Sun, Sep 09, 2012
Assure Space Partnering With Auster Capital Partners, Space Florida
A new space insurance agency for satellite risks has formed a partnership with Auster Capital Partners ("ACP") and Space Florida for the provision of launch and in-orbit insurance to satellite operators worldwide. Assure Space has reached agreements with participating insurers that grant it authority to act as their intermediary and perform a range of responsibilities on their behalf. These include identifying and evaluating world-wide space insurance opportunities and underwriting insurance commitments.
The team that Assure Space has assembled provides it with a broad range of insurance and space expertise that will position it to take a leading role in the insurance of space assets throughout the world. Richard Parker, former space underwriter and technical director at AXA Space, leads Assure Space. Assure Space benefits from the extensive underwriting heritage of Richard, who has over 25 years of experience in the space industry having also held senior positions with the European satellite manufacturer EADS Astrium and satellite operator Intelsat.
ACP is a New York area based private equity firm with special expertise in the telecom and technology sector. "The Assure Space team, with Richard at the helm, is a true vanguard in the space insurance industry. We believe it is poised to build on the developing U.S. commercial space market. As a private investment firm, we consistently look to invest in the best and brightest leadership; with Assure Space, we have found such a team," said ACP's Managing Partner Chuck Auster.
Space Florida is the spaceport authority and aerospace economic development agency of the State of Florida, created to strengthen Florida's position as the global leader in space commerce. Space Florida uniquely serves as the single point of contact for all space-related functions of the State of Florida, and serves the civil, military and commercial sectors. "History has shown that growth of commercial space industry goes hand in hand with growth of the space insurance industry," said Space Florida President Frank DiBello. "We believe that offering cost effective insurance will help bring a share of commercial launch business back to the U.S. Risk management is an essential part of any space enterprise, and by supporting Assure Space we are improving the business climate for space in Florida."
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