’These are huge milestones for us,’ says chief executive
Bristol-based Envelop Risk has secured a new capacity deal after achieving $1bn in gross written premium (GWP).
The cyber reinsurance and analytics firm revealed that it had seen a compound annual growth rate of 40% since launching in 2018, which helped it hit the $1bn GWP milestone in 2024.
The firm has now extended its capacity agreement with MS Reinsurance as it looks to continue growing, with the deal set to last for three years.
MS Reinsurance, which first partnered with Envelop in 2018, also recently became a client of the reinsurer’s new solutions business.
Jonathan Spry, Envelop co-founder and chief executive, said: “These are huge milestones for us and I am very grateful to our team, partners and clients who helped us achieve them. Cyber attack is the primary existential risk companies face and a serious threat to individuals.
“By providing the support necessary for cedants to offer protection from that threat sustainably, Envelop has grown from a startup business to a leading cyber reinsurer, analytics provider and capital management specialist, today.
“As we grow globally, we will continue to support the development and resilience of the cyber market and remain dedicated to tackling the underlying protection gap that we are leading the charge in closing.”
Charles Goldie, chief underwriting officer at MS Reinsurance, added: “Having supported Envelop’s substantial growth momentum from day one, I am very pleased to affirm our continued commitment.
“MS Reinsurance will, as a result, remain a cornerstone in Envelop’s work to support the reinsurance needs of the global cyber insurance market.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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