Jonathan Spry is chief executive of Envelop Risk, he previously worked as the head of UK insurance coverage for RBS
Global reinsurer, MS Amlin, and Envelop Risk have announced the launch of their cyber reinsurance underwriting partnership at Rendezvous in Monte Carlo today.
The global reinsurer will back cyber reinsurance start-up, Envelop Risk, and the partnership between the two will enable them to offer bespoke solutions.
The two firms will underwrite a cyber reinsurance portfolio with MS Amlin AG as the capacity provider, it will cover non-proportional and proportional structures and target multiple geographies.
Underwriting capacity will be available from the 1 October with a number of transactions already under consideration.
Envelop Risk’s chief executive, Jonathan Spry, said: “We believe MS Amlin’s global capability and expertise to be an ideal fit for our approach, underpinned by Envelop’s proprietary AI analytics.”
The startup will be responsible for sourcing, underwriting, product development and marketing of cyber reinsurance deals led by its chief underwriting officer whilst MS Amlin will assist with risk management and advising on the reported claims.
James Few, global managing director of reinsurance at MS Amlin, added: “One of the biggest obstacles to growth that the market faces is a lack of credible risk quantification tools matched with specialist underwriters who really understand the product class.
“The partnership with Envelop is an elegant solution to this problem, leveraging their best-in-class analytics with our established presence in the global underwriting market. We are excited to see what the partnership can unlock and achieve.”
MS Amlin is an insurer operating in the Lloyd’s UK, Continental Europe and Bermudian markets, last month it introduced a marine blockchain project.
In June it received approval to move its UK and Europe trading arm to Belgium ahead of Brexit.
Envelop Risk is a global specialty cyber insurance firm founded in 2016 with Jonathan Spry at its helm as chief executive, who is experienced in reinsurance, he previously worked as the head of UK insurance coverage for RBS and most recently an advisor in insurance strategy and innovation for New Nordic Advisors.
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