OneWeb, the low Earth orbit (LEO) satellite communications entity, has extended its collaboration with global brokerage Marsh with a new $1 billion+ insurance programme.
This agreement was placed with a panel of leading specialist insurers through Marsh, and is for an aggregate insured value of over $1 billion.
The global insurance and reinsurance broker arranged the multi-launch programme covering physical loss or damage to the remaining GEN 1 satellites and launch vehicles. The new agreement underpins the next stage in the development of OneWeb’s global communication capabilities.
Building on OneWeb and Marsh’s longstanding relationship, the announcement follows the completion of OneWeb’s ‘Five to 50’ launch programme that has delivered the satellites needed to introduce the company’s services to Canada, the UK, and Northern Europe later in 2021.
After securing additional funding from Bharti Global and Hanwha, OneWeb states that it has now raised all necessary funding to take its satellites into commercial service later in the year.
Based in London, OneWeb describes itself as a global communications network from space that enables connectivity for governments, businesses, and communities. The company is implementing a constellation of LEO satellites with a global network of gateway stations and a range of user terminals.
Steven Fay, OneWeb’s Deputy Chief Financial Officer (CFO), commented: “We are extremely pleased to sign this insurance agreement with Marsh, the leading insurance broker in the field. OneWeb is embarking on its next phase of growth as it looks to complete its constellation and deliver commercial service by the end of the year, and this agreement provides an added layer of security as our company moves quickly toward realising this goal.”
Massimiliano Ladovaz, OneWeb’s Chief Technology Officer, said: “At OneWeb, we are proud to have developed a best-in-class LEO satellite launch programme, as we begin another launch campaign of 34 satellites scheduled for later this week from Baikonur, Kazakhstan. This successful execution of our back to back monthly launches is a testament to the fantastic team and partners, who have worked tirelessly on our global logistics and supply chain to maintain operations during the challenge posed by COVID-19.”
Chris Lay, CEO, UK & Ireland, Marsh, added: “This next series of launches is central to OneWeb’s plans to provide next-generation broadband services to people, communities, and businesses all around the world.
“The placement of this highly innovative programme is testament to the expertise, and dedication of Marsh’s colleagues, including those in our Space teams in London, New York, and Paris. Together, in collaboration with OneWeb, we are making the future possible.”
