Aesir Space develops multi-risk deal for nation’s historic $7 billion space investment
Monday 21st September, London: Aesir Space, a member of the Volante Group MGA, is celebrating Australia’s first launch of a commercial space rocket from its base in southern Australia. Aesir Space was the project’s main technical underwriter.
The 34kg, 3.4-metre-long DART rocket was launched from the Koonibba Rocket Range on September 19th and carried a payload for the Royal Australian Air Force. The project is a joint partnership between the Ministry of Defence, Southern Launch, DEWC Systems and Dutch company T-Minus Engineering. The pioneering launch is part of Australia’s $7bn investment in space technologies.
The historic flight was the culmination of more than two years’ work by Southern Launch and is backed by the Australian government, which sees commercial satellite launches as the future for the site in the south of the country. South Australia Premier Steven Marshall said: “Congratulations to the team at Southern Launch for successfully launching a rocket to the edge of space from Koonibba, South Australia.” The country’s Defence Minister Melissa Price added that the launch marked the start of an exciting future for Australia’s space capability.
Southern Launch Chief Executive Lloyd Damp said: “We as Australians have achieved something incredible, because today at Koonibba, Australia took its first small step towards being a proud space-capable nation.”
New Space – New Insurance Solutions
Aesir Space adapted its bespoke Bifrost multi-risk, multi-launch New Space policy for independent specialist global wholesale insurance brokers Price Forbes. The Bifrost policy encompasses technical, manufacturing, launch pad technologies and associated risks such as environmental, in-orbit and de orbit.
Commenting on the successful launch Aesir Space’s Managing Director Morten Pahle said: “We are absolutely delighted that this historic inaugural launch was a success and we are proud to be partnerered with Southern Launch to offer comprehensive insurance solutions. Our Bifrost policy offers consistent risk assessment based on technical underwriting
insight and extensive space cover from cradle to grave for Newspace projects. Aesir Space delivers the scientific rigour that the space industry demands as well as the flexibility of cover which enables startups and smaller companies to concentrate on what they do best, not worrying about their insurance solution.”
Miguel Calvete, Director at Price Forbes, added: “We wanted to provide the client with a total package tailored to their needs, leaving them to concentrate on the complex technologies involved in this inaugural launch. The Bifrost policy ticked all of the boxes in the new space sector, providing total cover for all aspects of the rocket launch.”
Aesir Space is a member of Volante Global, a multi-class international MGA that combines best-in-class underwriting power with fully automated, data-driven business. Developing precisely engineered products across the expanding range of space applications, the Bifrost facility applies commercial, scientific and technical rigour to every policy.
Price Forbes is an independent specialist global wholesale insurance broker with offices in Bermuda, Brussels, Chile, Dubai, London, Malaysia and South Africa.
Southern Launch is an Adelaide based company with a strong rocket heritage. The team members have Australian defence and industry backgrounds.
For more information contact:
Morten Pahle, Managing Director, Aesir Space.
T: +44 (0)207 469 4129
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