Envelop Risk

What Envelop Risk does

Envelop Risk is a UK-headquartered specialty reinsurance underwriting firm that focuses on cyber and other emerging risks. Founded in 2016 in Bristol by Jonathan Spry and Paul Guthrie, the company underwrites treaty reinsurance for cyber risk using a proprietary AI-driven analytics platform called CyberTooth, which processes firmographic, economic, technical, and claims data on millions of companies combined with continuous cyber threat intelligence from in-house OSINT/CSINT teams. Under its "Augmented Underwriting" approach, the platform combines machine-learning models with human underwriters and cyber threat experts to deliver risk estimation, capital management, and portfolio analytics for cedants. As of December 2024, the firm had written $1 billion in cumulative gross written premium since beginning underwriting in 2018, at a 40% compound annual growth rate, and reported £34.6 million of revenue in 2024.

The firm operates four interlocking business areas: (i) Reinsurance Underwriting via its Bermuda and London platforms, including the Lloyd's SPA 1925 vehicle launched with Apollo in January 2024; (ii) Cyber Partnership Platforms, enabling 30+ cedants globally to enter or expand cyber market participation with Envelop's analytics, A-rated capacity, and modular wordings; (iii) Envelop Capital Markets, which structures indemnity, parametric, and index-based risk-transfer products through the Bermuda-based Class 3A reinsurer Augmented Re for ILS investors; and (iv) Envelop Risk Solutions, an advisory and analytics services business launched in September 2024 covering underwriting strategy, modelling, threat intelligence, and operations automation. Office locations span Bristol (headquarters), London, and Hamilton, Bermuda. The company is privately held, is regulated across multiple jurisdictions (FCA, Bermuda Monetary Authority, US regulators via Binary Insurance Services / DataStream), and has raised approximately $200 million in venture capital including a $130 million Series B led by SoftBank Vision Fund 2 in September 2021.

Name

Envelop Risk

Legal name

Envelop Risk Analytics Limited

Website

https://enveloprisk.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

UK-headquartered AI-enabled cyber reinsurance underwriting firm providing specialty reinsurance, ILS products, and analytics services to insurers, MGAs, and institutional investors via its proprietary CyberTooth platform.

Ownership category

akta.pro rank

Product category

Cyber Reinsurance

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Finance and Insurance (52), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Reinsurance Broker Analytics, Modeling & Advisory Services (FSAOAHAH)

akta.pro secondary industries

Reinsurance Program Structuring & Portfolio Solutions (Broker-led) (FSAOAHAJ), Data, Analytics & AI for Insurance (Risk, Pricing, Personalization) (FSAGAGAE), Reinsurance Brokerage (FSAEADAE)

Keywords

• Cyber reinsurance
• Specialty underwriting
• Insurance-linked securities
• Risk analytics platform
• AI underwriting

Headquarters

HQ city

Bristol

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Reinsurance Underwriting: Envelop underwrites treaty reinsurance for cyber risk, providing capacity and risk transfer solutions to insurers and reinsurers. The company takes on cyber risk for insurers and reinsurers, investing its own capital alongside third-party investors in insurance portfolios it underwrites. Revenue is generated through underwriting fees, premiums, and investment returns on capital deployed.
2. Envelop Risk Solutions: Advisory and analytics services business launched September 2024, providing support across cyber underwriting strategy, modelling, capital metrics, market analytics, product development, threat intelligence, and reinsurance operations automation. Multi-year agreements with clients including MS Reinsurance.
3. Envelop Capital Markets: Insurance-Linked Securities (ILS) products and collateralized reinsurance market development for cyber risk. Creates gateways to access profitable portfolios of cyber risk and develops parametric, index-based structures for investors.
4. Cyber Partnership Platforms: Platform solutions enabling partners to underwrite cyber risk. Partners gain access to customizable cyber insurance using Envelop's analytics and modular wordings, A-rated reinsurance capacity, claims handling support, and bespoke treaty structuring.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Envelop Risk is a global specialty cyber and emerging risk reinsurance underwriting firm that combines proprietary AI-driven analytics with human underwriting expertise to provide treaty reinsurance capacity, risk modeling, and capital management solutions. The firm operates cyber reinsurance underwriting platforms (Bermuda Class 3A insurer Augmented Re, Lloyd's SPA 1925), an ILS capital markets practice, an advisory services arm (Envelop Risk Solutions), and a Cyber Partnership Platforms program enabling cedants to enter or expand cyber insurance offerings.

