Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Satellite loss was self-insured

Peta Miller

November 30, 2004 Reprints

European Union P/C Insurers Risk Management Asia-Pacific & Australasia Bermuda Canada China Latin America United Kingdom More + Less -

PEMBROKE, Bermuda--The loss of an Intelsat Ltd. communications satellite that served much of North and South America was self-insured.

The Pembroke, Bermuda-based company said Sunday that its Intelsat Americas-7 satellite "experienced a sudden and unexpected electrical distribution anomaly that caused the permanent loss of the spacecraft."

The firm is working with the manufacturer of the satellite, New York-based Loral Space & Communications Ltd., to identify the problem, but the satellite was a total loss, it added in a statement.

The IA-7 was launched in September 1999. The company would not disclose the value of the satellite, but Diane Van Beber, vp of investor relations at Intelsat, said the company normally purchases insurance for any satellite valued at more than $150 million.

Zeus Holdings Ltd., a consortium of private equity firms that had agreed in August to purchase Intelsat, is reviewing its options following the loss, according to the statement.

Help

Satellite loss was self-insured

Readers Poll

Sign up now for free access to this article and much more.

If you are already registered with Business Insurance, click here to Login

Please tell us a bit more about yourself in order to continue

About

Advertise

Reprints and Licensing

Resources