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Marsh seals massive insurance deal

Marsh seals massive insurance deal | Insurance Business UK

Marsh seals massive insurance deal

Existing partners Marsh and UK-headquartered low Earth orbit satellite communications company OneWeb have sealed an insurance agreement worth more than US$1 billion.

“We are extremely pleased to sign this insurance agreement with Marsh, the leading insurance broker in the field,” said OneWeb deputy chief financial officer Steven Fay, whose camp is soon taking its satellites into commercial service after securing all the necessary funding.

“OneWeb is embarking on its next phase of growth as it looks to complete its constellation and deliver commercial service by the end of the year, and this agreement provides an added layer of security as our company moves quickly toward realising this goal.”

The multi-launch insurance programme arranged by Marsh with a global panel of specialist insurers will cover physical loss or damage to GEN 1 satellites and launch vehicles. The agreement was described as “the next stage” in the collaboration between OneWeb and Marsh.

“This next series of launches is central to OneWeb’s plans to provide next-generation broadband services to people, communities, and businesses all around the world,” noted Marsh UK & Ireland chief executive Chris Lay.

“The placement of this highly innovative programme is testament to the expertise, and dedication of Marsh’s colleagues, including those in our space teams in London, New York, and Paris. Together, in collaboration with OneWeb, we are making the future possible.”