Business

Marsh seals $1bn insurance agreement with OneWeb

OneWeb said it has a ‘longstanding relationship’ with Marsh and this agreement is the next stage in the collaboration between the two companies

OneWeb, the low Earth orbit (LEO) satellite communications company, has signed an insurance agreement for an aggregate insured value of more than $1bn ($723m) through Marsh, the insurance broker and risk advisor.

Marsh has arranged a multi-launch insurance programme covering physical loss or damage to the remaining GEN 1 satellites and launch vehicles with a global panel of specialist insurers.

OneWeb said it 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.

Steven Fay, OneWeb’s deputy CFO, 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.”

Chris Lay, CEO, UK and Ireland, Marsh, said: “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 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.”

Show More
Back to top button