Global specialty cyber underwriting firm, Envelop Risk, has announced the launch of its Bermuda-based Envelop Capital Markets practice, which will be led by underwriter and insurance-linked securities (ILS) specialist, David Ross.
The practice is set to develop a market for tail risk protection, retrocession, and cyber reinsurance through both indemnity and parametric/index structures.
Envelop Capital Markets will underwrite transactions from Envelop’s own Class 3A Reinsurer, Augmented Re, and will also structure and underwrite transactions on behalf of ILS funds.
Ross commented, “Envelop Risk have developed a market-leading capability in underwriting Cyber Reinsurance supported by best-in-class analytics.”
“At Envelop Capital Markets we match Cyber risk with capital and expect ILS investors to be a growing part of this capital base. I look forward to developing Envelop Capital Markets into the primary global risk transfer hub for cyber risk.”
Ross will work closely with Envelop Risk CUO Ari Chatterjee in Bermuda, and Envelop’s cyber risk and portfolio analytics teams in the UK.
Jonathan Spry, Envelop co-founder and CEO, added, “We all know capacity is at a Premium throughout the value chain; we seek to unlock growth by aligning capital deployment needs with investment opportunities that expand the business of our insurance and MGA clients.”
