OneWeb, the low Earth orbit (LEO) satellite communications company, and Marsh, the world’s leading insurance broker and risk advisor, today announced that their relationship will continue through in 2023, covering launches from the U.S. and India.
OneWeb signed an agreement for an aggregate insured value of more than $1 billion through Marsh in September 2021 and now that relationship will cover the remaining satellite launches for OneWeb to complete its Gen1 constellation. The insurance programme has continued to underpin the development of OneWeb’s communications capabilities in established and new markets.
This month, OneWeb completed its 16th launch to-date, on a Falcon 9 rocket from SpaceX in Florida, to bring its total constellation to 542 satellites – more than 80% of its Gen1 constellation. This milestone followed the resumption of the business’ satellite deployments, with OneWeb’s successful 14th launch on a LVM-3 rocket from NewSpace India Limited at Sriharikota, India, in October 2022 and a SpaceX launch in December on another Falcon 9. OneWeb remains on track to initiate global coverage in 2023, while its connectivity solutions are already live in the wider Arctic region including Canada, Alaska, the UK and beyond.
Srikanth Balachandran, OneWeb’s Chief Financial Officer, said: “Marsh has been pivotal in supporting OneWeb’s mission since 2021 and we are proud to collaborate with an insurance broker that shares our global ambitions. As we continue to progress towards activating our coverage across the world in 2023, we will benefit from the security of the insurance programme through Marsh, and the expertise of their teams across UK and India.”
Chris Lay, Chief Executive, UK & Ireland, Marsh, said: “OneWeb has made tremendous progress in building its Gen1 constellation. The next series of launches will enable the business to activate its coverage solutions globally, and are strategically important to OneWeb’s success. The continuation of our highly innovative insurance programme, and the guidance of Marsh’s global colleagues, demonstrates that Marsh and OneWeb remain committed to creating a more connected future for all.”
Sanjay Kedia, Chief Executive, Marsh India, added: “The recent launch at Sriharikota and the enthusiastic participation of several Indian insurance players are positive and significant contributions to the global space sector. We are proud of our work with OneWeb, and we are delighted to see how our teams work collectively to deliver satellite launches in a safe, secure and responsible manner.”