Envelop Risk, a UK-based company specialising in analytics and cyber reinsurance, has launched a new services unit named Envelop Risk Solutions.
This division aims to support insurers and reinsurers looking to bolster their cyber capabilities.
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Envelop Risk Solutions will utilise the company’s Augmented Underwriting approach, which integrates data enrichment and AI with stringent underwriting and capital management strategies.
The scope of Envelop Risk Solutions’ current projects varies widely, assisting clients from the inception of a cyber programme to aiding international reinsurers in expanding their operations.
The support provided encompasses technical assistance and advisory services across the full capital management spectrum.
This includes automation of reinsurance operations, cyber market analytics, capital metrics, cyber modelling, cyber underwriting and strategy, product development, scenario modelling, threat intelligence and worldwide cyber risk forecasting.
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By GlobalDataEnvelop Risk co-founder Paul Guthrie will serve as the interim head of the division.
Guthrie has a background in leading AI and technology integration projects for global investment banks, asset managers, aerospace and defence companies, and NASA.
Envelop Risk Solutions is an extension of Envelop Risk’s aim to build resilience and foster growth within the global cyber insurance and reinsurance markets.
Envelop co-founder and CEO Jonathan Spry said: “Envelop was founded to enable sustainable industry growth through the intelligent application of advanced analytics technology to best practices in capital management and underwriting.
“Cyber remains a growing and potentially very profitable area but it requires specialisation to accept risks safely. We offer our capital partners the most detailed and rigorous assessment of their cyber portfolios in the industry. With a view to increasing the resiliency of the global cyber market, it is a pleasure to open our tool kit to help our industry partners, large and small, hit their strategic targets.”
Earlier this year, Envelop Risk set up a special purpose arrangement (SPA) vehicle at Lloyd’s focused on underwriting cyber reinsurance.
The SPA, named Envelop SPA 1925, is a collaborative effort with Apollo and operates under Apollo Syndicate 1971.
Chris Baddeley was appointed as the active underwriter for the SPA, which began operations on 1 January 2024.
In September 2023, Envelop Risk introduced Cyber Partnership Platforms, a scheme aimed at cedents interested in entering or expanding their presence in the cyber risk market.
