=Gstaad Life, 15 February 2013 |work=issuu|access-date=2017-11-23 |url-status=live |archiveurl=https://web.archive.org/web/20180115155411/https://issuu.com/mdruck/docs/l_gl_15_february_2013_gzd |archivedate=15 January 2018 }}</ref> In 2013, the Sport hotel was demolished and work started on a construction which was to become Ultima Gstaad.<ref>{{Cite journal |date=6 December 2017 |title=deux investisseurs à l'assaut des cimes |journal=Bilan }}</ref>


In 2015, George launched the [[Duchessa SA|Duchessa]] brand.<ref>{{Cite web |url=https://www.duchessa.ch/ |title=Duchessa SA - Restaurants et boutiques de saveurs |website=Duchessa - Store concept |language=fr-FR|access-date=2017-11-23 |url-status=live |archiveurl=https://web.archive.org/web/20171201033338/https://www.duchessa.ch/ |archivedate=2017-12-01 }}</ref><ref name="Bilan">{{cite web |url=http://www.bilan.ch/plus-de-redaction/un-jeune-entrepreneur-francais-ouvre-etablissements-ultra-luxe |title=Un jeune entrepreneur français ouvre des établissements ultra luxe |work=Bilan |access-date=2017-11-23 |language=fr |url-status=dead |archiveurl=https://web.archive.org/web/20171201033844/http://www.bilan.ch/plus-de-redaction/un-jeune-entrepreneur-francais-ouvre-etablissements-ultra-luxe |archivedate=2017-12-01 }}</ref> The first boutique opened in [[Étoy, Switzerland|Etoy]] in June 2016.<ref name="Bilan"/>
In 2015, George launched the [[Duchessa SA|Duchessa]] brand.<ref>{{Cite web |url=https://www.duchessa.ch/ |title=Duchessa SA - Restaurants et boutiques de saveurs |website=Duchessa - Store concept |language=fr-FR|access-date=2017-11-23 |url-status=live |archiveurl=https://web.archive.org/web/20171201033338/https://www.duchessa.ch/ |archivedate=2017-12-01 }}</ref><ref name="Bilan">{{cite web |url=http://www.bilan.ch/plus-de-redaction/un-jeune-entrepreneur-francais-ouvre-etablissements-ultra-luxe |title=Un jeune entrepreneur français ouvre des établissements ultra luxe |work=Bilan |access-date=2017-11-23 |language=fr |url-status=dead |archiveurl=https://web.archive.org/web/20171201033844/http://www.bilan.ch/plus-de-redaction/un-jeune-entrepreneur-francais-ouvre-etablissements-ultra-luxe |archivedate=2017-12-01 }}</ref> The first boutique opened in [[Étoy, Switzerland|Etoy]] in June 2016.<ref name="Bilan"/>

Revision as of 15:30, 28 January 2022

Max-Hervé George
Born (1989-03-28) March 28, 1989 (age 35)
Metz, France
NationalityFrench
OccupationEntrepreneur

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

Ultima Capital

In 2012, he co-founded Ultima Capital with Byron Baciocchi,[11] the company has assets valued at over $1 billion in value.[12]

In 2012, the Ultima Group acquired Sport Hotel Rutti in Gstaad, a jet-set favourite ski resort in Switzerland.[13][14] The property was demolished and rebuilt as Ultima Gstaad hotel, which opened in December 2016.[15][16][17]

In August 2019, Ultima Capital SA listed on the BX Swiss stock exchange.[18] After the listing, George retained the position of CEO, a position he still holds.[19]

Recent years

George purchased land, near Geneva, Switzerland and designed, developed and oversaw the construction to completion and launch of a commercial complex, which was sold in 2015.[20]In 2015, George launched the Duchessa brand.[21][22] The first boutique opened in Etoy in June 2016.[22] Duchessa was sold to Geneva-based M3 Groupe in 2021.[23]

