Willis Towers Watson has announced that its space industry specialist division, Inspace, has been appointed as an exclusive risk advisory and insurance broker to Cloud Constellation Corporation and SpaceBelt, a system of eight low earth orbit satellites (LEO) that offer space-based secure data storage and services.
The appointment will see Inspace provide a range of consulting services, including review of supplier contracts, managing project risks and support for the financing process and the insurance services for all lines of business, including launch and in-orbit insurance.
Philippe Montpert, Willis Towers Watson Inspace Managing Director, said: “You don’t work on many disruptive and ground breaking projects in your professional lifetime and SpaceBelt is without a doubt one of them.
“We are delighted to have been selected by Cloud Constellation Corporation to advise them during the buildup of the project, to reduce their risks to a minimum and to protect their assets and liabilities. I look forward to participating in this great venture.”
Mark Quinn, Willis Towers Watson Inspace Global Chief Executive Officer (CEO), also commented: “The management at Cloud Constellation are proven industry innovators and SpaceBelt responds to a current need in today’s market.
“Its system architecture is innovative and provides a practical solution in a secure and efficient way. We have seen the insurance market respond with equal creativity to new projects and we at Willis Towers Watson look forward to delivering this market response to contribute to Cloud Constellation’s success.”
Cliff Beek, Cloud Constellation CEO & President, added: “SpaceBelt aims to transport and store highly sensitive files above the vulnerabilities of terrestrial infrastructure. The patented approach of SpaceBelt is innovative, as it uses the industries’ existing geostationary satellites for all earth to space transmission services and in-country compliance with regulatory requirements.
“We selected Willis Towers Watson Inspace because of their demonstrated creativity for advising customers with innovative space technologies and their leadership in providing risk management and consulting services to space ventures like ours.”