US insurance giant American International Group (AIG) has appointed Castor Aerospace as its new program administrator for space-related risks.
Under the agreement, Castor will act as the distribution channel for its partner, providing lines on…
US insurance giant American International Group (AIG) has appointed Castor Aerospace as its new program administrator for space-related risks.
Under the agreement, Castor will act as the distribution channel for its partner, providing lines on launch-plus-one and in-orbit placement.
Commenting on the deal, Jeff Moitozo, division executive for aerospace in the US and Canada at AIG, said: “The space industry continues to grow at a rapid pace and AIG understands how important it is to respond to market growth and opportunities. This new distribution channel for space-related risks allows us to expand our aerospace product suite and provide access to comprehensive space insurance solutions that meet our clients’ needs.”
The announcement surprised some in the space insurance community given that if AIG wanted to cover space-related risks it could have gone through a more traditional route such as the Lloyds insurance market. Castor is a relatively new entity having been formed by ex-Marsh and Aon broker Joshua Small in 2012.
