SpaceNewsreports that Swiss Re has left the space insurance market due to losses.
Jan Schmidt, the head of Swiss Re’s space underwriting division, said in an email obtained by SpaceNews that the decision to “cease Space underwriting with immediate effect” was driven by “bad results of recent years and unsustainable premium rates.”
Schmidt emailed clients and brokers the same day Swiss Re board member Andreas Berger told Reuters the company is reducing its space exposure as part of a broader effort to stem losses in its corporate insurance divisions.
Swiss Re is the world’s second largest reinsurance company.
The failure of an European Vega rocket last month resulted in $407 million (369 million euros) in losses to the insurance industry. The United Arab Emirate’s Falcon Eye 1 satellite was lost in the failure.
That accident followed on the heels of a $183 million claim by Maxar Technologies after the WorldView-4 satellite failed in orbit.
WESTMINSTER, Colo. (Maxar Technologies PR) — Maxar Technologies (NYSE:MAXR) (TSX:MAXR), a global technology innovator powering the new space economy, today announced that its insurance carriers have accepted the company’s $183 million claim for loss arising from the WorldView-4 satellite on-orbit failure, and have agreed to pay the company that full amount under their insurance policies.
Insurance proceeds have already been received from several insurers and full payment is expected to be delivered within 30 days. Maxar will use the proceeds to invest in its pre-existing capital priorities, including the development of its innovative WorldView Legion constellation.
The operations of DigitalGlobe, SSL and Radiant Solutions were unified under the Maxar brand in February; MDA continues to operate as an independent business unit within the Maxar organization.
About Maxar Technologies
As a global leader of advanced space technology solutions, Maxar is at the nexus of the new space economy, developing and sustaining the infrastructure and delivering the information, services, systems that unlock the promise of space for commercial and government markets. The operations of DigitalGlobe, SSL and Radiant Solutions were unified under the Maxar brand in February; MDA continues to operate as an independent business unit within the Maxar organization. As a trusted partner with 5,900 employees in over 30 global locations, Maxar provides vertically integrated capabilities and expertise including satellites, Earth imagery, robotics, geospatial data and analytics to help customers anticipate and address their most complex mission-critical challenges with confidence. Every day, billions of people rely on Maxar to communicate, share information and data, and deliver insights that Build a Better World. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com.
WESTMINSTER, CO, Jan. 7, 2019 (Maxar PR) – Maxar Technologies Inc. (NYSE:MAXR) (TSX:MAXR) (“Maxar” or the “Company”), a global technology innovator powering the new space economy, today reported that its WorldView-4 satellite experienced a failure in its control moment gyros (“CMGs”), preventing the satellite from collecting imagery due to the loss of an axis of stability.
The Annual Compendium of Commercial Space Transportation: 2017 Federal Aviation Administration Office of Commercial Space Transportation (FAA AST)
2016 Launch Events
Space launch activity worldwide is carried out by the civil, military, and commercial sectors. This section summarizes U.S. and international orbital launch activities for calendar year 2016, including launches licensed by the Federal Aviation Administration’s Office of Commercial Space Transportation (FAA AST). Countries and jurisdictions worldwide that possess functional and operating indigenous launch industries are the United States, Russia, China, European Union, India, Japan, Israel, Iran, North Korea, and South Korea. Several other countries, including Argentina, Brazil, and Indonesia, are developing launch vehicle technologies.
WESTMINSTER, Colo. (DigitalGlobe PR) — DigitalGlobe, Inc. (NYSE: DGI), the global leader in earth imagery and information about our changing planet, today announced that the WorldView-4 satellite successfully completed in-orbit testing and calibration and began serving its first direct access customer on Feb. 1. Additional direct access customers will be added to WorldView-4 service throughout 2017.
WESTMINSTER, Colo. (DigitalGlobe PR) — DigitalGlobe, Inc. (NYSE: DGI), the global leader in earth imagery and information about our changing planet, today released the first public image from the recently launched WorldView-4 satellite, showcasing a level of clarity and information content that is unique to DigitalGlobe commercial imagery.
VANDENBERG AIR FORCE BASE, Calif., Nov. 11, 2016 (ULA PR) – A United Launch Alliance (ULA) Atlas V rocket carrying the WorldView-4 satellite for DigitalGlobe lifted off from Space Launch Complex-3 Nov. 11 at 10:30 a.m. PST. Lockheed Martin Commercial Launch Services procured the Atlas V for this mission.
VANDENBERG AIR FORCE BASE, Calif. (USAF PR) – Team Vandenberg is scheduled to launch the WorldView-4 satellite on an Atlas V rocket from Space Launch Complex-3 here Friday, Nov. 11, with a launch window opening at 10:30 a.m. PDT.
WESTMINSTER, Colo., Oct. 10, 2016 (DigitalGlobe PR) — DigitalGlobe, Inc. (NYSE: DGI), the global leader in earth imagery and information about our changing planet, today announced the WorldView-4 satellite launch has been delayed due to ongoing efforts to restore and test infrastructure at Vandenberg Air Force Base following last month’s wildfires. DigitalGlobe is working closely with the U.S. Air Force and United Launch Alliance to identify a new launch date, targeting late October or early November.
The WorldView-4 satellite is safe and secure atop its Atlas V launch vehicle. The company continues to expect WorldView-4 to begin generating revenue in the first half of 2017.
DigitalGlobe is a leading provider of commercial high-resolution earth observation and advanced geospatial solutions that help decision makers better understand our changing planet in order to save lives, resources and time. Sourced from the world’s leading constellation, our imagery solutions deliver unmatched coverage and capacity to meet our customers’ most demanding mission requirements. Each day customers in defense and intelligence, public safety, civil agencies, map making and analysis, environmental monitoring, oil and gas exploration, infrastructure management, navigation technology, and providers of location-based services depend on DigitalGlobe data, information, technology and expertise to gain actionable insight.
It is still not clear when Vandenberg Air Force Base can resume launch operations after more than 12,000 acres were burned by brush fires.
Vandenberg officials have been tight-lipped about damage beyond confirming downed power lines in the area, despite unconfirmed reports in the local communities about a tracking station, weather sensor or other critical support equipment being ruined in the fire.
Other unconfirmed reports mention damage to communication equipment.
ULA officials last said the launch would not occur before early October, but never released the targeted launch date as the Air Force began surveying damage and crafting a recovery plan.
The Air Force remains mum about what was damaged or affected by the fires.
“We don’t have any updates at this time,” Lt. William Collette, a Vandenberg public affairs officer, said Thursday.
The launch of an ULA Atlas V rocket with the WorldView-4 satellite on board was postponed indefinitely due to the fire.
SUNNYVALE, Calif., July 13, 2016 (Lockheed Martin PR) – Final preparations are underway at Lockheed Martin (NYSE: LMT) to ship DigitalGlobe’s (NYSE:DGI) WorldView-4 earth imaging satellite to Vandenberg Air Force Base for a Sept. 15 launch.