Cyber reinsurance specialist will transition SPA 1925 into a full syndicate from January 2027, creating scope to expand into casualty and specialty lines
Envelop Risk has received in principle approval from Lloyd’s to launch Envelop Syndicate 1925 from 1 January 2027.
The new syndicate will transition from Special Purpose Arrangement 1925, which has operated at Lloyd’s since early 2024.
Cyber treaty reinsurance will remain at the core of the business, but the syndicate structure will give Envelop greater flexibility to expand into other lines.
The firm said this could include complementary casualty and specialty business, extending its underwriting and capital management capabilities to a wider range of partners.
Envelop has built its Lloyd’s proposition around the use of data analytics and artificial intelligence in cyber risk modelling, underwriting and capital deployment.
Chris Baddeley, currently head of cyber in London and active underwriter for SPA 1925, will become active underwriter of Syndicate 1925.
Apollo Syndicate Management, a Skyward Group company, advised on the transition and will act as managing agent for the syndicate.
Dominic Peters, CEO, Envelop Underwriting, said: “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.”
Peters said the structure would also support growth beyond Envelop’s core cyber treaty portfolio.
“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,” he said.
James Slaughter, chief underwriting officer, Apollo, said the move reflected the development of the partnership since SPA 1925 launched.
“Our partnership with Envelop has gone from strength-to-strength since SPA 1925 launched in early 2024,” he said.
“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,” Slaughter added.
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