Envelop Risk adds sector veteran Brian O’Hara to board


Envelop Risk, a recently launched start-up with a focus on cyber risk underwriting and analytics provision and which we expect will engage the capital markets to explore cyber insurance-linked securities (ILS), has announced the appointment of industry veteran and former XL Chairman and CEO Brian O’Hara to its board.

The appointment of Brian O’Hara is solid evidence that Envelop Risk has been able to attract attention and that a veteran of insurance and reinsurance clearly sees the prospects that the firm has to help expand the cyber risk underwriting market.

As we wrote at the time of Envelop Risk’s launch, we suspect the firm will look to the capital markets and ILS as a source of capacity to back cyber risk underwriting, not least due to the heritage of the firms CEO Jonathan Spry, an experienced ILS and capital markets professional.

We understand from sources that Envelop Risk has already been having initial conversations with a range of markets, including ILS fund managers that have already shown their appetite for cyber risks.

With the cyber risk opportunity growing, but reinsurance and retrocessional capacity often appearing limited, or not providing the coverage required, the opportunity for the capital markets alongside triggers such as industry or parametric to involve itself in cyber underwriting could be significant.

Commenting on the appointment of O’Hara to the board, Jonathan Spry, CEO of Envelop Risk said, “Brian’s extraordinary leadership as an executive and director transformed the insurance industry. He is an outstanding addition to our Board, and we will benefit greatly from his domain expertise and counsel.” Spry added, “Brian has helped form the excess casualty market back in the ‘80s while the market was hopelessly unprofitable. Cyber risk has parallels to the casualty markets of the ‘80s in it’s esoteric nature and growing demand. We will immensely benefit from Brian’s experience in building XL Capital from scratch.”

“I am honored to serve on the Envelop Risk Board of Directors,” added Brian O’Hara. “Envelop Risk is transforming the cyber insurance and reinsurance market through its innovative AI-based technology that addresses the complexity of cyber risk to more effectively quantify risk and tailor products.”

Envelop Risk is putting together an impressive team and board, which alongside the clear experience in ILS and reinsurance capital markets that CEO Spry has and the data & artificial intelligence focused scenario modelling approach the company says it will take, could ultimately help to channel more cyber risk to ILS investors.

Register now for our upcoming Singapore conference. Tickets on sale here.
ILS Asia 2018

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.