Exclusive: Envelop Risk CUO Chatterjee exiting cyber reinsurance MGA after seven years

By James Thaler

April 17 - (The Insurer) – Envelop Risk’s chief underwriting officer Ari Chatterjee is exiting the UK-based cyber reinsurance MGA after seven years with the company, with the executive's role having been eliminated and with Chatterjee declining to take up an alternative post as global head of origination.

Separately, portfolio manager and senior vice president AJ Dharma-Wardana, who like Chatterjee is Bermuda-based, is also leaving the company after six years with the firm.

Chatterjee and Dharma-Wardana were Envelop's only two underwriting executives in Bermuda.

A spokesperson for Envelop could not immediately be reached for comment. Chatterjee could also not immediately be reached for comment.

Chatterjee joined Envelop in 2018, two years after it was co-founded by Jonathan Spry and Paul Guthrie, who serves as CEO and chief commercial officer, respectively.

Before Envelop, Chatterjee spent nearly eight years with Hannover Re’s Bermuda outfit as an actuarial underwriter where he set up the reinsurer’s cyber underwriting unit on the island and served as cyber product lead.

At Hannover Re Bermuda, Chatterjee also underwrote marine, aviation, property catastrophe, credit and surety and intellectual property business. He previously spent more than three years with Flagstone Re in an actuarial role and two years with GE Insurance Solutions.

Dharma-Wardana joined Envelop in 2019 initially as an actuarial underwriter, before taking on the additional role of technical product manager, before being promoted to portfolio manager in September 2022.

She also has been serving as the chief risk officer for Augmented Re, Envelop's dedicated class 3A reinsurance transformer, which was launched in April 2022. Dharma-Wardana had previously been an actuary at Validus Re.

Envelop raised a $130 million Series B funding round in 2021 backed by SoftBank and announced this past December that it had surpassed $1 billion in gross written premiums since formally launching in 2018.

This past January, Envelop also announced that it had promoted Graeme Bell to chief operating officer and Simon Welton to executive vice president for underwriting performance and strategic partnerships.