MS Amlin and Envelop Risk announce cyber reinsurance underwriting partnership
MS Amlin to offer market-leading cyber reinsurance capacity supported by Envelop’s advanced data analytics and augmented intelligence underwriting
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.”
For further information, contact:
Tel: +44 (0) 207 746 1097
Phone: +44 (0) 7889 168 074
Phone: +1 441 333 5480
About MS Amlin
MS Amlin is a leading insurer and reinsurer, part of the global top-10 insurance group MS&AD, with operations in the Lloyd’s, UK, Continental European and Bermudian markets. With a 300-year record and more than 2,200 people in 26 locations worldwide, we deliver continuity for businesses facing the most complex and demanding risks. Our role places us at the forefront of the Property & Casualty, Marine & Aviation and Reinsurance markets.
We are experts in underwriting, with both technical capability and deep knowledge of the areas we insure. Our claims service aims to set the industry reference point for quality, with efficient, fair and timely claims management.
About Envelop Risk
Envelop Risk a global specialty cyber insurance analytics and underwriting firm, headquartered in London, with offices in Washington DC, and Bermuda. Envelop Risk was founded on the belief that the security of information systems is critical for ensuring economic progress. Leveraging the collective knowledge and experience of its founders, Envelop Risk’s proprietary model addresses the complexity of cyber risk by combining artificial intelligence; security analytics; intelligence gathering; economic, financial, and behavioral analysis; and modelling and simulation. Envelop Risk applies an augmented intelligence approach, combining quantitative methods with human expertise in underwriting and cyber security. For more information visit www.enveloprisk.com or follow @enveloprisk.