Vault

What Vault does

Vault is a private, US-licensed specialty insurance carrier founded in 2017 by Scott Carmilani that underwrites personal lines for affluent households whose homes, vehicles, and collections are typically declined or under-served by standard carriers. The company writes coverage through two regulated entities — Vault Reciprocal Exchange (a Florida-domiciled reciprocal insurance exchange) and Vault E&S Insurance Company (a surplus lines carrier) — and additionally operates Combination Specialty Underwriters (CSU), an in-house Managing General Agent that crafts specialty commercial policies on its behalf. Its product portfolio covers homeowners, auto (including luxury/classic/exotic), collections (fine art, jewelry, wine, couture, antiques), personal excess liability, yacht, aviation, and a group personal excess liability product, plus a 2022-launched commercial lines division addressing E&O, media liability, and industry-specific programs for professional services firms. Policies are distributed exclusively through a network of 1,000+ appointed insurance agents and brokers, supported by a proprietary agent-facing platform called Metal that enables quote-in-minutes, real-time underwriting collaboration, and full quote-status visibility; a parallel E&S line called Vault Custom targets risks that standard carriers decline. The company also sells directly via website quote requests, with field-based Business Development Managers developing broker relationships in defined US territories.

Underwriting is anchored in a craft, E&S-style approach rather than algorithm-driven pricing. Vault's claims operation is differentiated by an average 2-hour response time and 24/7 live concierge support without automation, in-house risk advisors offering proactive mitigation (e.g., water-shut-off partner Beagle Services), and a partner-led service layer that includes HONK for roadside, Safelite for glass, Bass Underwriters and Raphael & Associates for yacht, and Old Republic Aerospace for aviation. Capital structure is backed by A.M. Best's A- (Excellent) financial strength rating with a conservative reinsurance program, and ownership transitioned in November 2023 from Allied World to a Cornell Capital and Hudson Structured Capital Management majority stake, signaling growth-capital orientation. Premiums generate recurring revenue across bundled lines anchored by a primary home policy, with geographic offices in St. Petersburg (HQ), New York, West Palm Beach, and Chicago.

Name

Vault

Legal name

Vault Reciprocal Exchange

Website

https://vaultinsurance.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Vault is a US specialty insurer underwriting personal lines — homeowners, auto, collections, excess liability, yacht, aviation, and commercial — for affluent households through 1,000+ appointed brokers, supported by an A.M. Best A- rating and its proprietary Metal agent platform.

Ownership category

akta.pro rank

Product category

High-Net-Worth Personal Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Fine Art, Jewelry & Specie (FSAJAGAL)

akta.pro secondary industry

Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI)

Keywords

• High net worth insurance
• Specialty personal lines
• Excess surplus lines
• Yacht aviation insurance
• Collections insurance

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Insurance Premiums: Vault earns revenue through insurance premiums collected from policyholders across its multiple product lines including homeowners, auto, collections, excess liability, yacht, aviation, and commercial insurance. The company operates as a reciprocal insurance exchange managed by Vault Risk Management Services and also as a surplus lines insurer through Vault E&S Insurance Company.
2. Excess and Surplus Lines Insurance: Vault Custom (E&S) underwriters craft customized policies for complex luxury homes that don't fit standard insurance criteria, providing flexible coverage options in the surplus lines market.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Vault designs, underwrites, and distributes a portfolio of specialty high-net-worth personal insurance products (homeowners, auto, collections, excess liability, yacht, aviation, group excess liability, and a custom E&S line) plus a smaller commercial insurance offering, sold as bundled coverage through a national network of appointed independent agents and brokers. Policies are serviced with 24/7 live-agent concierge support, an average two-hour claims response, and proactive risk-management services, and are underwritten through Vault Reciprocal Exchange and Vault E&S Insurance Company.

Product overview

Vault is a high-net-worth personal insurance company offering a multi-product portfolio of specialized coverage lines for affluent individuals and families. The core offering includes Vault Home Complete (homeowners), Vault Auto, Vault Collections, Vault Excess Liability, Vault Custom (E&S), Vault Yacht, Vault Aviation, and Vault Group Personal Excess Liability (GPEL), all available through a network of over 1,000 broker partners nationwide. Vault Commercial was added via an in-house MGA (Combination Specialty Underwriters). These products are designed to be purchased as bundles anchored by a primary home policy (homes valued at $1M–$3M+ depending on state), with add-on lines for auto, collections, excess liability, yacht, and aviation. Supporting services include Vault Concierge (24/7 white-glove support), Vault Claims Services (average 2-hour response), and Vault Risk Services (proactive risk management). The company is rated A- (Excellent) by AM Best and underwrites through Vault Reciprocal Exchange and Vault E&S Insurance Company.

