Marsh, a global insurance broker and risk advisor, has placed insurance for the first space rocket launch from UK soil.
With around 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services.
The launch, which is expected to take place this year at Spaceport Cornwall, one of the UK’s first domestic spaceports, will carry, among other satellites, Space Forge’s Forgestar-0 prototype space factory that can create materials that are not possible to make on Earth. Once operational, Marsh said Forgestar will be the world’s first fully returnable and re-launchable satellite platform.
Arranged on behalf of Space Forge and placed with Beazley, the policy covers risk of loss to the Forgestar payload.
Neil Stevens, senior vice president, Aviation and Space, Marsh Specialty, said, “This is truly a historic moment for the UK, as both the ambition and capability to launch satellites into space becomes a reality. Insurance is a vital consideration for any mission which contemplates commercial space activity; Marsh is proud to work with Space Forge on this landmark project, which will take us all a step closer to in-space manufacturing.”
Beazley’s Head of Space, Denis Bensoussan, added,“In recent years, new space ventures have emerged as the fulcrum of innovation, investment and growth, and insuring the first orbital launch from UK soil carrying Space Forge’s first satellite is something we are naturally very proud of.
“This changing space industry requires different insurance solutions and we need to keep thinking ahead and innovating to enable and support its development.”
Earlier this month, Marsh McLennan Agency (MMA), a subsidiary of Marsh, acquired Focus Insurance, a personal insurance brokerage firm based in Texas.
Aslo earlier this year, Marsh launched the ‘first-of-its-kind’ insurance and reinsurance facility that provides insurance capacity for new and existing hydrogen energy projects.
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