Ironshore International’s Pembroke Managing Agency Limited has begun 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 said it will lead a consortium of Lloyd’s syndicates to provide capacity of up to $100 million to underwrite coverage.
According to Neil Stevens, director of the Space Division of Pembroke, access to financing is the most difficult aspect an entrepreneur encounters in launching of a new commercial space project. The insurance coverage from Pembroke removes the residual exposure inherent in satellite financing during the riskiest part of the mission, which is the launch phase.
Ironshore’s Pembroke Syndicate provides coverages for financial lines, global property, high value cargo, and other selected specialty risks.
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