Navium Marine has established what it says is the largest satellite pre-launch consortium in the Lloyd’s market, as the marine-focused MGA launches the Constellation Consortium on The Fidelis Partnership’s Pine Walk platform.
The initiative is aimed at the growing global satellite sector, focusing on pre-launch exposures.
The Constellation Consortium will provide cover for satellite assembly, transit and storage risks. It is designed to respond to rising activity and capacity needs across the space industry as more operators bring new launch vehicles and constellations to market.
Navium will lead the consortium under the direction of cargo and specie underwriter Michael Prendeville (pictured above). Capacity will be pooled from about 10 markets to deliver a combined limit of US$75 million. Lead capacity will be provided by The Fidelis Partnership Syndicate 3123.
The Constellation Consortium is scheduled to go live on January 1. It will add new capacity for satellite pre-launch risks in London at a time when space-related insurance requirements are expanding.
“The space industry is accelerating in both scale and complexity,” Prendeville said. He added that the consortium is meant to “support clients by unlocking and unifying London markets to provide bespoke solutions, whilst also addressing the increasing capacity requirements of the new era of launch vehicles.”
Prendeville also said Navium is taking a lead role in a market-wide offering that reflects both Navium’s and The Fidelis Partnership’s focus on delivering solutions where clients most need them.
The launch comes as the insurance market grapples with how much satellite risk is being transferred, with industry figures indicating that out of nearly 13,000 active satellites in orbit, only around 300 are insured against in-orbit incidents.
This imbalance between the value of assets in space and the relatively limited take-up of cover is sharpening attention on the role of pre-launch and transit capacity in managing overall programme risk.
Recent events have also highlighted the financial impact of uninsured losses, including the destruction of the US$500 million Intelsat-33e satellite in October 2024, which was not insured.
Regulatory requirements are adding another layer to demand for specialist products, with operators in the UK and European Union generally required to insure their satellites, while US operators are typically mandated only to hold liability insurance for launches and not for operations in orbit.
