London-based specialty re/insurer MS Amlin has purchased an equity stake in Envelop Risk, a specialist reinsurance managing general agent (MGA), for an undisclosed sum.
Envelop Risk offers artificial intelligence (AI)-based data driven cyber risk analysis and reinsurance products.
MS Amlin said that the acquisition of a minority strategic stake in the firm will further boost the relationship between the two companies.
The latest development follows a cyber-reinsurance partnership started in 2018, when MS Amlin served as the capacity provider for non-proportional and proportional structures.
As part of the deal, MS Amlin’s global managing director of reinsurance James Few has been appointed to the board of Envelop.
Few said: “Envelop Risk is a pioneer in the cyber insurance and reinsurance market and it is a real honour to be serving on the board.
“The recent investment by MS Amlin demonstrates the commitment we have to the company and we are excited to see what this partnership can achieve.”
Envelop CEO Jonathan Spry said: “We welcome the investment and working relationship with MS Amlin, which will support the development and expansion of our business.
“The appointment of James to the board further aligns our strategic priorities with MS Amlin and his industry experience and insight will be invaluable. We are delighted to welcome him to the Envelop family.”