Envelop receives Lloyd’s approval for syndicate launch

Envelop Risk has received in-principle approval from Lloyd’s to launch Syndicate 1925, marking the next stage in the cyber reinsurance specialist’s expansion within the market.

The new syndicate will replace Special Purpose Arrangement (Spa) 1925 and is scheduled to begin underwriting on 1 January 2027.

Envelop said the move builds on the performance of Spa 1925, which launched in early 2024 and has focused on cyber treaty reinsurance supported by the firm’s use of data analytics and artificial intelligence in underwriting and capital deployment.

While cyber treaty reinsurance will remain the syndicate’s core focus, Syndicate 1925 will enable Envelop to expand into additional classes of business and provide a broader range of underwriting and capital management propositions to partners.

Dominic Peters, chief executive at Envelop Underwriting, said: “We are delighted to receive backing to build Syndicate 1925, marking the next stage in the development of Envelop’s leading cyber treaty reinsurance book at Lloyd’s.

”The syndicate gives us greater scale and flexibility to serve our clients and trading partners while maintaining a disciplined, data driven approach to underwriting.

”In addition, the platform enables us to selectively deploy capacity across complementary casualty and specialty lines, further unlocking a compelling, material growth opportunity for the business.”

Transition

Chris Baddeley, currently head of cyber in London and active underwriter of Spa 1925, will become active underwriter of Syndicate 1925.

Apollo Syndicate Management, part of Skyward Group, advised on the transition and will continue as managing agent for the syndicate.

James Slaughter, chief underwriting officer at Apollo, said: “Our partnership with Envelop has gone from strength-to-strength since Spa 1925 launched in early 2024.

”This transition is a clear acknowledgement of Envelop’s underwriting capabilities and the strong performance of the Spa to-date.

”We look forward to continuing our role as Envelop’s managing agent and congratulate Peters, Baddeley and the Envelop team on this achievement.”