Allied World Assurance Company Holdings, GmbH and Hudson Structured Capital Management Ltd. announced their investment in Vault, a new venture that caters to the high-net-worth personal insurance market on Wednesday.
Vault is uniquely structured as a Reciprocal Insurance Exchange, a fully licensed MGA and is positioned to meet the complex needs of the high net-worth segment.
Allied World is providing significant capital and infrastructural support, owning the majority of Vault.
Clients of Hudson Structured Capital Management Ltd. (doing business as “HSCM Bermuda”) hold a minority interest. Hudson is a leading investment manager focused on alternative investments specific to the insurance, reinsurance and transport sectors.
Vault will offer insurance coverage and services for high-value homes, art, jewelry and personal excess liability coverage, packaging these coverages under one seamless transaction through a web platform offering quick quote and binding. Vault’s coverage will be available through agents and brokers in the high-net-worth sector.
In a statement about the investment, Scott Carmilani, president and chief executive officer of Allied World, said: “We believe there is an underserved market in the high net-worth space, and Vault will help to meet the demand for these coverages and specialized services. Allied World is very proud to be involved in the initial build-out of Vault’s infrastructure and brand and pleased to be a part of this venture.”
Charles Williamson, most recently chief executive officer of Tower Hill Insurance Group, will serve as CEO of Vault. “His 30-plus years of experience and insight into the high net-worth market, along with his highly talented team, will redefine the future of personal insurance,” said Carmilani of Williamson, who also served as an executive vice president of Crystal & Company from 2013 to 2016, and before that held a number of roles at American International Group, overseeing AIG’s Private Client business that grew significantly under his leadership.
Williamson said that “Vault’s unique structure as a policyholder-owned reciprocal exchange and an E&S company positions it to meet the diverse needs of this fast-growing segment.”
Source: Allied World Assurance Company Holdings, GmbH