Cyber reinsurance insurtech Envelop Risk has introduced a services division called Envelop Risk Solutions. The new arm is designed to provide a range of specialised support to insurers and reinsurers looking to improve their cyber risk management and performance.
The services business will draw on Envelop’s augmented underwriting methodology, which blends data enrichment, artificial intelligence, and robust underwriting with capital management strategies.
Projects under Envelop Risk Solutions span a wide spectrum, with clients ranging from those just starting to develop cyber insurance programs to major international reinsurers looking to expand.
The services provided include technical expertise and advisory support across multiple aspects of capital management. These areas include cyber underwriting, modelling, capital metrics, market analytics, new product creation, threat intelligence, and automation of reinsurance operations.
Paul Guthrie, co-founder of Envelop, will temporarily oversee the new business. Guthrie brings a wealth of experience, having previously led artificial intelligence and tech integration projects for global financial institutions, asset managers, defence firms, and NASA.
According to Envelop, the expansion aligns with the company’s overarching goal of fostering growth and resilience in the global cyber insurance market.
“Envelop was founded to enable sustainable industry growth through the intelligent application of advanced analytics technology to best practices in capital management and underwriting,” said Envelop chief executive and co-founder Jonathan Spry (pictured).
“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.”
The CEO added: “With a view to increasing the resiliency of the global cyber market, it’s a pleasure to open our tool kit to help our industry partners, large and small, hit their strategic targets.”
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