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VAULT ANNOUNCES STRONG BUSINESS GROWTH

Vault Holdings, LLC (“Vault” or the “Company”), a fast-growing provider of personal insurance for successful individuals and families, today announced that it achieved a number of significant business milestones in 2020 and is positioned for continued growth this year.

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 high-net-worth individuals. The Company provides customizable services and policies to insure high-value homes and cars, as well as collections of art, jewelry, wine, antiques and memorabilia. One or all of its insurance offerings are available in most East Coast states, FloridaCalifornia and Texas, distributed solely through a national network of appointed agents and brokers.

Notable 2020 milestones included:

  • Full year 2020 revenue increased 70 percent compared to 2019, with Vault surpassing $100 million in written premium in only its third year of operations.
  • Vault expanded its footprint to include 18 states and plans to launch its home, auto, collections and excess liability offerings in 12 additional states in 2021.
  • Vault doubled the number of employees to 120 across its headquarters in St. Petersburg, office in New York City and remote locations across the United States.

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, recently completed their previously announced acquisition of Vault. Together they plan to leverage their capital, network and experience to help propel growth at the Company, including through acquisition.

“We closed out a very successful 2020 by achieving all our targeted financial milestones and demonstrated our formula of a superior agent and client experience is resonating in the high-net-worth insurance market,” said Charles Williamson, Vault Co-Founder and CEO. “We have a strong foundation and ambitious goals for the remainder of 2021, with our expanded footprint providing important portfolio diversification and a more robust set of capabilities for our agents and clients. We look forward to partnering with Cornell Capital and HSCM to leverage their combined industry and operational expertise to continue to build the Vault platform, accelerate growth and pursue value-enhancing acquisition opportunities.”

“Since partnering with Vault in 2018, our agents have seen firsthand how easy and rewarding it is to do business with Vault,” said Joe Clark, Chief Growth Officer for Aon Private Risk Management. “Traditional processes like the claims experience can be time-consuming and complex, but Vault strips away these challenges and simplifies the process. We look forward to continuing this partnership in 2021 and beyond.”

Vault differentiates its model through:

  • Strong Agency Partnerships – A key catalyst for Vault’s growth has been its robust network of 650 insurance agency and broker partners. The Company has engaged independent agents since inception, and agent feedback has helped to inform every interaction and experience to date.
  • The Vault Proprietary Technology Platform – Vault’s proprietary technology platform provides agents and clients a fast, intuitive digital experience with a state-of-the-art claims and payments experience for customers and the support of a concierge customer service team. Notably, more than 99% of Vault policy and payment transactions are digital, supporting rapid agent and client adoption. Using this next-generation, no-code platform provides Vault a speed-to-market advantage over legacy competitors.

“Vault has continued to prove its role as a fast-growing disruptor in the personal insurance space,” said Henry Cornell, Founder and Senior Partner of Cornell Capital. “The Company achieved significant momentum last year and we are pleased to be working with the team to innovate and reshape the sector.”

“Charles and the team at Vault achieved a lot in 2020,” said Michael Millette, Managing Partner and Co-Founder of HSCM. “We have believed in Vault’s business model since the Company launched in 2017, and are delighted to add to our investment to maintain their momentum in the sector.”

About Vault
Vault is the new standard in personal insurance for successful individuals and families, committed to delivering an unrivaled customer experience where every detail and every interaction is thoughtful and unique. Vault’s proactive approach builds stronger relationships, allowing customers the luxury of feeling taken care of before a claim ever happens. The tenacity of a startup, backed by top investment firms and led by industry veterans — Vault is quite simply a better way to think about insurance. Visit www.vault.insurance to learn more.

About Cornell Capital
Cornell Capital LLC is a U.S.-based private investment firm with over $4.0 billion of AUM and offices in New York and Hong Kong. Partnering with strong, entrepreneurial management teams, the firm takes a value-oriented approach to investing across the consumer, financial and industrial sectors. Founder and Senior Partner Henry Cornell, who served as the Vice Chairman of Goldman Sachs’ Merchant Banking Division prior to founding Cornell Capital in 2013, leads a highly-seasoned senior leadership team with decades of shared investing experience. For more information, visit www.cornellcapllc.com.

About Hudson Structured Capital Management Ltd.
Hudson Structured Capital Management Ltd. is an asset manager focused on alternative investments seeking mezzanine level returns. Our focus is on the Re/Insurance and Transportation sectors. HSCM launched in 2016 and as of January 1, 2021, has more than $3.0 billion in assets under management and committed capital. HSCM focuses on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet and to market financing. For more information, please visit www.hscm.com.

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