MS Amlin and Envelop Risk announce cyber reinsurance partnership
MS Amlin to offer market-leading cyber reinsurance capacity supported by Envelop’s advanced data analytics and augmented intelligence underwriting
MS Amlin and Envelop Risk, a global specialty cyber (re)insurance analytics and underwriting firm, have announced the launch of their underwriting partnership.
The partnership between MS Amlin and Envelop Risk will enable them to offer bespoke, cutting-edge solutions to the cyber reinsurance market. By combining Envelop Risk’s compelling augmented intelligence capabilities with the specialist lead underwriting and global scale lent by one of the world’s leading specialty reinsurers, the partnership is well-placed to become a dominant force in the cyber reinsurance space.
Envelop Risk will be responsible for the sourcing, underwriting, product development and marketing of cyber reinsurance deals led by Ari Chatterjee, Envelop Risk Chief Underwriting Officer, while MS Amlin will assist with risk management and advising on the reported claims.
Under the terms of the partnership announced today, Envelop Risk and MS Amlin will underwrite a market leading cyber reinsurance portfolio with MS Amlin AG as capacity provider. The portfolio will cover both proportional and non-proportional structures, and target multiple geographies. Underwriting capacity will be available from 1st October with various transactions already under consideration.
Envelop Risk CEO, Jonathan Spry, stated: “We are delighted to be partnering with MS Amlin, to address the material and growing reinsurance of cyber related risks, embracing the complexity which has to date prevented an efficient risk transfer market developing. We believe MS Amlin’s global capability and expertise to be an ideal fit for our approach, underpinned by Envelop’s proprietary AI analytics.”
James Few, Global Managing Director of Reinsurance at MS Amlin, commented: “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 a leading global specialty commercial insurer and reinsurer with operations in the Lloyd’s, UK, Continental European and Bermudian markets.
Comprising Mitsui Sumitomo’s London and Bermuda-based operations and the historic Amlin businesses, MS Amlin specialises in providing insurance cover for a wide range of risks to commercial enterprises and reinsurance protection to other insurers around the world.
It is wholly owned and fully supported by the financial strength and scale of MS&AD of Japan, the eighth largest non-life insurer in the world. To learn more, visit www.msamlin.com.
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