JLT Aerospace, has announced it has won a joint tender with broker Marsh to provide the insurance coverage for a major multi launch satellite programme breaking what is said had been a monopoly of the market by US owned intermediaries.
ARABSAT a fast-growing communications satellite operator established in 1976 by the member states of the Arab League and headquartered in the city of Riyadh, Saudi Arabia, has sought to the insurance coverage. It currently ranks among the top ten operators globally and is the leading satellite service provider in the Arab World.
JLT says it is to develop a bespoke insurance programme for a multi-satellitelaunch programme in conjunction with Marsh.
The first launch is scheduled to take place next year and will involve a satellite manufactured by EADS and Thales on board an Ariane launch vehicle. The satellite will be launched into a geostationary orbital slot 36,000 kilometres (over 22,000 miles) above the equator.
Peter Elson, Global Head of Space at JLT Aerospace, said: "This is a fantastic opportunity and a tremendous coup for JLT Aerospace. ARABSAT is a premier league operator, which presents an extremely attractive risk profile to the insurance market.
“Since the brokerage industry consolidated, major space clients likeARABSAT had only been able to look to a few US-owned brokers to insure their launch risks in the global marketplace. The role of JLT Aerospace will be central to formulating and placing this exciting risk programme forARABSAT."
Alan Griffin, Chairman and CEO of JLT Reinsurance Brokers added: "This appointment is an important milestone for JLT Aerospace. We have proved that we have capabilities and expertise in all sectors of the aerospace insurance industry. With JLT, aerospace clients now have a viable alternative for their risk and insurance needs, which is great news for insurance buyers."