Envelop Risk has announced the establishment of an SPA vehicle at Lloyd’s, aimed at underwriting cyber reinsurance.
Named Envelop SPA 1925, the platform is a collaboration with Apollo, leveraging its Strategic Partner Syndicates business and Apollo Syndicate 1971.
The SPA commenced operations on 1 January 2024, with Chris Baddeley appointed as the active underwriter in London.
Envelop said the SPA builds upon the cyber reinsurance capacity that was initially written within Apollo Syndicate 1971 in 2023, where Envelop provided its underwriting expertise.
Following its success, the operation has evolved into an SPA, Envelop added.
The SPA is said to enhance Envelop’s Bermuda-based activities and broadens the company’s capabilities in the cyber reinsurance market.
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Envelop, along with a varied group of third-party investors, is backing the SPA with risk capital.
Envelop Risk CEO Jonathan Spry said: “I am delighted to announce the launch of Envelop SPA 1925, which significantly strengthens our ability to support the growth and resilience of the global cyber insurance market. To have gained the backing of such highly regarded investors is a testament to the progress and maturity Envelop has achieved.
“With their support, that of Apollo and through our augmented intelligence approach to underwriting, we are strongly positioned to enable more insurers to safely realise the vast opportunity that cyber presents.”
Apollo director of strategic partner syndicates Andrew Gray said: “We are delighted to have been able to help Envelop achieve the next milestone in their Lloyd’s strategy. Apollo’s ability to incubate new products within one of our existing managed syndicates, and then support the evolution into an SPA, demonstrates our unique partnership approach to establishing innovative new businesses at Lloyd’s.”
In September 2023, Envelop introduced Cyber Partnership Platforms, a scheme designed for cedents interested in either venturing into the cyber risk market or augmenting their current market presence.