In 2015, George launched the Duchessa brand.[24][22] The first boutique opened in Etoy in June 2016.[22]

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.[25] 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.[26][27]

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.[25]

George's case

Having subscribed to 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. 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.[25] As of 2017, he has been fighting Aviva for 10 years, 15 if the years fought by his parents are taken into account.[28]

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.[29] 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".[20]

On 23 February 2021, Aviva sold its French business to Aema Group.[30]

References

  1. ^ 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.
  2. ^ 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.
  3. ^ "Ultima, la success story qui dérange". Tribune de Genève (in French). ISSN 1010-2248. Retrieved 2022-01-27.
  4. ^ "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.
  5. ^ "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.
  6. ^ "Max-Hervé George v Aviva". The Belfast Telegraph. John Lichfield. Retrieved 10 April 2015.
  7. ^ 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.
  8. ^ Costello, Miles. "Investor confronts Aviva over '€230bn' golden ticket". ISSN 0140-0460. Retrieved 2022-01-26.
  9. ^ "This Insurance Contract Will Make You A Billionaire". Business of Finance. Retrieved 2018-01-15.
  10. ^ "APACH - Ultima, la success story qui dérange". Retrieved 2022-01-26.
  11. ^ "Ultima, la success story qui dérange". Tribune de Genève (in French). ISSN 1010-2248. Retrieved 2022-01-27.
  12. ^ "Ultima Capital SA publishes audited 2020 results reaffirming its profitable strategy and solid balance sheet" (PDF).
  13. ^ Paterson, Rosie (2019-11-09). "Gstaad, Switzerland: 'The last paradise in a crazy world', a fairytale still untouched with pistes aplenty". Country Life. Retrieved 2022-01-26.
  14. ^ "Gstaad Life, 15 February 2013". issuu. Archived from the original on 15 January 2018. Retrieved 2017-11-23.
  15. ^ Assor, Constance (2018-03-06). "Ultima Gstaad, le luxe ultime". Le Point (in French). Retrieved 2022-01-26.
  16. ^ "Ultima Gstaad". The Telegraph. 2017-09-06. ISSN 0307-1235. Retrieved 2022-01-26.
  17. ^ "deux investisseurs à l'assaut des cimes". Bilan. 6 December 2017.
  18. ^ France, Forbes (2019-08-08). "Ultima Capital Entre En Bourse Et Accélère Son Développement Dans L'Hospitality De Luxe". Forbes France. Retrieved 2022-01-26.
  19. ^ "Team :: Ultima Capital". www.ultimacapital.com. Retrieved 2022-01-26.
  20. ^ 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.
  21. ^ "Duchessa SA - Restaurants et boutiques de saveurs". Duchessa - Store concept (in French). Archived from the original on 2017-12-01. Retrieved 2017-11-23.
  22. ^ a b c d "Un jeune entrepreneur français ouvre des établissements ultra luxe". Bilan (in French). Archived from the original on 2017-12-01. Retrieved 2017-11-23.
  23. ^ "Le groupe M3 se redimensionne et n'ouvrira pas ses restaurants avant juin". Bilan (in French). Retrieved 2022-01-27.
  24. ^ "Duchessa SA - Restaurants et boutiques de saveurs". Duchessa - Store concept (in French). Archived from the original on 2017-12-01. Retrieved 2017-11-23.
  25. ^ a b c Cite error: The named reference :2 was invoked but never defined (see the help page).
  26. ^ "Arbitrage Discovered". Bloomberg L.P. 2015-02-27. Archived from the original on 2017-12-01. Retrieved 2017-11-23.
  27. ^ "L'Abeille Compagnies d'Assurances - Heritage - Aviva plc". heritage.aviva.com. Archived from the original on 2017-12-01. Retrieved 2017-11-23.
  28. ^ "Financial Times" (PDF). Archived (PDF) from the original on 2017-12-01.
  29. ^ 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.
  30. ^ "Aviva sells French arm for e3.2 billion". 23 February 2021.
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