There’s plenty of news coming out of the ongoing Rendez-Vous de Septembre in Monte Carlo – from PartnerRe’s ‘future is bright’ statement to Swiss Re’s view that the industry must be proactive… now an underwriting partnership between two London-headquartered firms has been launched.
Announcing the tie-up at the reinsurance event, global (re)insurer MS Amlin and specialty cyber (re)insurance analytics and underwriting firm Envelop Risk said their collaboration is well placed to become a dominant force in the cyber reinsurance space. It will bring together the latter’s “compelling” augmented intelligence capabilities and its partner’s specialist lead underwriting and global scale.
MS Amlin AG will serve as capacity provider for the cyber reinsurance portfolio, according to the announcement. In addition, MS Amlin will assist with risk management and advising on the reported claims.
Envelop Risk, meanwhile, will be in charge of the sourcing, underwriting, product development, and marketing of cyber reinsurance deals. These will be overseen by Envelop Risk chief underwriting officer Ari Chatterjee.
“One of the biggest obstacles to growth that the market faces is a lack of credible risk quantification tools matched with specialist underwriters who really understand the product class,” noted James Few, global managing director of reinsurance at MS Amlin. “The partnership with Envelop is an elegant solution to this problem, leveraging their best-in-class analytics with our established presence in the global underwriting market.
“We are excited to see what the partnership can unlock and achieve.”
The cyber reinsurance portfolio will cover both proportional and non-proportional structures and cater to multiple geographies, with underwriting capacity available from October 01.
“We are delighted to be partnering with MS Amlin, to address the material and growing reinsurance of cyber-related risks, embracing the complexity which has to date prevented an efficient risk transfer market developing,” commented Envelop Risk chief executive Jonathan Spry. “We believe MS Amlin’s global capability and expertise to be an ideal fit for our approach, underpinned by Envelop’s proprietary AI analytics.”