Bermuda-based US insurer Ironshore is to enter the space insurance market following a tie up with the Starr Aviation Agency, a subsidiary of New York based insurer C.V. Starr & Co. Ironshore stated that its Aviation division has entered a treaty…
Bermuda-based US insurer Ironshore is to enter the space insurance market following a tie up with the Starr Aviation Agency, a subsidiary of New York based insurer C.V. Starr & Co. Ironshore stated that its Aviation division has entered a treaty reinsurance program with the Starr to provide protection against commercial satellite risk.
Under the deal, Starr will provides launch plus one coverage for up to US$30m on a single launch and US$35m on a dual satellite launch with Ironshore providing 10% of the coverage on a quota share basis with other leading insurance carriers. The joint venture also plans to in-orbit insurance.
“Space insurance coverage is a highly specialized field, requiring disciplined technical underwriting expertise,” said Gerald Frick, head of Ironshore Aviation. “Satellite owners recognize that the launch and in-orbit operations are subject to catastrophic losses, and seek insurance protection to maximize the operational life of the spacecraft.”
The deal is Starr Aviation Agency’s first foray in to space since it acquired International Aerospace Insurance Services Inc for an undisclosed amount back in April 2010. Commenting on that deal, Bill Eason, president of Starr Aviation, said: “The acquisition of Inter-Aero expands not only our distribution network, but also our suite of products. Inter-Aero’s team of professionals has a strong presence in the Space market and greatly enables our entry into that business.”