One of the first insurtech companies to open a physical presence on the island, seven years ago this month, begins this week apparently without a Bermuda underwriter, after the second of two left last week.

It may leave in limbo a plan to increase opportunities for Bermudians, by a UK company that has its underwriting and risk capital centre in Bermuda.

Gone is chief underwriting officer Ari Chatterjee, with The Insurer saying on Thursday the executive’s role was eliminated and that Mr Chatterjee declined to take up an alternative post as global head of origination.

The publication said it was unable to reach Mr Chatterjee or the company for comment.

He previously told The Royal Gazette of the need for newly-trained specialist talent, including those with degrees in computer science, statistics or actuarial sciences.

He spoke of the company’s interest in seeing more Bermudians gravitate to such roles.

In the summer of 2022, however, he reported: “Getting the right people in place is a slow process but one that needs to be traversed.

”We are hoping that in the next three to five years there will be a larger talent pool including young Bermudians looking to come back home from top universities.“

Envelop Risk spent years building the platform, backed by the Japanese multinational conglomerate holding company SoftBank Group Corporation.

Their Class 3A reinsurer, Augmented Re, was formed in Bermuda in 2022 as the company offered jobs that included advanced analytics, data science and cybersecurity.

Envelop Risk was a start-up harnessing the power of artificial intelligence and quantum computing to provide cyber underwriting to insurers and reinsurers.

Mr Chatterjee opened the Bermuda office in 2018 to complement offices for the global specialty cyberinsurance analytics and underwriting company in London and the US.

But reports began circulating last week that Mr Chatterjee was no longer there.

His departure follows that of another underwriter, Anjali Dharma-Wardanaqa, the senior vice-president, portfolio management & chief risk officer of the company’s reinsurance vehicle, Augmented Re.

The data-driven cyber reinsurance and analytics specialist, Envelop Risk, announced the milestone of $1 billion in gross written premiums by last December, and a compound annual growth rate of 40 per cent.