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Utilized Underwriters Aerospace introduced that it’s increasing its presence within the area insurance coverage market, responding to vital adjustments within the sector pushed by geopolitical elements and developments in know-how, notably these pioneered by Elon Musk.

The corporate stated that it’s specializing in creating extra versatile and customised protection choices for rising applied sciences, together with small satellites and missions to the Moon and Mars.

As a part of this strategic initiative, Utilized Underwriters Aerospace has appointed Richard Parker (pictured above) as chairman of its Washington, DC-based group. Parker, a veteran of the area insurance coverage business, brings intensive experience to the position.

Parker brings greater than 35 years of expertise in area insurance coverage, satellite tv for pc engineering, and satellite tv for pc and launch automobile procurement to his new position. Earlier than becoming a member of Utilized Underwriters, Parker co-headed Canopius US’s area division, managing the biggest area insurance coverage consortium at Lloyd’s with $50 million in capability.

He additionally co-founded Guarantee House in 2011 and served as its divisional president till 2024. His earlier roles embody senior underwriter and technical director at PartnerRe / AXA SPACE and main applications procurement supervisor at Intelsat, the place he managed satellite tv for pc and launch automobile procurement value over $1.5 billion.

Parker holds a bachelor’s diploma in electrical engineering and a grasp’s diploma in engineering from the College of Hertfordshire, UK, in addition to an MBA from Johns Hopkins College. He has chaired the Seradata House Convention and served as president of the Washington House Enterprise Roundtable.

Dan Malloy, CEO of United Danger, the father or mother firm of Utilized Underwriters Aerospace, highlighted Parker’s appointment, saying the corporate has aligned the fitting merchandise and other people to guide within the evolving area insurance coverage subject.

“Richard’s unparalleled expertise and deep understanding of the area insurance coverage sector, together with reinsurance and protection points, shall be invaluable as we meet the evolving wants of the business area business.”

Parker emphasised the speedy adjustments within the business area sector, notably the exit of many insurers, which he views as a chance for innovation in product design.

“The evolution of the business area enterprise is to the purpose the place the business area insurance coverage enterprise should innovate or change into out of date,” he stated.

Parker additionally identified that vital losses in 2022 have led to insurers exiting the area insurance coverage market. The shift from giant, extremely insured satellites in geosynchronous orbit to smaller satellites in low Earth orbit, which require much less protection, has resulted in lowered premiums.

“We’re positioning ourselves to serve the sector by navigating the rising paths our shoppers are touring,” he stated

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