Reinsurance News
Space insurance
Whitecap confirms space underwriting capacity from Jan 1
30th December 2025
Whitecap Underwriting Europe s.r.o., a reinsurance managing general agent, will commence its space underwriting capacity on January 1st, 2026, through its division Whitecap Aerospace. Utilising an A-rated insurer, Whitecap Aerospace will deploy up to $8 million for launch, commissioning and in-orbit satellite risks. Tim Wright, Head of Space at Whitecap, will underwrite ... Read the full article
Howden appoints industry veteran Strickland to lead new Space insurance practice
10th December 2025
Insurance intermediary group Howden has announced Clive Strickland has joined the company to establish and lead its new dedicated Space insurance practice. An industry veteran with over 25 years of experience in the sector, Strickland has a proven track record of success in establishing and growing space teams in his previous ... Read the full article
Relm to support rapidly expanding space economy with new suite of insurance products
5th December 2025
Relm Insurance, a specialty insurer for emerging and innovative industries, has announced the launch of a new suite of insurance products designed for the rapidly expanding space economy. These comprehensive products provide brokers and their clients with robust coverage, enhancing business resilience for technologies at every stage, from initial development to ... Read the full article
HIVE expands into space insurance with Kenneally appointment
6th June 2025
Independent specialty managing general agent (MGA) HIVE Underwriters has expanded into space insurance with the appointment of leading underwriter, Jack Kenneally, as Class Underwriter. This move complements HIVE’s existing aviation offering, signalling a significant phase in the MGA’s growth strategy. Kenneally has been part of London market’s most respected space insurance portfolios, ... Read the full article
Solar storm could expose global economy to losses of $2.4trn over five years: Lloyd’s
4th March 2025
In a recently published systemic risk scenario, the specialist Lloyd's insurance and reinsurance marketplace has highlighted that a hypothetical solar storm could expose the global economy to losses of $2.4 trillion over five years, with an expected loss of $17 billion from such an event. Lloyd's explains that global economic losses ... Read the full article
Howden Re appoints Paul Nicholson and Dominic Riley to its aviation and space team
13th December 2024
Howden Re, the reinsurance arm of Howden, has announced the appointments of Paul Nicholson and Dominic Riley to its Aviation and Space team within the Global Specialty Reinsurance division. These appointments are set to enhance Howden Re’s Global Specialty Reinsurance division, which has seen significant growth since its establishment two and ... Read the full article
Lockton unveils global space practice, led by PIIQ’s Ian George
28th June 2024
Lockton, an independent insurance broker, has launched a new global space practice led by Ian George, Head of Space, and joined by Russell Sawyer and Mark Williamson as Account Executive and Consultant, respectively. According to the announcement, the new practice will offer a range of products specifically tailored to individual client needs across ... Read the full article
Bloomberg Intelligence warns insurers of black swan risk from solar space storms
5th June 2024
Bloomberg Intelligence, a research division of the financial media company Bloomberg LP, warns that major space storms could surpass the financial impact of events like Hurricane Katrina, with disruptions to radio communications, power grids, spacecraft, and satellite navigation, as the current solar cycle peaks in 2025. On May 10, the space ... Read the full article
Space insurance market navigates uncertain terrain in 2024 amid capacity shifts: Gallagher
5th January 2024
In a year marked by unexpected challenges, the space insurance market faced a significant shift in the second half of 2023, reporting claims totaling USD 826 million, according to Gallagher Specialty's Plane Talking - Q4 2023. Notably, over 85% of losses, including those from Viasat-3 and Inmarsat 6-F2, stemmed from post-separation ... Read the full article
Tokio Marine targets space insurance market with Axelspace investment and collaboration
18th April 2023
Tokio Marine Holdings, Inc. has entered into a capital and business alliance with Axelspace Holdings Inc., a startup in the space business sector, to develop new insurance products and services for the space market. Axelspace, domiciled in Japan, is described as a pioneering startup in the space business field. The company has ... Read the full article
Capacity for space insurers change ‘little’ in 2023: Gallagher
17th April 2023
In the latest edition of Plane Talking, re/insurance broker Gallagher noted capacity changed "little" from 2022 for space insurers and market position has been "as before" for the majority. In its Q4'22 edition of Plane Talking, Gallagher noted that market feedback on capacity and reinsurance renewals was suggesting continued strong support for ... Read the full article
Eutelsat says 5 West B satellite market loss could be $106m
17th January 2020
Satellite operator Eutelsat has provided an update on its stricken EUTELSAT 5 West B geostationary satellite, saying that it expects a roughly 55% loss of capacity or function, which could equate to a roughly $106 million claim under a launch-plus-one-year insurance policy. We were first to report last October that ... Read the full article
Lloyd’s of London launches space insurance policy
4th December 2019
Insurance and reinsurance marketplace Lloyd’s of London has launched a new space policy for the emerging private spaceflight industry. The solution, called Llift Space, is backed by a consortium of 18 syndicates, led by Brit and Hiscox MGA, with a $25 million capacity per risk. Only available in the Lloyd’s market, Llift ... Read the full article
Insurance market could face $192m+ Eutelsat 5 West B satellite loss
28th October 2019
Satellite industry observers are discussing the potential for the EUTELSAT 5 West B geostationary satellite to become a total loss, which could cost the insurance market at least $192 million. We were first to report last week that satellite operator Eutelsat was facing an incident that could threaten a recently ... Read the full article
Eutelsat 100% covered if satellite facing solar array incident is lost
24th October 2019
Satellite operator Eutelsat is facing an incident and potential malfunction related to a solar array on a recently launched satellite, for which it has told us it is fully covered by insurance, with no retention, should a loss occur. The EUTELSAT 5 West B geostationary satellite was only launched on October ... Read the full article
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