’Launching a dedicated team in London has long been an aspiration contingent on us finding the right team,’ says chief executive
Broker Lockton has launched its new global space practice today to provide a suite of products across the space industry.
The practice will be headed up by Lockton head of space Ian George, who will be joined by account executive Russell Sawyer and consultant Mark Williamson.
Core coverages available will include transit and pre-launch, as well as launch and initial in-orbit, subsequent in-orbit and space third party liability and loss of revenue.
Lockton said that while there remained the need for traditional space insurance around geostationary satellite operators and manufacturers, there has been an emergence of ’new space’ programmes that require technically advanced coverage.
Lockton Europe chief executive EJ Hentenaar said: ”Space insurance is a complex and dynamic field, reflecting the high risk nature of space activities. It requires a deep understanding of both the technical aspects of space operations and the financial implications of the risks involved.
“Extending Lockton’s leading capabilities in the US and launching a dedicated team in London has long been an aspiration contingent on us finding the right team who shared our client-centric focus and could immediately propel us to the forefront of the market.”
Dedicated team
Lockton’s new dedicated space team will be based in London, with new head of space George joining from PIIQ Risk Partners, where he served as head of space in its space team.
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George has over 25 years of space insurance experience and has previously worked at Willis Towers Watson’s (WTW) aviation division, where he was regional director.
Sawyer has also joined the broker from PIIQ and also previously worked at WTW, while Williamson has joined Lockton on a consultancy basis with four decades of space technology consultancy experience.
Hentenaar added: ”Ian, Russell and Mark are renowned across this market. Their experience and expertise is second to none and they are the ideal candidates to launch our new offering.”
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