Allied World Assurance Company Holdings and Hudson Structured Capital Management have launched a Vault, a new venture that caters to the high net-worth personal insurance market.
Vault is 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. A minority interest is held by clients of Hudson Structured Capital Management Ltd (doing business as HSCM Bermuda), an investment manager focused on alternative investments specific to the re/insurance and transport sectors.
Vault will offer insurance coverage and services for high-value homes, art, jewellery and personal excess liability coverage. Vault’s unique business model packages 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.
Scott Carmilani, President and Chief Executive Officer of Allied World, says: “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 specialised 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.
“I’m also pleased to announce that Charles Williamson will serve as the Chief Executive Officer of Vault. His 30+ years of experience and insight into the high net-worth market, along with his highly talented team, will redefine the future of personal insurance.”
Williamson was most recently Chief Executive Officer of Tower Hill Insurance Group and served as Executive Vice President of Crystal & Company from 2013 to 2016. Previously, he held numerous roles at AIG, including overseeing AIG’s Private Client business that grew significantly under his leadership.
Williamson says: “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. We are grateful for the support and insight we have received from key agency partners in shaping Vault’s offerings. With the strong support of Allied World, we look forward to radically improving the service experience of agents and insureds in this important market.”
Michael Millette, Managing Partner of HSCM Bermuda, adds: “We are delighted to have the opportunity to invest with Allied World in the Vault plan and with this team. We believe that Vault is a timely addition to the U.S. high net-worth insurance market.”