Reinsurance MGA Envelop Risk to Launch Lloyd’s Syndicate 1925

Envelop Risk, global specialty cyber underwriting firm, announces it has received in-principle approval from Lloyd’s to launch Envelop Syndicate 1925, transitioning from its existing Lloyd’s special purpose arrangement (SPA).

The syndicate will commence underwriting on January 1, 2027.

Envelop Risk said the launch builds on SPA 1925’s successful track record at Lloyd’s, driven by Envelop’s innovative use of data analytics and AI in cyber risk modeling, underwriting and capital deployment.

While cyber treaty reinsurance will remain core, Syndicate 1925 will allow Envelop to expand its proposition to include other lines of business, increasing access to its proven capital management and underwriting capabilities to a broader range of partners.

Chris Baddeley, current head of Cyber (London) and active underwriter for SPA 1925, will assume the broader role of active underwriter of Syndicate 1925.

Apollo Syndicate Management, a Skyward Group Co. acted as adviser on this transition and will be the managing agent of the syndicate.

“We are delighted to receive backing to build Syndicate 1925, marking the next stage in the development of Envelop’s leading cyber treaty reinsurance book at Lloyd’s,” commented Dominic Peters, chief executive officer of Envelop Underwriting.

“The syndicate gives us greater scale and flexibility to serve our clients and trading partners while maintaining a disciplined, data-driven approach to underwriting,” Peters added. “In addition, the platform enables us to selectively deploy capacity across complementary casualty and specialty lines, further unlocking a compelling, material growth opportunity for the business.”

“Our partnership with Envelop has gone from strength-to-strength since SPA 1925 launched in early 2024,” according to James Slaughter, chief underwriting officer at Apollo. “This transition is a clear acknowledgement of Envelop’s underwriting capabilities and the strong performance of the SPA to-date.”

About Envelop

Headquartered in Bristol, UK, and with offices in London and Bermuda, Envelop says it is one of the largest and best performing cyber re/insurance firms, producing market leading loss ratios and surpassing US$1.45 billion in gross written premium since its launch in 2016.

In January 2024, Envelop launched SPA 1925 at Lloyd’s, a dedicated cyber reinsurance special purpose arrangement, in partnership with Apollo through its Strategic Partner Syndicates business and Apollo Syndicate 1971.

Related:

• Envelop Risk Paves the Way as Insurtech Reinsurance MGA