Apollo, the independent specialist insurer and reinsurer, has entered into a partnership with Envelop Risk, who will underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971, with effect from the 2023 year of account.

This new strategic partnership comes as Apollo continues to grow its diverse (re)insurance offering, which ranges from traditional and specialty lines to innovative sharing economy solutions.

It also illustrates Apollo’s commitment to building long-term partnerships with entrepreneurial and ambitious businesses seeking access to Lloyd’s via Apollo’s flexible and bespoke managing agency services.

Envelop Risk is a market leading cyber reinsurance MGA which has chosen to partner with Apollo to achieve its ambition of establishing a platform within the Lloyd’s market, having already built a highly successful and profitable cyber reinsurance business outside of Lloyd’s.

Envelop combines advanced cyber reinsurance structuring capabilities with proprietary analytics and unmatched modelling to create unrivalled cyber reinsurance products.

Matt Newman, Active Underwriter of Apollo Syndicate 1971, said: “We are committed to delivering mutual success through long-term strategic partnerships, where there is shared vision and alignment.

“Partnering with Envelop is a hugely exciting opportunity to further diversify our (re)insurance offering, but also showcase our flexible, partnership approach to the provision of managing agency services at Lloyd’s: another key step towards our long-term purpose and vision.

“We are delighted to continue attracting market leading and innovative partners to Apollo.”

Jonathan Spry, CEO of Envelop Risk said of the new partnership: “Our mission at Envelop is to become a leading global cyber reinsurance business by combining superior underwriting, capital management, and data-driven proprietary modelling.

”We believe Lloyd’s, with its strong brand and reputation, global license network and unique capital structure, to be a compelling place to build our second underwriting platform alongside Bermuda.

“We have found a very close alignment with Apollo, who share our view on the future development of the (re)insurance market, and look forward to working with the team at Syndicate 1971 on the development of our presence within Lloyd’s over the coming years.”