Howden has created a dedicated space insurance capability as it targets further growth in the global space market, appointing sector specialist Clive Strickland (pictured above) to lead the new unit.
The broker said the move is intended to support satellite owners, manufacturers, launch providers, government agencies and commercial operators across the space value chain.
The new capability will offer cover satellite launches and in-orbit operations, as well as related space risks. Howden said the build-out is part of its wider strategy to position itself as a leading intermediary in space insurance globally.
Strickland joins with more than 25 years’ experience in the space insurance sector and has previously set up and expanded space teams in the London market and internationally.
The group estimates that annual global space insurance premiums are currently worth about US$600 million. It projects that the segment will grow by around 9% a year over the rest of this decade, driven by increased launch activity and the expansion of commercial and governmental space programmes.
The expansion also comes at a time when space insurance capacity and pricing are evolving, with rates firming but in a more orderly way than in some other specialty classes. Market participants report that premium levels have continued to edge up even after relatively quiet claims periods, reflecting a focus on maintaining discipline in how and where capacity is deployed.
Brokers are also working with clients as the underlying risk profile shifts from a smaller number of large geostationary satellites to a mix that includes lower-value, higher-frequency missions and emerging activities such as satellite servicing.
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Jason Humphreys, managing director and global practice leader for aviation and space at Howden, said Strickland’s arrival is intended to accelerate the broker’s plans in this line. “Clive’s appointment reflects Howden’s commitment to building a world-class space capability,” he said.
Humphreys added that Strickland’s “knowledge, drive, and leadership” would help the firm “deliver exceptional solutions for clients” and support the development of future space insurance specialists within Howden.
The creation of a dedicated space capability also sits alongside broader leadership changes in Howden’s UK business, including the appointment of Mike Dalby as CEO of Howden Consumer & Local Commercial (CLC).
Dalby has been responsible for growth in the consumer life and health division, integrating three businesses under a single brand and leading the acquisition of Active Quote.
