Ironshore International said on Wednesday that its Hamilton, Bermuda-based Pembroke Managing Agency Ltd. is broadening insurance coverage for the space sector by launching products that cover contractual exposure rather than physical loss or damages.
Pembroke’s Space unit will offer satellite operators, manufacturers and launch service providers, six new contingent products of varying capacity limits to cover contractual liabilities and financial exposures, which the parties incur through launch delays, the company said.
“Pembroke’s new financial products for the space sector are more comprehensive than those currently available in this specialty lines market,” said Neil Stevens, director of the Space Unit of Pembroke. “Increasing participation by international operators engaged in the satellite industry demands that sophisticated coverage solutions are made available for optimal commercial benefit.”
Ironshore Inc. is planning an initial public offering it values at $100 million.