High-net-worth insurer Vault has expanded into three new states. First launched in 2017, Vault has now obtained approvals to underwrite in Connecticut, New Jersey and Pennsylvania. This adds to Vault’s existing operations in Florida and South Carolina and non-admitted coverage offerings in the U.S.
“We are excited to bring our reimagined, modern approach to the thriving high-net-worth markets in the Northeast,” Vault CEO Charles Williamson said in prepared remarks. “The region has long served as a driver of innovation, and their most successful households deserve creative and flexible solutions to protect all facets of the lifestyle and serve their coverage needs.”
Williamson and other Vault leaders are former AIG executives.
Vault bills itself as a “modern insurance concept” that is a “unique combination of a policyholder-owned reciprocal insurance exchange and a surplus lines company” focused on an affluent market. Allied World is a majority owner and supports the company, providing “significant” capital and operational support, Vault said.
Vault’s insurance offerings and related services are designed for high-value homes, art, jewelry, cyber and personal excess liability coverage. Coverage is accessible via a web platform designed to offer quick quote and binding, and Vault said its business model was developed based on agent feedback.