Applied Underwriters Aerospace expands leadership amid market shifts

Applied Underwriters Aerospace, a division of Applied Underwriters specialising in insurance and risk management for the aerospace and space exploration industries, has expanded its role as the space insurance market experiences significant changes.

These shifts, driven by geopolitical factors and technological innovations like those introduced by Elon Musk, position the company to play a major role in offering more flexible and tailored coverage options for emerging technologies, including small satellites and missions to the Moon and Mars.

Applied Underwriters Aerospace has appointed Richard Parker as the Chairman of Applied Underwriters Aerospace.

Parker’s extensive experience has been key in maintaining the group’s strong standing while actively driving its current growth initiatives.

Dan Malloy, CEO of United Risk, the group’s parent organisation, said: “We have aligned the right product approach and the right people with the know-how to lead the field, and have just added a major talent, Richard Parker, as our Chairman of Space Insurance. Richard’s unparalleled experience and deep understanding of the space insurance sector, including reinsurance and coverage issues, will be invaluable as we meet the evolving needs of the commercial space industry.”

Parker noted that the commercial space industry is undergoing rapid changes, particularly with many insurers exiting the market.

He believes this creates an opening for innovative and adaptable insurance products tailored to the needs of modern projects and organisations seeking coverage. According to him, “The evolution of the commercial space business is to the point where the commercial space insurance business must innovate or become obsolete.”

He further added: “Recent challenges faced by the global space insurance market include significant losses in 2022 which have caused many to exit the business, amidst a reduction of premium as the industry changes from highly insured large satellites in geosynchronous orbit to smaller satellites in low Earth orbit that require less insurance. We are positioning ourselves to serve the sector by navigating the emerging paths our clients are travelling.”

Jamie Sahara, President of Applied Underwriters, commented: “We at Applied and at United Risk live within a culture of innovation, so while many players are now leaving a field they see as unstable, they leave behind a growth area which, while demanding, holds great promise. I’ve been quoted many times, and I’ll state it again: ‘Expect that whatever we do might seem contrarian: we’re usually going when everyone else is coming… and coming when everyone else is going.”

Parker brings with him over 35 years of experience in space insurance, satellite engineering, and the procurement of satellites and launch vehicles.

His expertise includes the full lifecycle of satellite design, manufacturing, and testing, along with the financial and business aspects of commercial telecommunications satellites.

Prior to joining Applied Underwriters, Parker served as Co-Head of Space at Canopius US, where he led the largest space insurance consortium at Lloyd’s, managing $50 million in capacity. He also co-founded Assure Space, where he was Divisional President from 2011 to 2024.

Earlier in his career, Parker held the position of Senior Underwriter & Technical Director at PartnerRe/AXA SPACE between 2005 and 2011.

He was also Major Programs Procurement Manager at Intelsat from 2001 to 2005, where he handled satellite and launch vehicle contracts valued at more than $1.5 billion, overseeing the procurement of 10 new satellites and their associated launch vehicles.

Parker’s international experience includes working in France and the UK on payload assembly, integration, and testing (AIT) for communication satellites, including his contributions to the design and testing of the EuroStar 2000 satellite Payload Interface Unit.

Parker holds a bachelor’s degree in Electrical Engineering and a Master’s in Engineering from the University of Hertfordshire in the UK, as well as an MBA from Johns Hopkins University. He has also served as Chairman of the Seradata Space Conference and as President of the Washington Space Business Roundtable.

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