Satellite communications firm OneWeb has signed an insurance agreement for an aggregate insured value of more than $1bn through Marsh.
Insurance broker Marsh has arranged a multi-launch insurance programme covering physical loss or damage to the low Earth orbit (LEO) satellite company’s remaining Gen 1 satellites and launch vehicles with a global panel of leading specialist insurers. The insurance programme underpins the next stage in the development of OneWeb’s global communications capabilities.
OneWeb has a longstanding relationship with Marsh and this agreement is the next stage in the collaboration between the two companies. The announcement follows the successful completion of OneWeb’s ‘Five to 50’ launch programme that has delivered the satellites required to bring OneWeb services to Canada, the UK, and Northern Europe later this year. OneWeb has secured all funding necessary to take its satellites into commercial service later this year, recently announcing additional funding from Bharti Global as well as Hanwha.
Speaking about the insurance agreement, Steven Fay, Deputy Chief Financial Officer of OneWeb, said: “We are extremely pleased to sign this insurance agreement with Marsh, the leading insurance broker in the field. 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.”
Massimiliano Ladovaz, OneWeb’s Chief Technology Officer, added: “At OneWeb, we are proud to have developed a best-in-class LEO satellite launch programme, as we begin another launch campaign of 34 satellites scheduled for later this week from Baikonur, Kazakhstan. This successful execution of our back to back monthly launches is a testament to the fantastic team and partners, who have worked tirelessly on our global logistics and supply chain to maintain operations during the challenge posed by Covid-19.”
Chris Lay, CEO, UK & Ireland, Marsh, stated: “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. The placement of this highly innovative programme is a 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.”
OneWeb’s insurance only covers the launch flight phase of the constellation’s deployment, and does not include a year of in-orbit coverage.