Cornell & HSCM to acquire majority stake in Vault
Cornell Capital, a private investment firm, and Hudson Structured Capital Management , doing its re/insurance business as HSCM Bermuda, an asset manager focused on alternative investments, announced that they have entered into an agreement to acquire Vault , a provider of personal insurance to high-net-worth clients.
Launched in October 2017, 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.
“The market demand for premium personal insurance is growing rapidly. There are more than 12 million US households in our target market, up from 6.8 million in 2009, and nearly 80% of them do not currently utilize the services of a high-net-worth insurance specialist, presenting Vault with a large addressable market. With the investment by Cornell Capital and HSCM, we see significant growth potential for Vault in the underserved high-net-worth insurance market.” – Co-Founder, Vault, Scott Carmilani.
“In less than three years, Vault has progressed from a dynamic startup to a fast-growing disruptor. Our team brings significant experience partnering with and growing leading insurance companies, and we look forward to working closely with Scott, Charles, and the Vault team to execute on our shared vision for continued growth. Moving forward, Vault has the potential to become an even stronger, more nimble competitor, capable of reshaping the sector, attracting and retaining top talent, and achieving market leadership in high-net-worth personal insurance.” – Founder and Senior Partner, Cornell Capital, Henry Cornell.