Specialist re/insurer Apollo is going into partnership with Envelop Risk on cyber reinsurance business.
Under the partnership, the latter will underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971, with effect from the 2023 year of account.
Matt Newman, active underwriter of Apollo Syndicate 1971, said: “We are committed to delivering mutual success through long-term strategic partnerships, where there is shared vision and alignment.
“Partnering with Envelop is a hugely exciting opportunity to further diversify our (re)insurance offering, but also showcase our flexible, partnership approach to the provision of managing agency services at Lloyd’s: another key step towards our long-term purpose and vision.
“We are delighted to continue attracting market leading and innovative partners to Apollo.”
Envelop Risk is a cyber reinsurance MGA which has chosen to partner with Apollo to achieve its ambition of establishing a platform within the Lloyd’s market, having already built a highly successful and profitable cyber reinsurance business outside of Lloyd’s.
This new strategic partnership comes as Apollo continues to grow its diverse (re)insurance offering, which ranges from traditional and specialty lines to innovative sharing economy solutions.
It also illustrates Apollo’s commitment to building long-term partnerships with entrepreneurial and ambitious businesses seeking access to Lloyd’s via Apollo’s flexible and bespoke managing agency services.
TigerRisk acted as adviser in bringing this partnership together.
