Envelop Risk, a data-driven cyber reinsurance and analytics specialist, has announced the promotion of Graeme Bell to group chief operating officer and Simon Welton to the role of EVP – underwriting performance and strategic partnerships.
Bell has been with Envelop since 2020, when he joined as a non-executive director, he was then appointed to an executive position as group chief legal officer in 2021 at the same time as Envelop’s $130m Series B fundraise from SoftBank.
Since 2023, he has also served as interim COO and is also a director of both Envelop’s US broker, DataStream Cyber Insurance and its Bermuda Class 3A reinsurer, Augmented Re.
According to the announcement, Bell will retain his position as chief legal officer and, as COO, overseeing Envelop’s operations and collaborating closely with the executive team to optimise efficiency and support the company’s growth goals.
Prior to joining Envelop Risk he was a corporate M&A partner in several US and UK law firms specialising in private equity and venture capital.
Welton brings over three decades of reinsurance experience to his new role. Prior to his promotion he served as Envelop’s EVP of Insurance.
The executive joined the company in 2022 after a decade at Swiss Re where he led the P&C market for the UK and Ireland.
In his new position, Welton will focus on underwriting performance management alongside Envelop Underwriting CEO Dom Peters, and drive the development of new underwriting products with Envelop Labs.
He will also continue to work with co-founder and group CEO Jonathan Spry on strategic partnerships and the growth of the company’s recently launched Envelop Risk Solutions business.
Spry commented: “I am thrilled to announce these thoroughly deserved and significant promotions, which further reinforce our leadership team. This recognises Graeme and Simon’s growing importance to our business, with both possessing expertise essential to our partners in accepting cyber risks sustainably.
“This is a very exciting time for the cyber market – with signs that some cyber protection gaps are beginning to narrow – and these appointments will enhance our support to partners, strengthening their ability to close these gaps even further.”
