A Bristol-based reinsurance underwriter and technology firm, with offices in London, Bermuda and San Francisco, that specialises in cyber and emerging risks.
Envelop Risk is a specialist underwriting firm for cyber and other emerging risks. Cyber insurance covers businesses against the costs of attacks on their computer systems, and Envelop works mainly on the reinsurance side, which means it provides cover to other insurers so they can write cyber policies with confidence. Its own site describes it as a market-leading cyber and emerging risks underwriting firm that combines people, artificial intelligence and data-driven analysis. Its business areas include treaty reinsurance, partnership platforms for insurers, a capital markets arm, a threat intelligence team and a risk modelling system called CyberTooth.
The company was founded in 2016 by Jonathan Spry, who is chief executive, and Paul Guthrie, and began underwriting in 2018. Its own words are that it exists to "transform how the insurance industry quantifies and manages risk", and it says it provides the insights and capital that the industry needs. It describes thinking like an intelligence agency and deploying technology thoughtfully. Paul Guthrie has said cyber insurance plays a critical protective role by making sure that mitigation resources are available straight after an attack. In late 2024 the firm brought all its cyber underwriting into a single Envelop Underwriting division, led by Dominic Peters.
Envelop Risk is headquartered in Bristol, with its registered office in the Vintry Building on Wine Street, and it also has offices in London, Bermuda and San Francisco. Its London team includes a head of cyber, Chris Baddeley, and its underwriting work in London is linked to the Lloyd's insurance market, through a Lloyd's special purpose arrangement it calls Envelop SPA 1925. Its site says it was ranked number 30 in The Sunday Times 100 Tech 2026. It also partnered with Bristol Bears Women for the 2025 to 2026 season, which shows its roots in the city.
The leadership list on the website gives a good picture of the people involved. It includes a chief operating officer who is also chief legal officer, a chief technology officer, a chief information security officer, executives for underwriting performance, finance, human resources and capital markets, and heads of modelling and data science and of data platform and analytics. That mix of underwriters, data scientists and technologists is the heart of the culture the company describes: rigorous analysis of data alongside experienced insurance judgement. These are the company's own claims.
The kinds of work in a firm like this include underwriting, risk modelling and data science, software engineering, threat intelligence and cyber security, portfolio and capital management, legal and compliance, finance and people. Because cyber risk is a young and fast-changing field, people who are curious about technology and security and are happy to learn about insurance can find a place here.
Website: www.enveloprisk.com
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