Envelop Risk extends capacity agreement with MS Re
Cyber reinsurer specialist Envelop Risk, which has a Bermuda-based reinsurer, has extended its capacity agreement with MS Reinsurance for a further three years.
Envelop, which said it had also underwritten $1 billion in gross written premiums since its launch in 2018, has also signed MS Re MS Reinsurance as a client of its new solutions business with a multi-year agreement for analytics services.
Envelop is now looking to expand into new segments globally, with a view to helping close the global cyber risk protection gap. Particularly as penetration is low – even in highly developed markets such as the US, at less than 30%, and many other regions low single digits.
Jonathan Spry, Envelop co-founder and CEO said: “These are huge milestones for us and I am very grateful to our team, partners and clients who helped us achieve them.
“Cyber-attack is the primary existential risk companies face and a serious threat to individuals. By providing the support necessary for cedants to offer protection from that threat sustainably, Envelop has grown from a start-up business in 2016 to a leading cyber reinsurer, analytics provider and capital management specialist, today.
“As we grow globally, we will continue to support the development and resilience of the cyber market and remain dedicated to tackling the underlying protection gap that we are leading the charge in closing.”
Charles Goldie, chief underwriting officer, MS Reinsurance, added: “Having supported Envelop’s substantial growth momentum from day one, I am very pleased to affirm our continued commitment. MS Reinsurance will, as a result, remain a cornerstone in Envelop’s work to support the reinsurance needs of the global cyber insurance market.”
Envelop, which said it had achieved a compound annual growth rate of 40% since 2018, said other significant milestones included:
The 2022 launch of Augmented Re in Bermuda, a dedicated Class 3A reinsurer providing risk-alignment with capacity partners across Bermuda and London.
Envelop SPA 1925, launched in January 2024, with Lloyd’s Managing Agent Apollo, further strengthened Envelop’s proposition and its ability to support cedants wishing to enter the cyber market or expand their existing participation.
Cyber Partnerships Platform, launched in September 2023. Through this, Envelop has enabled 30 partner companies to underwrite cyber risk in as many countries around the world, helping them meet a broad range of client requirements, from personal lines and micro-SME to large corporate insureds.
Envelop Risk Solutions, which launched in September 2024, provides broad-spectrum support for cedants seeking enhanced cyber performance.
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