Applied Underwriters expands into space insurance market
Applied Underwriters expands into space insurance market | Insurance Business America
Insurance News
Applied Underwriters expands into space insurance market
Company responds to tech and geopolitical changes
Insurance News
By
Kenneth Araullo
Applied Underwriters Aerospace announced that it is expanding its presence in the space insurance market, responding to significant changes in the sector driven by geopolitical factors and advancements in technology, particularly those pioneered by Elon Musk.
The company said that it is focusing on creating more flexible and customized coverage options for emerging technologies, including small satellites and missions to the Moon and Mars.
As part of this strategic initiative, Applied Underwriters Aerospace has appointed Richard Parker (pictured above) as chairman of its Washington, DC-based group. Parker, a veteran of the space insurance industry, brings extensive expertise to the role.
Parker brings more than 35 years of experience in space insurance, satellite engineering, and satellite and launch vehicle procurement to his new role. Before joining Applied Underwriters, Parker co-headed Canopius US’s space division, managing the largest space insurance consortium at Lloyd’s with $50 million in capacity.
He also co-founded Assure Space in 2011 and served as its divisional president until 2024. His previous roles include senior underwriter and technical director at PartnerRe / AXA SPACE and major programs procurement manager at Intelsat, where he managed satellite and launch vehicle procurement worth over $1.5 billion.
Parker holds a bachelor’s degree in electrical engineering and a master’s degree in engineering from the University of Hertfordshire, UK, as well as an MBA from Johns Hopkins University. He has chaired the Seradata Space Conference and served as president of the Washington Space Business Roundtable.
Dan Malloy, CEO of United Risk, the parent company of Applied Underwriters Aerospace, highlighted Parker’s appointment, saying the company has aligned the right products and people to lead in the evolving space insurance field.
“Richard’s unparalleled experience and deep understanding of the space insurance sector, including reinsurance and coverage issues, will be invaluable as we meet the evolving needs of the commercial space industry.”
Parker emphasized the rapid changes in the commercial space sector, particularly the exit of many insurers, which he views as an opportunity for innovation in product design.
“The evolution of the commercial space business is to the point where the commercial space insurance business must innovate or become obsolete,” he said.
Parker also pointed out that significant losses in 2022 have led to insurers exiting the space insurance market. The shift from large, highly insured satellites in geosynchronous orbit to smaller satellites in low Earth orbit, which require less coverage, has resulted in reduced premiums.
“We are positioning ourselves to serve the sector by navigating the emerging paths our clients are traveling,” he said
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