Envelop Risk, the data-driven cyber re/insurance and analytics specialist, announced the launch of Envelop SPA 1925, a dedicated cyber reinsurance special purpose arrangement (SPA) at Lloyd’s, in partnership with managing agent Apollo.
Through Apollo’s Strategic Partner Syndicates business and Apollo Syndicate 1971, the SPA launched on Jan. 1, 2024 with Chris Baddeley in the role of active underwriter, based in London.
Envelop SPA 1925 marks an important strategic milestone, supporting Envelop’s second underwriting platform. It represents the next step in Envelop’s longer-term ambition to establish a stand-alone syndicate, which would be subject to the full Lloyd’s application process, according to Envelop in a statement.
Cyber reinsurance capacity in 2023 was allocated and written as a new class within Apollo Syndicate 1971, with Envelop providing underwriting expertise and insight.
Following its success, this has now been converted into an SPA with growth approved by Lloyd’s. The SPA complements Envelop’s well-established Bermuda operations and increases the overall offering Envelop brings to the cyber reinsurance market.
Envelop said the successful…
