St. Pete insurer Vault expands footprint, doubles workforce

Vault Holdings, a St. Petersburg-based insurance company that caters to the affluent, flourished in 2020.

The company achieved all of its targeted financial milestones, said Charles Williamson, Vault co-founder and CEO. It also demonstrated that its operational model, with strong agency partnerships and a proprietary technology platform, is resonating in the high-net-worth insurance market, Williamson said.

Vault highlighted its 2020 accomplishments in a news release. During the last year, Vault:

• Increased full year 2020 revenue by 70 percent compared to 2019. Vault surpassed $100 million in written premium in only its third year of operations.
• Expanded its footprint to include 18 states. Vault said it plans to launch its home, auto, collections and excess liability offerings in 12 additional states this year.
• 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.

Vault set up shop in downtown St. Petersburg in October 2017 and has grown rapidly since then.

Inside Vault’s headquarters in downtown St. Pete

In November, 2020, two private investment firms  — Cornell Capital LLC and Hudson Structured Capital Management Ltd. — said they would buy Vault for an undisclosed amount. That deal recently closed, Vault said. HSCM was an initial investor in the company.

“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,” Williamson said. “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.”

Vault is a fast-growing disruptor in the personal insurance space, said Henry Cornell, founder and senior partner of Cornell Capital.

 “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,” added Michael Millette, managing partner and co-founder of HSCM.

Vault 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, Florida, California and Texas. Products are distributed solely through a national network of appointed agents and brokers.