Lockton, an independent insurance broker, has launched a new global space practice led by Ian George, Head of Space, and joined by Russell Sawyer and Mark Williamson as Account Executive and Consultant, respectively.
According to the announcement, the new practice will offer a range of products specifically tailored to individual client needs across the space industry, with core coverages including transit and pre-launch, launch and initial in-orbit, subsequent in-orbit, space third party liabilities and loss of revenue.
The new practice is expected to enhance the broker’s space capabilities throughout its network of global offices.
George, who will serve as Head of Space, brings a deep degree of expertise towards the role, with over 25 years of space insurance experience.
He joins the firm from PIIQ Risk Partners where he served for three years in their newly formed space team. Prior to this, he worked at WTW for 24 years, starting as a Projects and Research Analyst in the Aviation Division and working up to Regional Director.
Additionally, Sawyer also joins from PIIQ Risk Partners and brings an impressive track record with him, having accumulated almost 30 years of industry experience at WTW, where he served as Executive Director.
Further, Williamson will also join on a consultancy basis, sharing his almost 40 years of space technology consultancy expertise.
EJ Hentenaar, CEO of Lockton Europe, commented: “Space insurance is a complex and dynamic field, reflecting the high-risk nature of space activities. It requires a deep understanding of both the technical aspects of space operations and the financial implications of the risks involved.
“Extending Lockton’s leading capabilities in the US and launching a dedicated team in London has long been an aspiration contingent on us finding the right team who shared our client centric focus and could immediately propel us to the forefront of the market. Ian, Russell and Mark are renowned across this market. Their experience and expertise is second to none and they are the ideal candidates to launch our new offering.”
In related news, Lockton reported global revenue of $3.55 billion for its fiscal year to April 30th, 2024, supported by solid growth at its reinsurance arm, Lockton Re.
