Envelop Risk, the leading data-driven underwriting and risk analytics business, announced a Series A investment of c. $6 million led by AI-specialist investor Alpha Intelligence Capital (“AIC”). AIC will invest as lead with additional support from existing investors including MS Amlin and Dymon Asia Ventures. The financing will be used to further Envelop Risk’s investment in proprietary machine-learning and data-driven underwriting activity in London and Bermuda, fueling growth into new markets globally.
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Envelop Risk offers bespoke underwriting solutions focused on the global cyber reinsurance market. The Envelop team includes globally recognized insurance expertise and unparalleled industry experience in Artificial Intelligence and data analytics, in partnerships with specialist underwriters. In less than 3 years, Envelop Risk has become a dominant force in cyber reinsurance. The Series A fund raising will allow Envelop Risk to grow both within and beyond cyber (re)insurance and to grow internationally.
Envelop Risk CEO, Jonathan Spry, stated, “We are thrilled to have received the support of AIC, a recognized leader in AI investment, and are pleased to become their first major InsurTech investment. Having the benefit of Antoine Blondeau as an advisor and the support of the whole AIC team will greatly help Envelop Risk through its next stage of growth. The current COVID crisis is posing important questions for the insurance industry and we believe cyber (re)insurance will benefit from demand for risk mitigation, allowing Envelop to become the partner of choice for insurers as growth opportunities and emerging risk business ensue in the new normal”.
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Envelop expects that companies of all sizes will eventually safeguard against increased risk through robust cyber insurance policies. Jonathan Spry commented further that “Envelop is a natural partner for traditional insurers and underwriters to disrupt the market space of cyber-insurance- we’ve helped reimagine and reshape how cyber-risk is priced in a traditionally opaque and complex market. Now, we would like to move onto our next chapter and partner with underwriters globally to reach more companies at risk of cyber breaches, cyber-attacks and other emerging areas of supply-chain complexity.”
