Helvetia looks to Swiss Re to build space insurance portfolio

Swiss insurer Helvetia Specialty Lines CH & International is building up a new team for the space department under Swiss Re executive Jan Schmidt.

The team will provide launch and in-orbit insurance solutions for satellites.

Helvetia Insurance, as part of the Specialty Lines CH & International Market Unit, will offer insurance solutions in the space segment. Helvetia will focus on insurance for launchers and the operation of satellites in orbit, and will offer cover with a maximum limit of $25 million.

The team will be led by Schmidt, who is moving to Helvetia from Swiss Re Corporate Solutions and has over 20 years' experience in space insurance.

"Satellites are becoming increasingly important in global networks and communications. The technology-driven space sector is therefore set to be a high-growth industry in the coming years. The constantly evolving complex technology of satellites and launchers calls for comprehensive property insurance," Helvetia said. "Based on a careful risk analysis, the experienced Space team will develop a space portfolio in the next few years. Great importance is attached to customer contact with both the broker and commercial aerospace customers. Helvetia Specialty Lines CH & International can continue to diversify its own portfolio with the Space department."