HSCM and Cornell Capital acquire insurer for high net worth clients

Hudson Structured Capital Management, which does its re/insurance business as HSCM Bermuda, has agreed to acquire Vault Holdings, a provider of personal insurance to high-net-worth clients, alongside Cornell Capital.

Vault was launched in October 2017 and combines an advanced technology platform with a personalised concierge service designed to meet the needs of affluent clients. It operates under a hybrid business model, acting as a reciprocal insurance exchange, managing general agent, and excess-surplus insurance provider.

Vault offers customisable services and policies to insure high-value homes and cars, as well as collections of art, jewelry, wine, antiques, and memorabilia. It distributes its products solely through a national network of appointed agents and brokers.

Hudson Structured Capital Management was a founding investor in Vault. “Our additional investment is a testament to our confidence in the company's business model," said Michael Millette, Hudson’s founder and managing partner. "We are eager to build on the impressive growth and momentum that we have achieved together over the past three years."

Scott Carmilani, co-founder of Vault and former chairman and chief executive of Allied World Assurance Company Holdings, will remain as chairman of Vault's board. The Vault leadership team, led by co-founder and chief executive officer Charles Williamson, will continue to operate the business.

Carmilani noted that demand for premium personal insurance is growing rapidly. "There are more than 12 million US households in our target market, up from 6.8 million in 2009, and nearly 80 percent of them do not currently utilise the services of a high-net-worth insurance specialist,” he said.

“With the investment by Cornell Capital and HSCM, we see significant growth potential for Vault in the underserved high-net-worth insurance market."