# ENVELOP RISK > Cyber reinsurance MGA combining AI\-driven analytics, threat intelligence, and ILS capital structures to help insurers and reinsurers enter and scale in the cyber market\. ## At a glance | Field | Value | | --- | --- | | Category | Specialty Solutions | | Type | MGA | | Region | EMEA | | Headquarters | Bristol, United Kingdom | | Founded | 2016 | | Stage | Established | | Employees | 51-200 | ## Overview Envelop Risk is a cyber reinsurance MGA serving insurance and reinsurance carriers globally, offering treaty capacity, analytics services, and capital market solutions for the cyber line of business. Founded in 2016 in Bristol, UK, the company began underwriting in 2018 and has grown to serve cedants across more than 30 countries through its Partnership Platform model. The company underwrites both proportional and non-proportional cyber treaty programs, with capacity provided primarily by MS Reinsurance. Its Lloyd's vehicle, Envelop SPA 1925 (launched January 2024 in partnership with Apollo Managing Agent), and Augmented Re -- a Bermuda Class 3A reinsurer owned by Envelop and launched in 2022 -- extend its capital base through insurance-linked securities structures. Underwriting is supported by the CyberTooth proprietary risk estimation and accumulation modeling platform. Envelop reached USD 1 billion in cumulative gross written premium in December 2024, growing at approximately 40% annually since launch. Revenues reached GBP 34.6 million in 2024. The company raised USD 136 million across a Series A (2020, led by Alpha Intelligence Capital) and Series B (2021, led by SoftBank Vision Fund 2). Jonathan Spry co-founded the firm and serves as CEO. ## Products & services ### Cyber Reinsurance Treaty Proportional and non-proportional (XL) treaty reinsurance programs for cedants seeking cyber capacity or portfolio diversification. Accumulation risk is modeled using the CyberTooth platform. **Key features:** - Proportional treaty \(quota share\) - Non\-proportional excess\-of\-loss \(XL\) treaty - Systemic and accumulation risk modeling - Global territory *Target users:* Insurance and reinsurance carriers seeking cyber treaty capacity *Distribution:* Direct to cedant underwriters and brokers ### Cyber Partnership Platforms White-label and co-branded underwriting platforms that enable insurers to build and distribute cyber products for commercial and personal lines. Cedants access Envelop's underwriting expertise without building in-house capability. **Key features:** - White\-label and co\-branded options - Commercial and personal lines cyber - Supported by CyberTooth analytics *Target users:* Carriers and MGAs in 30\+ countries ### Augmented Re / ILS Capital Markets Insurance-linked securities products giving capital market investors exposure to cyber risk as an asset class, structured through Augmented Re (Bermuda Class 3A, launched 2022). *Target users:* Institutional investors, ILS funds ### Envelop Risk Solutions Advisory and analytics services covering cyber product development, threat intelligence, underwriting automation, and platform development for carrier partners. *Target users:* Insurance carriers seeking cyber analytics and product expertise ## Category & focus - Subcategories: Cyber Reinsurance, ILS/Capital Markets, MGA Platform - Insurance verticals: Specialty/E&S, Reinsurance - Target customers: Carriers, Reinsurers, MGAs/MGUs ## Links - Website: - Directory profile: - About: - Linkedin: - Press/news: --- *Last updated: 2026\-05\-12*