Heath Lambert's aerospace division has placed a reinsurance protection facility into the London and international markets, covering the liability exposure of the planned re-entry of the Mir space station, due to crash into the Pacific Ocean between March 20 and 30.

Three insurance companies wrote the policy that gives Mir $200m (£137m) of liability cover.

The reinsurance of the original policy is led by Westminster Aviation Insurance group (WAIG), a subsidiary of the AGF Group. Following reinsurers include ACE Global Markets, Wellington Syndicate and Kiln Aviation, all at Lloyd's, and Brockbank Insurance Services in the US.

Mir was launched on February 20, 1986, with a life expectancy of five years. The re-entry next week will come over 15 years after the launch.

Gary Bryant, executive director of Heath Lambert Aerospace Division, said: “This is a very unusual project. It demonstrates the flexibility of the London and international aerospace market to meet the challenges of modern day risks.”