Aon has appointed Jared Ball as global practice leader of its space unit following the retirement of long-time head Jeff Poliseno.
Space
Applied Underwriters Aerospace has appointed former Canopius executive Richard Parker as chairman of its space insurance division.
Sufficient capacity remains available in the space insurance market for insurers to deploy effective risk appetite despite its recent high-profile withdrawals, according to Gallagher.
Canopius has ceased writing new space business and has placed the portfolio into run-off.
WTW has hired Christian Grimme from Ardonagh Specialty’s Besso Grimme Insurance Brokers to launch a global aviation and space retail operation in Germany,
Lockton has expanded its US space insurance offering with the launch of a global space practice led by newly appointed Ian George.
Losses in the space insurance market are “unsustainable” after the sector was hit with claims totalling $995mn last year, according to Melissa Quinn, general manager at satellite and launch data specialist Slingshot Aerospace.
The space insurance market suffered an underwriting loss of ~$900mn in 2023, leading to increasing pressure from insurers for significant premium increases, according to Gallagher.
Acrisure has launched a new division catering specifically to the aerospace industry. Acrisure Aerospace is led by managing partner Jason Riley, and comprises various Acrisure businesses.
Space insurance capacity is set to contract in 2024 as the market digests around $826mn of losses from the second half of last year, according to Gallagher Specialty’s aerospace CEO Peter Elson.
Third-party capacity is expected to retrench from the space insurance market at 1.1 following a year of heavy claims activity, although blue-chip risks should still be able to access cover at competitive rates.
Fairfax-owned Brit has withdrawn from the space insurance market following a turbulent year of heavy market losses,
Satellite data company ICEYE has secured a three-year partnership with the European Space Agency (ESA) as a partner in the Civil Security from Space Programme (CSS) to “revolutionise” disaster and crisis management.
Several insurers are targeting “radically higher” space insurance rates in the wake of two nine-digit losses this year, according to Gallagher Aerospace CEO Peter Elson.
