Market Overview

Allied World Announces Formation of Vault, Focused on the High Net-Worth Market


Allied World Assurance Company Holdings, GmbH and Hudson Structured
Capital Management Ltd. announced today their investment in Vault, a new
venture that caters to the high net-worth personal insurance market.
Vault is uniquely structured as a Reciprocal Insurance Exchange, a fully
licensed MGA and is positioned to meet the complex needs of the high
net-worth segment. Allied World is providing significant capital and
infrastructural support, owning the majority of Vault. A minority
interest is held by clients of Hudson Structured Capital Management Ltd.
(doing business as "HSCM Bermuda"), a leading investment manager focused
on alternative investments specific to the re/insurance and transport

Vault will offer insurance coverage and services for high-value homes,
art, jewelry and personal excess liability coverage. Vault's unique
business model packages these coverages under one seamless transaction
through a web platform offering quick quote and binding. Vault's
coverage will be available through agents and brokers in the high
net-worth sector.

Scott Carmilani, President and Chief Executive Officer of Allied World,
said, "We believe there is an underserved market in the high net-worth
space, and Vault will help to meet the demand for these coverages and
specialized services. Allied World is very proud to be involved in the
initial build-out of Vault's infrastructure and brand and pleased to be
a part of this venture."

Mr. Carmilani continued, "I'm also pleased to announce that Charles
Williamson will serve as the Chief Executive Officer of Vault. His 30+
years of experience and insight into the high net-worth market, along
with his highly talented team, will redefine the future of personal

Charles Williamson was most recently Chief Executive Officer of Tower
Hill Insurance Group and served as Executive Vice President of Crystal &
Company from 2013 to 2016. Previously, he held numerous roles at AIG,
including overseeing AIG's Private Client business that grew
significantly under his leadership.

Mr. Williamson said, "Vault's unique structure as a policyholder-owned
reciprocal exchange and an E&S company positions it to meet the diverse
needs of this fast-growing segment. We are grateful for the support and
insight we have received from key agency partners in shaping Vault's
offerings. With the strong support of Allied World, we look forward to
radically improving the service experience of agents and insureds in
this important market."

Michael Millette, Managing Partner of HSCM Bermuda, added, "We are
delighted to have the opportunity to invest with Allied World in the
Vault plan and with this team. We believe that Vault is a timely
addition to the U.S. high net-worth insurance market."

TigerRisk Capital Markets & Advisory served as transaction advisor to
Allied World and placement agent for Vault.

About Allied World

Allied World Assurance Company Holdings, GmbH, through its subsidiaries,
is a global provider of insurance and reinsurance solutions. We operate
under the brand Allied World and have supported clients, cedents and
trading partners with thoughtful service and meaningful coverages since
2001. We are a subsidiary of Fairfax Financial Holdings Limited, and we
benefit from a worldwide network of affiliated entities that allow us to
think and respond in non-traditional ways. Our capital base is strong,
our solutions anticipate rather than react to changing trends, and our
teams are focused on establishing long-term relationships that are
mutually beneficial. Learn more about how we can help you manage your
risk by visiting: Web:
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