Product overview

Envelop Risk is an AI-enabled reinsurance underwriting firm specializing in cyber and emerging risks. The company operates a platform-plus-modules architecture built around its core proprietary technology CyberTooth and the Augmented Underwriting platform, which combines AI algorithms with human expertise from data scientists, underwriters, and cyber threat intelligence experts. The product portfolio includes: CyberTooth (proprietary risk estimation and capital management system); Augmented Underwriting (AI-driven underwriting platform); Cyber Threat Intelligence (continuous threat monitoring); Envelop Risk Solutions (services for insurers); Envelop Capital Markets (ILS and risk transfer products); Cyber Partnership Platforms (market entry programs); Envelop Underwriting division (covering Bermuda, Lloyd's/SPA 1925 operations); Augmented Re (Bermuda Class 3A reinsurer); and DataStream (US broker platform).

Differentiator

Problem solved

Functional benefit

Brands

• CyberTooth: Proprietary risk estimation and capital management system that utilizes AI algorithms to forecast attritional and catastrophic losses dynamically. Enables Envelop's augmented underwriting approach combining machine learning, AI capabilities, and human expertise.
• Augmented Underwriting
• Envelop Risk Solutions
• Cyber Partnership Platforms
• Envelop Capital Markets
• Envelop Underwriting
• DataStream

Products and services

• Reinsurance Underwriting Treaty reinsurance underwriting for cyber risk, providing capacity and risk transfer solutions to insurers and reinsurers across Bermuda (Augmented Re), Lloyd's (SPA 1925), and global markets. Envelop underwrites proportional and non-proportional cyber reinsurance, investing own capital alongside third-party investors in insurance portfolios.
• Cyber Partnership Platforms Program enabling 30+ cedent partners globally to either enter the cyber risk market or expand their existing participation. Provides customizable cyber insurance using Envelop's analytics and modular wordings, A-rated reinsurance capacity, claims handling support, and bespoke treaty structuring.
• Envelop Capital Markets Insurance-Linked Securities (ILS) practice creating gateways to access profitable portfolios of cyber risk for institutional investors. Develops indemnity, parametric, and index-based risk-transfer structures and builds collateralized reinsurance market for cyber risk through Augmented Re.
• Envelop Risk Solutions Advisory and analytics services business offering cyber underwriting strategy, modelling, scenario modelling, capital metrics, cyber market analytics, new product development, threat intelligence, reinsurance operations automation, and global cyber risk forecasting to insurers and reinsurers.
• CyberTooth Proprietary risk estimation and capital management system utilizing AI algorithms to forecast attritional and catastrophic cyber losses dynamically. Processes firmographic, economic, and technical data on millions of companies combined with comprehensive claims data and cyber threat intelligence; incorporates graph theory into contagion models for portfolio diversification analysis.
• Augmented Underwriting Technology platform and methodology combining data scientists, experienced underwriters, and cyber threat intelligence experts to define tools, products, and technology needed to grow a resilient market across cyber and other emerging risks using AI capabilities and human expertise.
• Cyber Threat Intelligence Continuous cyber threat intelligence service leveraging Open Source Intelligence (OSINT) and Closed Source Intelligence (CSINT) combined with in-house expertise, providing real-time data for risk models and publishing bulletins to partners and cedants on current threat activities.
• Augmented Re Class 3A Reinsurer registered in Bermuda used to develop collateralized reinsurance market for cyber risk and provide risk-alignment with capacity partners across Bermuda and London.
• Envelop SPA 1925 Dedicated cyber reinsurance Special Purpose Arrangement at Lloyd's launched in partnership with Apollo through its Strategic Partner Syndicates business and Apollo Syndicate 1971. Provides treaty reinsurance underwriting capabilities within Lloyd's market with Chris Baddeley as Active Underwriter.
• DataStream US quote-and-bind platform for brokers facilitating exchange of data analytics relevant to cyber insurance through relationships with cybersecurity firms, enabling new distribution channels and broker-led cyber insurance transactions.

