Space
Space
"Technically, one of the most accomplished and respected insurers in the market… opinion counts for a lot when placing insurance policies, with many other insurers asking whether Atrium underwrite the risk."
London Leading Underwriters 2021
Modern life increasingly depends on the services of satellites. Whether it be watching breaking television news from the other side of the world; surfing the Internet when flying across the Atlantic; catching the latest weather forecast; the accurate timing of financial services or the navigation of cars, ships and planes, all rely on satellites. As with other elements of our critical infrastructure, the loss of a satellite can have severe consequences.
The first satellite to be insured was underwritten in Lloyd’s aviation market in 1965. Since that time the growth of commercial satellite services such as satellite television, and the increasing requirement for specialist space knowledge, has seen space insurance develop into its own dedicated class of underwriting at Lloyd’s.
In 2007, Atrium founded the Atrium Space Insurance Consortium (ASIC) with a mission to draw on the strengths of a highly experienced underwriting and engineering team; offer comprehensive, reliable and creative space insurance products and to provide the highest levels of service to customers in the space sector. These capabilities have earned ASIC a reputation of being one of the world’s leading insurers in this specialist market and regular plaudits in the London Leading Underwriter publications.
ASIC comprises a number of Lloyd’s syndicates that have delegated their underwriting authority for space risks to the team at Atrium to underwrite on their behalf. The leading member of the Consortium is Atrium’s Syndicate 609.
Atrium’s space team have extensive experience in satellite engineering, space and insurance law and insurance management. The London-based underwriting team is complemented by our highly-respected engineer based in Ottawa, Canada.
The Consortium provides launch insurance covering the ascent to orbit, deployments, orbit raising, in-orbit testing as well as in-orbit insurance covering the satellite for the ongoing perils faced by all space risks. With few satellites being identical, ASIC considers it vital that each risk be fully evaluated by an experienced satellite engineer prior to being underwritten.
Ambiguities that remain in the coverage design lead to complications and delays in settling a claim in the unfortunate situation of a loss arising. Collaborating with an insurer with the experience and ability to fully comprehend the requirements of the Insured and the entrepreneurialism to craft a bespoke coverage design helps minimise the risk that ambiguities can produce.
“Stand-out underwriters in Aviation and Space are defined by their commerciality, client focus and a desire to proactively work with brokers to develop new business…this line is dominated by Atrium.”
London’s Leading Underwriters 2013
15+ years of ASIC
Find us
Find us at our offices, Level 20, 8 Bishopsgate
ASIC in the news
- Read more about the role space insurers are taking to introduce new regulations for space sustainability: A more sustainable race for space - Lloyd's (lloyds.com)
- Click here [Tech Reimagined | an Endava podcast] to listen to the three-part Endava Tech Reimagined podcast about space insurance
- David Wade contributes to Lloyd's case study on insuring missions to clean up space debris https://www.lloyds.com/about-lloyds/our-market/what-we-insure/space/crowded-space/astroscale
- Listen to David Wade, Atrium’s Space Underwriter being interviewed about space insurance for the Insurance Covered podcast (https://www.rpc.co.uk/perspectives/insurance-and-reinsurance/a-look-at-space-insurance-a-podcast-with-david-wade/)
- Click here to view ASIC’s presentation paper on All Electric Satellites – Insurance Implications
- Click here to view ASIC’s presentation paper on Preparing for the Worst: The Space Insurance Market’s Realistic Disaster Scenarios
- Read an article regard Space Weather and Insurance by David Wade, Atrium’s Space Underwriter, in the Science in Parliament journal, Whitsun 2013, see https://www.scienceinparliament.org.uk/wp-content/uploads/2013/12/sip70-2.pdf
- Watch David Wade, Atrium’s Space Underwriter, being interviewed by Stephen Fry in Stephen Fry’s Key to the City (https://www.youtube.com/watch?v=vay7bqnAcJo)
Find out more
To find out what our trusted team of Underwriters can offer you and to find out more about our classes, our agility, and decision-making approach, contact any of our underwriters or call us on +44 (0)207 327 4877.
Should you have a specific claims issue or wish to find out more about our first-class claims support please go to our claims page, for general claims service queries in the first instance please contact your agent or broker.
Meet the team
David Wade
Space Underwriter
London
David Wade ___ Space Underwriter
David joined Atrium in 2007 to head up the Atrium Space Insurance Consortium. He has over 30 years’ experience in the space sector, working in the space industry and space-related academia before joining the space insurance market in 2000. David holds a post graduate degree in Astronautics and Space Engineering and is a graduate of the International Space University.
David has held the position of Chairman of the Lloyd's Market Association (LMA) Satellite Risks Committee and the International Union of Aerospace Insurers (IUAI) Space Risks Study Group (SRSG). He remains an active member of both groups. David also writes the Space chapter of the Chartered Insurance Institute's (CII) Aviation and Space Insurance coursebook.
Year Joined Atrium: 2007.
Lee Davis
Deputy Space Underwriter
London
Lee Davis ___ Deputy Space Underwriter
Lee Davis started his career with JR Charman and Others in 1989. There followed a period of nine years with SE Spinney & Others (and subsequently Duncanson & Holt) during which time Lee became directly involved with the space account in addition to an operational role.
Lee joined Atrium in 2000 as Syndicate Operations Manager (609) and managed the Syndicates space portfolio, including the Brit Space Consortium and SATEC Binding Authority lines. In addition to participating on these facilities Lee also oversaw the underwriting of direct market placements.
At the beginning of 2007, Lee moved across to ASIC to take up the position of Deputy Space Underwriter, where he participates in the underwriting as well as the management of the Consortium through his role as Consortium Manager.
In July 2007 Lee studied at the Aeronautics & Astronautics School of Engineering Sciences University of Southampton where he attended the Space Systems Engineering Course. In July 2013 Lee also attended a Spacecraft Systems Design Bespoke Training Course at the Faculty of Engineering and Physical Sciences at the University of Surrey.
Year Joined Atrium: 2000.
Emma Cox
Consortium Management & Reporting Assistant
London
Emma Cox ___ Consortium Management & Reporting Assistant
Emma started her career in insurance with Collegiate Insurance Brokers 1998 and was responsible for account management within the Professional Indemnity market. Emma joined Atrium in 2005 working alongside the Syndicate Operations Manager and was involved in all aspects of the management and reporting requirements of Syndicate 609. She continued her role as Syndicate Management & Reporting Assistant within this department until June 2014 at which time Emma joined Atrium Insurance Agency Limited (AIAL) who in turn manage the Atrium Space Insurance Consortium (ASIC). In the role of Consortium Management & Reporting Assistant Emma will assist the Consortium Manager in all area’s of operational management and reporting required to support the space underwriting team based in London.
David Hoffer
Senior Satellite Analyst
Canada
David Hoffer ___ Senior Satellite Analyst
David joined Atrium in 2007 from Telesat Canada, the Canadian telecommunications satellite operator. David worked at Telesat Canada for 23 years, working on Telesat’s own satellites as well as consulting for many of the world’s satellite operators, advising on satellite procurement activities as well as monitoring the manufacture, test, launch and operation of satellites. In his role at Telesat, David spent a considerable amount of time working at various satellite manufacturing facilities in the US and Europe giving him an unparalleled insight within the insurance community of the satellite designs that we insure.
For the last 8 years of his career with Telesat Canada, David consulted to the space insurance underwriting community, building an excellent insight into the requirements of the underwriter, alongside his in-depth engineering knowledge.
Year Joined Atrium: 2007.