Re/insurer MS Amlin has teamed up with cyber re/insurance analytics provider Envelop Risk to offer bespoke cyber reinsurance solutions.

Under the agreement, the two companies will underwrite a cyber reinsurance portfolio. MS Amlin will serve as the capacity provider.

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Commenting on the alliance, MS Amlin global managing director of reinsurance James Few said: “One of the biggest obstacles to growth that the market faces is a lack of credible risk quantification tools matched with specialist underwriters who really understand the product class.”

“The partnership with Envelop is an elegant solution to this problem, leveraging their best-in-class analytics with our established presence in the global underwriting market. We are excited to see what the partnership can unlock and achieve.”

Envelop Risk will be in charge of sourcing, underwriting, product development as well as marketing of cyber reinsurance deals.

MS Amlin will offer risk management and advice on the reported claims.

The portfolio will include proportional as well as non-proportional structures and will cover various geographies. Underwriting capacity will be available from October this year.

Envelop Risk founding CEO Jonathan Spry said: “We are delighted to be partnering with MS Amlin, to address the material and growing reinsurance of cyber related risks, embracing the complexity which has to date prevented an efficient risk transfer market developing.”

“We believe MS Amlin’s global capability and expertise to be an ideal fit for our approach, underpinned by Envelop’s proprietary AI analytics.”