From: FinTech Global
On the back of raising $6m in a new funding round, Envelop Risk will grow its cyber and speciality (re)insurance business propelled by proprietary machine-learning and data-driven underwriting.
The data-driven underwriting and risk analytics business’ Series A investment round was led by investor Alpha Intelligence Capital. Existing investors, including MS Amlin and Dymon Asia Ventures, also supported the raise. The financing will be used to further Envelop Risk’s investment in proprietary machine-learning and data-driven underwriting activity in London and Bermuda, fuelling growth into new markets globally.
Envelop Risk offers bespoke underwriting solutions focused on the global cyber reinsurance market. The Envelop team includes globally recognised insurance expertise and unparalleled industry experience in Artificial Intelligence and data analytics, in partnerships with specialist underwriters.
“We are thrilled to have received the support of AIC, a recognised leader in AI investment, and are pleased to become their first major InsurTech investment,” said Jonathan Spry, CEO of Envelop Risk CEO. “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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