Poised for growth, a managing general agent backed by the Japanese multinational conglomerate holding company SoftBank Group Corporation, is pioneering a new insurtech strategy.

Envelop Risk has launched a Class 3A reinsurer Augmented Re in Bermuda and the company said it is bringing a different segment of jobs to the island that includes advanced analytics, data science and cybersecurity.

Envelop Risk has already hired Abigail Exon, a Bermudian data scientist and software engineer, after last year throwing open the doors to Bermudians with university degrees in computer science, statistics, or actuarial sciences.

The company is not just in the insurance industry but also sees itself as a firm that can help Bermuda realise its true fintech potential.

The Bermuda Monetary Authority registered Augmented Re in April.

Envelop Risk describes itself as a global specialty cyber underwriting firm, combining decades of insurance industry expertise with sophisticated cyber and machine learning analytics tools.

Envelop Risk provides pricing, risk analysis, and underwriting to insurers and reinsurers.

Founded in late 2016, it has underwritten more than $250 million of premium for more than 35 global clients since November 2018.

The company said it was founded to transform how the insurance industry quantifies and manages risk; to think like an intelligence agency and deploy the best available technology thoughtfully.

“We are one of the largest and best performing Insurtechs globally by underwritten income,” the website says.

Envelop is based in Bristol, UK, with offices in London, Bermuda, and San Francisco.