// Interview
The Insurer TV Interview | Jonathan Spry
1.1 positioning, stabilising rates & Envelop’s expansion into adjacent lines of business | Jonathan Spry discusses the state of the cyber reinsurance market with The Insurer’s George Abott at the 2026 RVS.
Watch the full interview here
Some US SME cyber insurers report hardening underlying primary rates, Spry says
Envelop’s CEO describes reinsurance pricing as more than adequate despite increased competition
Full Lloyd’s syndicate from January 1 would let Envelop expand into adjacent technology risks
Some cyber insurers are reporting hardening in underlying primary rates, particularly in the U.S. small and medium-sized enterprise market, according to Envelop CEO Jonathan Spry.
Speaking to The Insurer TV in Monte Carlo, Spry said: “For the first time in a while, we’re beginning to speak to clients that are seeing rate improvement in the underlying primary books.”
Spry described reinsurance pricing as “more than adequate” despite increased competition, with returns for Envelop’s capital providers remaining healthy.
“Clearly not what it was a few years ago, but in really good territory,” he said.
However, he warned that AI liability, changing attack methods and increasingly prominent threat actors were making the risk landscape more complex.
He said there was some evidence of cedants seeking additional reinsurance owing to uncertainty around AI, as they looked to stabilise portfolios they still considered attractive.
Spry said Envelop’s move to a full Lloyd’s syndicate from January 1 would allow it to expand into adjacent technology and digital risks, potentially through composite covers for existing clients.
Cyber would remain the majority of the book, Spry said, with Envelop continuing to work with Apollo.
The Lloyd’s operation would complement its Bermuda platform, providing global reach, licences and access to specialist expertise.
