Envelop Risk, a cyber reinsurance and analytics specialist, has received in-principle approval from Lloyd’s to launch Envelop Syndicate 1925.
Transitioning from Special Purpose Arrangement (SPA) 1925, the syndicate is set to begin underwriting on January 1, 2027.
The launch builds on SPA 1925’s successful track record at Lloyd’s, driven by Envelop’s innovative use of data analytics and AI in cyber risk modelling, underwriting and capital deployment.
Syndicate 1925 will enable Envelop to expand its offering into additional business lines, increasing access to its proven capital management and underwriting capabilities to a broader range of partners, with cyber treaty reinsurance remaining as the core focus.
Chris Baddeley, current Head of Cyber (London) and Active Underwriter for SPA 1925, will assume the broader role of active underwriter of Syndicate 1925.
Apollo Syndicate Management, a Skyward Group Company, acted as advisor on this transition and will be the managing agent of the syndicate.
Dominic Peters, Chief Executive Officer of Envelop Underwriting, commented: “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.”
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 Dominic, Chris, and the Envelop team on this achievement.”
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