Vault Holdings, a provider of personal insurance for successful individuals and families that was recently acquired by Hudson Structured Capital Management (HSCM) and Cornell Capital, has surpassed $100 million in written premium in only its third year of operations.
HSCM and Cornell said they plan to leverage their capital, network and experience to help propel Vault’s growth, including through acquisitions.
Vault, which insures high-value homes and cars and collections of art, jewelry, wine, antiques and memorabilia for high net worth individuals (HNWI), saw its full year revenue increase by 70 percent in 2020 compared to 2019. It expanded its footprint to include 18 states and plans to launch its home, auto, collections and excess liability offerings in 12 additional states in 2021.
It also doubled the number of employees to 120 across its headquarters in St. Petersburg, its office in New York and remote locations across the US.
Vault launched in October 2017, offering what it describes as “a modern insurance experience” that combines an advanced technology platform with “a personalised concierge service”, designed with HNWIs in mind.
Charles Williamson, co-founder and chief executive officer at Vault, said the company had achieved all of its targeted financial milestones in 2020. “We have a strong foundation and ambitious goals for the remainder of 2021, with our expanded footprint providing important portfolio diversification and a more robust set of capabilities for our agents and clients,” he added.
Joe Clark, chief growth officer for Aon Private Risk Management, said: "Traditional processes like the claims experience can be time-consuming and complex, but Vault strips away these challenges and simplifies the process.”
Michael Millette, managing partner and co-founder of HSCM, said: "We have believed in Vault's business model since the company launched in 2017.”
Vault, Hudson Structured Capital Management, HSCM, Cornell Capital, Charles Williamson, Joe Clark, Aon, Michael Millette