Envelop secures Lloyd’s syndicate approval
Lloyd’s has granted Envelop Risk in-principle approval to launch a new syndicate, clearing the way for the cyber reinsurance specialist to expand its presence in the market.
The move replaces Special Purpose Arrangement (Spa) 1925 with Syndicate 1925, set to begin underwriting on 1 January 2027. Envelop said the transition builds on the performance of its existing arrangement, which launched in early 2024 and has focused on cyber treaty reinsurance supported by the firm’s use of data analytics and artificial intelligence in underwriting and capital deployment.
Data-driven underwriting remains core
Syndicate 1925 will continue to prioritize cyber treaty reinsurance, supported by Envelop’s use of data analytics and artificial intelligence. The new structure, however, will allow the firm to expand into additional classes of business and provide a broader range of underwriting and capital management propositions to partners.
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Dominic Peters, chief executive at 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. 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.”
Chris Baddeley, currently head of cyber in London and active underwriter of Spa 1925, will become active underwriter of Syndicate 1925. Apollo Syndicate Management, part of Skyward Group, advised on the transition and will continue as managing agent for the syndicate.
Partnership praised as transition nears
James Slaughter, chief underwriting officer at Apollo, said: “Our partnership with Envelop has gone from strength-to-strength since Spa 1925 launched in early 2024. 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 Peters, Baddeley and the Envelop team on this achievement.”
