Envelop Risk, a cyber reinsurance and analytics specialist, announced it has surpassed US$1 billion in gross written premium (GWP) since its launch in 2018, achieving a compound annual growth rate of 40% over the period.
The company has also finalized a three-year capacity agreement with MS Reinsurance, which has been a key partner since 2018. In addition, MS Reinsurance has signed a multi-year agreement with Envelop’s newly launched Solutions Business for analytics services.
Since its inception, Envelop has offered both proportional and non-proportional reinsurance solutions. The company has achieved several milestones, including the launch of Augmented Re in Bermuda in 2022, a dedicated Class 3A reinsurer aimed at aligning risks with capacity partners in Bermuda and London.
In January 2024, Envelop SPA 1925, a syndicate at Lloyd’s managed by Apollo, further strengthened the company's ability to support cedants entering or expanding in the cyber insurance market.
In September 2023, the company introduced its Cyber Partnerships Platform, enabling 30 partner companies to underwrite cyber risks in multiple countries. This platform supports a diverse range of clients, from personal lines to large corporate insureds.
Envelop Risk Solutions, launched in September 2024, offers comprehensive support to cedants seeking improved cyber performance.
Looking ahead, Envelop said that it aims to address the global cyber risk protection gap, particularly in markets where insurance penetration remains low. In the US, for example, penetration is less than 30%, while other regions report rates in the low single digits.
Jonathan Spry (pictured above), Envelop’s co-founder and CEO, described the milestones as significant achievements for the company.
“These are huge milestones for us and I am very grateful to our team, partners and clients who helped us achieve them. Cyberattack is the primary existential risk companies face and a serious threat to individuals,” he said.
Spry emphasized the company’s growth trajectory, which has transformed Envelop from a startup in 2016 into a global reinsurer and analytics provider.
Charles Goldie, chief underwriting officer at MS Reinsurance, also highlighted the enduring partnership with Envelop.
“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,” Goldie said.
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