Differentiator

Problem solved

Functional benefit

Brands

• Combination Specialty Underwriters (CSU): In-house Managing General Agent (MGA) that develops and underwrites specialty coverages on behalf of Vault E&S Insurance Company or other third-party partners.
• Vault Custom

Products and services

• Vault Home Complete (Homeowners Insurance) Homeowners insurance designed for affluent homeowners with luxury properties (homes typically valued at $2M+). Covers reconstruction cost at current market materials and labor, flexible cash-or-rebuild claim settlement, and specialized protections including home systems breakdown, service line protection, sewer/drain backup, trust/LLC-owned properties, and family cyber coverage. Sold as part of a bundle through appointed agents and brokers.
• Vault Auto Enhanced auto insurance for luxury, classic, exotic, and high-value vehicles, offered only as part of a bundle with a qualifying Vault home policy. Covers agreed-value basis, rental car reimbursement, 24/7 roadside assistance (via HONK/Resq.io integrations), pet injury, and auto lock coverage (lost/stolen keys and rekeying up to $1,500 with no deductible). Also covers trailers, motorhomes, collector cars, motorcycles, golf carts, and off-road vehicles.
• Vault Collections Insurance for valuable personal collections including fine art, jewelry, vintage wine, rare whiskey, couture gowns, and antiques. Features include newly acquired coverage, pair-and-set clause for jewelry and art, worldwide coverage, discounted pricing for updated appraisals, and a Vaulted Jewelry Option with reduced rates for rarely worn items kept in bank vaults. Available as part of a bundle with a qualifying Vault home policy.
• Vault Excess Liability Personal excess liability coverage for high-net-worth individuals that activates after primary home or auto policy limits are exhausted. Covers bodily injury, libel, slander, property damage, wrongful employment claims, and not-for-profit board member liability. Optional coverages include excess uninsured/underinsured motorist, employment practices liability ($1M), and not-for-profit D&O ($5M). Sold as part of a bundle with a qualifying Vault home policy.
• Vault Custom (E&S) Excess and surplus lines (E&S) custom insurance providing maximum flexibility for luxury homes with unique, complex, or high-risk characteristics that standard insurance cannot accommodate. Crafted by specialized E&S underwriters and includes replacement cost for contents, sewer/drain backup, trusts and LLCs coverage, fungi coverage option, jewelry sublimit ($50,000), defense-cost coverage in addition to policy limits, family cyber coverage, and personal injury coverage.
• Vault Yacht Specialized yacht and boat insurance for mid-sized to larger vessels operating within U.S. coastlines and inland waterways. Underwritten and serviced by Bass Underwriters on behalf of Vault on a non-admitted (E&S) basis, with claims managed by Raphael & Associates, a leading yacht claims administrator with over 15 years of expertise. Available as part of a bundle with a qualifying Vault home policy.
• Vault Aviation Comprehensive and customized aviation insurance provided in partnership with Old Republic Aerospace. Covers private jets, piston aircraft, turboprop, twin-engine aircraft, helicopters, light aircraft, and corporate aviation fleets (Part 91 and Part 135), with corporate aviation hull values up to $35M and liability limits up to $300M. Also covers drones/UAS (Hull up to $250K, liability $500K–$50M).
• Vault Group Personal Excess Liability (GPEL) Group personal excess liability insurance offering flexible group structures and worldwide protection for organizations and their clients, with coverage available up to $30M. Includes excess uninsured/underinsured motorist liability, kidnap expense, identity theft management services, reputational injury expense, shadow defense expense, and loss of earnings coverage. Optional add-ons include employee practices liability, non-profit D&O liability, and family trust management.
• Vault Commercial Commercial insurance for US-domiciled businesses developed through Combination Specialty Underwriters (CSU), Vault's in-house Managing General Agent. Covers complex risks including Errors & Omissions (E&O), Media Liability, and industry-specific programs for sectors such as law firms (minimum 20 attorneys), insurance agents/brokers, staffing agencies, property managers, and media/sports/entertainment. Total capacity $5M.

