Envelop Risk, a machine-learning (ML)-powered cyber risk modeling and underwriting firm, announced Cyber Partnership Platforms, a new partner program aimed at enabling cedents to enter the cyber reinsurance market or expand existing participation.

The program will provide partners access to Envelop’s underwriting, insights, and analytics, enabling them to write customizable and modular cyber insurance policies with A-rated reinsurance capacity. Partners will also receive claims and incident response support, customized treaty structuring, pricing and underwriting tools, and advisory services.

Envelop also recently announced that it was collaborating with Lloyd’s reinsurer, Apollo, to launch a cyber reinsurance special purpose arrangement (SPA) from January 01, 2024.

Analyst QuickTake: Earlier this week, full-stack cyber insurance firm Coalition was reported to be in discussions to enter the reinsurance market by launching a dedicated reinsurance MGA. These recent developments highlight the increasing capacity requirements in the cyber insurance market amid rising threat activity.