Cyber reinsurance and analytics specialist Envelop Risk is pushing ahead with plans to establish Envelop Syndicate 1925 after receiving in principle approval from Lloyd’s. The new syndicate will transition from its current status of Special Purpose Arrangement 1925 and will begin underwriting on 1st January 2027.

The new syndicate will continue to focus on writing cyber treaty reinsurance cover but says it will also seek to expand into additional lines of business.

Chris Baddeley, who is currently head of cyber (London) and active underwriter for SPA 1925 will become active underwriter of Syndicate 1925. Apollo Syndicate Management will become its managing agent.

Dominic Peters, chief executive officer of Envelop Underwriting, said: “We are delighted to receive backing to build Syndicate 1925, marking the next stage in the development of Envelop's leading cyber treaty reinsurance book at Lloyd's.

“The syndicate gives us greater scale and flexibility to serve our clients and trading partners while maintaining a disciplined, data-driven approach to underwriting. In addition, the platform enables us to selectively deploy capacity across complementary casualty and specialty lines, further unlocking a compelling, material growth opportunity for the business.”

James Slaughter, chief underwriting officer at Apollo, added: “Our partnership with Envelop has gone from strength to strength since SPA 1925 launched in early 2024. This transition is a clear acknowledgement of Envelop’s underwriting capabilities and the strong performance of the SPA to date.”