Independent insurance broker Lockton has launched a global space practice, led by Ian George, head of space.
The team will offer a number of products specifically tailored to individual client needs across the entire space industry.
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Core coverages include transit and pre-launch, launch and initial in-orbit, subsequent in-orbit, space third party liabilities and loss of revenue. The practice will also enhance Lockton’s space capabilities throughout its network of global offices.
Furthermore, traditional space insurance will continue to exist and now merged with the emergence of “new space” programmes.
George holds over 25 years of space insurance experience and joins from PIIQ Risk Partners.
EJ Hentenaar, CEO of Lockton Europe said: “Space insurance is a complex and dynamic field, reflecting the high-risk nature of space activities. It requires a deep understanding of both the technical aspects of space operations and the financial implications of the risks involved. Extending Lockton’s leading capabilities in the US and launching a dedicated team in London has long been an aspiration contingent on us finding the right team who shared our client centric focus and could immediately propel us to the forefront of the market. Ian, Russell and Mark are renowned across this market. Their experience and expertise is second to none and they are the ideal candidates to launch our new offering.”
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By GlobalDataLockton Norway revealed its succession plan for its senior leadership team earlier this year..
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