Apollo, Envelop Risk strike cyber reinsurance partnership at Lloyd’s
Specialist re/insurer Apollo has partnered with Envelop Risk, will underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971 with effect from the 2023 year of account.
The strategic partnership will enable Envelop Risk, a cyber reinsurance MGA that combines advanced structuring capabilities with proprietary analytics and modelling, to establish a platform within the Lloyd’s market.
For Apollo, it would mean further expansion of its insurance offerings, which ranges from traditional and specialty lines to innovative sharing economy solutions.
TigerRisk acted as adviser in bringing this partnership together.
Matt Newman, active underwriter of Apollo Syndicate 1971, said: “We are committed to delivering mutual success through long-term strategic partnerships, where there is shared vision and alignment. 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: another key step towards our long-term purpose and vision. We are delighted to continue attracting market leading and innovative partners to Apollo.”
Jonathan Spry, CEO 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. 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.”
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