Quantifiable outcome

• Average claims response time of 2 hours following initial contact
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• Bass UnderwriterscoreImplementation/ SI/ Consulting PartnerBass Underwriters manages and underwrites Vault's yacht insurance program on behalf of Vault on a nonadmitted (E&S) basis throughout the US. Established in 1997, Bass Underwriters is a nationwide managing general agency known for technology platforms and analytics in the MGA space.
• Raphael & AssociatescoreImplementation/ SI/ Consulting PartnerRaphael & Associates manages yacht insurance claims for Vault. Founded in 1978, the firm is one of the largest privately owned U.S. Third-Party Administrators with over 20 offices and 300 employees, recognized for expertise in servicing U.S. yacht claims for over 15 years.
• Old Republic AerospacecoreTechnology or IntegrationVault partners with Old Republic Aerospace to provide comprehensive and customized aviation insurance solutions for private jets, piston aircraft, turboprop, twin-engine, helicopters, light aircraft, and corporate aviation fleets. Old Republic Aerospace has over 40 years of experience in aviation insurance.
• Combination Specialty Underwriters (CSU)coreTechnology or IntegrationVault utilizes its own in-house Managing General Agent (MGA), Combination Specialty Underwriters (CSU), to develop and underwrite specialty coverages on behalf of Vault E&S Insurance Company or other third-party partners. Vault and CSU are licensed to underwrite nationwide.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hiscox: Hiscox is a global specialty insurer with a strong HNW and high-value homeowners franchise in the U.S., distributed through appointed brokers and MGAs. It directly competes with Vault for affluent broker appointments and offers comparable specialty personal lines coverage.
• PURE Group (Privilege Underwriters Reciprocal Exchange): PURE is a member-owned reciprocal insurance exchange serving HNW households with homeowners, auto, and collections coverage. It operates an almost identical structural model to Vault Reciprocal Exchange, targets the same affluent customer base, and distributes exclusively through a network of appointed brokers — making it Vault's closest structural peer.

Broad incumbents

• Hanover Insurance Group: Hanover's Personal Lines division serves HNW households through specialty independent agents, with a product mix and distribution model comparable to Vault. It competes for broker appointments in the affluent homeowners segment and offers similar specialty personal lines capabilities.
• Markel: Markel is a specialty insurer with significant HNW and personal lines capabilities, plus niche commercial and E&S offerings. Its specialty insurance orientation and broker distribution make it a comparable peer for Vault's mix of personal and specialty commercial lines.
• Travelers Personal Insurance: Travelers Personal Insurance serves HNW households with homeowners, auto, and umbrella coverage through independent agents. It is an incumbent alternative for brokers evaluating Vault for affluent clients, particularly those seeking a large-balance-sheet carrier.
• Chubb: Chubb is the largest direct writer of HNW personal insurance in the U.S. through its Masterpiece Personal Lines division, offering homeowners, auto, umbrella, and collections coverage to affluent households. It competes head-to-head with Vault for HNW broker appointments and represents the dominant incumbent in Vault's core market.
• Aspen Insurance: Aspen Insurance is a specialty P&C insurer with significant E&S capabilities serving complex and high-value risks. Its specialty orientation and E&S expertise make it comparable to Vault Custom's surplus lines capabilities and high-value home underwriting approach.
• AIG Private Client Group: AIG Private Client Group serves HNW households with homeowners, auto, and umbrella coverage via the same appointed-broker model Vault uses. As a large global insurer with a long-standing HNW franchise, it is a direct incumbent competitor and was the training ground for Vault's CEO Scott Carmilani.
• Cincinnati Financial / Cincinnati Private Client: Cincinnati Private Client serves affluent households with homeowners, auto, and excess liability coverage through independent agents. It competes with Vault in the same HNW broker channel and represents an established specialty carrier alternative for brokers placing high-value home risks.

Emerging players

• Kinsale Insurance: Kinsale is a publicly traded E&S specialist that has scaled rapidly by combining disciplined underwriting with a proprietary technology platform serving brokers. It is an emerging comparable peer for Vault's E&S capabilities and broker-facing technology approach, though focused more on commercial E&S than HNW personal lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/VaultInsHQ
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/vaultinsurance

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vault