Providing capital to the cyber risk MGA since last year, MS Amlin has now bought a minority holding in the Bermudian start-up entity
MS Amlin has bought a “minority strategic stake” in Envelop Risk, a Bermudian cyber risk reinsurance managing general agent (MGA).
The London market re/insurer has already been providing underwriting capacity to Envelop since November 2018.
The MGA, launched in April 2018, uses artificial intelligence in cyber risk re/insurance underwriting.
For a recent Q&A with Ari Chatterjee, Envelop’s chief underwriter, click here.
James Few, MS Amlin’s global managing director of reinsurance, has been appointed to Envelop Risk’s board.
Few commented on the deal: “Envelop Risk is a pioneer in the cyber insurance and reinsurance market and it is a real honour to be serving on the board.
“The recent investment by MS Amlin demonstrates the commitment we have to the company and we are excited to see what this partnership can achieve.”
Jonathan Spry, Envelop’s CEO, added: “We welcome the investment and working relationship with MS Amlin, which will support the development and expansion of our business.
“The appointment of James to the board further aligns our strategic priorities with MS Amlin and his industry experience and insight will be invaluable. We are delighted to welcome him to the Envelop family.”
MS Amlin did not say how much it was paying for its stake in Envelop.