13 November 2020Insurance

HSCM and Cornell to acquire high net-worth insurer Vault from Fairfax

Hudson Structured Capital Management (HSCM Bermuda) and private equity investment house Cornell Capital have agreed to acquire specialist high net-worth insurer Vault from Fairfax Financial and Allied World Assurance Company.

Florida-based Vault Insurance, which launched in 2017, is a combination of a policyholder-owned reciprocal insurance exchange and a surplus lines company targeted toward the high net-worth market.

Following the sale, Fairfax through Allied World will continue to own a 10 percent stake in Vault, while the majority interest will be owned by HSCM and Cornell.

The former CEO of Allied World Scott Carmilani, who was instrumental in creating and growing Vault, will continue to have an ownership interest and play a leadership role in Vault.

The transaction is expected to close by the end of the first quarter of 2021.

Prem Watsa, chairman and CEO of Fairfax, said: “We are very pleased to complete this transaction with Cornell Capital and HSCM Bermuda. We are also very grateful to Scott for all of his contributions to the Fairfax Insurance Group, especially at Allied World, a company which he led from being a start-up to becoming an industry leading and highly successful worldwide insurance and reinsurance business. We wish Scott all the very best.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
10 February 2021   The transaction will allow HSCM to refinance its start-up obligations and accelerate further growth.
article
14 January 2021   The new hire has 20 years of experience including board roles at States Title and B3i Services.
Insurance
13 July 2020   The merger aims to create a large Pan Africa-focused alternative investment manager.