Dedicated cyber reinsurance Special Purpose Arrangement in partnership with Apollo Lloyd’s Syndicate 1971 launched on January 1 with Chris Baddeley as active underwriter.

Envelop Risk, a data-driven cyber re/insurance and analytics specialist, has announced the launch of Envelop SPA 1925, a dedicated cyber reinsurance Special Purpose Arrangement (SPA) at Lloyd’s.


It launched on 1 January 2024 with Chris Baddeley in the role of active underwriter, based in London.

The SPA is in partnership with Apollo through its Strategic Partner Syndicates business and Apollo Syndicate 1971.

Apollo offers bespoke managing agency services to third party partners through its “Strategic Partner Syndicates”.

Howden Tiger acted as adviser on the transaction. The SPA is supported by risk capital from Envelop as well as a diverse panel of third-party investors.

Envelop SPA 1925 marks a strategic milestone by supporting Envelop’s second underwriting platform, the firm said.

It represents the next step in its longer term ambition to establish a stand-alone syndicate, subject to the full Lloyd’s application process, Envelop said.

In 2023 cyber reinsurance capacity was allocated and written as a new class within Apollo Syndicate 1971, with Envelop providing underwriting expertise, now converted into an SPA with growth approved by Lloyd’s.

The SPA complements Envelop’s Bermuda operations and builds on Envelop’s existing cyber reinsurance market offering.

“I am delighted to announce the launch of Envelop SPA 1925, which significantly strengthens our ability to support the growth and resilience of the global cyber insurance market,” said Envelop Risk CEO Jonathan Spry.

“It furthers our ambition of not only being the best at underwriting cyber risk, but at leading the market in the management of risk capital for cyber. To have gained the backing of such highly regarded investors is a testament to the progress and maturity Envelop has achieved,” Spry said.

“With their support, that of Apollo and through our augmented intelligence approach to underwriting, we are strongly positioned to enable more insurers to safely realise the vast opportunity that cyber presents,” he added.

Andrew Gray, director of strategic partner syndicates, Apollo said: “We are delighted to have been able to help Envelop achieve the next milestone in their Lloyd’s strategy.

“Apollo’s ability to incubate new products within one of our existing managed syndicates, and then support the evolution into an SPA, demonstrates our unique partnership approach to establishing innovative new businesses at Lloyd’s,” said Gray.