Envelop Risk, a leading cyber reinsurance and analytics firm, has surpassed $1 billion in gross written premiums (GWP) since its 2018 launch. The company achieved a compound annual growth rate of 40% over this period.
In addition, MS Reinsurance has renewed its capacity agreement with Envelop for another three years. Additionally, MS Reinsurance has signed a multi-year deal for Envelop’s analytics services through its new Solutions Business, reinforcing their longstanding partnership since 2018.
Key milestones include the 2022 launch of Augmented Re in Bermuda, a dedicated reinsurer, and the introduction of Envelop SPA 1925 with Lloyd’s Managing Agent Apollo in early 2024. Envelop also unveiled its Cyber Partnerships Platform in September 2023, enabling 30 global partners to underwrite cyber risks across diverse markets. The September 2024 launch of Envelop Risk Solutions further supports cedants in improving cyber risk performance.
“These milestones highlight our growth and commitment to closing the global cyber protection gap.”
Envelop CEO Jonathan Spry
Cyber Insurance Penetration
Envelop’s focus is on addressing the global cyber risk protection gap. In markets like the U.S., cyber insurance penetration remains below 30%, with other regions even lower.
“These are huge milestones for us and I am very grateful to our team, partners and clients who helped us achieve them. Cyber-attack is the primary existential risk companies face and a serious threat to individuals. By providing the support necessary for cedants to offer protection from that threat sustainably, Envelop has grown from a start-up business in 2016 to a leading cyber reinsurer, analytics provider and capital management specialist, today,” said Jonathan Spry, Envelop’s CEO.
Charles Goldie, Chief Underwriting Officer at MS Reinsurance, added, “Having supported Envelop’s substantial growth momentum from day one, I am very pleased to affirm our continued commitment. MS Reinsurance remains a cornerstone in Envelop’s efforts to support the reinsurance needs of the global cyber insurance market.”
Source: Envelop hits $1bn GWP milestone; MS Reinsurance extends backing for another three years.
Other News: Envelop Risk Launches Envelop Underwriting, Appoints Dom Peters as CEO(Opens in a new browser tab)
Other News: Ransomware attack hits leading heart surgery device maker.
