Apollo partners with Envelop Risk for cyber reinsurance

Re/insurer Apollo has announced it will partner with managing general agent (MGA) Envelop Risk to underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971. 

This partnership will take effect from the 2023 year of account.

Envelop already has a cyber reinsurance business outside of Lloyd’s, but the deal with Apollo will give it its first platform within Lloyd’s.

Jonathan Spry, chief executive of Envelop Risk, said: “Our mission at Envelop is to become a leading global cyber reinsurance business by combining superior underwriting, capital management, and data-driven proprietary modelling.”

He added: “We believe Lloyd’s, with its strong brand and reputation, global license network and unique capital structure, to be a compelling place to build our second underwriting platform alongside Bermuda. We have found a very close alignment with Apollo, who share our view on the future development of the re/insurance market, and look forward to working with the team at Syndicate 1971 on the development of our presence within Lloyd’s over the coming years.”

Matt Newman, active underwriter of syndicate 1971, said partnering with Envelop “is a hugely exciting opportunity to further diversify our re/insurance offering, but also showcase our flexible, partnership approach to the provision of managing agency services at Lloyd’s.”