The Company‘s new business unit, Envelop Risk Solutions, will provide technical assistance to reinsurance providers “across the full capital management spectrum, including: cyber underwriting and underwriting strategy, cyber modelling, scenario modelling, capital metrics, cyber market analytics, new product development, threat intelligence, reinsurance operations automation, and global cyber risk forecasting.”
“We have developed advanced capabilities to help our clients manage risk and build new insurance products,” said CEO Jonathan Spry. “It was a logical step to bring these capabilities to our existing client base.”
Reinsurers such as Munich Re, Swiss Re, Hannover Re and Lloyd’s absorb a significant amount of the cyber insurance market’s risk. According to some estimates, around 50-65% of premiums were ceded to them in 2022. Re expertise in underwriting and risk modeling is critical for stabilizing this rapidly growing market and ensuring profitability for the re/insurers. See our article on strategic opportunities in the cyber reinsurance market.
Read the Envelop Risk press release here.