Apollo has partnered with MGA Envelop Risk to underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971, with effect from the 2023 year of account.
Envelop Risk is a cyber reinsurance MGA which to date has developed a cyber reinsurance business outside of Lloyd’s.
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.”
Jonathan Spry, CEO of Envelop Risk added: “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.”
Spry added that Envelop has found a very close alignment with Apollo, which “shares 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.”
TigerRisk acted as adviser in bringing this partnership together.