Envelop Risk continues to grow its Bermuda platform with the hiring of David Ross, the accomplished underwriter with ILS experience in both deal analytics and capital management.

The MGA and cyber tech modelling company said the hiring is subject to Bermuda immigration and work permit approvals.

Mr Ross would assist Envelop to establish a Cyber ILS offering based out of Bermuda.

He was the lead underwriter at Credit Swiss backed Bernina Re, and before that, the head of deal analytics at Nephila.

Envelop Risk said in a statement: “This is the first time any reinsurer is making a specific hire for cyber ILS.

“Industry sources believe cyber ILS is expected to be a significant portion of the capacity stack going forward.

“Envelop, through (subsidiary) Augmented Re, the AI technology and by virtue of being the largest excess of loss reinsurer has the full stack capability to offer an attractive proposition for ILS investors.”