JLT to arrange insurance programe for satellite operator with Marsh
JLT Aerospace has been appointed by satellite operator Arabsat to develop a bespoke insurance programme for a multi-satellite launch programme in conjunction with Marsh.
The first launch is scheduled to take place next year and will involve a satellite manufactured by EADS and Thales on board an Ariane launch vehicle.
The satellite will be launched into a geostationary orbital slot 36,000 kilometres (over 22,000 miles) above the equator.
Peter Elson, global head of space at JLT Aerospace, said: "This is a fantastic opportunity and a tremendous coup for JLT Aerospace. Arabsat is a premier league operator, which presents an extremely attractive risk profile to the insurance market.
"Since the brokerage industry consolidated, major space clients like Arabsat had only been able to look to a few US-owned brokers to insure their launch risks in the global marketplace. The role of JLT Aerospace will be central to formulating and placing this exciting risk programme for Arabsat."
Alan Griffin, chairman and chief executive of JLT Reinsurance Brokers, the parent company of JLT Aerospace, said the deal was an "important milestone" for JLT Aerospace.
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