Beazley PLC (LSE:BEZ) and Marsh & McLennan Companies (NYSE:MMC) are the insurers involved in the first space rocket launch from UK soil, expected in the coming days.
Marsh arranged insurance on behalf of Space Forge with Beazley, with the policy covering risk of loss to the Forgestar payload.
Beazley already has a space segment with its own 'head of space', Denis Bensoussan.
He said: “In recent years, new space ventures have emerged as the fulcrum of innovation, investment and growth, and insuring the first orbital launch from UK soil carrying Space Forge’s first satellite is something we are naturally very proud of.
“This changing space industry requires different insurance solutions and we need to keep thinking ahead and innovating to enable and support its development.”
The launch is expected to take place this month but at least before the end of the year at Spaceport Cornwall, with Virgin Orbit Holdings Inc (NASDAQ:VORB) using a converted jumbo jet to take off from Earth, carrying a rocket that will later unclip and fly into space to deposit various satellites in position.
These include Wales-based Space Forge’s Forgestar-0 prototype "space factory", which aims to create materials that are not possible to make on Earth.
Once operational, Forgestar is designed to be the world’s first fully returnable and re-launchable satellite platform.
Marsh's aviation and space specialist Neil Stevens said: “Insurance is a vital consideration for any mission which contemplates commercial space activity.”
Space Forge’s chief technology officer Andrew Bacon said: "The upcoming launch is a huge moment for Space Forge. It's been an exciting journey so far, with lots to consider in terms of logistics, legality and security, alongside the actual development, installation and launch of our satellite. It's great to have another important milestone ticked off the list, having secured the correct insurance. It gives us peace of mind as we prepare for our inaugural mission with ForgeStar-0."