Quantifiable outcome

• $1 billion GWP milestone achieved since 2018
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Apollo (Syndicate 1971 / Strategic Partner Syndicates)coreStrategic or Co-development PartnerPartnership with Lloyd's Managing Agent Apollo to underwrite cyber reinsurance on Syndicate 1971 (Ibott) starting 2023. Expanded in January 2024 to Envelop SPA 1925, a dedicated cyber reinsurance Special Purpose Arrangement at Lloyd's with Chris Baddeley as Active Underwriter. Demonstrates Apollo's partnership approach to establishing innovative new businesses at Lloyd's.
• MS AmlinminorChannel Partner/ Reseller/ DistributorPrevious capacity provider mentioned in context of Envelop having underwritten over 400 million in business through partnering with MS Amlin and several other capacity providers during early growth phases.
• Bristol Bears WomenminorOthersCommunity partnership for 2025/26 rugby season. Sponsorship of back-row player Christiana Balogun. First community partnership for Envelop Risk focused on supporting women's sport, local talent, and Greater Bristol region engagement.
• TigerRisk / Howden TigerminorOthersActed as adviser on transactions including the Apollo partnership and Lloyd's SPA launch.

Scale indicators8 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Munich Re: One of the world's largest reinsurers with a significant cyber reinsurance portfolio and growing AI-driven analytics capabilities. Comparable as a counterparty and competitor in cyber treaty reinsurance, though it operates across all lines of business with a vastly larger balance sheet.
• Swiss Re: Major global reinsurer with established cyber underwriting and ILS capabilities. Directly comparable in treaty cyber reinsurance; Simon Welton joined Envelop from Swiss Re, reflecting shared talent flows and overlapping customer bases among cedants.
• Hannover Re: Top-three global reinsurer with a meaningful cyber portfolio and structured reinsurance offerings. Comparable in treaty cyber capacity provision and in serving cedant clients across multiple jurisdictions, though significantly larger and more diversified.

Direct peers

• Beazley: London-listed specialty insurer and reinsurer with a leading cyber practice, including cyber treaty and reinsurance capabilities. Direct peer given overlapping product set in cyber underwriting, Lloyd's market presence, and service to cedant clients seeking cyber capacity and analytics.
• SiriusPoint: Bermuda-based specialty re/insurer with explicit cyber capabilities across insurance and reinsurance. Comparable given similar Bermuda operating footprint, cyber-focused underwriting strategy, and reliance on third-party capital alongside own balance sheet capacity.

Emerging players

• Coalition: Cyber-focused insurtech that uses data and AI to underwrite cyber insurance, with active insurance and reinsurance components. Comparable as a data/AI-native cyber underwriting platform, though primarily primary insurance rather than treaty reinsurance.
• At-Bay: Cyber insurance MGA/insurtech combining security expertise with insurance underwriting. Comparable in AI-driven cyber underwriting philosophy and target customer segment, though focused on primary insurance distribution rather than treaty reinsurance capacity.
• CyberCube: Cyber risk analytics provider serving insurers, reinsurers, and brokers with modeling and portfolio analytics. Comparable given the overlap in proprietary cyber risk modeling, threat intelligence, and analytics-based underwriting support that underpins Envelop's CyberTooth platform.

Others

• Guy Carpenter: Global reinsurance broker and Marsh McLennan subsidiary that intermediates cyber treaty reinsurance placements. Comparable as a key intermediation channel for cedants and reinsurers, and a potential partner or competitor for Envelop's Cyber Partnership Platforms and ILS initiatives.
• Aon: Global professional services firm with a major reinsurance brokerage business and dedicated cyber insurance practice. Comparable given its role in placing cyber reinsurance treaties and its analytics capabilities for cedants, paralleling Envelop's intermediation and advisory offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/envelop-risk
• Xx.com/enveloprisk

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Envelop Risk