Apollo partners with Envelop Risk for cyber reinsurance

Apollo has announced a partnership with Envelop Risk, who will 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 with an ambition of establishing a platform within the Lloyd’s market. It combines advanced cyber reinsurance structuring capabilities with proprietary analytics and modelling to create cyber reinsurance products.

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 of this partnership: ”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.”

TigerRisk acted as adviser in bringing this partnership together.