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Envelop Risk secures $130mn investment for expansion in new lines

Cyber MGA Envelop Risk has secured $130mn in Series B investment to finance an expansion in machine learning underwriting and grow into markets beyond cyber (re)insurance.

Envelop Risk will use the proceeds to expand operations in cyber reinsurance, investing heavily in predictive analytics for assessing cyber risks for commercial entities.

The firm also intends to launch products in adjacent areas of corporate risk over the next year, as cyber begins to affect an increasing number of lines of business.

In addition, the fundraise will establish a hybrid balance sheet model, enabling the firm to deploy its own risk capital alongside existing partners.

The funding was led by SoftBank Vision Fund 2 and is set to close in October 2021, subject to closing conditions.

As part of the transaction, Neil Cunha-Gomes of SoftBank Investment Advisers will join Envelop Risk’s board of directors.

Envelop Risk was founded in 2016 and is based in Bristol, with offices in London, Bermuda and San Francisco.

Since 2018, the MGA has underwritten more than $250mn of premium for over 35 global clients.

Co-founder and CEO Jonathan Spry labelled the investment “a significant milestone in our funding journey”.

“This transaction will allow us to continue our leadership in data-driven specialty (re)insurance underwriting and will be transformational for our business reach and activity,” he said.

“For the first time, Envelop Risk will be able to assume positions in risk capital, which gives us greater alignment with our partners.”

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