Utilized Underwriters expands into house insurance coverage market

Utilized Underwriters Aerospace introduced that it’s increasing its presence within the house insurance coverage market, responding to important modifications within the sector pushed by geopolitical components and developments in expertise, significantly 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 house insurance coverage business, brings in depth experience to the function.

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

He additionally co-founded Guarantee Area in 2011 and served as its divisional president till 2024. His earlier roles embrace senior underwriter and technical director at PartnerRe / AXA SPACE and main packages 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 Area Convention and served as president of the Washington Area Enterprise Roundtable.

Dan Malloy, CEO of United Threat, the dad or mum firm of Utilized Underwriters Aerospace, highlighted Parker’s appointment, saying the corporate has aligned the correct merchandise and folks to steer within the evolving house insurance coverage area.

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

Parker emphasised the fast modifications within the business house sector, significantly the exit of many insurers, which he views as a chance for innovation in product design.

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enterprise is to the purpose the place the business house insurance coverage enterprise should innovate or develop into out of date,” he stated.

Parker additionally identified that important losses in 2022 have led to insurers exiting the house 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 decreased premiums.

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

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