MONACO: Envelop Risk, a global specialty cyber underwriting firm, today launches Bermuda-based Envelop Capital Markets, a practice led by veteran underwriter and ILS specialist David Ross (Executive Vice President of ILS & Capital).
The practice will 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 structure and underwrite transactions on behalf of ILS funds.
Ross commented: “Envelop Risk has 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, said: “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.”
Envelop Risk is a global specialty cyber underwriting firm based in London (UK) and Bermuda. The firm began underwriting cyber risk in late 2018 and has established itself as a leading cyber reinsurer globally, with over $500m in GWP underwritten to date. Envelop’s mission is to become the leading global capital allocator for cyber-related risk by combining superior capital management, underwriting, structuring, and data-driven proprietary modeling.
Envelop’s advanced cyber modeling tools include threat intelligence, cyber posture analytics, global economic and financial data, and comprehensive global claims history. The firm is backed by Softbank Vision Fund 2, MS Amlin, Alpha Intelligence Capital, and Integra Partners, and Chimera Abu Dhabi.