Data-driven cyber reinsurance and analytics specialist Envelop Risk has completed a capacity agreement with MS Reinsurance for a further three years, in addition to reaching the milestone of $1 billion gross written premium since its launch in 2018.
At the same time, MS Reinsurance has become a client of Envelop’s new Solutions Business with a multi-year agreement for analytics services.
According to Envelop, these agreements reaffirm the long-standing relationship between the two firms since 2018.
Jonathan Spry, Envelop co-founder and CEO, commented, “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 of MS Reinsurance, said, “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.”
In related news, Envelop Risk recently launched Envelop Underwriting, appointing Dom Peters to lead the newly established division as CEO.
According to the firm, Envelop Underwriting will encompass all existing underwriting activities, including Envelop Risk Bermuda and Envelop at Lloyd’s.
