Applied Underwriters Aerospace, a division of Applied Underwriters, is making a strategic move to expand its footprint in the space insurance market.Applied Underwriters Aerospace, a division of Applied Underwriters, is making a strategic move to expand its footprint in the space insurance market.
According to Insurance Business, this decision comes as the sector sees a transformation influenced by geopolitical dynamics and technological innovations, notably those initiated by figures like Elon Musk. The company aims to develop more adaptable and tailored insurance solutions that cater specifically to burgeoning technologies such as small satellites and expeditions to the Moon and Mars.
In a significant boost to their expertise and leadership, Applied Underwriters Aerospace has appointed Richard Parker as the chairman of its Washington, DC-based group. Parker, with over 35 years of experience in the space insurance industry, is well-versed in satellite engineering and has previously managed satellite and launch vehicle procurement projects exceeding $1.5bn in value.
Before his current role, he was at the helm of Canopius US’s space division and co-founded Assure Space, serving as its divisional president until 2024. His credentials also include tenure as a senior underwriter and technical director at PartnerRe / AXA SPACE and as a major programs procurement manager at Intelsat.
Richard Parker’s academic background includes a bachelor’s degree in electrical engineering and a master’s degree in engineering from the University of Hertfordshire, complemented by an MBA from Johns Hopkins University. He has also chaired the Seradata Space Conference and presided over the Washington Space Business Roundtable.
This strategic expansion by Applied Underwriters Aerospace into the space insurance market underscores their commitment to addressing the unique needs of an evolving sector, with Parker’s appointment marking a significant step towards achieving these goals.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
