NEW YORK and ST. PETERSBURG, Fla., Nov. 12, 2020 /PRNewswire/ -- Cornell Capital LLC, ("Cornell Capital"), a private investment firm, and Hudson Structured Capital Management Ltd., doing its re/insurance business as HSCM Bermuda ("HSCM"), an asset manager focused on alternative investments, today announced that they have entered into an agreement to acquire Vault Holdings, LLC ("Vault" or the "Company"), a fast-growing provider of personal insurance to high-net-worth clients.
Launched in October 2017, Vault offers a modern insurance experience that combines an advanced technology platform and personalized concierge service designed to meet the needs of affluent clients. The Company operates under a unique hybrid business model, acting as a reciprocal insurance exchange, managing general agent, and excess-surplus insurance provider. Vault offers customizable services and policies to insure high-value homes and cars, as well as collections of art, jewelry, wine, antiques, and memorabilia. The Company distributes its products solely through a national network of appointed agents and brokers.
Scott Carmilani, Co-Founder of Vault and former Chairman and CEO of Allied World Assurance Company Holdings, Ltd (“Allied World”), will continue to serve as Chairman of Vault’s Board. The Vault leadership team, led by Co-Founder and CEO Charles Williamson, will continue to operate the business and build on the Company’s success to date.