Managing Agency launches breach of warranty coverage for satellite lenders

Ironshore has announced that its Pembroke Managing Agency is to offer insurance coverage for lenders involved in financing satellite projects.

The product provides cover for banks and export credit agencies against the risk of non-disclosure and misrepresentation by the borrowers in a satellite financing transaction.

Pembroke Syndicate 4000 will lead a group of Lloyd’s syndicates to provide capacity of up to $100m (£62,391m GBP) to underwrite coverage.

Pembroke director, space division Neil Stevens said: “Access to financing is the most difficult aspect an entrepreneur encounters to facilitate the launch of a new commercial space project.”

“The insurance coverage offers a solution that removes the residual exposure inherent in satellite financing during the riskiest part of the mission, which is the launch phase,” he added.

Ironshore’s Pembroke Syndicate provides coverage for financial lines, global property, high-value cargo and other specialty risks.