Ironshore International announced that its Pembroke Managing Agency Limited (“Pembroke”) is offering insurance coverage for lenders engaged in the financing of satellite projects.
The product provides insurance coverage for banks and export credit agencies against the risk of non-disclosure and misrepresentation by the borrowers in a satellite financing transaction. Pembroke Syndicate 4000 will lead a consortium of Lloyd’s syndicates to provide capacity
of up to $100 million (USD) to underwrite coverage.
"Access to financing is the most difficult aspect an entrepreneur encounters to facilitate the launch of a new commercial space project," said Neil Stevens, Director, Space Division of Pembroke.
"The insurance coverage offers a solution that removes the residual exposure inherent in satellite financing during the riskiest part of the mission, which is the launch phase."
Mr. Stevens added that the Pembroke satellite financing product "fills a gap in the traditional market, by offering protection backed by secure capacity of the Lloyd’s model to support such ventures."
Ironshore’s Pembroke Syndicate provides coverages for Financial Lines, Global Property, High Value Cargo, and other selected specialty risks.