A new insurance offering from Liberty Syndicates in partnership with Sciemus could create savings of more than $10m a year for some satellite operators, while enhancing insurers' returns.
The companies have signed a new deal based on Sciemus' ability to model the risk of satellites and evaluate their reliability.
Liberty Syndicates will provide initial capacity of up to $250m rising to $400m over the next few years to cover operators of communications satellites.
Sean Dalton, CEO of Liberty, said: “This represents the largest single source of new capacity made to the industry, which hitherto has suffered from an inability to differentiate between good and bad operators.
"The model will enable differentiation between good and bad risk within the satellite sector and price to reflect the risk. Operators will be able to see the benefit in terms of significant cost savings and certainty.”
The model will also enable contract certainty and facilitate claims resolutions.
Andre Finn, CEO and co-founder of Sciemus said: “For too long good satellite companies have been subsidising poor performers. We are delighted that this new partnership with Liberty could reduce premiums by as much as $10m per year for the best in breed operators.”
